{
  "schema_version": 1,
  "observer": "DDR1-RRA2",
  "status": "PENDING FRESH EVIDENCE",
  "claim_class": "performance-only frozen observer",
  "historical_window": "2022-04-26 to 2026-08-11",
  "fresh_eligibility_after": "2026-08-25",
  "fresh_days": 0,
  "fresh_target_days": 252,
  "historical_cost20_annual_return_pct": 8.61,
  "historical_cost20_sharpe": 1.106,
  "historical_cost20_max_drawdown_pct": -7.77,
  "historical_cost20_cvar95_loss_pct": 1.06,
  "historical_cost20_increment_bp_per_year": 28.28,
  "historical_cost40_increment_bp_per_year": 23.82,
  "annual_one_way_turnover": 0.236,
  "source_panel_latest_date": "2026-08-11",
  "observer_state_updated_utc": "2026-08-25T02:24:46.233139Z",
  "freeze_commitment_sha256": "0c7e6db011df454a6983df00d4b70bc2727f8ba2d77c228d6716bdd80bf687a9"
}