{
  "snapshot_sha256": "0ff01c9ded7a4f36e254055ffcdf3cb1ee20bd18e3824be86604fe3b0348b5ac",
  "start": "2007-05-30",
  "end": "2026-11-03",
  "sessions": 4890,
  "calendar_package": "5.6.0",
  "calendar": "NYSE US equity sessions; TLT Nasdaq uses same holiday dates in this interval",
  "calendar_limit": "Third-party historical implementation, current 2026 holidays compared with NYSE official calendar; not an official full historical audit",
  "symbols": {
    "SPY": {
      "rows_in_common_interval": 4890,
      "missing_sessions": [],
      "unexpected_sessions": [],
      "unusable_sessions": [],
      "dividend_records": 78,
      "split_records": 0,
      "factor_residual_max_bps": 0.010296872743342789,
      "factor_residual_over_2bps": {},
      "max_abs_daily_adj_return": 0.14519748432360524,
      "adj_growth": 7.0173649586687,
      "cash_dividend_reinvestment_growth": 7.021498716703189
    },
    "TLT": {
      "rows_in_common_interval": 4890,
      "missing_sessions": [],
      "unexpected_sessions": [],
      "unusable_sessions": [],
      "dividend_records": 231,
      "split_records": 0,
      "factor_residual_max_bps": 0.02217506456680951,
      "factor_residual_over_2bps": {},
      "max_abs_daily_adj_return": 0.07519574123099293,
      "adj_growth": 1.7109844841771051,
      "cash_dividend_reinvestment_growth": 1.710635595496361
    },
    "GLD": {
      "rows_in_common_interval": 4890,
      "missing_sessions": [],
      "unexpected_sessions": [],
      "unusable_sessions": [],
      "dividend_records": 0,
      "split_records": 0,
      "factor_residual_max_bps": 0.0,
      "factor_residual_over_2bps": {},
      "max_abs_daily_adj_return": 0.11290530102327678,
      "adj_growth": 5.550988921346036,
      "cash_dividend_reinvestment_growth": 5.550988921346023
    },
    "BIL": {
      "rows_in_common_interval": 4890,
      "missing_sessions": [],
      "unexpected_sessions": [],
      "unusable_sessions": [],
      "dividend_records": 127,
      "split_records": 1,
      "factor_residual_max_bps": 0.015906232371243334,
      "factor_residual_over_2bps": {},
      "max_abs_daily_adj_return": 0.004350507127680814,
      "adj_growth": 1.302977646933198,
      "cash_dividend_reinvestment_growth": 1.302913308454743
    }
  },
  "gate": "preliminary_research_pass",
  "independent_TLT_sample": {
    "source": "https://www.ishares.com/us/literature/fact-sheet/tlt-ishares-20-year-treasury-bond-etf-fund-fact-sheet-en-us.pdf",
    "factsheet_asof": "2026-09-30",
    "rows": [
      {
        "year": 2021,
        "issuer_market_total_return": -0.046,
        "computed_yahoo_adj_return": -0.04599158553635796,
        "difference_percentage_points": 0.0008414463642039682
      },
      {
        "year": 2022,
        "issuer_market_total_return": -0.3125,
        "computed_yahoo_adj_return": -0.3123455509726786,
        "difference_percentage_points": 0.015444902732142385
      },
      {
        "year": 2023,
        "issuer_market_total_return": 0.0277,
        "computed_yahoo_adj_return": 0.027679981201253367,
        "difference_percentage_points": -0.0020018798746631455
      },
      {
        "year": 2024,
        "issuer_market_total_return": -0.0806,
        "computed_yahoo_adj_return": -0.08053115452522752,
        "difference_percentage_points": 0.006884547477248315
      },
      {
        "year": 2025,
        "issuer_market_total_return": 0.0425,
        "computed_yahoo_adj_return": 0.04247248017105987,
        "difference_percentage_points": -0.002751982894013544
      }
    ],
    "limit": "Five annual returns for one ETF only; does not certify all daily bars or other ETFs. Reinvestment methodology can differ."
  },
  "independent_10y_samples": [
    {
      "symbol": "SPY",
      "start": "2016-09-30",
      "end": "2026-09-30",
      "issuer_10y_market_cagr": 0.1518,
      "calculated_cagr": 0.1523387851100153,
      "difference_percentage_points": 0.053878511001531626,
      "source": "https://www.ssga.com/library-content/products/factsheets/etfs/us/factsheet-us-en-spy.pdf"
    },
    {
      "symbol": "GLD",
      "start": "2016-09-30",
      "end": "2026-09-30",
      "issuer_10y_market_cagr": 0.1172,
      "calculated_cagr": 0.11727855411025456,
      "difference_percentage_points": 0.007855411025456394,
      "source": "https://www.ssga.com/library-content/products/factsheets/etfs/us/factsheet-us-en-gld.pdf"
    },
    {
      "symbol": "BIL",
      "start": "2016-09-30",
      "end": "2026-09-30",
      "issuer_10y_market_cagr": 0.0229,
      "calculated_cagr": 0.022950624512843243,
      "difference_percentage_points": 0.005062451284324268,
      "source": "https://www.ssga.com/library-content/products/factsheets/etfs/us/factsheet-us-en-bil.pdf"
    }
  ],
  "BIL_split_review": {
    "date": "2017-11-30",
    "ratio": "1:2",
    "source": "https://www.streetinsider.com/Press+Releases/State+Street+Global+Advisors+Announces+ETF+Share+Splits/13511071.html",
    "issuer_release_date": "2017-11-15",
    "publisher": "State Street press release syndicated from Business Wire",
    "finding": "Close is already split-adjusted: 2017-11-29 and 2017-11-30 both 91.480003; no extra split multiplier applied."
  },
  "blocking_findings": []
}