Round audit packet

CB-2026-06-18-1M

Name: CB-2026-06-18-1M CapitalBench audit dataset
Published: 2026-06-18

Monthly round one month

One-month market allocation evaluation round.

Test CB-2026-06-18-1M pending

Portfolios Frozen By 2026-06-19

Start Date 2026-06-18

End Date 2026-07-20

Run ID official-20260618-no-fable

1 Inputs saved
7 public audit hashes are available.
2 Portfolios collected
5 valid model portfolios.
3 Start priced
70 starting-price rows published.
4 Ending prices pending
Scores publish after 2026-07-20 prices are available.

Round state

Score Pending

This round has saved inputs and model portfolios. Benchmark results remain unavailable until ending prices are collected.

Pending

Model portfolios

5 valid portfolios

No invalid parsed submissions are published for the public run.

Asset list

70 saved choices

v2.1 is preserved exactly as the model-facing list.

Scoring

Ending prices pending

Portfolio return, S&P 500 return, maximum possible return, CapitalBench context, and regret publish after scoring.

Input audit hashes

7 artifacts published.

Public run selected

official-20260618-no-fable

Model-facing prompt available

42,894 shared prompt characters.

Ending prices pending

Benchmark result rows remain withheld until the exit close is priced.

Model consensus

Where Models Concentrated In This Round

Each model has equal weight. This shows the combined portfolio created by averaging all valid model portfolios in this monthly round.

Score pending

Top exposure 28%

Semiconductors (SMH)

Top 3 exposures 59%

Combined average allocation to the three largest assets.

Effective spread 6.4 assets

Higher means model capital was spread across more assets.

Average allocation across 5 model portfolios Assets

Semiconductors (SMH) 5 models: Claude Opus 4.7 35% / GPT-5.5 35% / Grok 4.3 30% / Claude Opus 4.8 25% / +1 more

28%

S&P 500 (SPY) 3 models: Claude Opus 4.8 40% / Gemini 3.1 Pro 40% / Grok 4.3 10%

18%

Nasdaq 100 (QQQ) 3 models: Claude Opus 4.7 25% / Claude Opus 4.8 20% / Grok 4.3 20%

13%

South Korea Equities (EWY) 3 models: Claude Opus 4.7 20% / GPT-5.5 20% / Gemini 3.1 Pro 15%

11%

US Momentum Equities (MTUM) 2 models: Grok 4.3 25% / GPT-5.5 15%

Technology Sector (XLK) 1 model: Gemini 3.1 Pro 30%

Industrials Sector (XLI) 2 models: Claude Opus 4.7 10% / Claude Opus 4.8 10%

Taiwan Equities (EWT) 1 model: GPT-5.5 20%

Interim tracking

Live Portfolio And S&P 500 Returns

Once at least one post-entry price snapshot exists, this chart tracks each saved model portfolio against S&P 500 from the round start date. It is interim research context, not the final score.

Live chart pending

At least one price snapshot after the start date is required before interim performance is shown.

Saved model-facing context

Prompt And Input Packet

The shared packet below is the prompt body common to every model call. Each provider call appends a small model-specific identifier block shown after the artifacts.

Shared Model-Facing Prompt Packet 42,894 characters

# CapitalBench Task

You are participating in an offline, time-resolved CapitalBench evaluation round.

CapitalBench evaluates how state-of-the-art language models make saved market allocation decisions from the same frozen information set. Your response will be compared against other participating models after the one-month outcome window resolves.

The scoring timeline is central to the task: the portfolio is measured from the adjusted close on the entry date to the adjusted close on the exit date, calculated after regular trading ends on the exit date. Optimize for facts, catalysts, positioning, liquidity, and risks that can plausibly affect prices before that exit close.

Optimize only for the portfolio you expect to perform best over this close-to-close one-month scoring window. Use longer-horizon facts only when they are likely to affect prices before the exit close.

Briefing-bias discipline: the briefing may group facts by broad asset area and include a mechanical return table. Treat inclusion, section order, grouping, row count, and trailing-return table order as context, not recommendation signals.

The S&P 500 benchmark asset is an allowed holding. Allocate to it when expected active edge is weak or when the benchmark case is more robust than available active alternatives. Do not add active risk only because this is a benchmark contest.

Your objective is to allocate 100% across the allowed options to maximize expected one-month realized portfolio return, measured from the entry date to the exit date, relative to the S&P 500 benchmark. Use the briefing, option list, and any included market-data table as the common information set. The official leaderboard ranks each model by realized weighted portfolio return relative to the S&P 500 benchmark. Multi-shot stability analysis, if run, is reported separately and does not change the official leaderboard.

Your portfolio is scored by the weighted realized percentage return over the one-month round window. Alpha is portfolio return minus S&P 500 return. Returns are calculated from adjusted close prices when available.

You may use your internal learned knowledge and general market priors. Do not browse, use tools, request updated market data, use external retrieval, or intentionally rely on facts, market prices, news, or events dated after the research cutoff. If your internal knowledge conflicts with the briefing, prioritize the briefing.

Before returning JSON, privately compare continuation, mean-reversion, risk-off, and benchmark-asset cases over the scoring window. Use that private check only to choose the portfolio; do not output the analysis.

You must allocate exactly 100% across allowed options. Use only the holding count, allocation increment, minimum allocation, and cash or benchmark constraints stated in the round metadata. Do not short, use leverage, or choose an option outside the allowed option list.

Return only valid JSON. Do not include markdown, prose, citations, or commentary outside the JSON.

Required JSON format:

{
  "round_id": "<round_id>",
  "model_id": "<model_id>",
  "provider": "<provider>",
  "mode": "closed_capability",
  "portfolio": [
    {
      "option_id": "<one allowed option ID>",
      "allocation_pct": <integer percentage>,
      "rationale": "<brief holding-level rationale>"
    }
  ],
  "confidence": <number from 0 to 1>,
  "portfolio_rationale": "<1-3 sentence allocation rationale>",
  "rationale_summary": "<1-3 sentence rationale>",
  "key_risks": [
    "<risk 1>",
    "<risk 2>"
  ]
}

Rules:
- portfolio must contain only IDs from the allowed option list.
- allocation_pct values must be integers in the stated allocation increment.
- allocation_pct values must sum to exactly 100.
- confidence must be between 0 and 1.
- confidence should reflect your confidence that this is the best portfolio decision under the round constraints.
- portfolio_rationale and rationale_summary are required and should be concise.
- key_risks must be a list of 2-5 concrete risks that could cause the portfolio to underperform; do not only list generic market risk.
- Do not provide a ranked list, backup portfolio, second-best portfolio, or alternative recommendation.
- Do not include financial-advice disclaimers. This is a benchmark response, not advice to a person.
- The JSON object must contain no extra fields.

## Round Metadata

- Round ID: CB-2026-06-18-1M
- Decision date: 2026-06-18
- Research cutoff UTC: 2026-06-18T22:05:22Z
- Decision deadline UTC: 2026-06-19T02:30:00Z
- Horizon: one month
- Entry date: 2026-06-18
- Exit date: 2026-07-20
- Entry rule: Use adjusted close prices on Thursday, June 18, 2026 as the post-close entry snapshot, supplied in prices/entry_prices.csv.
- Exit rule: Use adjusted close prices on Monday, July 20, 2026 as the one-month exit snapshot, calculated after regular trading ends and supplied in prices/exit_prices.csv.
- Scoring benchmark: S&P 500 / SPY
- Return calculation: adjusted close prices are used when available.

## Briefing

# CapitalBench Briefing

## 1. Neutrality And Bias-Control Statement

This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return. A mechanical full-universe trailing-return table follows this briefing in the model input.

## 2. Research And Evaluation Setup

| field | value |
| --- | --- |
| research cutoff | 2026-06-18T22:05:22Z |
| decision deadline | 2026-06-19T02:30:00Z |
| weekly round | CB-2026-06-18-1W |
| weekly entry and exit dates | 2026-06-18 to 2026-06-25 |
| monthly round | CB-2026-06-18-1M |
| monthly entry and exit dates | 2026-06-18 to 2026-07-20 |
| entry snapshot | adjusted close prices for Thursday, June 18, 2026 |
| model access rule | no tool use and no web access |
| shared-input rule | competing models receive the same frozen factual briefing, fixed ETF option universe, and mechanical return table |

## 3. Latest Macro Datapoints

| indicator | latest value | period | date | publisher | status |
| --- | --- | --- | --- | --- | --- |
| FOMC target range | 3.50%-3.75% | June 17 decision | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 GDP projection median | 2.2% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 unemployment projection median | 4.3% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 PCE inflation projection median | 3.6% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 core PCE projection median | 3.3% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots above 3.625 midpoint | 9 participants | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots at 3.625 midpoint | 8 participants | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots below 3.625 midpoint | 1 participant | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| Initial jobless claims | 226,000, down 4,000 from prior revised level | week ended 2026-06-13 | 2026-06-18 | U.S. Department of Labor | observed |
| Initial jobless claims 4-week average | 223,250, up 4,000 | week ended 2026-06-13 | 2026-06-18 | U.S. Department of Labor | observed |
| Insured unemployment | 1,810,000, up 24,000 | week ended 2026-06-06 | 2026-06-18 | U.S. Department of Labor | observed |
| Philadelphia Fed general activity | 10.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed new orders | 27.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed shipments | 14.9 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed prices paid / prices received | 53.2 / 20.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Retail and food services sales | $763.7 billion, +0.9% MoM, +6.9% YoY | May 2026 | 2026-06-17 | U.S. Census | observed |
| Retail trade sales | +1.0% MoM, +7.5% YoY | May 2026 | 2026-06-17 | U.S. Census | observed |
| CPI headline | +0.5% MoM, +4.2% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI core | +0.2% MoM, +2.9% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI energy | +3.9% MoM, +23.5% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI shelter | +0.3% MoM | May 2026 | 2026-06-10 | BLS | observed |
| PPI final demand | +1.1% MoM, +6.5% YoY | May 2026 | 2026-06-11 | BLS | observed |
| PPI less foods, energy, and trade services | +0.8% MoM, +5.1% YoY | May 2026 | 2026-06-11 | BLS | observed |
| Nonfarm payrolls | +172,000 | May 2026 | 2026-06-05 | BLS | observed |
| Unemployment rate | 4.3% | May 2026 | 2026-06-05 | BLS | observed |
| Labor-force participation | 61.8% | May 2026 | 2026-06-05 | BLS | observed |
| Average hourly earnings | +0.3% MoM, +3.4% YoY | May 2026 | 2026-06-05 | BLS | observed |
| PCE price index | +0.4% MoM, +3.8% YoY | Apr. 2026 | 2026-05-28 | BEA | observed |
| Core PCE | +0.2% MoM, +3.3% YoY | Apr. 2026 | 2026-05-28 | BEA | observed |
| Personal income / spending | 0.0% MoM / +0.5% MoM | Apr. 2026 | 2026-05-28 | BEA | observed |
| Industrial production | +0.1% MoM, +1.7% YoY | May 2026 | 2026-06-15 | Federal Reserve | observed |
| Manufacturing output | 0.0% MoM | May 2026 | 2026-06-15 | Federal Reserve | observed |
| Capacity utilization | 76.2% | May 2026 | 2026-06-15 | Federal Reserve | observed |

## 4. Rates, Market, And Price Datapoints

| indicator | latest value | period / observation | publisher | status |
| --- | --- | --- | --- | --- |
| Effective federal funds rate | 3.63% | 2026-06-17 | Federal Reserve H.15 | observed |
| 3-month Treasury bill | 3.68% | 2026-06-17 | Federal Reserve H.15 | observed |
| 2-year Treasury | 4.20% | 2026-06-17 | Federal Reserve H.15 | observed |
| 5-year Treasury | 4.27% | 2026-06-17 | Federal Reserve H.15 | observed |
| 10-year Treasury | 4.49% | 2026-06-17 | Federal Reserve H.15 | observed |
| 30-year Treasury | 4.93% | 2026-06-17 | Federal Reserve H.15 | observed |
| 5-year TIPS real yield | 1.96% | 2026-06-17 | Federal Reserve H.15 | observed |
| 10-year TIPS real yield | 2.23% | 2026-06-17 | Federal Reserve H.15 | observed |
| S&P 500 index | 7,500.58, up 80.48 points or 1.1% | 2026-06-18 | AP market close | observed |
| Dow Jones Industrial Average | 51,564.70, up 72.15 points or 0.1% | 2026-06-18 | AP market close | observed |
| Nasdaq Composite | 26,517.93, up 496.28 points or 1.9% | 2026-06-18 | AP market close | observed |
| Russell 2000 | 2,979.77, up 61.78 points or 2.1% | 2026-06-18 | AP market close | observed |
| S&P 500 week-to-date through June 18 | up 69.12 points or 0.9% | 2026-06-18 | AP market close | observed |
| Nasdaq week-to-date through June 18 | up 629.09 points or 2.4% | 2026-06-18 | AP market close | observed |
| Russell 2000 week-to-date through June 18 | up 35.77 points or 1.2% | 2026-06-18 | AP market close | observed |
| U.S. equity market holiday | Juneteenth, Friday June 19, 2026 | 2026 calendar | Nasdaq / NYSE | scheduled |

## 5. Housing Datapoints

| indicator | latest value | period | date | publisher | status |
| --- | --- | --- | --- | --- | --- |
| Housing starts | 1,177,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Single-family starts | 882,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Multifamily starts, 5+ units | 284,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Building permits | 1,413,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Single-family permits | 886,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Permits, 5+ units | 474,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Housing completions | 1,313,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |

## 6. Selected Mechanical Return Context

The full mechanical return table follows this briefing in the model input. The selected rows below come from the generated full-universe adjusted-close table.

| asset proxy | symbol | adjusted close as of 2026-06-18 | 7d return | 30d return | 6m return | 1y return |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| S&P 500 | SPY | 746.74 | 1.48% | 2.03% | 11.30% | 26.75% |
| Nasdaq 100 | QQQ | 740.62 | 3.28% | 5.57% | 21.90% | 40.68% |
| US Small-Cap Stocks | IWM | 295.59 | 2.02% | 8.53% | 19.34% | 42.46% |
| Technology Sector | XLK | 191.44 | 4.49% | 10.51% | 35.62% | 59.36% |
| Semiconductors | SMH | 659.88 | 8.27% | 21.31% | 90.61% | 152.07% |
| Energy Sector | XLE | 53.77 | -5.86% | -12.27% | 23.67% | 26.02% |
| Crude Oil | USO | 114.87 | -10.84% | -24.90% | 70.96% | 39.63% |
| Gold | IAU | 79.33 | 0.25% | -5.92% | -2.82% | 24.97% |
| Silver | SLV | 59.51 | -2.15% | -11.05% | 0.32% | 78.87% |
| US Dollar | UUP | 28.30 | 1.25% | 1.84% | 4.61% | 6.71% |
| South Korea Equities | EWY | 219.20 | 10.18% | 25.96% | 143.37% | 230.32% |
| Taiwan Equities | EWT | 109.99 | 7.36% | 22.44% | 80.70% | 105.35% |
| Bitcoin ETF | IBIT | 35.62 | -1.19% | -18.11% | -25.73% | -39.60% |
| Ethereum ETF | ETHA | 12.88 | 1.42% | -19.15% | -38.67% | -31.78% |
| Short-Term Treasury Bills | BIL | 91.57 | 0.10% | 0.32% | 1.79% | 3.87% |
| Long-Term US Treasury Bonds | TLT | 86.75 | 0.90% | 4.90% | 0.59% | 4.69% |
| Cash / Do Not Invest | USD | 1.00 | 0.00% | 0.00% | 0.00% | 0.00% |

## 7. Scheduled Events

| date | event | entity | status |
| --- | --- | --- | --- |
| 2026-06-19 | Juneteenth market holiday | Nasdaq / NYSE | scheduled |
| 2026-06-25 | Weekly round exit close | CapitalBench | scheduled |
| 2026-06-25 | Personal Income and Outlays, May 2026 | BEA | scheduled |
| 2026-07-02 | Employment Situation, June 2026 | BLS | scheduled |
| 2026-07-14 | CPI, June 2026 | BLS | scheduled |
| 2026-07-15 | PPI, June 2026 | BLS | scheduled |
| 2026-07-16 | Advance Monthly Retail Trade Report, June 2026 | U.S. Census | scheduled |
| 2026-07-20 | Monthly round exit close | CapitalBench | scheduled |

## 8. Final Neutrality Statement

This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return.

