{
  "schema_version": 1,
  "as_of": "2026-08-11",
  "observation_type": "exposed historical path",
  "official_snapshot_metrics": {
    "candidate_cost20_annual_return_pct": 8.61,
    "candidate_cost20_sharpe": 1.106,
    "candidate_cost20_max_drawdown_pct": -7.77,
    "candidate_cost20_cvar95_loss_pct": 1.06,
    "candidate_cost20_increment_bp_per_year": 28.28,
    "candidate_cost40_increment_bp_per_year": 23.82,
    "annual_one_way_turnover": 0.236
  },
  "calculated_from_public_daily_path": {
    "candidate_cost20_annual_return": 0.08605941853764709,
    "benchmark_cost20_annual_return": 0.08286275401678522,
    "candidate_cost20_sharpe": 1.0998130308833265,
    "benchmark_cost20_sharpe": 1.0428072443452976,
    "candidate_cost20_max_drawdown": -0.0777162183294613,
    "benchmark_cost20_max_drawdown": -0.08127456078217654,
    "candidate_cost20_cvar95_loss": 0.010628829961180516,
    "benchmark_cost20_cvar95_loss": 0.010818098743867645,
    "candidate_cumulative_return": 0.41948860139987176,
    "benchmark_cumulative_return": 0.4016845184931068,
    "cost20_spread_cumulative_return": 0.011773535281465186
  },
  "definitions": {
    "nav": "Each public NAV series is normalized to 1.0 at the first exposed observation.",
    "daily_return": "The corresponding frozen Cost20 daily return; no positions or signals are included.",
    "drawdown": "NAV divided by its running maximum minus one."
  }
}