{
  "version": "duration-and-income-v1",
  "stage": "exploratory_only",
  "cutoff": "2026-11-03",
  "start": "2007-05-30",
  "new_candidates": [
    "IGF",
    "VNQ",
    "XLU",
    "IFRA"
  ],
  "base": [
    "SPY",
    "TLT",
    "GLD",
    "BIL"
  ],
  "cost_bps": 5,
  "frequency": "monthly first US session close",
  "leverage": 1,
  "rules": [
    "Preserve original annual permanent benchmark",
    "Replace TLT quarter with IEF, SHY, or half TLT half IEF",
    "Replace BIL quarter with SHY or IEF; never label IEF cash",
    "For each new equity asset test full BIL replacement (50% equity-like), half BIL replacement (37.5% equity-like), and half SPY replacement (25% equity-like)",
    "Same-period baseline for every candidate; full-history and common-period comparison",
    "Annual and 0/20bps sensitivities; chronological halves are retrospective, NOT true out of sample",
    "No historic optimizer; all declared candidates including failures reported",
    "No filling missing dates; vendor adjusted close and distributions checked; no independent full-price certification",
    "USD nominal; personal taxes/FX excluded; fund expenses already in prices; no daily levered products",
    "Dividend cashflows are included in adjusted total returns, not added twice; no promise of stable payouts",
    "Research equity fractions are targets, not hard daily caps; no production policy or trade authorization"
  ]
}