{
  "tool_id": "art-685-direct-indexing-fit-screen",
  "note": "Golden vectors for the Direct-Indexing Fit Screen. The first vector is the spec's canonical preimage (DIRECT-INDEXING-FIT-BUILD-SPEC): its output_payload recomputes byte-identical and execution_hash 5a69bf5df6b751cdb4b5750dae4459ba5312a0b61a0dba6a81d4328006acffb3 must reproduce. All inputs are synthetic; no real portfolio data.",
  "vectors": [
    {
      "name": "spec-canonical-fit-positive",
      "policy_parameters": {
        "portfolio_value": 250000,
        "di_fee_bps": 9,
        "etf_expense_bps": 3,
        "expected_tax_alpha_bps": 45
      },
      "output_payload": {
        "fee_delta_bps": 6,
        "net_benefit_bps": 39,
        "trace": "45 - (9 - 3) = 39 bps net of the declared fee delta",
        "overall": "FIT_POSITIVE"
      },
      "golden_hash": "5a69bf5df6b751cdb4b5750dae4459ba5312a0b61a0dba6a81d4328006acffb3"
    },
    {
      "name": "fit-negative-fee-delta-dominates",
      "policy_parameters": {
        "portfolio_value": 100000,
        "di_fee_bps": 25,
        "etf_expense_bps": 3,
        "expected_tax_alpha_bps": 10
      },
      "output_payload": {
        "fee_delta_bps": 22,
        "net_benefit_bps": -12,
        "trace": "10 - (25 - 3) = -12 bps net of the declared fee delta",
        "overall": "FIT_NEGATIVE"
      },
      "golden_hash": "bca9ab3f0b613fd0c27735261244daf417d91d0e4a17e0c940e0a9299a20130b"
    },
    {
      "name": "fit-neutral-exact-break-even",
      "policy_parameters": {
        "portfolio_value": 500000,
        "di_fee_bps": 12,
        "etf_expense_bps": 4,
        "expected_tax_alpha_bps": 8
      },
      "output_payload": {
        "fee_delta_bps": 8,
        "net_benefit_bps": 0,
        "trace": "8 - (12 - 4) = 0 bps net of the declared fee delta",
        "overall": "FIT_NEUTRAL"
      },
      "golden_hash": "543f9e0612ec5b13200563db000b2c891a9c8da910ddd55bb07c809949d0a151"
    },
    {
      "name": "fractional-bps-half-up-rounding",
      "policy_parameters": {
        "portfolio_value": 750000,
        "di_fee_bps": 8.375,
        "etf_expense_bps": 2.125,
        "expected_tax_alpha_bps": 6.126
      },
      "output_payload": {
        "fee_delta_bps": 6.25,
        "net_benefit_bps": -0.12,
        "trace": "6.13 - (8.38 - 2.13) = -0.12 bps net of the declared fee delta",
        "overall": "FIT_NEGATIVE"
      },
      "golden_hash": "5b30139297a0da8470dccc43079579c5bda002d23d91f6994b69ed4b935faac1"
    },
    {
      "name": "exhaustion-warning-and-concentrated-note",
      "policy_parameters": {
        "portfolio_value": 1000000,
        "di_fee_bps": 9,
        "etf_expense_bps": 3,
        "expected_tax_alpha_bps": 45,
        "years_held": 6,
        "alpha_exhaustion_years": 5,
        "concentrated_stock_position": true
      },
      "output_payload": {
        "fee_delta_bps": 6,
        "net_benefit_bps": 39,
        "trace": "45 - (9 - 3) = 39 bps net of the declared fee delta",
        "overall": "FIT_POSITIVE",
        "exhaustion_warning": "years_held 6 is at or past the declared alpha_exhaustion_years 5: the declared tax alpha is treated as exhausted",
        "concentrated_stock_note": "the caller declared a concentrated stock position: the declared fee-delta arithmetic above does not price the cost or the risk of unwinding it",
        "warnings": [
          "DIF_ALPHA_EXHAUSTION_WARNING",
          "DIF_CONCENTRATED_STOCK_NOTE"
        ]
      },
      "golden_hash": "f2f0dffc39a5463db2a3516fed44ef3d75c7639f718d5f0217edc90b3b598ac2"
    },
    {
      "name": "unexhausted-no-concentration",
      "policy_parameters": {
        "portfolio_value": 300000,
        "di_fee_bps": 9,
        "etf_expense_bps": 3,
        "expected_tax_alpha_bps": 45,
        "years_held": 2,
        "alpha_exhaustion_years": 5,
        "concentrated_stock_position": false
      },
      "output_payload": {
        "fee_delta_bps": 6,
        "net_benefit_bps": 39,
        "trace": "45 - (9 - 3) = 39 bps net of the declared fee delta",
        "overall": "FIT_POSITIVE",
        "exhaustion_warning": "years_held 2 is below the declared alpha_exhaustion_years 5: the declared tax alpha is treated as unexhausted",
        "concentrated_stock_note": "the caller declared no concentrated stock position: no unwind consideration applies to the declared fee-delta arithmetic"
      },
      "golden_hash": "5d5a2aad73171e001ec6716fac67b732b14c63be48139faacf87e52a698c9032"
    }
  ],
  "human_sign_off": "PENDING"
}