## Full-Universe Trailing Returns

This table is mechanically calculated from Tiingo EOD adjusted close data. It is sorted in the option order from `options.yaml`, not by performance. CASH is shown as 0.00%.

- Source: tiingo_eod_adj_close
- As-of date requested: 2026-06-18
- Failed options: 0

| option_id | symbol | option_group | as_of_price_date | return_7d | return_30d | return_6m | return_1y | status |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CASH |  | cash | 2026-06-18 | 0.00% | 0.00% | 0.00% | 0.00% | cash |
| SHORT_TREASURY | BIL | cash_and_short_duration | 2026-06-18 | 0.10% | 0.32% | 1.79% | 3.87% | pass |
| SP500 | SPY | us_broad_market | 2026-06-18 | 1.48% | 2.03% | 11.30% | 26.75% | pass |
| TOTAL_US_MARKET | VTI | us_broad_market | 2026-06-18 | 1.56% | 2.76% | 11.69% | 27.29% | pass |
| NASDAQ100 | QQQ | us_growth_and_technology | 2026-06-18 | 3.28% | 5.57% | 21.90% | 40.68% | pass |
| LARGE_GROWTH | IWF | us_style_factor | 2026-06-18 | 1.42% | 0.18% | 5.64% | 21.82% | pass |
| LARGE_VALUE | IWD | us_style_factor | 2026-06-18 | 1.32% | 4.84% | 16.64% | 30.14% | pass |
| MID_CAP | IJH | us_size_factor | 2026-06-18 | 0.62% | 6.32% | 14.83% | 27.00% | pass |
| SMALL_CAP | IWM | us_size_factor | 2026-06-18 | 2.02% | 8.53% | 19.34% | 42.46% | pass |
| SMALL_VALUE | IWN | us_style_factor | 2026-06-18 | 0.85% | 6.57% | 18.34% | 43.66% | pass |
| DIVIDEND | SCHD | us_factor_equity | 2026-06-18 | -2.06% | -0.75% | 16.91% | 24.21% | pass |
| LOW_VOL | SPLV | us_factor_equity | 2026-06-18 | -1.02% | -0.46% | 3.10% | 4.07% | pass |
| MOMENTUM | MTUM | us_factor_equity | 2026-06-18 | 6.23% | 15.82% | 37.84% | 48.05% | pass |
| TECHNOLOGY | XLK | us_sector | 2026-06-18 | 4.49% | 10.51% | 35.62% | 59.36% | pass |
| COMMUNICATIONS | XLC | us_sector | 2026-06-18 | -2.38% | -5.52% | -5.43% | 7.08% | pass |
| CONSUMER_DISCRETIONARY | XLY | us_sector | 2026-06-18 | 0.74% | 1.85% | -3.86% | 12.22% | pass |
| CONSUMER_STAPLES | XLP | us_sector | 2026-06-18 | -2.31% | -3.24% | 6.63% | 6.43% | pass |
| HEALTHCARE | XLV | us_sector | 2026-06-18 | -3.04% | 1.41% | -2.12% | 14.12% | pass |
| FINANCIALS | XLF | us_sector | 2026-06-18 | 1.81% | 4.83% | -0.94% | 8.31% | pass |
| INDUSTRIALS | XLI | us_sector | 2026-06-18 | 3.29% | 7.21% | 17.79% | 28.91% | pass |
| ENERGY | XLE | us_sector | 2026-06-18 | -5.86% | -12.27% | 23.67% | 26.02% | pass |
| MATERIALS | XLB | us_sector | 2026-06-18 | 1.15% | 5.65% | 15.79% | 21.40% | pass |
| UTILITIES | XLU | us_sector | 2026-06-18 | 1.61% | 0.95% | 5.16% | 14.26% | pass |
| REAL_ESTATE | XLRE | us_sector | 2026-06-18 | -2.36% | -0.18% | 10.26% | 8.44% | pass |
| INTERMEDIATE_TREASURY | IEF | bonds_and_rates | 2026-06-18 | 0.02% | 1.68% | -0.58% | 3.70% | pass |
| LONG_TREASURY | TLT | bonds_and_rates | 2026-06-18 | 0.90% | 4.90% | 0.59% | 4.69% | pass |
| TIPS | TIP | bonds_and_rates | 2026-06-18 | -0.19% | 0.50% | 0.96% | 4.07% | pass |
| INVESTMENT_GRADE_CREDIT | LQD | credit | 2026-06-18 | -0.01% | 2.21% | 0.67% | 5.60% | pass |
| HIGH_YIELD_CREDIT | HYG | credit | 2026-06-18 | 0.09% | 1.35% | 2.03% | 6.65% | pass |
| AGGREGATE_BONDS | AGG | bonds_and_rates | 2026-06-18 | 0.02% | 1.64% | 0.56% | 4.84% | pass |
| DEVELOPED_EX_US | VEA | international_equity | 2026-06-18 | 1.93% | 5.36% | 18.44% | 34.18% | pass |
| EMERGING_MARKETS | VWO | international_equity | 2026-06-18 | 2.95% | 5.13% | 15.76% | 29.86% | pass |
| EUROPE | VGK | international_equity | 2026-06-18 | 0.01% | 3.54% | 9.08% | 20.95% | pass |
| JAPAN | EWJ | international_equity | 2026-06-18 | 4.98% | 7.18% | 21.01% | 37.49% | pass |
| CHINA | MCHI | international_equity | 2026-06-18 | -2.25% | -6.12% | -11.46% | -0.29% | pass |
| INDIA | INDA | international_equity | 2026-06-18 | 3.75% | 4.89% | -6.94% | -7.83% | pass |
| GOLD | IAU | commodities | 2026-06-18 | 0.25% | -5.92% | -2.82% | 24.97% | pass |
| BROAD_COMMODITIES | PDBC | commodities | 2026-06-18 | -4.29% | -12.42% | 26.72% | 23.57% | pass |
| SEMICONDUCTORS | SMH | ai_and_technology | 2026-06-18 | 8.27% | 21.31% | 90.61% | 152.07% | pass |
| SOFTWARE | IGV | ai_and_technology | 2026-06-18 | -1.99% | -3.09% | -16.08% | -16.01% | pass |
| BROAD_AI_TECH | AIQ | ai_and_technology | 2026-06-18 | 4.46% | 10.60% | 34.25% | 59.82% | pass |
| AUTONOMOUS_ROBOTICS | ARKQ | ai_and_technology | 2026-06-18 | 2.25% | 2.74% | 18.36% | 60.00% | pass |
| CYBERSECURITY | CIBR | ai_and_technology | 2026-06-18 | -1.09% | 5.15% | 17.04% | 16.59% | pass |
| SOLAR | TAN | clean_energy | 2026-06-18 | -2.76% | -0.64% | 25.35% | 86.46% | pass |
| METALS_MINING | XME | commodities | 2026-06-18 | -1.12% | 6.27% | 14.56% | 76.25% | pass |
| EQUAL_WEIGHT_SP500 | RSP | us_broad_market | 2026-06-18 | 0.10% | 4.14% | 10.15% | 20.35% | pass |
| BIOTECH | XBI | healthcare_and_biotech | 2026-06-18 | 6.01% | 10.99% | 17.64% | 70.85% | pass |
| REGIONAL_BANKS | KRE | us_industry | 2026-06-18 | -0.87% | 6.16% | 7.56% | 30.06% | pass |
| AEROSPACE_DEFENSE | ITA | us_industry | 2026-06-18 | 1.32% | 9.54% | 14.91% | 34.35% | pass |
| CANADA | EWC | country_equity | 2026-06-18 | -0.60% | 1.13% | 9.25% | 29.44% | pass |
| UNITED_KINGDOM | EWU | country_equity | 2026-06-18 | -1.67% | -0.38% | 6.92% | 19.86% | pass |
| AUSTRALIA | EWA | country_equity | 2026-06-18 | 0.01% | 1.52% | 12.22% | 13.93% | pass |
| SOUTH_KOREA | EWY | country_equity | 2026-06-18 | 10.18% | 25.96% | 143.37% | 230.32% | pass |
| TAIWAN | EWT | country_equity | 2026-06-18 | 7.36% | 22.44% | 80.70% | 105.35% | pass |
| BRAZIL | EWZ | country_equity | 2026-06-18 | -2.18% | -5.12% | 9.61% | 25.62% | pass |
| MEXICO | EWW | country_equity | 2026-06-18 | 1.45% | 1.21% | 14.13% | 35.64% | pass |
| SOUTH_AFRICA | EZA | country_equity | 2026-06-18 | 2.83% | 2.29% | 0.95% | 38.80% | pass |
| MORTGAGE_BACKED_BONDS | MBB | bonds_and_rates | 2026-06-18 | -0.04% | 1.86% | 0.96% | 6.29% | pass |
| MUNICIPAL_BONDS | MUB | bonds_and_rates | 2026-06-18 | 0.25% | 1.84% | 1.90% | 6.58% | pass |
| EMERGING_MARKET_BONDS | EMB | credit | 2026-06-18 | 0.48% | 3.07% | 2.64% | 11.82% | pass |
| INTERNATIONAL_BONDS | BNDX | bonds_and_rates | 2026-06-18 | 0.35% | 1.84% | 1.17% | 2.25% | pass |
| SILVER | SLV | commodities | 2026-06-18 | -2.15% | -11.05% | 0.32% | 78.87% | pass |
| COPPER | CPER | commodities | 2026-06-18 | -0.21% | 3.27% | 16.84% | 28.04% | pass |
| AGRICULTURE | DBA | commodities | 2026-06-18 | 1.25% | -5.83% | 5.49% | 3.01% | pass |
| OIL | USO | commodities | 2026-06-18 | -10.84% | -24.90% | 70.96% | 39.63% | pass |
| US_DOLLAR | UUP | currencies | 2026-06-18 | 1.25% | 1.84% | 4.61% | 6.71% | pass |
| EURO | FXE | currencies | 2026-06-18 | -1.04% | -1.16% | -1.84% | 0.61% | pass |
| YEN | FXY | currencies | 2026-06-18 | -1.01% | -1.51% | -3.81% | -10.39% | pass |
| BITCOIN_ETF | IBIT | crypto_proxies | 2026-06-18 | -1.19% | -18.11% | -25.73% | -39.60% | pass |
| ETHEREUM_ETF | ETHA | crypto_proxies | 2026-06-18 | 1.42% | -19.15% | -38.67% | -31.78% | pass |

## Options

Allowed option:
ID: CASH
Name: Cash / Do Not Invest
Symbol: N/A
Asset class: cash
Category: cash
Group: cash
Risk bucket: cash
Description: Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy.

Allowed option:
ID: SHORT_TREASURY
Name: Short-Term Treasury Bills
Symbol: BIL
Asset class: cash_like
Category: treasury_bills
Group: cash_and_short_duration
Risk bucket: low
Description: Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk.

Allowed option:
ID: SP500
Name: S&P 500
Symbol: SPY
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors.

Allowed option:
ID: TOTAL_US_MARKET
Name: Total US Stock Market
Symbol: VTI
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy.

Allowed option:
ID: NASDAQ100
Name: Nasdaq 100
Symbol: QQQ
Asset class: equity
Category: growth_equity
Group: us_growth_and_technology
Risk bucket: high
Description: Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment.

Allowed option:
ID: LARGE_GROWTH
Name: US Large-Cap Growth
Symbol: IWF
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: high
Description: US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates.

Allowed option:
ID: LARGE_VALUE
Name: US Large-Cap Value
Symbol: IWD
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: medium
Description: US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors.

Allowed option:
ID: MID_CAP
Name: US Mid-Cap Stocks
Symbol: IJH
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite.

Allowed option:
ID: SMALL_CAP
Name: US Small-Cap Stocks
Symbol: IWM
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite.

Allowed option:
ID: SMALL_VALUE
Name: US Small-Cap Value
Symbol: IWN
Asset class: equity
Category: style_and_size_factor
Group: us_style_factor
Risk bucket: high
Description: US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics.

Allowed option:
ID: DIVIDEND
Name: US Dividend Equities
Symbol: SCHD
Asset class: equity
Category: dividend_equity
Group: us_factor_equity
Risk bucket: medium
Description: US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories.

Allowed option:
ID: LOW_VOL
Name: US Low Volatility Equities
Symbol: SPLV
Asset class: equity
Category: low_volatility_factor
Group: us_factor_equity
Risk bucket: medium
Description: US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy.

Allowed option:
ID: MOMENTUM
Name: US Momentum Equities
Symbol: MTUM
Asset class: equity
Category: momentum_factor
Group: us_factor_equity
Risk bucket: high
Description: US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations.

Allowed option:
ID: TECHNOLOGY
Name: Technology Sector
Symbol: XLK
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies.

Allowed option:
ID: COMMUNICATIONS
Name: Communication Services Sector
Symbol: XLC
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies.

Allowed option:
ID: CONSUMER_DISCRETIONARY
Name: Consumer Discretionary Sector
Symbol: XLY
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence.

Allowed option:
ID: CONSUMER_STAPLES
Name: Consumer Staples Sector
Symbol: XLP
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector.

Allowed option:
ID: HEALTHCARE
Name: Healthcare Sector
Symbol: XLV
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers.

Allowed option:
ID: FINANCIALS
Name: Financials Sector
Symbol: XLF
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies.

Allowed option:
ID: INDUSTRIALS
Name: Industrials Sector
Symbol: XLI
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies.

Allowed option:
ID: ENERGY
Name: Energy Sector
Symbol: XLE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline.

Allowed option:
ID: MATERIALS
Name: Materials Sector
Symbol: XLB
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies.

Allowed option:
ID: UTILITIES
Name: Utilities Sector
Symbol: XLU
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows.

Allowed option:
ID: REAL_ESTATE
Name: Real Estate Sector
Symbol: XLRE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations.

Allowed option:
ID: INTERMEDIATE_TREASURY
Name: Intermediate-Term US Treasury Bonds
Symbol: IEF
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: medium
Description: Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations.

Allowed option:
ID: LONG_TREASURY
Name: Long-Term US Treasury Bonds
Symbol: TLT
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: high
Description: Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds.

Allowed option:
ID: TIPS
Name: Treasury Inflation-Protected Securities
Symbol: TIP
Asset class: bond
Category: inflation_linked_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations.

Allowed option:
ID: INVESTMENT_GRADE_CREDIT
Name: Investment Grade Corporate Bonds
Symbol: LQD
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: medium
Description: US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions.

Allowed option:
ID: HIGH_YIELD_CREDIT
Name: High Yield Corporate Bonds
Symbol: HYG
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: high
Description: US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite.

Allowed option:
ID: AGGREGATE_BONDS
Name: US Aggregate Bond Market
Symbol: AGG
Asset class: bond
Category: aggregate_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds.

Allowed option:
ID: DEVELOPED_EX_US
Name: Developed Markets ex-US
Symbol: VEA
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: high
Description: Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets.

Allowed option:
ID: EMERGING_MARKETS
Name: Emerging Markets
Symbol: VWO
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: very_high
Description: Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk.

