{
  "schema": "canli.paper-evidence.v0",
  "generated_at": "2026-08-27T14:27:42Z",
  "capital": {
    "kind": "PAPER",
    "execution": "MIXED",
    "venue": "Alpaca paper accounts for equity and futures sleeves; locally simulated fills for crypto perpetuals",
    "notes": "Three sleeves reconcile against dedicated Alpaca paper accounts. The crypto sleeve is filled locally against point-in-time venue data and is never presented as broker-executed."
  },
  "identity": {
    "name": "ALPHAC Cross-Asset Book",
    "kind": "BOOK",
    "preregistered": false,
    "constituents": [
      "alphamax",
      "managed_futures",
      "alphavintage",
      "alphaforge"
    ]
  },
  "period": {
    "first_observation": "2026-08-07",
    "last_observation": "2026-08-27",
    "observation_count": 18,
    "frequency": "DAILY",
    "calendar": "UTC daily marks; sleeves trade on their own venue calendars"
  },
  "returns": {
    "basis": "NET_OF_MODELLED_COSTS",
    "cumulative": -0.02305259999999998,
    "annualised": null,
    "sharpe_annualised": 1.8,
    "sharpe_reportable": false,
    "series_available": true,
    "series_url": "https://canlicapital.com/paper-state.json"
  },
  "costs": {
    "modelled": true,
    "components": [
      "SPREAD",
      "FEES",
      "IMPACT",
      "LATENCY",
      "FINANCING",
      "BORROW",
      "FUNDING"
    ],
    "turnover_annualised": null,
    "notes": "One shared transaction-cost model prices every fill; the engine never computes a cost itself."
  },
  "selection": {
    "trials_counted": true,
    "trial_count": 228,
    "trial_unit": "first immutable record per hypothesis identity, deduplicated across every durable ledger",
    "deflation_applied": false,
    "deflated_sharpe_ratio": null,
    "deflation_method": "Deflated Sharpe against the expected maximum of the counted trial union. Not applied to this record because the forward sample cannot support a Sharpe estimate yet."
  },
  "risk": {
    "max_drawdown_realised": -0.045,
    "drawdown_basis": "OBSERVED",
    "max_drawdown_model_expected": 0.09318244871588115,
    "exposure_notes": "The realised figure is descriptive of a short sample. The model estimate is not established by live evidence."
  },
  "corrections": {
    "count": 0,
    "withdrawn_figures": [],
    "log_url": "https://canlicapital.com/progress"
  },
  "provenance": {
    "source_bindings": [
      {
        "path": "public/paper-state.json",
        "sha256": "a5f9c249a8e76aecbeacfbaa720c5c51649774527ab4d971d8add5d57b6e1e8f",
        "url": "https://canlicapital.com/paper-state.json"
      },
      {
        "path": "public/contracts/public-claims.json",
        "sha256": "a9e95522515e8e9154346b9792d4c269d926d48e93a9106f3a3e6030d0ffa386",
        "url": "https://canlicapital.com/contracts/public-claims.json"
      },
      {
        "path": "public/glassbox/alpaca_broker_reconciliation.json",
        "sha256": "07b1d652deefc3ede2b429e094e37d8b9c9dc298c8a99e19da15715c0c326be5",
        "url": "https://canlicapital.com/glassbox/alpaca_broker_reconciliation.json"
      }
    ],
    "independently_verifiable": true,
    "verification_url": "https://canlicapital.com/verify",
    "signed": true,
    "signature_scheme": "Ed25519 over an append-only hash chain"
  },
  "claim_maturity": {
    "establishes": [
      "A 18-observation paper record with broker reconciliation on 3 sleeves.",
      "That every published figure traces to a hash-bound artifact."
    ],
    "does_not_establish": [
      "A forward Sharpe ratio. 252 observations are required to estimate one and this record has 18.",
      "An expected maximum drawdown. The realised figure describes a short sample and the model estimate is not live evidence.",
      "Live-forward diversification between sleeves.",
      "Any funded performance whatsoever. No real capital has been deployed."
    ],
    "external_review_count": 0,
    "independent_replication_count": 0
  }
}