{
  "status": "passed",
  "example_kind": "invented",
  "scope": "Arithmetic of constructed examples only; no empirical inference, strategy test or external audit.",
  "raw_p_values_are_assumed_not_estimated": true,
  "private_or_market_data_used": false,
  "timeframe": "unspecified",
  "timeframe_scope": "Constructed observations only; no trading cadence is specified.",
  "turnover_convention": "Sum of absolute buy and sell notionals divided by fixed reference capital; no halving.",
  "tests_in_arithmetic_example": 4,
  "adjusted_rejections": 2,
  "order_reduction": 0.8,
  "notional_reduction": 0.4,
  "linked_return": -0.01200000000000001,
  "worst_local_drawdown": 0.054545454545454564,
  "linked_drawdown": 0.10181818181818192,
  "omitted_drawdown_percentage_points": 4.7272727272727355,
  "equality_case_drawdown": 0.050000000000000155,
  "funded_replay": {
    "cells": [
      {
        "policy": "L",
        "shares": 500,
        "cost_bps_per_side": 5,
        "traded_notional": 100500,
        "direct_fee": 50.25,
        "cash_after_buy": 49975.0,
        "terminal_wealth": 100449.75,
        "log_growth": 0.004487416469356818
      },
      {
        "policy": "L",
        "shares": 500,
        "cost_bps_per_side": 10,
        "traded_notional": 100500,
        "direct_fee": 100.5,
        "cash_after_buy": 49950.0,
        "terminal_wealth": 100399.5,
        "log_growth": 0.003987041177455511
      },
      {
        "policy": "H",
        "shares": 200,
        "cost_bps_per_side": 5,
        "traded_notional": 40200,
        "direct_fee": 20.1,
        "cash_after_buy": 79990.0,
        "terminal_wealth": 100179.9,
        "log_growth": 0.001797383737646874
      },
      {
        "policy": "H",
        "shares": 200,
        "cost_bps_per_side": 10,
        "traded_notional": 40200,
        "direct_fee": 40.2,
        "cash_after_buy": 79980.0,
        "terminal_wealth": 100159.8,
        "log_growth": 0.001596724556591577
      }
    ],
    "total_log_growth_change": -0.0028906919127652413,
    "cost_then_policy": [
      -0.0005003752919013069,
      -0.0023903166208639345
    ],
    "policy_then_cost": [
      -0.0026900327317099446,
      -0.000200659181055297
    ]
  },
  "hedge_example": {
    "weights": [
      0.8,
      0.2
    ],
    "covariance": [
      [
        0.04,
        -0.01
      ],
      [
        -0.01,
        0.01
      ]
    ],
    "volatility": 0.150996688705415,
    "contributions": [
      0.15894388284780525,
      -0.007947194142390264
    ]
  }
}