Valuation memo

Layer 3 · Path A — July 2026

Full calendar month — only complete month in the measured Path A window.

Partner & client brief — confidential. Same measurement as the live layer3* → Results desk (2026-07-01 → 2026-07-31).

July 2026 — day by day

Date	Trades	W / L	Day PnL	×	Cumulative PnL
2026-07-01	103	64 / 39	+$1,480.78	×1.00	+$1,480.78
2026-07-02	116	69 / 47	+$1,227.35	×1.00	+$2,708.13
2026-07-03	160	87 / 73	+$1,399.69	×1.00	+$4,107.82
2026-07-04	112	70 / 42	+$1,658.34	×1.00	+$5,766.16
2026-07-05	102	57 / 45	+$167.04	×1.00	+$5,933.20
2026-07-06	192	116 / 76	+$3,495.39	×1.00	+$9,428.59
2026-07-07	78	45 / 33	+$1,105.77	×1.00	+$10,534.36
2026-07-08	79	46 / 33	+$1,051.88	×1.00	+$11,586.24
2026-07-09	67	41 / 26	+$587.56	×1.00	+$12,173.80
2026-07-10	91	54 / 37	+$1,152.03	×1.00	+$13,325.83
2026-07-11	83	51 / 32	+$1,479.78	×1.00	+$14,805.61
2026-07-12	78	56 / 22	+$2,293.84	×1.00	+$17,099.45
2026-07-13	99	61 / 38	+$1,448.86	×1.00	+$18,548.31
2026-07-14	92	53 / 39	+$534.83	×1.00	+$19,083.14
2026-07-15	7	5 / 2	+$222.65	×1.00	+$19,305.79
2026-07-16	44	24 / 20	−$78.46	×1.00	+$19,227.33
2026-07-17	104	63 / 41	+$798.68	×1.00	+$20,026.01
2026-07-18	115	67 / 48	+$802.03	×1.00	+$20,828.04
2026-07-19	30	13 / 17	−$675.92	×1.00	+$20,152.12
2026-07-20	24	10 / 14	−$784.14	×1.00	+$19,367.98
2026-07-21	31	15 / 16	−$391.15	×1.00	+$18,976.83
2026-07-22	73	44 / 29	+$998.84	×1.00	+$19,975.67
2026-07-23	27	15 / 12	−$50.82	×1.00	+$19,924.85
2026-07-24	44	21 / 23	−$477.87	×1.00	+$19,446.98
2026-07-25	116	61 / 55	−$181.77	×1.00	+$19,265.21
2026-07-26	155	95 / 60	+$1,751.00	×1.00	+$21,016.21
2026-07-27	25	15 / 10	+$193.25	×1.00	+$21,209.46
2026-07-28	31	12 / 19	−$820.51	×1.00	+$20,388.95
2026-07-29	42	22 / 20	−$140.65	×1.00	+$20,248.30
2026-07-30	21	12 / 9	+$12.02	×1.00	+$20,260.32
2026-07-31	24	19 / 5	+$1,045.18	×1.00	+$21,305.50

Source: Layer 3 Results · Path A copy book · confidential.