Allowed option:
ID: EUROPE
Name: Europe Equities
Symbol: VGK
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings.

Allowed option:
ID: JAPAN
Name: Japan Equities
Symbol: EWJ
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions.

Allowed option:
ID: CHINA
Name: China Equities
Symbol: MCHI
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk.

Allowed option:
ID: INDIA
Name: India Equities
Symbol: INDA
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows.

Allowed option:
ID: GOLD
Name: Gold
Symbol: IAU
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: medium
Description: Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand.

Allowed option:
ID: BROAD_COMMODITIES
Name: Broad Commodities
Symbol: PDBC
Asset class: commodity
Category: broad_commodities
Group: commodities
Risk bucket: high
Description: Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand.

Allowed option:
ID: SEMICONDUCTORS
Name: Semiconductors
Symbol: SMH
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains.

Allowed option:
ID: SOFTWARE
Name: Software
Symbol: IGV
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Software equity exposure. Includes companies in application software, infrastructure software, and related technology services.

Allowed option:
ID: BROAD_AI_TECH
Name: Broad AI Technology
Symbol: AIQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services.

Allowed option:
ID: AUTONOMOUS_ROBOTICS
Name: Autonomous Technology and Robotics
Symbol: ARKQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms.

Allowed option:
ID: CYBERSECURITY
Name: Cybersecurity
Symbol: CIBR
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services.

Allowed option:
ID: SOLAR
Name: Solar Energy
Symbol: TAN
Asset class: equity
Category: thematic_equity
Group: clean_energy
Risk bucket: very_high
Description: Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains.

Allowed option:
ID: METALS_MINING
Name: Metals and Mining
Symbol: XME
Asset class: equity
Category: commodity_equity
Group: commodities
Risk bucket: very_high
Description: Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries.

Allowed option:
ID: EQUAL_WEIGHT_SP500
Name: Equal-Weight S&P 500
Symbol: RSP
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting.

Allowed option:
ID: BIOTECH
Name: Biotechnology
Symbol: XBI
Asset class: equity
Category: industry_equity
Group: healthcare_and_biotech
Risk bucket: very_high
Description: US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite.

Allowed option:
ID: REGIONAL_BANKS
Name: Regional Banks
Symbol: KRE
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: very_high
Description: US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions.

Allowed option:
ID: AEROSPACE_DEFENSE
Name: Aerospace and Defense
Symbol: ITA
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: high
Description: US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk.

Allowed option:
ID: CANADA
Name: Canada Equities
Symbol: EWC
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions.

Allowed option:
ID: UNITED_KINGDOM
Name: United Kingdom Equities
Symbol: EWU
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors.

Allowed option:
ID: AUSTRALIA
Name: Australia Equities
Symbol: EWA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions.

Allowed option:
ID: SOUTH_KOREA
Name: South Korea Equities
Symbol: EWY
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics.

Allowed option:
ID: TAIWAN
Name: Taiwan Equities
Symbol: EWT
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk.

Allowed option:
ID: BRAZIL
Name: Brazil Equities
Symbol: EWZ
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows.

Allowed option:
ID: MEXICO
Name: Mexico Equities
Symbol: EWW
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity.

Allowed option:
ID: SOUTH_AFRICA
Name: South Africa Equities
Symbol: EZA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows.

Allowed option:
ID: MORTGAGE_BACKED_BONDS
Name: Agency Mortgage-Backed Bonds
Symbol: MBB
Asset class: bond
Category: securitized_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions.

Allowed option:
ID: MUNICIPAL_BONDS
Name: Municipal Bonds
Symbol: MUB
Asset class: bond
Category: municipal_bonds
Group: bonds_and_rates
Risk bucket: low
Description: US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand.

Allowed option:
ID: EMERGING_MARKET_BONDS
Name: Emerging Market USD Bonds
Symbol: EMB
Asset class: bond
Category: emerging_market_debt
Group: credit
Risk bucket: high
Description: US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite.

Allowed option:
ID: INTERNATIONAL_BONDS
Name: International Aggregate Bonds
Symbol: BNDX
Asset class: bond
Category: international_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy.

Allowed option:
ID: SILVER
Name: Silver
Symbol: SLV
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: high
Description: Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations.

Allowed option:
ID: COPPER
Name: Copper
Symbol: CPER
Asset class: commodity
Category: industrial_metals
Group: commodities
Risk bucket: high
Description: Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes.

Allowed option:
ID: AGRICULTURE
Name: Agriculture Commodities
Symbol: DBA
Asset class: commodity
Category: agriculture
Group: commodities
Risk bucket: high
Description: Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves.

Allowed option:
ID: OIL
Name: Crude Oil
Symbol: USO
Asset class: commodity
Category: energy_commodities
Group: commodities
Risk bucket: very_high
Description: Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure.

Allowed option:
ID: US_DOLLAR
Name: US Dollar
Symbol: UUP
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand.

Allowed option:
ID: EURO
Name: Euro
Symbol: FXE
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements.

Allowed option:
ID: YEN
Name: Japanese Yen
Symbol: FXY
Asset class: currency
Category: currency
Group: currencies
Risk bucket: high
Description: Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand.

Allowed option:
ID: BITCOIN_ETF
Name: Bitcoin ETF
Symbol: IBIT
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite.

Allowed option:
ID: ETHEREUM_ETF
Name: Ethereum ETF
Symbol: ETHA
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite.

Base Instructions prompt.md

# CapitalBench Task

You are participating in an offline, time-resolved CapitalBench evaluation round.

CapitalBench evaluates how state-of-the-art language models make saved market allocation decisions from the same frozen information set. Your response will be compared against other participating models after the one-month outcome window resolves.

The scoring timeline is central to the task: the portfolio is measured from the adjusted close on the entry date to the adjusted close on the exit date, calculated after regular trading ends on the exit date. Optimize for facts, catalysts, positioning, liquidity, and risks that can plausibly affect prices before that exit close.

Optimize only for the portfolio you expect to perform best over this close-to-close one-month scoring window. Use longer-horizon facts only when they are likely to affect prices before the exit close.

Briefing-bias discipline: the briefing may group facts by broad asset area and include a mechanical return table. Treat inclusion, section order, grouping, row count, and trailing-return table order as context, not recommendation signals.

The S&P 500 benchmark asset is an allowed holding. Allocate to it when expected active edge is weak or when the benchmark case is more robust than available active alternatives. Do not add active risk only because this is a benchmark contest.

Your objective is to allocate 100% across the allowed options to maximize expected one-month realized portfolio return, measured from the entry date to the exit date, relative to the S&P 500 benchmark. Use the briefing, option list, and any included market-data table as the common information set. The official leaderboard ranks each model by realized weighted portfolio return relative to the S&P 500 benchmark. Multi-shot stability analysis, if run, is reported separately and does not change the official leaderboard.

Your portfolio is scored by the weighted realized percentage return over the one-month round window. Alpha is portfolio return minus S&P 500 return. Returns are calculated from adjusted close prices when available.

You may use your internal learned knowledge and general market priors. Do not browse, use tools, request updated market data, use external retrieval, or intentionally rely on facts, market prices, news, or events dated after the research cutoff. If your internal knowledge conflicts with the briefing, prioritize the briefing.

Before returning JSON, privately compare continuation, mean-reversion, risk-off, and benchmark-asset cases over the scoring window. Use that private check only to choose the portfolio; do not output the analysis.

You must allocate exactly 100% across allowed options. Use only the holding count, allocation increment, minimum allocation, and cash or benchmark constraints stated in the round metadata. Do not short, use leverage, or choose an option outside the allowed option list.

Return only valid JSON. Do not include markdown, prose, citations, or commentary outside the JSON.

Required JSON format:

{
  "round_id": "<round_id>",
  "model_id": "<model_id>",
  "provider": "<provider>",
  "mode": "closed_capability",
  "portfolio": [
    {
      "option_id": "<one allowed option ID>",
      "allocation_pct": <integer percentage>,
      "rationale": "<brief holding-level rationale>"
    }
  ],
  "confidence": <number from 0 to 1>,
  "portfolio_rationale": "<1-3 sentence allocation rationale>",
  "rationale_summary": "<1-3 sentence rationale>",
  "key_risks": [
    "<risk 1>",
    "<risk 2>"
  ]
}

Rules:
- portfolio must contain only IDs from the allowed option list.
- allocation_pct values must be integers in the stated allocation increment.
- allocation_pct values must sum to exactly 100.
- confidence must be between 0 and 1.
- confidence should reflect your confidence that this is the best portfolio decision under the round constraints.
- portfolio_rationale and rationale_summary are required and should be concise.
- key_risks must be a list of 2-5 concrete risks that could cause the portfolio to underperform; do not only list generic market risk.
- Do not provide a ranked list, backup portfolio, second-best portfolio, or alternative recommendation.
- Do not include financial-advice disclaimers. This is a benchmark response, not advice to a person.
- The JSON object must contain no extra fields.

Round Manifest manifest.yaml

round_id: CB-2026-06-18-1M
title: CapitalBench CB-2026-06-18-1M
description: One-month market allocation evaluation round.
decision_date: '2026-06-18'
decision_deadline: '2026-06-19T02:30:00Z'
horizon: one month
methodology_version: portfolio-v1.0
universe_version: v2.1
submission_format: portfolio
portfolio_constraints:
  min_holdings: 1
  max_holdings: 5
  allocation_increment_pct: 5
  min_allocation_pct: 5
  max_total_allocation_pct: 100
  allow_cash: true
  allow_benchmark_asset: true
entry_rule: Use adjusted close prices on Thursday, June 18, 2026 as the post-close entry snapshot, supplied in prices/entry_prices.csv.
exit_rule: Use adjusted close prices on Monday, July 20, 2026 as the one-month exit snapshot, calculated after regular trading ends and supplied in prices/exit_prices.csv.
entry_date: '2026-06-18'
exit_date: '2026-07-20'
created_at: '2026-06-18T22:02:37.376492+00:00'
notes: Research assembled after the June 18, 2026 U.S. market close. Fable 5 is excluded from this run at operator instruction.

Briefing briefing.md

# CapitalBench Briefing

## 1. Neutrality And Bias-Control Statement

This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return. A mechanical full-universe trailing-return table follows this briefing in the model input.

## 2. Research And Evaluation Setup

| field | value |
| --- | --- |
| research cutoff | 2026-06-18T22:05:22Z |
| decision deadline | 2026-06-19T02:30:00Z |
| weekly round | CB-2026-06-18-1W |
| weekly entry and exit dates | 2026-06-18 to 2026-06-25 |
| monthly round | CB-2026-06-18-1M |
| monthly entry and exit dates | 2026-06-18 to 2026-07-20 |
| entry snapshot | adjusted close prices for Thursday, June 18, 2026 |
| model access rule | no tool use and no web access |
| shared-input rule | competing models receive the same frozen factual briefing, fixed ETF option universe, and mechanical return table |

## 3. Latest Macro Datapoints

| indicator | latest value | period | date | publisher | status |
| --- | --- | --- | --- | --- | --- |
| FOMC target range | 3.50%-3.75% | June 17 decision | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 GDP projection median | 2.2% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 unemployment projection median | 4.3% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 PCE inflation projection median | 3.6% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 core PCE projection median | 3.3% | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots above 3.625 midpoint | 9 participants | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots at 3.625 midpoint | 8 participants | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| FOMC 2026 fed funds dots below 3.625 midpoint | 1 participant | 2026 SEP | 2026-06-17 | Federal Reserve | observed |
| Initial jobless claims | 226,000, down 4,000 from prior revised level | week ended 2026-06-13 | 2026-06-18 | U.S. Department of Labor | observed |
| Initial jobless claims 4-week average | 223,250, up 4,000 | week ended 2026-06-13 | 2026-06-18 | U.S. Department of Labor | observed |
| Insured unemployment | 1,810,000, up 24,000 | week ended 2026-06-06 | 2026-06-18 | U.S. Department of Labor | observed |
| Philadelphia Fed general activity | 10.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed new orders | 27.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed shipments | 14.9 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Philadelphia Fed prices paid / prices received | 53.2 / 20.3 | June 2026 | 2026-06-18 | Philadelphia Fed | observed |
| Retail and food services sales | $763.7 billion, +0.9% MoM, +6.9% YoY | May 2026 | 2026-06-17 | U.S. Census | observed |
| Retail trade sales | +1.0% MoM, +7.5% YoY | May 2026 | 2026-06-17 | U.S. Census | observed |
| CPI headline | +0.5% MoM, +4.2% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI core | +0.2% MoM, +2.9% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI energy | +3.9% MoM, +23.5% YoY | May 2026 | 2026-06-10 | BLS | observed |
| CPI shelter | +0.3% MoM | May 2026 | 2026-06-10 | BLS | observed |
| PPI final demand | +1.1% MoM, +6.5% YoY | May 2026 | 2026-06-11 | BLS | observed |
| PPI less foods, energy, and trade services | +0.8% MoM, +5.1% YoY | May 2026 | 2026-06-11 | BLS | observed |
| Nonfarm payrolls | +172,000 | May 2026 | 2026-06-05 | BLS | observed |
| Unemployment rate | 4.3% | May 2026 | 2026-06-05 | BLS | observed |
| Labor-force participation | 61.8% | May 2026 | 2026-06-05 | BLS | observed |
| Average hourly earnings | +0.3% MoM, +3.4% YoY | May 2026 | 2026-06-05 | BLS | observed |
| PCE price index | +0.4% MoM, +3.8% YoY | Apr. 2026 | 2026-05-28 | BEA | observed |
| Core PCE | +0.2% MoM, +3.3% YoY | Apr. 2026 | 2026-05-28 | BEA | observed |
| Personal income / spending | 0.0% MoM / +0.5% MoM | Apr. 2026 | 2026-05-28 | BEA | observed |
| Industrial production | +0.1% MoM, +1.7% YoY | May 2026 | 2026-06-15 | Federal Reserve | observed |
| Manufacturing output | 0.0% MoM | May 2026 | 2026-06-15 | Federal Reserve | observed |
| Capacity utilization | 76.2% | May 2026 | 2026-06-15 | Federal Reserve | observed |

## 4. Rates, Market, And Price Datapoints

| indicator | latest value | period / observation | publisher | status |
| --- | --- | --- | --- | --- |
| Effective federal funds rate | 3.63% | 2026-06-17 | Federal Reserve H.15 | observed |
| 3-month Treasury bill | 3.68% | 2026-06-17 | Federal Reserve H.15 | observed |
| 2-year Treasury | 4.20% | 2026-06-17 | Federal Reserve H.15 | observed |
| 5-year Treasury | 4.27% | 2026-06-17 | Federal Reserve H.15 | observed |
| 10-year Treasury | 4.49% | 2026-06-17 | Federal Reserve H.15 | observed |
| 30-year Treasury | 4.93% | 2026-06-17 | Federal Reserve H.15 | observed |
| 5-year TIPS real yield | 1.96% | 2026-06-17 | Federal Reserve H.15 | observed |
| 10-year TIPS real yield | 2.23% | 2026-06-17 | Federal Reserve H.15 | observed |
| S&P 500 index | 7,500.58, up 80.48 points or 1.1% | 2026-06-18 | AP market close | observed |
| Dow Jones Industrial Average | 51,564.70, up 72.15 points or 0.1% | 2026-06-18 | AP market close | observed |
| Nasdaq Composite | 26,517.93, up 496.28 points or 1.9% | 2026-06-18 | AP market close | observed |
| Russell 2000 | 2,979.77, up 61.78 points or 2.1% | 2026-06-18 | AP market close | observed |
| S&P 500 week-to-date through June 18 | up 69.12 points or 0.9% | 2026-06-18 | AP market close | observed |
| Nasdaq week-to-date through June 18 | up 629.09 points or 2.4% | 2026-06-18 | AP market close | observed |
| Russell 2000 week-to-date through June 18 | up 35.77 points or 1.2% | 2026-06-18 | AP market close | observed |
| U.S. equity market holiday | Juneteenth, Friday June 19, 2026 | 2026 calendar | Nasdaq / NYSE | scheduled |

