P06.0 / KILLER FEATURE CONTRACT · v1.0.0

The machine may learn daily. Capital does not have to twitch.

AGI Core 25 becomes the frozen control. AGI Adaptive starts from the same capital and may change only through a complete evidence-to-position record. Continuous intelligence is not day trading.

Observation zero frozen · prospective clock active

EXP-ALPHA-001 / ACTIVATED_OBSERVATION_ZERO

9forward observations

2matched portfolios

4separate books

NOday trading

01 / The question we are freezing

Can governed adaptation add net, factor-aware value over the frozen AGI Core 25 without converting continuous intelligence into continuous trading?

02 / MATCHED ARMS

One starting line. Two portfolio behaviors.

The challenger does not receive a better opening history. It must earn every difference after the public freeze.

CONTROL / 01

agi core 25

Exact frozen portfolio and weights.

SCHEDULE: Quarterly banded rebalance only.
EVENT: Risk intervention only after a frozen structural-break, fraud, sanctions, governance or hard-limit rule fires.

CHALLENGER / 02

agi adaptive

Same opening portfolio, weights, capital and price timestamp as the control.

SCHEDULE: One governed target-weight decision at each month end.
EVENT: An additional decision window opens only after every material-event gate passes.

FROZEN INPUTcf5b4470c4205b56edcd1bce260b76234a0cdf7c9fe508632bb83fc531cb49e3

Frozen opening portfolio · state/alpha-experiments/EXP-ALPHA-001/core-portfolio.csv

03 / CADENCE

Three clocks, not one trading reflex

01
intelligencecontinuous daily
Collect, timestamp, deduplicate and challenge evidence. No capital action.
02
underwritingweekly and event driven
Re-underwrite causal claims, expectations, falsifiers and risk. No automatic trade.
03
capitalmonthly with material event exception
Permit a shadow target change only after the full governed record exists.

04 / PORTFOLIO CONSTITUTION

Four books keep alpha, hedging, insurance and liquidity honest

alpha book

Express security-specific expectation gaps.

long baseline onlyShort candidates remain research-only until borrow, cost and legal controls exist.

factor hedge book

Reduce unwanted market, technology, semiconductor, rates, FX and geography exposure.

specification onlyNo hedge label without protected exposure, loss scenario, ratio, basis and carry.

tail insurance book

Seek convex payoff in a defined crash or volatility regime.

specification onlyPremium budget, expiry and failure mode must be explicit.

liquidity reserve

Prevent forced selling and fund governed rebalancing.

shv 3 5 percentMust remain liquid and unpledged.

05 / MATERIAL EVENT

A headline cannot open the capital gate

01SOURCE
A dated primary or approved system source supports the factual change.
02NOVELTY
The change is not a duplicate, stale item or fact already present in the frozen thesis.
03CAUSALITY
A named AGI causal mechanism and affected cash-flow or risk variable are identified.
04EXPECTATIONS
The record states what the market appears to imply and why a gap may remain.
05INVESTABILITY
Instrument, liquidity, executable cost and access are specified without invented availability.
06ADVERSARIAL
Counter-case, falsifier, expiry and independent challenge are complete.
07PORTFOLIO
Sizing, factor effect, hedge classification and risk-budget effect are recorded.

06 / EVIDENCE → POSITION

What the killer feature must complete

01fact captured
02evidence verified
03causal link mapped
04expectation gap stated
05instrument selected
06size and book assigned
07hedge and falsifier recorded
08governance decision hashed
09next eligible close priced

07 / SCORECARD

How the challenger will be judged

process completion
Valid evidence-to-position records versus rejected or no-action records.
net excess core
Adaptive net return minus AGI Core 25 net return on identical dates.
factor attribution
Return unexplained by market, technology, semiconductor, rates, FX and geography factors.
survival
Maximum drawdown, downside capture, liquidity and hard-limit breaches.
implementation
Turnover, modeled cost, participation and time-to-execute.
calibration
Resolved forecast probabilities, hit rate and preserved null or failed hypotheses.

PILOT PASS

The pipeline produces at least one fully reproducible pre-outcome decision record, preserves no-action and failed records, prices it only after governance and violates no capital firewall.

PILOT FAIL

Any retroactive price, mutable opening state, missing counter-case, unmodeled executable cost, unauthorized capital action or inability to reproduce a decision fails the demonstration.

08 / Activation boundary

The 90-day clock starts only after a production receipt and opening snapshot exist. The pilot can demonstrate process integrity; it cannot establish durable alpha.

First full trading session after the production release receipt freezes the mandate and opening market snapshot.

Observation zero frozen · prospective clock active

The nightly market workflow will activate this once. No human timing choice and no retroactive price are allowed.

PRODUCTION RECEIPT: edfed0a77191-34320302004-1
activated in production: 2026-09-09T06:43:57.3466177Z
first eligible close: 2026-09-09
pilot ends no earlier than: 2026-12-08

CONTENT ADDRESS457a27974954eb531d8065d2ba9c8fec2283c47d5a823fa5331362aec037b50aInspect the activation receipt ↗Inspect the machine-readable contract ↗

09 / P06.2 / FORWARD-ONLY LEDGER

The past is sealed. Every return begins after zero.

The observer is armed before activation. It accepts only one completed close shared by all 26 positions, strictly after the prior receipt. A missing, stale or mismatched ticker stops the whole mark.

FORWARD RECORD ACTIVE

9sealed observations

2026-10-13latest common close

0backfills accepted

0real-money trades

LIVE CAPITAL TEST / FORWARD ONLY

AGI Core NAV vs QQQ

One starting line, one common close calendar and no rewritten past. The chart grows only when the nightly observer seals a new post-zero market date.

