Account equity is the source of truth. Lagged ETF-factor regressions and reconstructed fills split actual return versus SPY; unexplained P&L remains visible as reconciliation residual.
Paper Positions / 模拟盘持仓
Asset
Price
Qty
Side
Market Value
Avg Entry
Cost Basis
Today's P/L (%)
Today's P/L ($)
Total P/L (%)
Total P/L ($)
Backtest / 回测净值曲线
Simulated from 2016 on the point-in-time S&P 500 (names since delisted are missing, so survivors still flatter it). Top 25 by the composite, equal weights, rebalanced every five sessions, no stops, no leverage, 10bps cost + 5bps slippage + Almgren-Chriss market impact. 模拟回测，非真实收益。