## 5. Housing Datapoints

| indicator | latest value | period | date | publisher | status |
| --- | --- | --- | --- | --- | --- |
| Housing starts | 1,177,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Single-family starts | 882,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Multifamily starts, 5+ units | 284,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Building permits | 1,413,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Single-family permits | 886,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Permits, 5+ units | 474,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |
| Housing completions | 1,313,000 SAAR | May 2026 | 2026-06-16 | U.S. Census / HUD | observed |

## 6. Selected Mechanical Return Context

The full mechanical return table follows this briefing in the model input. The selected rows below come from the generated full-universe adjusted-close table.

| asset proxy | symbol | adjusted close as of 2026-06-18 | 7d return | 30d return | 6m return | 1y return |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| S&P 500 | SPY | 746.74 | 1.48% | 2.03% | 11.30% | 26.75% |
| Nasdaq 100 | QQQ | 740.62 | 3.28% | 5.57% | 21.90% | 40.68% |
| US Small-Cap Stocks | IWM | 295.59 | 2.02% | 8.53% | 19.34% | 42.46% |
| Technology Sector | XLK | 191.44 | 4.49% | 10.51% | 35.62% | 59.36% |
| Semiconductors | SMH | 659.88 | 8.27% | 21.31% | 90.61% | 152.07% |
| Energy Sector | XLE | 53.77 | -5.86% | -12.27% | 23.67% | 26.02% |
| Crude Oil | USO | 114.87 | -10.84% | -24.90% | 70.96% | 39.63% |
| Gold | IAU | 79.33 | 0.25% | -5.92% | -2.82% | 24.97% |
| Silver | SLV | 59.51 | -2.15% | -11.05% | 0.32% | 78.87% |
| US Dollar | UUP | 28.30 | 1.25% | 1.84% | 4.61% | 6.71% |
| South Korea Equities | EWY | 219.20 | 10.18% | 25.96% | 143.37% | 230.32% |
| Taiwan Equities | EWT | 109.99 | 7.36% | 22.44% | 80.70% | 105.35% |
| Bitcoin ETF | IBIT | 35.62 | -1.19% | -18.11% | -25.73% | -39.60% |
| Ethereum ETF | ETHA | 12.88 | 1.42% | -19.15% | -38.67% | -31.78% |
| Short-Term Treasury Bills | BIL | 91.57 | 0.10% | 0.32% | 1.79% | 3.87% |
| Long-Term US Treasury Bonds | TLT | 86.75 | 0.90% | 4.90% | 0.59% | 4.69% |
| Cash / Do Not Invest | USD | 1.00 | 0.00% | 0.00% | 0.00% | 0.00% |

## 7. Scheduled Events

| date | event | entity | status |
| --- | --- | --- | --- |
| 2026-06-19 | Juneteenth market holiday | Nasdaq / NYSE | scheduled |
| 2026-06-25 | Weekly round exit close | CapitalBench | scheduled |
| 2026-06-25 | Personal Income and Outlays, May 2026 | BEA | scheduled |
| 2026-07-02 | Employment Situation, June 2026 | BLS | scheduled |
| 2026-07-14 | CPI, June 2026 | BLS | scheduled |
| 2026-07-15 | PPI, June 2026 | BLS | scheduled |
| 2026-07-16 | Advance Monthly Retail Trade Report, June 2026 | U.S. Census | scheduled |
| 2026-07-20 | Monthly round exit close | CapitalBench | scheduled |

## 8. Final Neutrality Statement

This briefing provides fixed factual datapoints only. It does not rank, recommend, analyze, or map facts to CapitalBench options. Inclusion, order, grouping, and row count are not evidence of expected return.

Full-Universe Trailing Returns market_data/universe_trailing_returns.md

This table is mechanically calculated from Tiingo EOD adjusted close data. It is sorted in the option order from `options.yaml`, not by performance. CASH is shown as 0.00%.

- Source: tiingo_eod_adj_close
- As-of date requested: 2026-06-18
- Failed options: 0

| option_id | symbol | option_group | as_of_price_date | return_7d | return_30d | return_6m | return_1y | status |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CASH |  | cash | 2026-06-18 | 0.00% | 0.00% | 0.00% | 0.00% | cash |
| SHORT_TREASURY | BIL | cash_and_short_duration | 2026-06-18 | 0.10% | 0.32% | 1.79% | 3.87% | pass |
| SP500 | SPY | us_broad_market | 2026-06-18 | 1.48% | 2.03% | 11.30% | 26.75% | pass |
| TOTAL_US_MARKET | VTI | us_broad_market | 2026-06-18 | 1.56% | 2.76% | 11.69% | 27.29% | pass |
| NASDAQ100 | QQQ | us_growth_and_technology | 2026-06-18 | 3.28% | 5.57% | 21.90% | 40.68% | pass |
| LARGE_GROWTH | IWF | us_style_factor | 2026-06-18 | 1.42% | 0.18% | 5.64% | 21.82% | pass |
| LARGE_VALUE | IWD | us_style_factor | 2026-06-18 | 1.32% | 4.84% | 16.64% | 30.14% | pass |
| MID_CAP | IJH | us_size_factor | 2026-06-18 | 0.62% | 6.32% | 14.83% | 27.00% | pass |
| SMALL_CAP | IWM | us_size_factor | 2026-06-18 | 2.02% | 8.53% | 19.34% | 42.46% | pass |
| SMALL_VALUE | IWN | us_style_factor | 2026-06-18 | 0.85% | 6.57% | 18.34% | 43.66% | pass |
| DIVIDEND | SCHD | us_factor_equity | 2026-06-18 | -2.06% | -0.75% | 16.91% | 24.21% | pass |
| LOW_VOL | SPLV | us_factor_equity | 2026-06-18 | -1.02% | -0.46% | 3.10% | 4.07% | pass |
| MOMENTUM | MTUM | us_factor_equity | 2026-06-18 | 6.23% | 15.82% | 37.84% | 48.05% | pass |
| TECHNOLOGY | XLK | us_sector | 2026-06-18 | 4.49% | 10.51% | 35.62% | 59.36% | pass |
| COMMUNICATIONS | XLC | us_sector | 2026-06-18 | -2.38% | -5.52% | -5.43% | 7.08% | pass |
| CONSUMER_DISCRETIONARY | XLY | us_sector | 2026-06-18 | 0.74% | 1.85% | -3.86% | 12.22% | pass |
| CONSUMER_STAPLES | XLP | us_sector | 2026-06-18 | -2.31% | -3.24% | 6.63% | 6.43% | pass |
| HEALTHCARE | XLV | us_sector | 2026-06-18 | -3.04% | 1.41% | -2.12% | 14.12% | pass |
| FINANCIALS | XLF | us_sector | 2026-06-18 | 1.81% | 4.83% | -0.94% | 8.31% | pass |
| INDUSTRIALS | XLI | us_sector | 2026-06-18 | 3.29% | 7.21% | 17.79% | 28.91% | pass |
| ENERGY | XLE | us_sector | 2026-06-18 | -5.86% | -12.27% | 23.67% | 26.02% | pass |
| MATERIALS | XLB | us_sector | 2026-06-18 | 1.15% | 5.65% | 15.79% | 21.40% | pass |
| UTILITIES | XLU | us_sector | 2026-06-18 | 1.61% | 0.95% | 5.16% | 14.26% | pass |
| REAL_ESTATE | XLRE | us_sector | 2026-06-18 | -2.36% | -0.18% | 10.26% | 8.44% | pass |
| INTERMEDIATE_TREASURY | IEF | bonds_and_rates | 2026-06-18 | 0.02% | 1.68% | -0.58% | 3.70% | pass |
| LONG_TREASURY | TLT | bonds_and_rates | 2026-06-18 | 0.90% | 4.90% | 0.59% | 4.69% | pass |
| TIPS | TIP | bonds_and_rates | 2026-06-18 | -0.19% | 0.50% | 0.96% | 4.07% | pass |
| INVESTMENT_GRADE_CREDIT | LQD | credit | 2026-06-18 | -0.01% | 2.21% | 0.67% | 5.60% | pass |
| HIGH_YIELD_CREDIT | HYG | credit | 2026-06-18 | 0.09% | 1.35% | 2.03% | 6.65% | pass |
| AGGREGATE_BONDS | AGG | bonds_and_rates | 2026-06-18 | 0.02% | 1.64% | 0.56% | 4.84% | pass |
| DEVELOPED_EX_US | VEA | international_equity | 2026-06-18 | 1.93% | 5.36% | 18.44% | 34.18% | pass |
| EMERGING_MARKETS | VWO | international_equity | 2026-06-18 | 2.95% | 5.13% | 15.76% | 29.86% | pass |
| EUROPE | VGK | international_equity | 2026-06-18 | 0.01% | 3.54% | 9.08% | 20.95% | pass |
| JAPAN | EWJ | international_equity | 2026-06-18 | 4.98% | 7.18% | 21.01% | 37.49% | pass |
| CHINA | MCHI | international_equity | 2026-06-18 | -2.25% | -6.12% | -11.46% | -0.29% | pass |
| INDIA | INDA | international_equity | 2026-06-18 | 3.75% | 4.89% | -6.94% | -7.83% | pass |
| GOLD | IAU | commodities | 2026-06-18 | 0.25% | -5.92% | -2.82% | 24.97% | pass |
| BROAD_COMMODITIES | PDBC | commodities | 2026-06-18 | -4.29% | -12.42% | 26.72% | 23.57% | pass |
| SEMICONDUCTORS | SMH | ai_and_technology | 2026-06-18 | 8.27% | 21.31% | 90.61% | 152.07% | pass |
| SOFTWARE | IGV | ai_and_technology | 2026-06-18 | -1.99% | -3.09% | -16.08% | -16.01% | pass |
| BROAD_AI_TECH | AIQ | ai_and_technology | 2026-06-18 | 4.46% | 10.60% | 34.25% | 59.82% | pass |
| AUTONOMOUS_ROBOTICS | ARKQ | ai_and_technology | 2026-06-18 | 2.25% | 2.74% | 18.36% | 60.00% | pass |
| CYBERSECURITY | CIBR | ai_and_technology | 2026-06-18 | -1.09% | 5.15% | 17.04% | 16.59% | pass |
| SOLAR | TAN | clean_energy | 2026-06-18 | -2.76% | -0.64% | 25.35% | 86.46% | pass |
| METALS_MINING | XME | commodities | 2026-06-18 | -1.12% | 6.27% | 14.56% | 76.25% | pass |
| EQUAL_WEIGHT_SP500 | RSP | us_broad_market | 2026-06-18 | 0.10% | 4.14% | 10.15% | 20.35% | pass |
| BIOTECH | XBI | healthcare_and_biotech | 2026-06-18 | 6.01% | 10.99% | 17.64% | 70.85% | pass |
| REGIONAL_BANKS | KRE | us_industry | 2026-06-18 | -0.87% | 6.16% | 7.56% | 30.06% | pass |
| AEROSPACE_DEFENSE | ITA | us_industry | 2026-06-18 | 1.32% | 9.54% | 14.91% | 34.35% | pass |
| CANADA | EWC | country_equity | 2026-06-18 | -0.60% | 1.13% | 9.25% | 29.44% | pass |
| UNITED_KINGDOM | EWU | country_equity | 2026-06-18 | -1.67% | -0.38% | 6.92% | 19.86% | pass |
| AUSTRALIA | EWA | country_equity | 2026-06-18 | 0.01% | 1.52% | 12.22% | 13.93% | pass |
| SOUTH_KOREA | EWY | country_equity | 2026-06-18 | 10.18% | 25.96% | 143.37% | 230.32% | pass |
| TAIWAN | EWT | country_equity | 2026-06-18 | 7.36% | 22.44% | 80.70% | 105.35% | pass |
| BRAZIL | EWZ | country_equity | 2026-06-18 | -2.18% | -5.12% | 9.61% | 25.62% | pass |
| MEXICO | EWW | country_equity | 2026-06-18 | 1.45% | 1.21% | 14.13% | 35.64% | pass |
| SOUTH_AFRICA | EZA | country_equity | 2026-06-18 | 2.83% | 2.29% | 0.95% | 38.80% | pass |
| MORTGAGE_BACKED_BONDS | MBB | bonds_and_rates | 2026-06-18 | -0.04% | 1.86% | 0.96% | 6.29% | pass |
| MUNICIPAL_BONDS | MUB | bonds_and_rates | 2026-06-18 | 0.25% | 1.84% | 1.90% | 6.58% | pass |
| EMERGING_MARKET_BONDS | EMB | credit | 2026-06-18 | 0.48% | 3.07% | 2.64% | 11.82% | pass |
| INTERNATIONAL_BONDS | BNDX | bonds_and_rates | 2026-06-18 | 0.35% | 1.84% | 1.17% | 2.25% | pass |
| SILVER | SLV | commodities | 2026-06-18 | -2.15% | -11.05% | 0.32% | 78.87% | pass |
| COPPER | CPER | commodities | 2026-06-18 | -0.21% | 3.27% | 16.84% | 28.04% | pass |
| AGRICULTURE | DBA | commodities | 2026-06-18 | 1.25% | -5.83% | 5.49% | 3.01% | pass |
| OIL | USO | commodities | 2026-06-18 | -10.84% | -24.90% | 70.96% | 39.63% | pass |
| US_DOLLAR | UUP | currencies | 2026-06-18 | 1.25% | 1.84% | 4.61% | 6.71% | pass |
| EURO | FXE | currencies | 2026-06-18 | -1.04% | -1.16% | -1.84% | 0.61% | pass |
| YEN | FXY | currencies | 2026-06-18 | -1.01% | -1.51% | -3.81% | -10.39% | pass |
| BITCOIN_ETF | IBIT | crypto_proxies | 2026-06-18 | -1.19% | -18.11% | -25.73% | -39.60% | pass |
| ETHEREUM_ETF | ETHA | crypto_proxies | 2026-06-18 | 1.42% | -19.15% | -38.67% | -31.78% | pass |

Rendered Options In Prompt options.yaml rendered for model prompt

Allowed option:
ID: CASH
Name: Cash / Do Not Invest
Symbol: N/A
Asset class: cash
Category: cash
Group: cash
Risk bucket: cash
Description: Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy.

Allowed option:
ID: SHORT_TREASURY
Name: Short-Term Treasury Bills
Symbol: BIL
Asset class: cash_like
Category: treasury_bills
Group: cash_and_short_duration
Risk bucket: low
Description: Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk.

Allowed option:
ID: SP500
Name: S&P 500
Symbol: SPY
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors.

Allowed option:
ID: TOTAL_US_MARKET
Name: Total US Stock Market
Symbol: VTI
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy.

Allowed option:
ID: NASDAQ100
Name: Nasdaq 100
Symbol: QQQ
Asset class: equity
Category: growth_equity
Group: us_growth_and_technology
Risk bucket: high
Description: Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment.

Allowed option:
ID: LARGE_GROWTH
Name: US Large-Cap Growth
Symbol: IWF
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: high
Description: US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates.

Allowed option:
ID: LARGE_VALUE
Name: US Large-Cap Value
Symbol: IWD
Asset class: equity
Category: style_factor
Group: us_style_factor
Risk bucket: medium
Description: US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors.

Allowed option:
ID: MID_CAP
Name: US Mid-Cap Stocks
Symbol: IJH
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite.

Allowed option:
ID: SMALL_CAP
Name: US Small-Cap Stocks
Symbol: IWM
Asset class: equity
Category: size_factor
Group: us_size_factor
Risk bucket: high
Description: US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite.

