{
  "strategy_id": "PP-US-ETF-annual-v1-research",
  "status": "research_only_not_a_trading_policy",
  "assets": {
    "SPY": 0.25,
    "TLT": 0.25,
    "GLD": 0.25,
    "BIL": 0.25
  },
  "starting_capital_usd": 100000,
  "currency": "USD nominal",
  "leverage": 1,
  "rebalance": "First US equity trading day of January, at close; fixed target weights apply only after that close",
  "initial_purchase": "First common available close, 2007-05-30; all available shared closed history through frozen snapshot cutoff",
  "dividends": "Yahoo adjusted-close total-return approximation; gross reinvestment convention; cross-check with close plus cash dividend reinvestment",
  "execution": "Ideal fractional total-return units, approximate close execution. No live orders or whole-share rounding model.",
  "base_cost_bps_per_buy_or_sell_notional": 5,
  "cost_sensitivities_bps": [
    0,
    5,
    20
  ],
  "rebalance_month_sensitivities": [
    1,
    6,
    12
  ],
  "fund_expenses": "Already reflected in ETF prices/returns; no duplicate fee deduction",
  "excluded_costs": [
    "investor taxes and withholding",
    "currency conversion/hedging",
    "minimum brokerage commissions",
    "server operations",
    "terminal liquidation"
  ],
  "validation_split": "2007-2016 and 2017 onward, retrospective chronological checks only; no model training, no genuine forward out-of-sample evidence",
  "optimization": "None. No selecting or replacing baseline with best sensitivity case."
}