{
  "schema": "alcum.attestation/1",
  "series": "SAMPLE-2026-B (hedged)",
  "network": "sepolia",
  "sample": true,
  "date": "2026-08-19",
  "valuation": {
    "nav": 240648.99,
    "units": 25000,
    "unitValue": 9.626,
    "dealingPrice": 9.626,
    "dealing": {
      "allocations": 0,
      "allocatedUsdc": 0,
      "unitsIssued": 0,
      "redemptions": 0,
      "unitsRetired": 0,
      "paidUsdc": 0,
      "nettedUsdc": 0,
      "netFlowUsdc": 0
    },
    "haircutWithheld": 4848.17,
    "highWaterMark": null,
    "operationalMark": null,
    "attribution": {
      "copperPrice": -3236.57,
      "fx": 0,
      "operational": -1600,
      "hedge": 3089.45,
      "haircuts": 120.91,
      "fees": -9.96,
      "flows": 0
    },
    "attributionPerUnit": {
      "copperPrice": -0.129463,
      "fx": 0,
      "operational": -0.064,
      "hedge": 0.123578,
      "haircuts": 0.004837,
      "fees": -0.000398,
      "flows": 0
    },
    "contributions": [
      {
        "eventId": "fee-2026-08-19",
        "type": "FEE_ACCRUAL",
        "note": "1.50 % p.a., one day on the NAV before fees",
        "effect": {
          "copperPrice": 0,
          "fx": 0,
          "operational": 0,
          "hedge": 0,
          "haircuts": 0,
          "fees": -9.96,
          "flows": 0
        }
      },
      {
        "eventId": "bba25b7d-958f-4a8a-853f-e98744d4022b",
        "type": "INVENTORY_REVALUATION",
        "note": "Initial assay: contained copper 0.8 % below estimate",
        "evidenceRef": "sha256:411d295d1dbc",
        "effect": {
          "copperPrice": 0,
          "fx": 0,
          "operational": -1600,
          "hedge": 0,
          "haircuts": 40,
          "fees": 0,
          "flows": 0
        }
      },
      {
        "eventId": "8d90129b-14c7-4fb7-a385-189988aeff11",
        "type": "INVENTORY_REVALUATION",
        "note": "Copper price −1.64 % since the last valuation (LME cash 14,080.01 USD/t)",
        "evidenceRef": "sha256:859f6053eeb6",
        "effect": {
          "copperPrice": -3236.57,
          "fx": 0,
          "operational": 0,
          "hedge": 0,
          "haircuts": 80.91,
          "fees": 0,
          "flows": 0
        }
      },
      {
        "eventId": "3d35868e-38d2-4931-bfa8-f8b232078006",
        "type": "HEDGE_MARK",
        "note": "Short hedge mark: copper down, the hedge recovers most of what the inventory lost",
        "evidenceRef": "sha256:cdacbdbf1017",
        "effect": {
          "copperPrice": 0,
          "fx": 0,
          "operational": 0,
          "hedge": 3089.45,
          "haircuts": 0,
          "fees": 0,
          "flows": 0
        }
      }
    ]
  },
  "inputs": {
    "eventLogSha256": "604bba5b259a36c58834098d091e65c26ad7e37dec929e74407b419350f8a94b",
    "eventCount": 18,
    "methodology": "design document §3.7 / owner checklist xCUP Share Price Update Events (revised), with §3.8 corrections"
  },
  "issuedAt": "2026-08-19T15:00:00.000Z",
  "signer": {
    "alg": "Ed25519",
    "publicKeyPem": "-----BEGIN PUBLIC KEY-----\nMCowBQYDK2VwAyEAK3Xme4H2XZPGZphfWnUzgoaNHm9nJleg2R+U9hC0ub8=\n-----END PUBLIC KEY-----\n",
    "kind": "dev-file"
  },
  "signature": "0AJbdhl8FEoDycoR35YB+X8yHqXgVyMH4D7mwBvmy+JC8T9ahM6sNeijCibIdZOpk0RF2IScsPRnIjM+EnLkDg=="
}