Allowed option:
ID: SMALL_VALUE
Name: US Small-Cap Value
Symbol: IWN
Asset class: equity
Category: style_and_size_factor
Group: us_style_factor
Risk bucket: high
Description: US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics.

Allowed option:
ID: DIVIDEND
Name: US Dividend Equities
Symbol: SCHD
Asset class: equity
Category: dividend_equity
Group: us_factor_equity
Risk bucket: medium
Description: US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories.

Allowed option:
ID: LOW_VOL
Name: US Low Volatility Equities
Symbol: SPLV
Asset class: equity
Category: low_volatility_factor
Group: us_factor_equity
Risk bucket: medium
Description: US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy.

Allowed option:
ID: MOMENTUM
Name: US Momentum Equities
Symbol: MTUM
Asset class: equity
Category: momentum_factor
Group: us_factor_equity
Risk bucket: high
Description: US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations.

Allowed option:
ID: TECHNOLOGY
Name: Technology Sector
Symbol: XLK
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies.

Allowed option:
ID: COMMUNICATIONS
Name: Communication Services Sector
Symbol: XLC
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies.

Allowed option:
ID: CONSUMER_DISCRETIONARY
Name: Consumer Discretionary Sector
Symbol: XLY
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence.

Allowed option:
ID: CONSUMER_STAPLES
Name: Consumer Staples Sector
Symbol: XLP
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector.

Allowed option:
ID: HEALTHCARE
Name: Healthcare Sector
Symbol: XLV
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers.

Allowed option:
ID: FINANCIALS
Name: Financials Sector
Symbol: XLF
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies.

Allowed option:
ID: INDUSTRIALS
Name: Industrials Sector
Symbol: XLI
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies.

Allowed option:
ID: ENERGY
Name: Energy Sector
Symbol: XLE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline.

Allowed option:
ID: MATERIALS
Name: Materials Sector
Symbol: XLB
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies.

Allowed option:
ID: UTILITIES
Name: Utilities Sector
Symbol: XLU
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: medium
Description: US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows.

Allowed option:
ID: REAL_ESTATE
Name: Real Estate Sector
Symbol: XLRE
Asset class: equity
Category: us_sector
Group: us_sector
Risk bucket: high
Description: US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations.

Allowed option:
ID: INTERMEDIATE_TREASURY
Name: Intermediate-Term US Treasury Bonds
Symbol: IEF
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: medium
Description: Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations.

Allowed option:
ID: LONG_TREASURY
Name: Long-Term US Treasury Bonds
Symbol: TLT
Asset class: bond
Category: treasury_duration
Group: bonds_and_rates
Risk bucket: high
Description: Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds.

Allowed option:
ID: TIPS
Name: Treasury Inflation-Protected Securities
Symbol: TIP
Asset class: bond
Category: inflation_linked_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations.

Allowed option:
ID: INVESTMENT_GRADE_CREDIT
Name: Investment Grade Corporate Bonds
Symbol: LQD
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: medium
Description: US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions.

Allowed option:
ID: HIGH_YIELD_CREDIT
Name: High Yield Corporate Bonds
Symbol: HYG
Asset class: bond
Category: corporate_credit
Group: credit
Risk bucket: high
Description: US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite.

Allowed option:
ID: AGGREGATE_BONDS
Name: US Aggregate Bond Market
Symbol: AGG
Asset class: bond
Category: aggregate_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds.

Allowed option:
ID: DEVELOPED_EX_US
Name: Developed Markets ex-US
Symbol: VEA
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: high
Description: Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets.

Allowed option:
ID: EMERGING_MARKETS
Name: Emerging Markets
Symbol: VWO
Asset class: equity
Category: international_equity
Group: international_equity
Risk bucket: very_high
Description: Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk.

Allowed option:
ID: EUROPE
Name: Europe Equities
Symbol: VGK
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings.

Allowed option:
ID: JAPAN
Name: Japan Equities
Symbol: EWJ
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: high
Description: Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions.

Allowed option:
ID: CHINA
Name: China Equities
Symbol: MCHI
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk.

Allowed option:
ID: INDIA
Name: India Equities
Symbol: INDA
Asset class: equity
Category: regional_equity
Group: international_equity
Risk bucket: very_high
Description: Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows.

Allowed option:
ID: GOLD
Name: Gold
Symbol: IAU
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: medium
Description: Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand.

Allowed option:
ID: BROAD_COMMODITIES
Name: Broad Commodities
Symbol: PDBC
Asset class: commodity
Category: broad_commodities
Group: commodities
Risk bucket: high
Description: Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand.

Allowed option:
ID: SEMICONDUCTORS
Name: Semiconductors
Symbol: SMH
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains.

Allowed option:
ID: SOFTWARE
Name: Software
Symbol: IGV
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Software equity exposure. Includes companies in application software, infrastructure software, and related technology services.

Allowed option:
ID: BROAD_AI_TECH
Name: Broad AI Technology
Symbol: AIQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services.

Allowed option:
ID: AUTONOMOUS_ROBOTICS
Name: Autonomous Technology and Robotics
Symbol: ARKQ
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: very_high
Description: Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms.

Allowed option:
ID: CYBERSECURITY
Name: Cybersecurity
Symbol: CIBR
Asset class: equity
Category: thematic_equity
Group: ai_and_technology
Risk bucket: high
Description: Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services.

Allowed option:
ID: SOLAR
Name: Solar Energy
Symbol: TAN
Asset class: equity
Category: thematic_equity
Group: clean_energy
Risk bucket: very_high
Description: Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains.

Allowed option:
ID: METALS_MINING
Name: Metals and Mining
Symbol: XME
Asset class: equity
Category: commodity_equity
Group: commodities
Risk bucket: very_high
Description: Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries.

Allowed option:
ID: EQUAL_WEIGHT_SP500
Name: Equal-Weight S&P 500
Symbol: RSP
Asset class: equity
Category: broad_us_equity
Group: us_broad_market
Risk bucket: medium
Description: Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting.

Allowed option:
ID: BIOTECH
Name: Biotechnology
Symbol: XBI
Asset class: equity
Category: industry_equity
Group: healthcare_and_biotech
Risk bucket: very_high
Description: US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite.

Allowed option:
ID: REGIONAL_BANKS
Name: Regional Banks
Symbol: KRE
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: very_high
Description: US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions.

Allowed option:
ID: AEROSPACE_DEFENSE
Name: Aerospace and Defense
Symbol: ITA
Asset class: equity
Category: industry_equity
Group: us_industry
Risk bucket: high
Description: US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk.

Allowed option:
ID: CANADA
Name: Canada Equities
Symbol: EWC
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions.

Allowed option:
ID: UNITED_KINGDOM
Name: United Kingdom Equities
Symbol: EWU
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors.

Allowed option:
ID: AUSTRALIA
Name: Australia Equities
Symbol: EWA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions.

Allowed option:
ID: SOUTH_KOREA
Name: South Korea Equities
Symbol: EWY
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics.

Allowed option:
ID: TAIWAN
Name: Taiwan Equities
Symbol: EWT
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk.

Allowed option:
ID: BRAZIL
Name: Brazil Equities
Symbol: EWZ
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows.

Allowed option:
ID: MEXICO
Name: Mexico Equities
Symbol: EWW
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: high
Description: Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity.

Allowed option:
ID: SOUTH_AFRICA
Name: South Africa Equities
Symbol: EZA
Asset class: equity
Category: country_equity
Group: country_equity
Risk bucket: very_high
Description: South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows.

Allowed option:
ID: MORTGAGE_BACKED_BONDS
Name: Agency Mortgage-Backed Bonds
Symbol: MBB
Asset class: bond
Category: securitized_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions.

Allowed option:
ID: MUNICIPAL_BONDS
Name: Municipal Bonds
Symbol: MUB
Asset class: bond
Category: municipal_bonds
Group: bonds_and_rates
Risk bucket: low
Description: US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand.

Allowed option:
ID: EMERGING_MARKET_BONDS
Name: Emerging Market USD Bonds
Symbol: EMB
Asset class: bond
Category: emerging_market_debt
Group: credit
Risk bucket: high
Description: US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite.

Allowed option:
ID: INTERNATIONAL_BONDS
Name: International Aggregate Bonds
Symbol: BNDX
Asset class: bond
Category: international_bonds
Group: bonds_and_rates
Risk bucket: medium
Description: International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy.

Allowed option:
ID: SILVER
Name: Silver
Symbol: SLV
Asset class: commodity
Category: precious_metals
Group: commodities
Risk bucket: high
Description: Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations.

Allowed option:
ID: COPPER
Name: Copper
Symbol: CPER
Asset class: commodity
Category: industrial_metals
Group: commodities
Risk bucket: high
Description: Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes.

Allowed option:
ID: AGRICULTURE
Name: Agriculture Commodities
Symbol: DBA
Asset class: commodity
Category: agriculture
Group: commodities
Risk bucket: high
Description: Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves.

Allowed option:
ID: OIL
Name: Crude Oil
Symbol: USO
Asset class: commodity
Category: energy_commodities
Group: commodities
Risk bucket: very_high
Description: Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure.

Allowed option:
ID: US_DOLLAR
Name: US Dollar
Symbol: UUP
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand.

Allowed option:
ID: EURO
Name: Euro
Symbol: FXE
Asset class: currency
Category: currency
Group: currencies
Risk bucket: medium
Description: Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements.

Allowed option:
ID: YEN
Name: Japanese Yen
Symbol: FXY
Asset class: currency
Category: currency
Group: currencies
Risk bucket: high
Description: Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand.

Allowed option:
ID: BITCOIN_ETF
Name: Bitcoin ETF
Symbol: IBIT
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite.

Allowed option:
ID: ETHEREUM_ETF
Name: Ethereum ETF
Symbol: ETHA
Asset class: crypto_proxy
Category: crypto_asset
Group: crypto_proxies
Risk bucket: very_high
Description: Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite.

Source Options YAML options.yaml

options:
  - id: CASH
    name: Cash / Do Not Invest
    symbol: null
    tiingo_symbol: null
    asset_class: cash
    category: cash
    option_group: cash
    risk_bucket: cash
    currency: USD
    is_cash: true
    include_in_universe: true
    exposure_description: "Cash position with no market exposure. Return is treated as 0 unless a round explicitly defines a cash yield proxy."

  - id: SHORT_TREASURY
    name: Short-Term Treasury Bills
    symbol: BIL
    tiingo_symbol: BIL
    asset_class: cash_like
    category: treasury_bills
    option_group: cash_and_short_duration
    risk_bucket: low
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Short-term US Treasury bill exposure. Typically used as a cash-like proxy with low duration risk."

  - id: SP500
    name: S&P 500
    symbol: SPY
    tiingo_symbol: SPY
    asset_class: equity
    category: broad_us_equity
    option_group: us_broad_market
    risk_bucket: medium
    currency: USD
    is_cash: false
    is_benchmark: true
    include_in_universe: true
    exposure_description: "Broad US large-cap equity exposure. Represents large publicly traded US companies across multiple sectors."

  - id: TOTAL_US_MARKET
    name: Total US Stock Market
    symbol: VTI
    tiingo_symbol: VTI
    asset_class: equity
    category: broad_us_equity
    option_group: us_broad_market
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Broad exposure to the total US equity market, including large-, mid-, and small-cap companies. Useful as a diversified US equity proxy."

  - id: NASDAQ100
    name: Nasdaq 100
    symbol: QQQ
    tiingo_symbol: QQQ
    asset_class: equity
    category: growth_equity
    option_group: us_growth_and_technology
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Large-cap, growth-oriented US equity exposure with heavy weights in technology and communication services. Sensitive to mega-cap earnings, rates, and growth-stock sentiment."

  - id: LARGE_GROWTH
    name: US Large-Cap Growth
    symbol: IWF
    tiingo_symbol: IWF
    asset_class: equity
    category: style_factor
    option_group: us_style_factor
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US large-cap growth stock exposure. Often tilted toward companies with higher expected growth, higher valuations, and greater sensitivity to interest rates."

  - id: LARGE_VALUE
    name: US Large-Cap Value
    symbol: IWD
    tiingo_symbol: IWD
    asset_class: equity
    category: style_factor
    option_group: us_style_factor
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US large-cap value stock exposure. Often tilted toward companies with lower valuation multiples, dividends, financials, energy, and cyclical sectors."

  - id: MID_CAP
    name: US Mid-Cap Stocks
    symbol: IJH
    tiingo_symbol: IJH
    asset_class: equity
    category: size_factor
    option_group: us_size_factor
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US mid-cap equity exposure. Represents companies between large caps and small caps, with sensitivity to domestic growth, financing conditions, and risk appetite."

  - id: SMALL_CAP
    name: US Small-Cap Stocks
    symbol: IWM
    tiingo_symbol: IWM
    asset_class: equity
    category: size_factor
    option_group: us_size_factor
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US small-cap equity exposure. Often more sensitive to domestic economic growth, credit conditions, rates, and market risk appetite."

  - id: SMALL_VALUE
    name: US Small-Cap Value
    symbol: IWN
    tiingo_symbol: IWN
    asset_class: equity
    category: style_and_size_factor
    option_group: us_style_factor
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US small-cap value equity exposure. Combines smaller company exposure with value-oriented characteristics."

  - id: DIVIDEND
    name: US Dividend Equities
    symbol: SCHD
    tiingo_symbol: SCHD
    asset_class: equity
    category: dividend_equity
    option_group: us_factor_equity
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US dividend-oriented equity exposure. Often tilted toward profitable, mature companies with dividend histories."

  - id: LOW_VOL
    name: US Low Volatility Equities
    symbol: SPLV
    tiingo_symbol: SPLV
    asset_class: equity
    category: low_volatility_factor
    option_group: us_factor_equity
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US equity exposure focused on historically lower-volatility stocks. Often used as a defensive equity factor proxy."

  - id: MOMENTUM
    name: US Momentum Equities
    symbol: MTUM
    tiingo_symbol: MTUM
    asset_class: equity
    category: momentum_factor
    option_group: us_factor_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US equity exposure tilted toward stocks with stronger recent price momentum. Sensitive to trend persistence and factor rotations."

  - id: TECHNOLOGY
    name: Technology Sector
    symbol: XLK
    tiingo_symbol: XLK
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US technology sector exposure within large-cap equities. Includes software, hardware, semiconductors, and technology services companies."

  - id: COMMUNICATIONS
    name: Communication Services Sector
    symbol: XLC
    tiingo_symbol: XLC
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US communication services sector exposure. Includes large internet platforms, media, telecom, and entertainment companies."

  - id: CONSUMER_DISCRETIONARY
    name: Consumer Discretionary Sector
    symbol: XLY
    tiingo_symbol: XLY
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US consumer discretionary sector exposure. Sensitive to consumer spending, employment, credit conditions, and household confidence."

  - id: CONSUMER_STAPLES
    name: Consumer Staples Sector
    symbol: XLP
    tiingo_symbol: XLP
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US consumer staples sector exposure. Includes companies selling essential consumer products and is often considered a defensive equity sector."

  - id: HEALTHCARE
    name: Healthcare Sector
    symbol: XLV
    tiingo_symbol: XLV
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US healthcare sector exposure. Includes pharmaceuticals, biotechnology, medical devices, healthcare services, and insurers."

  - id: FINANCIALS
    name: Financials Sector
    symbol: XLF
    tiingo_symbol: XLF
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US financial sector exposure. Includes banks, insurers, capital markets firms, and financial services companies."

  - id: INDUSTRIALS
    name: Industrials Sector
    symbol: XLI
    tiingo_symbol: XLI
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US industrial sector exposure. Includes aerospace, machinery, transportation, logistics, and industrial services companies."

