Agents ran the lifecycle. The broker confirmed the result.
Ten consecutive sessions, more than ten basis points in each, in discount and premium regimes alike — every fill confirmed by the executing broker. Not a backtest. Not a demo. A swarm at work on real capital.
Both sides of the NAV. Same swarm, same gates.
A system that only works when funds trade rich — or only when they trade cheap — is half a system. The create-and-redeem agents cleared the floor in six premium sessions and four discount sessions, with the same policy, the same Council and the same ledger throughout.
Results are from a limited proof-of-concept period on live capital and are not a forecast. See disclosures.
| Session | NAV regime | Captured | Verification | Status |
|---|---|---|---|---|
| Day 01 | Discount | >10 bps | Broker confirmation | Settled |
| Day 02 | Discount | >10 bps | Broker confirmation | Settled |
| Day 03 | Premium | >10 bps | Broker confirmation | Settled |
| Day 04 | Premium | >10 bps | Broker confirmation | Settled |
| Day 05 | Premium | >10 bps | Broker confirmation | Settled |
| Day 06 | Premium | >10 bps | Broker confirmation | Settled |
| Day 07 | Discount | >10 bps | Broker confirmation | Settled |
| Day 08 | Premium | >10 bps | Broker confirmation | Settled |
| Day 09 | Discount | >10 bps | Broker confirmation | Settled |
| Day 10 | Discount | >10 bps | Broker confirmation | Settled |
Not our numbers. The broker's.
Each session is documented by the executing broker's own trade confirmation and matched line by line to the agents' hash-chained ledger. Confirmations and reconciliation reports are available to qualified institutions and partners on request.
Broker confirmations
Trade confirmation reports from the executing brokers, covering every create-and-redeem session and matched line by line to the ledger.
Reconciliation reports
Internal record against counterparty record for every session — including the exceptions and how each was resolved — reconciled to the same append-only ledger.
The agents' own record
Every proposal, Council decision, submission, fill and reconciliation — including the rejects — hash-chained and replayable end to end.
Two components eliminated. Two compressed. The operator changed.
Cost of carry and counterparty risk carry more than 80% of the weight in a human-run operation. Agents don't hold inventory and don't wait on a counterparty, so both go to zero. Technology and management — the remaining fifth — are cut by 67% and 50%.
Ask for the confirmations. Then ask for the ledger.
Qualified institutions and partners can review broker confirmations, the agents' hash-chained ledger and the reconciliation reports behind every number on this page.