Semantic Layer Vault

Market.

Market risk reads low, set by its worst component (worst fall suffered, exposure shared with tracked vaults, account margin cushion) over the record we hold.

Liquidity.

Liquidity risk reads severe, set by its worst component (could you get out) over the record we hold.

Depositor concentration.

Nothing feeding depositor concentration risk was measured for this vault, so there is no reading here.

Operating.

Nothing feeding operating risk was measured for this vault, so there is no reading here.

Controller.

We could not read who may move the money here, so there is no reading.

Evidence.

4 of the 6 risk components that apply to this vault carried a reading; not read: largest depositor, stopped operating.

Low observed risk is not zero risk. Market here is three observed readings: the worst fall in the vault's past share price, how much of its book sits in markets other vaults we track also trade, and the account-level margin cushion (equity less maintenance margin, over equity). It does not assess each position’s leverage or liquidation price, what a forced unwind would cost, or whether withdrawals hold under stress. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Input: 0.1% of it could be withdrawn at the last reading, from the venue's own withdrawable over account value, from its latest margin reading — We hold what this vault is worth and not what is uninvested, so the two cannot be checked against each other.. The reading 1.00 is one less that share over 25%: a quarter or more free reads 0, nothing free reads 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

That is our coverage, not a finding.

Unexamined is not acceptable, and this is not part of the overall band either way.

By weight, 80 of the 100 points that apply were read, which is 80% of the component weight the band could draw on (a different denominator: components are not equally weighted). This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.