  - id: ENERGY
    name: Energy Sector
    symbol: XLE
    tiingo_symbol: XLE
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US energy sector exposure. Sensitive to oil and gas prices, production trends, geopolitics, and capital discipline."

  - id: MATERIALS
    name: Materials Sector
    symbol: XLB
    tiingo_symbol: XLB
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US materials sector exposure. Includes chemicals, metals, mining, packaging, and construction materials companies."

  - id: UTILITIES
    name: Utilities Sector
    symbol: XLU
    tiingo_symbol: XLU
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US utilities sector exposure. Often sensitive to interest rates, electricity demand, regulation, and defensive equity flows."

  - id: REAL_ESTATE
    name: Real Estate Sector
    symbol: XLRE
    tiingo_symbol: XLRE
    asset_class: equity
    category: us_sector
    option_group: us_sector
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US listed real estate equity exposure. Sensitive to interest rates, property fundamentals, credit conditions, and real estate valuations."

  - id: INTERMEDIATE_TREASURY
    name: Intermediate-Term US Treasury Bonds
    symbol: IEF
    tiingo_symbol: IEF
    asset_class: bond
    category: treasury_duration
    option_group: bonds_and_rates
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Intermediate-duration US Treasury bond exposure. Sensitive to changes in interest rates, inflation expectations, and growth expectations."

  - id: LONG_TREASURY
    name: Long-Term US Treasury Bonds
    symbol: TLT
    tiingo_symbol: TLT
    asset_class: bond
    category: treasury_duration
    option_group: bonds_and_rates
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Long-duration US Treasury bond exposure. More sensitive to interest-rate changes than shorter-duration bond funds."

  - id: TIPS
    name: Treasury Inflation-Protected Securities
    symbol: TIP
    tiingo_symbol: TIP
    asset_class: bond
    category: inflation_linked_bonds
    option_group: bonds_and_rates
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US Treasury inflation-protected bond exposure. Sensitive to real interest rates and inflation expectations."

  - id: INVESTMENT_GRADE_CREDIT
    name: Investment Grade Corporate Bonds
    symbol: LQD
    tiingo_symbol: LQD
    asset_class: bond
    category: corporate_credit
    option_group: credit
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US investment-grade corporate bond exposure. Sensitive to interest rates, credit spreads, and corporate balance-sheet conditions."

  - id: HIGH_YIELD_CREDIT
    name: High Yield Corporate Bonds
    symbol: HYG
    tiingo_symbol: HYG
    asset_class: bond
    category: corporate_credit
    option_group: credit
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US high-yield corporate bond exposure. Sensitive to credit spreads, default expectations, liquidity, and risk appetite."

  - id: AGGREGATE_BONDS
    name: US Aggregate Bond Market
    symbol: AGG
    tiingo_symbol: AGG
    asset_class: bond
    category: aggregate_bonds
    option_group: bonds_and_rates
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Broad US investment-grade bond market exposure. Includes Treasuries, agency securities, mortgage-backed securities, and corporate bonds."

  - id: DEVELOPED_EX_US
    name: Developed Markets ex-US
    symbol: VEA
    tiingo_symbol: VEA
    asset_class: equity
    category: international_equity
    option_group: international_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Developed-market equity exposure outside the United States. Includes regions such as Europe, Japan, Canada, and developed Asia-Pacific markets."

  - id: EMERGING_MARKETS
    name: Emerging Markets
    symbol: VWO
    tiingo_symbol: VWO
    asset_class: equity
    category: international_equity
    option_group: international_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Emerging-market equity exposure. Sensitive to global growth, currency moves, capital flows, commodity cycles, and country-specific policy risk."

  - id: EUROPE
    name: Europe Equities
    symbol: VGK
    tiingo_symbol: VGK
    asset_class: equity
    category: regional_equity
    option_group: international_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "European equity exposure. Sensitive to European growth, monetary policy, currency trends, energy costs, and regional earnings."

  - id: JAPAN
    name: Japan Equities
    symbol: EWJ
    tiingo_symbol: EWJ
    asset_class: equity
    category: regional_equity
    option_group: international_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Japanese equity exposure. Sensitive to Japanese corporate earnings, yen movements, monetary policy, and global trade conditions."

  - id: CHINA
    name: China Equities
    symbol: MCHI
    tiingo_symbol: MCHI
    asset_class: equity
    category: regional_equity
    option_group: international_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "China equity exposure through publicly traded Chinese companies. Sensitive to Chinese growth, policy actions, currency moves, and geopolitical risk."

  - id: INDIA
    name: India Equities
    symbol: INDA
    tiingo_symbol: INDA
    asset_class: equity
    category: regional_equity
    option_group: international_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Indian equity exposure. Sensitive to Indian economic growth, currency moves, domestic policy, valuations, and foreign capital flows."

  - id: GOLD
    name: Gold
    symbol: IAU
    tiingo_symbol: IAU
    asset_class: commodity
    category: precious_metals
    option_group: commodities
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Gold exposure through a listed gold trust. Sensitive to real interest rates, US dollar strength, inflation expectations, and safe-haven demand."

  - id: BROAD_COMMODITIES
    name: Broad Commodities
    symbol: PDBC
    tiingo_symbol: PDBC
    asset_class: commodity
    category: broad_commodities
    option_group: commodities
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Broad commodity exposure through a diversified commodity strategy ETF. Sensitive to energy, metals, agriculture, inflation expectations, and global demand."

  - id: SEMICONDUCTORS
    name: Semiconductors
    symbol: SMH
    tiingo_symbol: SMH
    asset_class: equity
    category: thematic_equity
    option_group: ai_and_technology
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Semiconductor equity exposure. Includes companies involved in chip design, manufacturing, equipment, and related supply chains."

  - id: SOFTWARE
    name: Software
    symbol: IGV
    tiingo_symbol: IGV
    asset_class: equity
    category: thematic_equity
    option_group: ai_and_technology
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Software equity exposure. Includes companies in application software, infrastructure software, and related technology services."

  - id: BROAD_AI_TECH
    name: Broad AI Technology
    symbol: AIQ
    tiingo_symbol: AIQ
    asset_class: equity
    category: thematic_equity
    option_group: ai_and_technology
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Broad artificial intelligence and technology equity exposure. Includes companies associated with AI applications, infrastructure, data, and related technology services."

  - id: AUTONOMOUS_ROBOTICS
    name: Autonomous Technology and Robotics
    symbol: ARKQ
    tiingo_symbol: ARKQ
    asset_class: equity
    category: thematic_equity
    option_group: ai_and_technology
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Autonomous technology and robotics equity exposure. Includes companies associated with automation, robotics, autonomous transport, energy storage, and related technology platforms."

  - id: CYBERSECURITY
    name: Cybersecurity
    symbol: CIBR
    tiingo_symbol: CIBR
    asset_class: equity
    category: thematic_equity
    option_group: ai_and_technology
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Cybersecurity equity exposure. Includes companies providing network security, identity, endpoint, cloud security, and related cybersecurity products and services."

  - id: SOLAR
    name: Solar Energy
    symbol: TAN
    tiingo_symbol: TAN
    asset_class: equity
    category: thematic_equity
    option_group: clean_energy
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Solar energy equity exposure. Includes companies associated with solar power equipment, development, installation, and related clean-energy supply chains."

  - id: METALS_MINING
    name: Metals and Mining
    symbol: XME
    tiingo_symbol: XME
    asset_class: equity
    category: commodity_equity
    option_group: commodities
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Metals and mining equity exposure. Includes companies involved in steel, aluminum, precious metals, coal, copper, and diversified mining industries."

  - id: EQUAL_WEIGHT_SP500
    name: Equal-Weight S&P 500
    symbol: RSP
    tiingo_symbol: RSP
    asset_class: equity
    category: broad_us_equity
    option_group: us_broad_market
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Equal-weight US large-cap equity exposure. Reduces concentration in the largest S&P 500 constituents compared with market-cap weighting."

  - id: BIOTECH
    name: Biotechnology
    symbol: XBI
    tiingo_symbol: XBI
    asset_class: equity
    category: industry_equity
    option_group: healthcare_and_biotech
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US biotechnology equity exposure. Sensitive to clinical data, financing conditions, regulation, mergers, and risk appetite."

  - id: REGIONAL_BANKS
    name: Regional Banks
    symbol: KRE
    tiingo_symbol: KRE
    asset_class: equity
    category: industry_equity
    option_group: us_industry
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US regional bank equity exposure. Sensitive to deposit trends, credit quality, yield curves, regulation, and commercial real estate conditions."

  - id: AEROSPACE_DEFENSE
    name: Aerospace and Defense
    symbol: ITA
    tiingo_symbol: ITA
    asset_class: equity
    category: industry_equity
    option_group: us_industry
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US aerospace and defense equity exposure. Sensitive to defense budgets, aircraft demand, supply chains, and geopolitical risk."

  - id: CANADA
    name: Canada Equities
    symbol: EWC
    tiingo_symbol: EWC
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Canadian equity exposure through US-listed shares. Sensitive to financials, energy, materials, domestic growth, and Canadian dollar conditions."

  - id: UNITED_KINGDOM
    name: United Kingdom Equities
    symbol: EWU
    tiingo_symbol: EWU
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "United Kingdom equity exposure through US-listed shares. Sensitive to sterling, UK growth, global financials, energy, and dividend-oriented sectors."

  - id: AUSTRALIA
    name: Australia Equities
    symbol: EWA
    tiingo_symbol: EWA
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Australian equity exposure through US-listed shares. Sensitive to banks, materials, commodity demand, China-linked growth, and Australian dollar conditions."

  - id: SOUTH_KOREA
    name: South Korea Equities
    symbol: EWY
    tiingo_symbol: EWY
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "South Korean equity exposure through US-listed shares. Sensitive to semiconductors, exports, won movements, global trade, and regional geopolitics."

  - id: TAIWAN
    name: Taiwan Equities
    symbol: EWT
    tiingo_symbol: EWT
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Taiwan equity exposure through US-listed shares. Sensitive to semiconductor supply chains, global electronics demand, currency movements, and geopolitical risk."

  - id: BRAZIL
    name: Brazil Equities
    symbol: EWZ
    tiingo_symbol: EWZ
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Brazilian equity exposure through US-listed shares. Sensitive to commodities, rates, fiscal policy, currency moves, and emerging-market capital flows."

  - id: MEXICO
    name: Mexico Equities
    symbol: EWW
    tiingo_symbol: EWW
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Mexican equity exposure through US-listed shares. Sensitive to domestic growth, currency moves, trade links, remittances, and nearshoring activity."

  - id: SOUTH_AFRICA
    name: South Africa Equities
    symbol: EZA
    tiingo_symbol: EZA
    asset_class: equity
    category: country_equity
    option_group: country_equity
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "South African equity exposure through US-listed shares. Sensitive to resources, domestic policy, currency moves, power availability, and emerging-market flows."

  - id: MORTGAGE_BACKED_BONDS
    name: Agency Mortgage-Backed Bonds
    symbol: MBB
    tiingo_symbol: MBB
    asset_class: bond
    category: securitized_bonds
    option_group: bonds_and_rates
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US agency mortgage-backed securities exposure. Sensitive to interest rates, prepayment behavior, mortgage spreads, and housing finance conditions."

  - id: MUNICIPAL_BONDS
    name: Municipal Bonds
    symbol: MUB
    tiingo_symbol: MUB
    asset_class: bond
    category: municipal_bonds
    option_group: bonds_and_rates
    risk_bucket: low
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US municipal bond exposure. Sensitive to rates, state and local credit conditions, fund flows, and tax-exempt fixed-income demand."

  - id: EMERGING_MARKET_BONDS
    name: Emerging Market USD Bonds
    symbol: EMB
    tiingo_symbol: EMB
    asset_class: bond
    category: emerging_market_debt
    option_group: credit
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US dollar emerging-market bond exposure. Sensitive to sovereign spreads, US rates, currency stress, commodity cycles, and global risk appetite."

  - id: INTERNATIONAL_BONDS
    name: International Aggregate Bonds
    symbol: BNDX
    tiingo_symbol: BNDX
    asset_class: bond
    category: international_bonds
    option_group: bonds_and_rates
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "International investment-grade bond exposure. Sensitive to global rates, currency hedging, regional credit conditions, and non-US monetary policy."

  - id: SILVER
    name: Silver
    symbol: SLV
    tiingo_symbol: SLV
    asset_class: commodity
    category: precious_metals
    option_group: commodities
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Silver exposure through a listed trust. Sensitive to precious-metals demand, industrial usage, real rates, US dollar moves, and inflation expectations."

  - id: COPPER
    name: Copper
    symbol: CPER
    tiingo_symbol: CPER
    asset_class: commodity
    category: industrial_metals
    option_group: commodities
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Copper exposure through an exchange-traded product. Sensitive to industrial demand, China-linked growth, supply conditions, inventories, and electrification themes."

  - id: AGRICULTURE
    name: Agriculture Commodities
    symbol: DBA
    tiingo_symbol: DBA
    asset_class: commodity
    category: agriculture
    option_group: commodities
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Agricultural commodity exposure through a diversified exchange-traded product. Sensitive to weather, crop conditions, global demand, inventories, and currency moves."

  - id: OIL
    name: Crude Oil
    symbol: USO
    tiingo_symbol: USO
    asset_class: commodity
    category: energy_commodities
    option_group: commodities
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Crude oil exposure through an exchange-traded product. Sensitive to supply, demand, inventories, OPEC policy, geopolitical risk, and futures-curve structure."

  - id: US_DOLLAR
    name: US Dollar
    symbol: UUP
    tiingo_symbol: UUP
    asset_class: currency
    category: currency
    option_group: currencies
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "US dollar currency exposure through an exchange-traded product. Sensitive to relative rates, global risk appetite, trade balances, and reserve-currency demand."

  - id: EURO
    name: Euro
    symbol: FXE
    tiingo_symbol: FXE
    asset_class: currency
    category: currency
    option_group: currencies
    risk_bucket: medium
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Euro currency exposure through an exchange-traded product. Sensitive to European rates, growth, fiscal policy, energy conditions, and US dollar movements."

  - id: YEN
    name: Japanese Yen
    symbol: FXY
    tiingo_symbol: FXY
    asset_class: currency
    category: currency
    option_group: currencies
    risk_bucket: high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Japanese yen currency exposure through an exchange-traded product. Sensitive to Japanese monetary policy, rate differentials, carry trades, and safe-haven demand."

  - id: BITCOIN_ETF
    name: Bitcoin ETF
    symbol: IBIT
    tiingo_symbol: IBIT
    asset_class: crypto_proxy
    category: crypto_asset
    option_group: crypto_proxies
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Bitcoin exposure through a US-listed spot bitcoin exchange-traded product. Sensitive to digital-asset flows, regulation, liquidity, rates, and risk appetite."

  - id: ETHEREUM_ETF
    name: Ethereum ETF
    symbol: ETHA
    tiingo_symbol: ETHA
    asset_class: crypto_proxy
    category: crypto_asset
    option_group: crypto_proxies
    risk_bucket: very_high
    currency: USD
    is_cash: false
    include_in_universe: true
    exposure_description: "Ethereum exposure through a US-listed spot Ethereum exchange-traded product. Sensitive to digital-asset flows, network activity, regulation, liquidity, and risk appetite."

