{
  "as_of": "2026-11-05 Asia/Taipei",
  "funds": [
    {
      "symbol": "ALLW",
      "route": "桥水模型全天候",
      "mechanism": "桥水提供基金专用模型组合，State Street 实施；全球股票、名义国债、通胀保值债、商品。按增长和通胀环境分散风险。",
      "fee": "0.85%（总费用率）",
      "inception": "2025-03-05",
      "priority": "优先研究的现成产品",
      "limit": "历史短；不能将桥水机构组合历史当作本 ETF 历史。",
      "source": "https://www.ssga.com/us/en/individual/etfs/state-street-bridgewater-all-weather-etf-allw",
      "data_start": "2025-03-06",
      "data_end": "2026-11-03",
      "research_rows": 419,
      "preliminary_gate": "pass"
    },
    {
      "symbol": "RPAR",
      "route": "规则化风险平价",
      "mechanism": "股票、商品、国债、通胀保值债，目标是各类资产相近的风险贡献。",
      "fee": "0.52%（净费用率，含所持基金费用）",
      "inception": "2019-12-12",
      "priority": "风险平价产品对照",
      "limit": "利率和通胀冲击仍会造成亏损；2022 年净值收益为 -22.81%。",
      "source": "https://www.rparetf.com/rpar",
      "data_start": "2019-12-13",
      "data_end": "2026-11-03",
      "research_rows": 1731,
      "preliminary_gate": "pass"
    },
    {
      "symbol": "UPAR",
      "route": "更高敞口的风险平价",
      "mechanism": "与 RPAR 相同的大类框架，追求更高风险和收益；不是固定收益承诺。",
      "fee": "0.68%（净费用率，含所持基金费用）",
      "inception": "2022-01-03",
      "priority": "与 RPAR 配对检验杠杆效果",
      "limit": "当前准确目标杠杆、再平衡和融资条款仍须结合最新招募说明书核实；不把旧资料倍数写成现行固定值。",
      "source": "https://rparetf.com/upar",
      "data_start": "2022-01-04",
      "data_end": "2026-11-03",
      "research_rows": 1213,
      "preliminary_gate": "pass"
    },
    {
      "symbol": "NTSX",
      "route": "股债杠杆核心",
      "mechanism": "美国大盘股票加美国国债期货；经典设计为约 90% 股票敞口加 60% 国债敞口。",
      "fee": "0.22%（官网 2026-11-03 净费用率）",
      "inception": "2018-08-02",
      "priority": "组合构件",
      "limit": "股债两类不能完整覆盖全天候环境，股债同跌时仍受损。",
      "source": "https://www.wisdomtree.com/us/products/capital-efficient/ntsx",
      "data_start": "2018-08-02",
      "data_end": "2026-11-03",
      "research_rows": 2075,
      "preliminary_gate": "pass"
    },
    {
      "symbol": "RSSB",
      "route": "全球股债叠加",
      "mechanism": "每 1 美元基金资本目标提供约 1 美元全球股票和 1 美元美国国债敞口。",
      "fee": "0.39%（总及净费用率）",
      "inception": "2023-12-04",
      "priority": "组合构件",
      "limit": "仍集中于股债两类；基金实际历史仅自 2023 年开始。",
      "source": "https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds/",
      "data_start": "2023-12-05",
      "data_end": "2026-11-03",
      "research_rows": 731,
      "preliminary_gate": "pass"
    },
    {
      "symbol": "RSST",
      "route": "股票叠加趋势策略",
      "mechanism": "约 100% 美国股票策略加 100% 管理期货策略；趋势策略跨股票、债券、货币和商品，可做多或做空。",
      "fee": "0.99%（费用率）",
      "inception": "2023-09-05",
      "priority": "增强研究分支",
      "limit": "不是经典桥水全天候；震荡行情可能反复亏损，历史很短。基金有每日再平衡，不能忽视路径依赖。",
      "source": "https://www.returnstackedetfs.com/rsst-return-stacked-us-stocks-managed-futures/",
      "data_start": "2023-09-06",
      "data_end": "2026-11-03",
      "research_rows": 794,
      "preliminary_gate": "pass"
    }
  ],
  "other_sources": [
    {
      "title": "ALLW 官方敞口披露，2026-09-30",
      "url": "https://www.ssga.com/library-content/products/fund-docs/etfs/us/information-schedules/spdr-bridgewater-all-weather-etf-asset-class-exposure.pdf"
    },
    {
      "title": "AQR：为什么风险平价使用杠杆",
      "url": "https://www.aqr.com/Insights/Perspectives/Risk-Parity-Why-We-Fight-Lever"
    },
    {
      "title": "WisdomTree：90/60 组合的实现",
      "url": "https://www.wisdomtree.com/us/insights/blog/implementing-efficient-core-portfolios"
    }
  ],
  "policy": {
    "date": "2026-11-05",
    "user_instruction": "你找一些全天候的策略吧，允许使用杠杆",
    "leverage_authorized": true,
    "research_includes_embedded_derivatives": true,
    "production_leverage_limit": null,
    "live_trading_authorized": false,
    "direct_margin_or_futures_account_use_approved": false,
    "baseline_preserved": true,
    "experimental_leverage_grid": [
      1.0,
      1.25,
      1.5,
      2.0
    ],
    "grid_is_not_live_risk_limit": true,
    "next_research": "Compare fixed leverage and lagged volatility targeting; apply historical financing rates plus spread sensitivity, transaction costs, forced-deleveraging scenarios and common-period benchmarks. Keep crypto separate initially."
  }
}