What you should know before reading any of it

Nothing here is investment advice, an offer, or a solicitation to buy or sell any financial instrument. Futures trading carries substantial risk of loss.

The fills are exact: they come from the broker's and the firm's own completed-trade records, including the commission actually charged. The NAV series is not read from any account balance — it is computed from those fills by published code. This is a weaker claim than quoting a broker's equity endpoint, and it is stated plainly rather than glossed. What makes it checkable is that the calculation is open, the inputs are archived, and every session is hash-chained.

Every trade is scaled to one NQ-equivalent of exposure (NQ $20 per index point, MNQ $2, so ten micros equal one E-mini) and the resulting standardised profit and loss is applied to the nominal base. Costs are deducted before that scaling, which means a micro correctly carries its higher cost per unit of risk. These are not the realised returns of any individual account, and exposure does not compound with equity: the strategy is constant-notional, while the return series compounds exactly.

Individual proprietary-firm accounts begin, end, and are replaced; an account that breaches a firm rule is closed and a new one may be opened. Because this series is built from trades rather than from account equity, it is continuous by construction and no account event resets it. Where one trade is copied across several accounts it is counted once — copying does not multiply the strategy's performance.

Sharpe, Sortino, Calmar, CAGR, volatility, maximum drawdown, VaR, skew, kurtosis and win rate are suppressed until the book has at least 60 sessions. On a handful of sessions these are not imprecise estimates, they are meaningless ones. Cumulative return, the equity curve, and the best and worst session are published from the first day, because those are statements of what happened rather than estimates of anything.

Trades are placed on a single leader account and copied to the others. The record is built from the leader's completed-trade export, so a copy that filled at a different price, filled partially or failed to fill is not reflected here. The published series is the strategy as traded on the leader, which is the thing being measured.

Returns are time-weighted; with no external cash flows this reduces to compounding daily NAV. The presentation is informed by GIPS practice but makes NO claim of GIPS compliance, which requires third-party verification that has not been performed.