Round Hashes hashes.json

{
  "algorithm": "sha256",
  "files": {
    "briefing.md": "dda2ee5ee69295c60efc89f291aad2182afd5b498ee8c5f305989ec7f746d61a",
    "manifest.yaml": "ac810e656405d3ec5b5070a9191ceabc9cabfa9273fd9c5c8f2a2bdbeec992f5",
    "market_data/universe_trailing_returns.csv": "fb88877ba6d0c6634f00dafe37ccd2085bdd8328a9eedc00a0f168d773b6b6df",
    "market_data/universe_trailing_returns.json": "979d2ec3ef630dd986852a84ef63172efe32da536aa01e4a17f03a82e9c5391a",
    "market_data/universe_trailing_returns.md": "a86a3bf5eaa7f64e8c8b534f433a1c510755ac647c99d5f88509a3b3e1222f26",
    "options.yaml": "1003c5795615371c4808eb307b1057c658972e2e36b5522e72c894bc4ce0c729",
    "prompt.md": "15cfd72f631f247b0505ef997c6e93e6c8c27e052aad94143f8d9879a4a801b7"
  }
}

Per-Model Prompt Suffixes 5 model calls

Claude Opus 4.7

For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-06-18-1M
- model_id: anthropic-claude-opus-4-7
- provider: anthropic
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF

Claude Opus 4.8

For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-06-18-1M
- model_id: anthropic-claude-opus-4-8
- provider: anthropic
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF

Gemini 3.1 Pro

For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-06-18-1M
- model_id: google-gemini-3-1-pro
- provider: google
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF

GPT-5.5

For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-06-18-1M
- model_id: openai-gpt-5-5
- provider: openai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF

Grok 4.3

For this specific call, return only JSON using exactly these identifiers:
- round_id: CB-2026-06-18-1M
- model_id: xai-grok-4-3
- provider: xai
- mode: closed_capability
- allowed portfolio option_id values: CASH, SHORT_TREASURY, SP500, TOTAL_US_MARKET, NASDAQ100, LARGE_GROWTH, LARGE_VALUE, MID_CAP, SMALL_CAP, SMALL_VALUE, DIVIDEND, LOW_VOL, MOMENTUM, TECHNOLOGY, COMMUNICATIONS, CONSUMER_DISCRETIONARY, CONSUMER_STAPLES, HEALTHCARE, FINANCIALS, INDUSTRIALS, ENERGY, MATERIALS, UTILITIES, REAL_ESTATE, INTERMEDIATE_TREASURY, LONG_TREASURY, TIPS, INVESTMENT_GRADE_CREDIT, HIGH_YIELD_CREDIT, AGGREGATE_BONDS, DEVELOPED_EX_US, EMERGING_MARKETS, EUROPE, JAPAN, CHINA, INDIA, GOLD, BROAD_COMMODITIES, SEMICONDUCTORS, SOFTWARE, BROAD_AI_TECH, AUTONOMOUS_ROBOTICS, CYBERSECURITY, SOLAR, METALS_MINING, EQUAL_WEIGHT_SP500, BIOTECH, REGIONAL_BANKS, AEROSPACE_DEFENSE, CANADA, UNITED_KINGDOM, AUSTRALIA, SOUTH_KOREA, TAIWAN, BRAZIL, MEXICO, SOUTH_AFRICA, MORTGAGE_BACKED_BONDS, MUNICIPAL_BONDS, EMERGING_MARKET_BONDS, INTERNATIONAL_BONDS, SILVER, COPPER, AGRICULTURE, OIL, US_DOLLAR, EURO, YEN, BITCOIN_ETF, ETHEREUM_ETF

Parsed provider responses

Model Outputs

These are the validated JSON submissions used by CapitalBench. Raw provider response text remains excluded from the public site.

Anthropic

Claude Opus 4.7

anthropic-claude-opus-4-7

5 holdings Semiconductors (SMH)

Semiconductors (SMH) 35% South Korea Equities (EWY) 20% Nasdaq 100 (QQQ) 25% Industrials Sector (XLI) 10% Gold (IAU) 10%

Confidence: 0.60
Run Type: official

Rationale

Tilt toward AI/semis leadership where momentum and earnings revisions remain strongest, complemented by Korea for semi beta, industrials for cyclical breadth, and gold as inflation/risk hedge given sticky CPI and hawkish dot plot.

Overweight AI/semiconductor complex which has dominant momentum into a quiet macro window, with industrials for breadth and gold as hedge.

Portfolio

Semiconductors (SMH): 35% - Strong momentum, AI capex cycle, leading sector with broad earnings tailwind into July.
South Korea Equities (EWY): 20% - Memory/semis exposure, powerful trend, benefiting from AI hardware demand.
Nasdaq 100 (QQQ): 25% - Mega-cap tech momentum with solid breadth; benchmark-beating tilt.
Industrials Sector (XLI): 10% - Strong Philly Fed new orders, capex theme, broadening rally participation.
Gold (IAU): 10% - Hedge against sticky inflation (CPI 4.2%) and risk-off; diversifies tech beta.

Key Risks

Semiconductor crowding and sharp factor reversal/mean-reversion after 21% 30d run
Hawkish Fed repricing if June CPI (July 14) surprises hot, hitting growth multiples
Korea/Taiwan geopolitical or FX shock
Oil/energy weakness signaling demand slowdown spilling into cyclicals

Validated JSON

{
  "confidence": 0.6,
  "is_official_score": true,
  "key_risks": [
    "Semiconductor crowding and sharp factor reversal/mean-reversion after 21% 30d run",
    "Hawkish Fed repricing if June CPI (July 14) surprises hot, hitting growth multiples",
    "Korea/Taiwan geopolitical or FX shock",
    "Oil/energy weakness signaling demand slowdown spilling into cyclicals"
  ],
  "metadata": {},
  "mode": "closed_capability",
  "model_id": "anthropic-claude-opus-4-7",
  "portfolio": [
    {
      "allocation_pct": 35,
      "option_id": "SEMICONDUCTORS",
      "rationale": "Strong momentum, AI capex cycle, leading sector with broad earnings tailwind into July."
    },
    {
      "allocation_pct": 20,
      "option_id": "SOUTH_KOREA",
      "rationale": "Memory/semis exposure, powerful trend, benefiting from AI hardware demand."
    },
    {
      "allocation_pct": 25,
      "option_id": "NASDAQ100",
      "rationale": "Mega-cap tech momentum with solid breadth; benchmark-beating tilt."
    },
    {
      "allocation_pct": 10,
      "option_id": "INDUSTRIALS",
      "rationale": "Strong Philly Fed new orders, capex theme, broadening rally participation."
    },
    {
      "allocation_pct": 10,
      "option_id": "GOLD",
      "rationale": "Hedge against sticky inflation (CPI 4.2%) and risk-off; diversifies tech beta."
    }
  ],
  "portfolio_rationale": "Tilt toward AI/semis leadership where momentum and earnings revisions remain strongest, complemented by Korea for semi beta, industrials for cyclical breadth, and gold as inflation/risk hedge given sticky CPI and hawkish dot plot.",
  "provider": "anthropic",
  "rationale_summary": "Overweight AI/semiconductor complex which has dominant momentum into a quiet macro window, with industrials for breadth and gold as hedge.",
  "replicate_count": 1,
  "replicate_index": 1,
  "round_id": "CB-2026-06-18-1M",
  "run_type": "official",
  "usage": {
    "input_tokens": 21959,
    "latency_seconds": 13.21701857703738,
    "output_tokens": 672,
    "total_tokens": 22631
  }
}

Anthropic

Claude Opus 4.8

anthropic-claude-opus-4-8

5 holdings S&P 500 (SPY)

S&P 500 (SPY) 40% Semiconductors (SMH) 25% Nasdaq 100 (QQQ) 20% Industrials Sector (XLI) 10% Gold (IAU) 5%

Confidence: 0.62
Run Type: official

Rationale

Macro shows resilient growth, strong retail sales and firm tech/semis momentum, favoring a continuation tilt toward large-cap growth and semis while anchoring in the S&P 500 benchmark with a small gold hedge against sticky inflation.

Tilt toward continuation in tech/semis and broad large-caps given strong momentum and solid macro, with modest diversification into industrials and gold.

Portfolio

S&P 500 (SPY): 40% - Broad large-cap core with strong trend; benchmark-relative risk controlled while capturing continued melt-up.
Semiconductors (SMH): 25% - Strongest momentum leader; AI capex cycle and chip demand driving outsized returns, with continuation likely into July earnings.
Nasdaq 100 (QQQ): 20% - Mega-cap growth strength confirmed by recent breadth and Nasdaq leadership into the window.
Industrials Sector (XLI): 10% - Solid Philly Fed orders, resilient economy and defense/aerospace tailwinds; cyclically strong without crowding into a single theme.
Gold (IAU): 5% - Hedge against sticky inflation (CPI 4.2% YoY, hawkish dots) and any risk-off shock during the window.

Key Risks

Hot June CPI (Jul 14) or hawkish Fed repricing could hit high-duration growth and semis hardest.
Semiconductor momentum mean-reverts after a 21% 30-day run, dragging the concentrated tech tilt.
Soft June payrolls (Jul 2) or weaker retail sales (Jul 16) could undercut cyclical industrials exposure.
Gold drawdown if real yields rise further on hawkish dots.

Validated JSON

{
  "confidence": 0.62,
  "is_official_score": true,
  "key_risks": [
    "Hot June CPI (Jul 14) or hawkish Fed repricing could hit high-duration growth and semis hardest.",
    "Semiconductor momentum mean-reverts after a 21% 30-day run, dragging the concentrated tech tilt.",
    "Soft June payrolls (Jul 2) or weaker retail sales (Jul 16) could undercut cyclical industrials exposure.",
    "Gold drawdown if real yields rise further on hawkish dots."
  ],
  "metadata": {},
  "mode": "closed_capability",
  "model_id": "anthropic-claude-opus-4-8",
  "portfolio": [
    {
      "allocation_pct": 40,
      "option_id": "SP500",
      "rationale": "Broad large-cap core with strong trend; benchmark-relative risk controlled while capturing continued melt-up."
    },
    {
      "allocation_pct": 25,
      "option_id": "SEMICONDUCTORS",
      "rationale": "Strongest momentum leader; AI capex cycle and chip demand driving outsized returns, with continuation likely into July earnings."
    },
    {
      "allocation_pct": 20,
      "option_id": "NASDAQ100",
      "rationale": "Mega-cap growth strength confirmed by recent breadth and Nasdaq leadership into the window."
    },
    {
      "allocation_pct": 10,
      "option_id": "INDUSTRIALS",
      "rationale": "Solid Philly Fed orders, resilient economy and defense/aerospace tailwinds; cyclically strong without crowding into a single theme."
    },
    {
      "allocation_pct": 5,
      "option_id": "GOLD",
      "rationale": "Hedge against sticky inflation (CPI 4.2% YoY, hawkish dots) and any risk-off shock during the window."
    }
  ],
  "portfolio_rationale": "Macro shows resilient growth, strong retail sales and firm tech/semis momentum, favoring a continuation tilt toward large-cap growth and semis while anchoring in the S&P 500 benchmark with a small gold hedge against sticky inflation.",
  "provider": "anthropic",
  "rationale_summary": "Tilt toward continuation in tech/semis and broad large-caps given strong momentum and solid macro, with modest diversification into industrials and gold.",
  "replicate_count": 1,
  "replicate_index": 1,
  "round_id": "CB-2026-06-18-1M",
  "run_type": "official",
  "usage": {
    "input_tokens": 21954,
    "latency_seconds": 12.353480842197314,
    "output_tokens": 745,
    "total_tokens": 22699
  }
}

Google

Gemini 3.1 Pro

google-gemini-3-1-pro

4 holdings S&P 500 (SPY)

S&P 500 (SPY) 40% Technology Sector (XLK) 30% Semiconductors (SMH) 15% South Korea Equities (EWY) 15%

Confidence: 0.65
Run Type: official

Rationale

This portfolio balances core US equity exposure with high-momentum technology and semiconductor themes. The inclusion of South Korea provides international diversification while maintaining alignment with the strong tech cycle.

Overweighting technology and semiconductors to capture ongoing momentum, anchored by a core S&P 500 position.

Portfolio

S&P 500 (SPY): 40% - Core broad market exposure to capture general equity upside in a stable macro environment.
Technology Sector (XLK): 30% - Strong momentum and growth characteristics, supported by recent outperformance and AI trends.
Semiconductors (SMH): 15% - High-beta play on technology and AI infrastructure build-out, showing exceptional recent returns.
South Korea Equities (EWY): 15% - Strong recent momentum and exposure to global semiconductor and electronics supply chains.

Key Risks

A sudden reversal in technology and semiconductor momentum could lead to significant underperformance.
Higher-than-expected inflation prints could trigger a hawkish repricing of Fed expectations, disproportionately hurting growth stocks.
Geopolitical tensions or supply chain disruptions could negatively impact the semiconductor industry and South Korean equities.

Validated JSON

{
  "confidence": 0.65,
  "is_official_score": true,
  "key_risks": [
    "A sudden reversal in technology and semiconductor momentum could lead to significant underperformance.",
    "Higher-than-expected inflation prints could trigger a hawkish repricing of Fed expectations, disproportionately hurting growth stocks.",
    "Geopolitical tensions or supply chain disruptions could negatively impact the semiconductor industry and South Korean equities."
  ],
  "metadata": {},
  "mode": "closed_capability",
  "model_id": "google-gemini-3-1-pro",
  "portfolio": [
    {
      "allocation_pct": 40,
      "option_id": "SP500",
      "rationale": "Core broad market exposure to capture general equity upside in a stable macro environment."
    },
    {
      "allocation_pct": 30,
      "option_id": "TECHNOLOGY",
      "rationale": "Strong momentum and growth characteristics, supported by recent outperformance and AI trends."
    },
    {
      "allocation_pct": 15,
      "option_id": "SEMICONDUCTORS",
      "rationale": "High-beta play on technology and AI infrastructure build-out, showing exceptional recent returns."
    },
    {
      "allocation_pct": 15,
      "option_id": "SOUTH_KOREA",
      "rationale": "Strong recent momentum and exposure to global semiconductor and electronics supply chains."
    }
  ],
  "portfolio_rationale": "This portfolio balances core US equity exposure with high-momentum technology and semiconductor themes. The inclusion of South Korea provides international diversification while maintaining alignment with the strong tech cycle.",
  "provider": "google",
  "rationale_summary": "Overweighting technology and semiconductors to capture ongoing momentum, anchored by a core S&P 500 position.",
  "replicate_count": 1,
  "replicate_index": 1,
  "round_id": "CB-2026-06-18-1M",
  "run_type": "official",
  "usage": {
    "input_tokens": 15238,
    "latency_seconds": 5.88887872104533,
    "output_tokens": 445,
    "total_tokens": 15683
  }
}

OpenAI

GPT-5.5

openai-gpt-5-5

5 holdings Semiconductors (SMH)

Semiconductors (SMH) 35% Taiwan Equities (EWT) 20% South Korea Equities (EWY) 20% US Momentum Equities (MTUM) 15% Biotechnology (XBI) 10%

Confidence: 0.57
Run Type: official

Rationale

The portfolio emphasizes one-month continuation in the strongest visible leadership: semiconductors, AI-linked Asian exporters, and momentum factor exposure. Macro data show resilient growth and risk appetite, making high-beta equity leadership more attractive than defensive assets despite elevated inflation and rates.

A concentrated pro-momentum, pro-risk allocation is expected to outperform the S&P 500 if recent AI/semiconductor leadership persists through the July close. Diversification across SMH, Taiwan, South Korea, MTUM, and biotech reduces single-ETF dependence while keeping high upside beta.

Portfolio

Semiconductors (SMH): 35% - Strongest recent and medium-term momentum in the universe, with AI-linked chip leadership likely to remain a near-term market focus into the July window.
Taiwan Equities (EWT): 20% - High semiconductor supply-chain exposure with very strong trailing momentum, offering leveraged participation in the same AI hardware trend through country exposure.
South Korea Equities (EWY): 20% - Exceptional momentum and export/semiconductor sensitivity support continuation if global risk appetite and AI hardware demand remain firm.
US Momentum Equities (MTUM): 15% - Captures broad trend persistence across recent market leaders while diversifying away from a single industry or country vehicle.
Biotechnology (XBI): 10% - Recent strength and high beta provide additional upside if risk appetite broadens beyond mega-cap technology during the scoring month.

