SPDR S&P 500 ETF
target weight3.59%
directionLong
rolePrimary Vehicle
Seventeenth weight at 3.59%, down 4.8%, tracking 
Equity melt-up versus building recession risk from 0.77 to 0.74 with strength held at 0.85. 
SPY fell 0.7% across the window and 
the index sold the press conference - the tape bent rather than broke. Single-thesis holding across equity-risk-appetite, volatility-regime and ai-capex-cycle; note the last of those is shared with the AI basket by driver but not deduped here because SPY is not cited by the AI thesis.
vs 1.1.4-0.00 —
Theses funding this position
Every thesis whose alignment contributed weight here; edge weight is the thesis own confidence.
- held security
SPDR S&P 500 ETF- holding direction
Long- holding role
Primary Vehicle- serves thesis
- Equity melt-up versus building recession risk