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Attestations / SEPOLIA-2026-A (unhedged)

SEPOLIA-2026-A

Unhedged
Takes the copper price in full, up and down
sepolia · Calculation Agent, daily valuation at 17:00 Zurich
Generated 2026-09-26 20:59 UTC
NAV per xCUP
USDC per xCUP, 2026-09-25
Signed 2026-09-25
1.0000USDC
0.00%on the day·0.00% since launch
Net asset value
59.40
USDC, after haircuts and fees
xCUP outstanding
59.4
on chain = total supply
Haircut withheld
0.00
USDC not counted until cash
Copper reference
14,640 USD/t
2026-09-25 · metals.dev lme_copper USD/t as of 2026-09-25T13:29:15.060Z

What is valued here is the series as a whole: the net asset value behind all units outstanding, and the value of one unit. A holder's position is their units multiplied by the unit value of the day. Per the PPM the unit is a contractual claim on the issuer, not ownership of copper.

Daily valuations

3 business days · 3 anchored on chain · hover a chip for the events behind it
Valuation dayNAV per xCUPΔNAVxCUPHaircutCu refAttribution of the day's change, USDCAnchor
2026-09-25 1.0000 0.0000 59.40 59.4 0.00 14,640 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee0.00
Management fee
No management fee effect on this day.
One day of the annual management fee, accrued on the NAV before fees.
 Anchored
2026-09-24 1.0000 — 59.40 59.4 0.00 14,658 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee0.00
Management fee
No management fee effect on this day.
One day of the annual management fee, accrued on the NAV before fees.
Flows+59.40
Allocations and redemptions
Money in or out with units issued or retired; changes NAV and units together, not the unit value.+59.40
 Anchored
2026-09-23 — — 0.00 0 0.00 14,760.01 Cu0.00
Copper price
No copper price effect on this day.
Revaluation of the inventory because the market price of copper moved.
FX0.00
Currency
No currency effect on this day.
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Ops0.00
Operational cycle
No operational cycle effect on this day.
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Hedge0.00
Hedge P&L
No hedge p&l effect on this day.
Change in the result of the temporary copper hedge since the previous mark.
HC0.00
Haircut ladder
No haircut ladder effect on this day.
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Fee0.00
Management fee
No management fee effect on this day.
One day of the annual management fee, accrued on the NAV before fees.
 Anchored

Reading the attribution

NAV today − NAV yesterday = Cu + Ops + Hedge + HC + Fee (+ Flows)

Flows appear when units were issued or retired. Every figure comes from a dated event with a piece of evidence; nothing enters the valuation without one. The reference copper price is recorded daily as an input; the inventory is revalued only when the implied change exceeds the series' materiality threshold, and that revaluation is itself an event approved by a manager.

Cu
Copper price
Revaluation of the inventory because the market price of copper moved.
Source: Revaluation events with cause "price"; LME cash settlement on the valuation date.
FX
Currency
The euro the series holds between converting and paying, revalued at the day's reference rate, and the rate a euro payment was booked at.
Source: ECB euro reference rate; the rate of each euro payment from its confirmation.
Ops
Operational cycle
Costs incurred, quantity and quality changes, and the margin when the sale is priced.
Source: Cycle events submitted by the partners with evidence: invoices, assays, sale contract, bank confirmations.
Hedge
Hedge P&L
Change in the result of the temporary copper hedge since the previous mark.
Source: Broker statement, mark-to-market; margin posted is an asset and does not affect NAV.
HC
Haircut ladder
Money withheld while an asset is at risk, released as it moves towards cash: scrap paid 3.5 % → in custody 2.5 % → refined 1.5 % → receivable 0.5 % → cash 0.
Source: Computed by the engine from the asset class after each event; not an input.
Fee
Management fee
One day of the annual management fee, accrued on the NAV before fees.
Source: Fee rate from the Final Terms of the series.

How to verify

Each day links to a signed JSON attestation. The signature covers the canonical JSON of every field except signature (keys sorted, no whitespace), algorithm Ed25519.

The event log the valuation was computed from is published as events.json; its SHA-256 is inside every attestation, together with the per-event contributions shown in the hover cards.

The hash of each day — the SHA-256 of the canonical JSON of that day's attestation — is published in anchors.json and written on chain once, to a contract that lets no day be written twice with a different value. Where the anchor column links to a transaction, that transaction carries the hash beside it here; recompute it from the attestation and compare.

The attestation itself carries no anchor: it is the document that was hashed, so a transaction hash written into it would change what was anchored.

Signer public key
-----BEGIN PUBLIC KEY-----
MCowBQYDK2VwAyEAK3Xme4H2XZPGZphfWnUzgoaNHm9nJleg2R+U9hC0ub8=
-----END PUBLIC KEY-----
events.jsonanchors.jsonpublic-key.pem2026-09-25.json

Methodology: design document §3.7 with §3.8 corrections. Management fee accrues daily. Signer: development key — not for production.