Key Risks

A sharp rotation out of crowded AI and semiconductor winners after their very large trailing gains could drive severe underperformance versus the S&P 500.
Hot June CPI or PPI data could push yields higher and compress valuations for long-duration growth and high-beta equities.
Taiwan or Korea country exposure could be hurt by adverse currency moves, export disappointments, or regional geopolitical headlines.
A broad risk-off move before the July 20 exit would disproportionately hit semiconductors, biotech, and emerging Asia exposures.

Validated JSON

{
  "confidence": 0.57,
  "is_official_score": true,
  "key_risks": [
    "A sharp rotation out of crowded AI and semiconductor winners after their very large trailing gains could drive severe underperformance versus the S&P 500.",
    "Hot June CPI or PPI data could push yields higher and compress valuations for long-duration growth and high-beta equities.",
    "Taiwan or Korea country exposure could be hurt by adverse currency moves, export disappointments, or regional geopolitical headlines.",
    "A broad risk-off move before the July 20 exit would disproportionately hit semiconductors, biotech, and emerging Asia exposures."
  ],
  "metadata": {},
  "mode": "closed_capability",
  "model_id": "openai-gpt-5-5",
  "portfolio": [
    {
      "allocation_pct": 35,
      "option_id": "SEMICONDUCTORS",
      "rationale": "Strongest recent and medium-term momentum in the universe, with AI-linked chip leadership likely to remain a near-term market focus into the July window."
    },
    {
      "allocation_pct": 20,
      "option_id": "TAIWAN",
      "rationale": "High semiconductor supply-chain exposure with very strong trailing momentum, offering leveraged participation in the same AI hardware trend through country exposure."
    },
    {
      "allocation_pct": 20,
      "option_id": "SOUTH_KOREA",
      "rationale": "Exceptional momentum and export/semiconductor sensitivity support continuation if global risk appetite and AI hardware demand remain firm."
    },
    {
      "allocation_pct": 15,
      "option_id": "MOMENTUM",
      "rationale": "Captures broad trend persistence across recent market leaders while diversifying away from a single industry or country vehicle."
    },
    {
      "allocation_pct": 10,
      "option_id": "BIOTECH",
      "rationale": "Recent strength and high beta provide additional upside if risk appetite broadens beyond mega-cap technology during the scoring month."
    }
  ],
  "portfolio_rationale": "The portfolio emphasizes one-month continuation in the strongest visible leadership: semiconductors, AI-linked Asian exporters, and momentum factor exposure. Macro data show resilient growth and risk appetite, making high-beta equity leadership more attractive than defensive assets despite elevated inflation and rates.",
  "provider": "openai",
  "rationale_summary": "A concentrated pro-momentum, pro-risk allocation is expected to outperform the S&P 500 if recent AI/semiconductor leadership persists through the July close. Diversification across SMH, Taiwan, South Korea, MTUM, and biotech reduces single-ETF dependence while keeping high upside beta.",
  "replicate_count": 1,
  "replicate_index": 1,
  "round_id": "CB-2026-06-18-1M",
  "run_type": "official",
  "usage": {
    "input_tokens": 13668,
    "latency_seconds": 13.868997454177588,
    "output_tokens": 688,
    "reasoning_tokens": 204,
    "total_tokens": 14356
  }
}

xAI

Grok 4.3

xai-grok-4-3

5 holdings Semiconductors (SMH)

Semiconductors (SMH) 30% US Momentum Equities (MTUM) 25% Nasdaq 100 (QQQ) 20% US Small-Cap Stocks (IWM) 15% S&P 500 (SPY) 10%

Confidence: 0.62
Run Type: official

Rationale

Tilt toward continuation of recent leadership in semiconductors, momentum, and growth equities over the one-month scoring window, supplemented by small-cap and benchmark exposure.

Recent price momentum in high-beta tech and factor names is expected to carry forward through July data releases; modest benchmark holding reduces tail risk.

Portfolio

Semiconductors (SMH): 30% - Strongest recent 30-day momentum and sector leadership likely to persist into July window
US Momentum Equities (MTUM): 25% - Factor has delivered outsized gains and benefits from continuation of risk-on rotation
Nasdaq 100 (QQQ): 20% - Heavy tech exposure aligns with observed growth and earnings momentum
US Small-Cap Stocks (IWM): 15% - Domestic growth sensitivity and recent outperformance versus large caps
S&P 500 (SPY): 10% - Benchmark anchor to capture broad market beta while limiting active concentration

Key Risks

Hotter-than-expected June CPI or employment data could trigger rate repricing
Profit-taking after extended semiconductor and momentum rallies
Geopolitical or supply-chain shocks affecting Taiwan and South Korea exposure indirectly

Validated JSON

{
  "confidence": 0.62,
  "is_official_score": true,
  "key_risks": [
    "Hotter-than-expected June CPI or employment data could trigger rate repricing",
    "Profit-taking after extended semiconductor and momentum rallies",
    "Geopolitical or supply-chain shocks affecting Taiwan and South Korea exposure indirectly"
  ],
  "metadata": {},
  "mode": "closed_capability",
  "model_id": "xai-grok-4-3",
  "portfolio": [
    {
      "allocation_pct": 30,
      "option_id": "SEMICONDUCTORS",
      "rationale": "Strongest recent 30-day momentum and sector leadership likely to persist into July window"
    },
    {
      "allocation_pct": 25,
      "option_id": "MOMENTUM",
      "rationale": "Factor has delivered outsized gains and benefits from continuation of risk-on rotation"
    },
    {
      "allocation_pct": 20,
      "option_id": "NASDAQ100",
      "rationale": "Heavy tech exposure aligns with observed growth and earnings momentum"
    },
    {
      "allocation_pct": 15,
      "option_id": "SMALL_CAP",
      "rationale": "Domestic growth sensitivity and recent outperformance versus large caps"
    },
    {
      "allocation_pct": 10,
      "option_id": "SP500",
      "rationale": "Benchmark anchor to capture broad market beta while limiting active concentration"
    }
  ],
  "portfolio_rationale": "Tilt toward continuation of recent leadership in semiconductors, momentum, and growth equities over the one-month scoring window, supplemented by small-cap and benchmark exposure.",
  "provider": "xai",
  "rationale_summary": "Recent price momentum in high-beta tech and factor names is expected to carry forward through July data releases; modest benchmark holding reduces tail risk.",
  "replicate_count": 1,
  "replicate_index": 1,
  "round_id": "CB-2026-06-18-1M",
  "run_type": "official",
  "usage": {
    "input_tokens": 13772,
    "latency_seconds": 6.391253362875432,
    "output_tokens": 398,
    "reasoning_tokens": 560,
    "total_tokens": 14730
  }
}

Public model run

Model Portfolios

This round used the portfolio format. The weights below are the submitted model portfolios. Expand a row to inspect rationale and risk lists without crowding the main table.

Model	Provider	Portfolio	Confidence	Protocol
Claude Opus 4.7 anthropic-claude-opus-4-7	Anthropic	Semiconductors (SMH)35%South Korea Equities (EWY)20%Nasdaq 100 (QQQ)25%Industrials Sector (XLI)10%Gold (IAU)10%	0.60	Portfolio round
Claude Opus 4.8 anthropic-claude-opus-4-8	Anthropic	S&P 500 (SPY)40%Semiconductors (SMH)25%Nasdaq 100 (QQQ)20%Industrials Sector (XLI)10%Gold (IAU)5%	0.62	Portfolio round
Gemini 3.1 Pro google-gemini-3-1-pro	Google	S&P 500 (SPY)40%Technology Sector (XLK)30%Semiconductors (SMH)15%South Korea Equities (EWY)15%	0.65	Portfolio round
GPT-5.5 openai-gpt-5-5	OpenAI	Semiconductors (SMH)35%Taiwan Equities (EWT)20%South Korea Equities (EWY)20%US Momentum Equities (MTUM)15%Biotechnology (XBI)10%	0.57	Portfolio round
Grok 4.3 xai-grok-4-3	xAI	Semiconductors (SMH)30%US Momentum Equities (MTUM)25%Nasdaq 100 (QQQ)20%US Small-Cap Stocks (IWM)15%S&P 500 (SPY)10%	0.62	Portfolio round

Pricing

Starting Prices

Ending prices are intentionally absent until the round is complete.


Aerospace and Defense (ITA)	ITA	2026-06-18	238.99	Tiingo adjusted close
Agency Mortgage-Backed Bonds (MBB)	MBB	2026-06-18	94.48	Tiingo adjusted close
Agriculture Commodities (DBA)	DBA	2026-06-18	26.63	Tiingo adjusted close
Australia Equities (EWA)	EWA	2026-06-18	28.56	Tiingo adjusted close
Autonomous Technology and Robotics (ARKQ)	ARKQ	2026-06-18	133.17	Tiingo adjusted close
Biotechnology (XBI)	XBI	2026-06-18	140.72	Tiingo adjusted close
Bitcoin ETF (IBIT)	IBIT	2026-06-18	35.62	Tiingo adjusted close
Brazil Equities (EWZ)	EWZ	2026-06-18	33.73	Tiingo adjusted close
Broad AI Technology (AIQ)	AIQ	2026-06-18	66.80	Tiingo adjusted close
Broad Commodities (PDBC)	PDBC	2026-06-18	16.50	Tiingo adjusted close
Canada Equities (EWC)	EWC	2026-06-18	57.87	Tiingo adjusted close
Cash / Do Not Invest		2026-06-18	1.00	cash
China Equities (MCHI)	MCHI	2026-06-18	52.77	Tiingo adjusted close
Communication Services Sector (XLC)	XLC	2026-06-18	109.45	Tiingo adjusted close
Consumer Discretionary Sector (XLY)	XLY	2026-06-18	117.16	Tiingo adjusted close
Consumer Staples Sector (XLP)	XLP	2026-06-18	83.30	Tiingo adjusted close
Copper (CPER)	CPER	2026-06-18	38.86	Tiingo adjusted close
Crude Oil (USO)	USO	2026-06-18	114.87	Tiingo adjusted close
Cybersecurity (CIBR)	CIBR	2026-06-18	84.54	Tiingo adjusted close
Developed Markets ex-US (VEA)	VEA	2026-06-18	72.31	Tiingo adjusted close
Emerging Market USD Bonds (EMB)	EMB	2026-06-18	96.73	Tiingo adjusted close
Emerging Markets (VWO)	VWO	2026-06-18	60.77	Tiingo adjusted close
Energy Sector (XLE)	XLE	2026-06-18	53.77	Tiingo adjusted close
Equal-Weight S&P 500 (RSP)	RSP	2026-06-18	209.96	Tiingo adjusted close
Ethereum ETF (ETHA)	ETHA	2026-06-18	12.88	Tiingo adjusted close
Euro (FXE)	FXE	2026-06-18	105.77	Tiingo adjusted close
Europe Equities (VGK)	VGK	2026-06-18	88.27	Tiingo adjusted close
Financials Sector (XLF)	XLF	2026-06-18	53.57	Tiingo adjusted close
Gold (IAU)	IAU	2026-06-18	79.33	Tiingo adjusted close
Healthcare Sector (XLV)	XLV	2026-06-18	149.40	Tiingo adjusted close
High Yield Corporate Bonds (HYG)	HYG	2026-06-18	80.01	Tiingo adjusted close
India Equities (INDA)	INDA	2026-06-18	49.58	Tiingo adjusted close
Industrials Sector (XLI)	XLI	2026-06-18	180.91	Tiingo adjusted close
Intermediate-Term US Treasury Bonds (IEF)	IEF	2026-06-18	94.36	Tiingo adjusted close
International Aggregate Bonds (BNDX)	BNDX	2026-06-18	48.35	Tiingo adjusted close
Investment Grade Corporate Bonds (LQD)	LQD	2026-06-18	109.07	Tiingo adjusted close
Japan Equities (EWJ)	EWJ	2026-06-18	96.26	Tiingo adjusted close
Japanese Yen (FXY)	FXY	2026-06-18	56.85	Tiingo adjusted close
Long-Term US Treasury Bonds (TLT)	TLT	2026-06-18	86.75	Tiingo adjusted close
Materials Sector (XLB)	XLB	2026-06-18	51.81	Tiingo adjusted close
Metals and Mining (XME)	XME	2026-06-18	117.02	Tiingo adjusted close
Mexico Equities (EWW)	EWW	2026-06-18	77.33	Tiingo adjusted close
Municipal Bonds (MUB)	MUB	2026-06-18	107.33	Tiingo adjusted close
Nasdaq 100 (QQQ)	QQQ	2026-06-18	740.62	Tiingo adjusted close
Real Estate Sector (XLRE)	XLRE	2026-06-18	43.86	Tiingo adjusted close
Regional Banks (KRE)	KRE	2026-06-18	71.72	Tiingo adjusted close
S&P 500 (SPY)	SPY	2026-06-18	746.74	Tiingo adjusted close
Semiconductors (SMH)	SMH	2026-06-18	659.88	Tiingo adjusted close
Short-Term Treasury Bills (BIL)	BIL	2026-06-18	91.57	Tiingo adjusted close
Silver (SLV)	SLV	2026-06-18	59.51	Tiingo adjusted close
Software (IGV)	IGV	2026-06-18	89.09	Tiingo adjusted close
Solar Energy (TAN)	TAN	2026-06-18	60.58	Tiingo adjusted close
South Africa Equities (EZA)	EZA	2026-06-18	66.74	Tiingo adjusted close
South Korea Equities (EWY)	EWY	2026-06-18	219.20	Tiingo adjusted close
Taiwan Equities (EWT)	EWT	2026-06-18	109.99	Tiingo adjusted close
Technology Sector (XLK)	XLK	2026-06-18	191.44	Tiingo adjusted close
Total US Stock Market (VTI)	VTI	2026-06-18	369.99	Tiingo adjusted close
Treasury Inflation-Protected Securities (TIP)	TIP	2026-06-18	109.39	Tiingo adjusted close
United Kingdom Equities (EWU)	EWU	2026-06-18	45.46	Tiingo adjusted close
US Aggregate Bond Market (AGG)	AGG	2026-06-18	98.90	Tiingo adjusted close
US Dividend Equities (SCHD)	SCHD	2026-06-18	31.86	Tiingo adjusted close
US Dollar (UUP)	UUP	2026-06-18	28.30	Tiingo adjusted close
US Large-Cap Growth (IWF)	IWF	2026-06-18	123.19	Tiingo adjusted close
US Large-Cap Value (IWD)	IWD	2026-06-18	242.18	Tiingo adjusted close
US Low Volatility Equities (SPLV)	SPLV	2026-06-18	73.09	Tiingo adjusted close
US Mid-Cap Stocks (IJH)	IJH	2026-06-18	75.78	Tiingo adjusted close
US Momentum Equities (MTUM)	MTUM	2026-06-18	338.52	Tiingo adjusted close
US Small-Cap Stocks (IWM)	IWM	2026-06-18	295.59	Tiingo adjusted close
US Small-Cap Value (IWN)	IWN	2026-06-18	216.87	Tiingo adjusted close
Utilities Sector (XLU)	XLU	2026-06-18	44.76	Tiingo adjusted close

Audit

Published Hashes

Round inputs are hashed before model calls and mirrored into the public read model.


briefing.md	dda2ee5ee692...f746d61a
manifest.yaml	ac810e656405...eec992f5
market_data/universe_trailing_returns.csv	fb88877ba6d0...73b6b6df
market_data/universe_trailing_returns.json	979d2ec3ef63...e9c5391a
market_data/universe_trailing_returns.md	a86a3bf5eaa7...e1222f26
options.yaml	1003c5795615...4ce0c729
prompt.md	15cfd72f631f...a4a801b7