{
  "checked_date": "2026-11-05",
  "scope": "US-listed research candidates; broker eligibility and personal tax treatment unresolved",
  "products": [
    {
      "symbol": "IGF",
      "name": "全球上市基础设施",
      "exchange": "NASDAQ",
      "currency": "USD",
      "frequency": "半年派息",
      "economic_type": "基础设施公司股权",
      "exposure": "公用事业、交通、能源基础设施；包含收费公路和机场",
      "source": "https://www.ishares.com/us/products/239746/ishares-global-infrastructure-etf",
      "holdings_source": "https://www.ishares.com/us/products/239746/ishares-global-infrastructure-etf/latest-holdings.csv",
      "holdings_asof": "2026-11-03",
      "example": "Transurban 5.01%、Aena 5.00%（当前持仓，不能倒推历史持仓）",
      "operator_source": "https://www.transurban.com/about-us",
      "risk": "全球企业股权、融资、监管、车流和汇率风险；不是政府保本的 PPP 理财"
    },
    {
      "symbol": "VNQ",
      "name": "美国商业地产与 REITs",
      "exchange": "NYSE Arca",
      "currency": "USD",
      "frequency": "季度派息",
      "economic_type": "地产公司股权",
      "exposure": "持有多种上市权益型房地产企业，含商业地产，并非只持有办公室",
      "source": "https://advisors.vanguard.com/investments/products/vnq/vanguard-real-estate-etf",
      "factsheet": "https://institutional.vanguard.com/assets/corp/fund_communications/pdf_publish/us-products/fact-sheet/F0986.pdf",
      "risk": "租户违约、空置、融资和物业估值风险；基金份额每天交易，租金稳定不等于股价稳定",
      "historical_methodology": "官方披露2009年及2018年发生基准调整，历史基金回报并非当前指数规则始终不变的模拟"
    },
    {
      "symbol": "XLU",
      "name": "美国公用事业",
      "exchange": "NYSE Arca",
      "currency": "USD",
      "frequency": "季度派息",
      "economic_type": "公用事业公司股权",
      "exposure": "标普 500 公用事业板块，包括电力等服务企业",
      "source": "https://www.ssga.com/us/en/individual/etfs/state-street-utilities-select-sector-spdr-etf-xlu",
      "risk": "利率和监管风险，且与 SPY 存在成分股重叠"
    },
    {
      "symbol": "IFRA",
      "name": "美国基础设施",
      "exchange": "Cboe BZX",
      "currency": "USD",
      "frequency": "季度派息",
      "economic_type": "基础设施持有者与建设配套企业股权",
      "exposure": "公用事业、工业、材料等；既有运营企业，也有建设配套企业",
      "source": "https://www.ishares.com/us/products/294315/ishares-u-s-infrastructure-etf/",
      "risk": "不是纯收费特许经营产品；成立于 2018 年，缺少 2008 年危机及十年基金实绩"
    }
  ],
  "illustrative_company_only": {
    "symbol": "O",
    "name": "Realty Income",
    "source": "https://www.realtyincome.com/investors/investor-resources/faqs",
    "portfolio_source": "https://www.realtyincome.com/our-portfolio/portfolio-diversification-overview",
    "description": "持有长期净租约商业物业，按月派息；本轮仅核实产品性质，不进行个股配置或宣称已完成个股回测"
  },
  "duration_sources": [
    "https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf",
    "https://www.federalreserve.gov/newsevents/pressreleases/monetary20230726a.htm",
    "https://www.ssga.com/us/en/individual/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil"
  ],
  "issuer_TLT_2022": {
    "NAV_total_return": -0.3141,
    "market_price_total_return": -0.3125,
    "scope": "Calendar 2022 official check only; cannot certify every daily observation or exact peak-to-trough drawdown"
  },
  "local_TLT_2022": -0.3123455509726786,
  "difference_vs_issuer_market_price_bps": 1.5444902732142385
}