Machine-readable source ↗

AGI Core 25104.32+4.32%

QQQ reference103.81+3.81%

Core − QQQ spread+0.52%9 post-zero closes

latest close2026-10-13observation zero · 2026-09-09

indexed NAV · observation zero = 100AGI Core 25QQQ reference

Inspect every plotted point · 10

market date	Core NAV	Core index	QQQ reference NAV	QQQ index	receipt
2026-09-09	$100,000.00	100.00	$100,000.00	100.00	`457a27974954eb53…`
2026-09-11	$99,815.60	99.82	$99,800.37	99.80	`9f5034cef6ff6357…`
2026-09-14	$97,106.52	97.11	$99,004.62	99.00	`a8e4bf917cb362ca…`
2026-09-17	$98,825.14	98.83	$100,085.16	100.09	`99d8f017da8550d3…`
2026-09-18	$99,839.09	99.84	$100,717.57	100.72	`5a213a905dc615fa…`
2026-09-21	$102,696.85	102.70	$103,512.44	103.51	`41fea520d000c7be…`
2026-09-25	$102,778.23	102.78	$103,935.45	103.94	`f03d3bf301f4385d…`
2026-10-02	$104,893.10	104.89	$104,644.64	104.64	`577bf91de30400cd…`
2026-10-09	$105,190.22	105.19	$104,880.57	104.88	`2aefae38264ad4c3…`
2026-10-13	$104,323.01	104.32	$103,805.62	103.81	`2aa948b34feb5e92…`

CONTROL

AGI Core 25

starting capital: —
net research NAV: $104,323.01
return since zero: +4.32%
target mutations: 0

CHALLENGER

AGI Adaptive

starting capital: —
net research NAV: $104,323.01
return since zero: +4.32%
target mutations: 0

2026-10-13$104,323.01$104,323.01+0.00%
2026-10-09$105,190.22$105,190.22+0.00%
2026-10-02$104,893.10$104,893.10+0.00%
2026-09-25$102,778.23$102,778.23+0.00%
2026-09-21$102,696.85$102,696.85+0.00%

P06.0 → P06.5

Finite P06 exit map

P06 ends at P06.5. Waiting for market time does not create endless sub-stages.

P06.0complete
Mandate frozen before outcomes.
P06.1armed time gated
Observation zero armed and time-gated.
P06.2complete build ahead
Forward ledger built ahead of activation.
P06.3complete build ahead
Decision and no-action receipts queued.
P06.4active build ahead
First Adaptive difference priced only after approval.
P06.5time gated
Ninety-day process audit hands the record to P07.

10 / P06.3 / GOVERNED DECISION LEDGER

Inaction is a decision. So it leaves a receipt.

At the first synchronized close of a new month, the machine seals the prior window. If no evidence-to-position packet passed every gate, it records NO ACTION automatically. A target change needs all nine stages and one exact GitHub-bound approval—and still cannot be priced until the next close.

MONITORING MONTHLY + MATERIAL-EVENT WINDOWS

0immutable receipts

0automatic no-action

0governed target decisions

0approved · awaiting price

01 / MACHINE

NO ACTION

No complete packet at a sealed monthly window. The system records restraint automatically; no human analysis is required.

02 / GOVERNANCE

APPROVE

A complete proposal may authorize only a future shadow target set. The same close and every retrospective price remain forbidden.

03 / MEMORY

REJECT / DEFER

Rejected and deferred proposals stay visible. The research memory must retain why the portfolio did not move.

EVIDENCE → POSITION → GOVERNANCE

Nine gates before one target can move

A persuasive story cannot skip a missing stage. Every PASS carries one or more immutable evidence hashes.

01Fact capturedFACT_CAPTURED
02Evidence verifiedEVIDENCE_VERIFIED
03Causal link mappedCAUSAL_LINK_MAPPED
04Expectation gap statedEXPECTATION_GAP_STATED
05Instrument selectedINSTRUMENT_SELECTED
06Size + book assignedSIZE_AND_BOOK_ASSIGNED
07Hedge + falsifier recordedHEDGE_AND_FALSIFIER_RECORDED
08Governance packet hashedGOVERNANCE_PACKET_HASHED
09Next-close rule frozenNEXT_CLOSE_RULE_FROZEN

LATEST RECEIPTS

No decision window has closed yet. Zero receipts is the honest state before observation zero and the first forward month.

11 / P06.4 / PROSPECTIVE SHADOW PRICING

A decision never gets yesterday’s price. It waits for a future close.

Approval seals intent—not performance. The first synchronized completed close recorded strictly after that receipt fixes one auditable research price. Modeled cost is debited before allocation; only later forward observations may carry the new Adaptive units.

MONITORING · NO APPROVED TARGET SET

0immutable price receipts

0approved · awaiting future close

$0.00modeled costs deducted

0real-money orders

01 / SIGNED INTENT

Approval is not a fill

The GitHub-bound decision preserves who approved what and when. It carries no price.

02 / TIME GATE

Wait for evidence from the future

Only the first synchronized completed close recorded after approval is eligible.

03 / COST DEBIT

Pay before allocating

The proposal’s frozen modeled cost leaves Adaptive NAV before target notionals are calculated.

04 / SHADOW MUTATION

New units start tomorrow

Fractional total-return units affect later observations only. Production weights and real capital remain untouched.

LATEST PRICE RECEIPTS

No Adaptive target set has been priced. Before observation zero and an approved proposal, zero receipts is the only honest result.