1 Executive Summary

Synthetic sample portfolio with $100,000.00 paper value on ethereum. 1 refusal(s) and 3 flag(s) under SPA RiskPolicy v0.6.0. Estimated Exit-NAV: $99,500.00–$99,900.00 current, $97,150.00–$99,075.00 under stress. No health score is published in this version.

2 Portfolio Health Score

Insufficient data — this section is not scored. The engine refuses to fill gaps with guesses.

No health score is published in this version. Refusals, flags, and ranges only.

3 Risk Subscores

Insufficient data — this section is not scored. The engine refuses to fill gaps with guesses.

4 Top 3–5 Risks

5 Asset Concentration

Top asset share

ETH — 85.00%

Top non-stable asset share

ETH — 85.00%

HHI (Σ share², priced positions)

0.7450

Priced positions

2

Unpriced positions (coverage gap)

0

Holdings

6 Chain Concentration

Priced paper value across chains

$100,000.00

Largest chain dependency

ethereum · 100.00% (above the 0.60 flag threshold — a reading aid for this section, not a policy verdict)

Per-chain breakdown

7 Protocol Concentration

Protocol-concentration data gap — protocol attribution was not scanned for this snapshot; protocol concentration is reported as a data gap, never assumed diversified (unknown ≠ safe). The engine reports the gap explicitly rather than assuming the portfolio is diversified.

8 Stablecoin Exposure

Stablecoin share of paper value

15.00% ($15,000.00)

Algorithmic or unknown design-class share

0.00%

Max observed peg deviation

0.05%

By issuer

By design class

9 Bridged Asset Risk

Bridged share of priced paper value

0.00% ($0.00)

Minor/unknown-bridge-class share

0.00% ($0.00)

Largest single-bridge dependency

none detected

Bridged-asset registry version

0.1.0

Per-bridge breakdown

No registry-detected bridged assets in this snapshot. Detection is registry-based — absence from the registry is a coverage statement, not an assessment of the asset.

Detection assumptions

• Bridged-asset detection is registry-based (bridged_assets v0.1.0, fixture scale): assets absent from the registry are not counted as bridged. Coverage expands with the RSK-002 registry seed.
• Shares are computed over priced positions only; unpriced positions are listed as coverage gaps in the data-gaps section.

10 Approvals Risk

Active approvals scanned

2

Stale-age threshold (policy hypothesis)

180 days

One approval may appear in several buckets. "Unknown" is a registry status, not a pass — unknown contracts are surfaced, never assumed harmless.

Unlimited allowances

Approvals to flagged contracts

None in this snapshot under this policy version.

Approvals to unknown contracts

Stale approvals (above age threshold)

11 Leverage/Liquidation Risk

Leverage data gap — lending position data not present in snapshot; leverage exposure was not scanned. Absence of data is reported as a gap, never treated as absence of leverage. The engine reports the gap explicitly rather than filling it with guesses.

12 Yield Quality

Yield-quality data gap — yield sources were not classified for this snapshot; yield quality is reported as a data gap, never assumed organic (unknown ≠ safe). The engine reports the gap explicitly rather than assuming yield is organic.

13 Exit-NAV

Per-position ranges

Assumptions

• Haircut table exitnav_params v0.1.0: coarse asset-class × liquidity-tier ranges; every value is an initial hypothesis, not an observed quote.
• Portfolio bounds sum per-position bounds and assume simultaneous exit into shared liquidity (doc 08 §4 correlation caveat; shared-route widening not yet applied in v0).
• Stress scenario per exitnav_params v0.1: depth reduced, wider design-class stablecoin haircuts.
• Exit-NAV is an estimate with a stated uncertainty band; it is not a price prediction.

Data gaps

None recorded for this synthetic sample. (An empty list is an assertion by the engine, not a default.)

14 Hidden Tail Risks

Structural low-probability / high-impact observations, derived from combinations of the sections above. Each item is a conditional scenario ("if X, then exposure Y") — not a prediction, and no probability is estimated.

No wired structure rule fired for this snapshot. Detection is limited to the wired rules — absence of items is not an assertion that no tail risk exists.

Detection assumptions

• Tail-risk items are structural observations derived from section results and registry data — conditional scenarios, not predictions, and no probability is estimated or implied.
• Detection is limited to the wired structure rules (bridge/leverage overlap, stablecoin issuer concentration, unlimited-approval value concentration, thin-liquidity exit); absence of items is not an assertion that no tail risk exists.
• All thresholds are initial hypotheses pending calibration (doc 10); shares are computed over priced positions only.

15 What SPA RiskPolicy Would Refuse

Each block below is a deterministic policy outcome with a coded reason. "Refuse" and "flag" describe SPA RiskPolicy's stance under its published thresholds — they are statements about our policy, not instructions to you.

Refusals

Flags

16 Action Checklist

Hygiene items only — allowed verbs are review, revoke, verify, monitor, consider reviewing. Nothing here is a trade instruction.

• consider_reviewing Consider reviewing concentration in ETH against your own risk tolerance. (Priority: high · Rule: RP-CONC-002)
• review Review unlimited approvals in the approvals section; an unlimited allowance stays active until revoked. (Priority: medium · Rule: RP-APPR-002)
• consider_reviewing Consider reviewing concentration in ETH against your own risk tolerance. (Priority: medium · Rule: RP-CONC-001)
• review Review approvals last updated beyond the policy age threshold; allowances no longer in use can be revoked. (Priority: low · Rule: RP-APPR-003)

17 Methodology

Methodology version

0.4.0

RiskPolicy version

0.6.0

Exit-NAV params version

0.1.0

Data coverage (position count)

100.00%

Chains analyzed

ethereum

Data sources

Fixture adapter only — no live providers in v0; synthetic wallet data.

Known limitations

Fixture data only; ENS resolution stubbed. Protocol and chain-share sections are not scored in v0. Yield-quality classification requires adapter-supplied yield-source data and is reported as a data gap when absent. Tail-risk detection is limited to the wired structure rules. Bridged-asset detection and the spender registry are registry-based and coverage-limited. Sub-scores and the composite score do not ship in v0.

18 Proof/Hash Artifact

Deterministic fields are hashed; the same snapshot and the same policy versions reproduce the same hashes. A corrected report is reissued with a new proof hash — the hash chain is the audit trail.

input_snapshot_hash

93e455d4fba0b39f5b7e691bea67fe6fa3734479ed3ccf867a7cd075266d6805

output_hash

5ff8b7c7dd5e25fd57d2d02edafffb7d972136360c0c4edef2da550a9b3e760c

proof_hash

0e8692d9e2481f470058b906c287dee04f0b025444e4113788d9a39c062b47b9

supersedes

null (first issue — no prior report in the chain)

generated_at

2026-07-01T00:00:00Z

Registry pins: each registry the rules read is committed by version and content hash, so the exact registry state behind this report is verifiable.

bridged_assets v0.1.0

f0155fb06010bf0797bf6e7a282e4150ead795fb9103b30f46bc26385b017fb8

chain_scope v0.1.0

8691c7b17bf6164983802a2a46393677fcac44312d9d38759c336ef0a5992ebe

protocols v0.2.0

34b3f3df18f77d22425449c6885f6ece1afb980249a48dcd365edd120f58a441

stablecoins v0.1.0

b1a3961065853710d3705adb3d9a43f713d3d380d55cdddffdc496b5507a2f4c

19 Disclaimer