ML Liquidity · 0.30 Hedge

ML Liquidity with a standing short of 0.30 SPY units per dollar of book. Same positions, same caveats as the parent: it passed its random-block control and cost gate, and failed cross-model transfer and DSR.

• Overlayshort 0.30 × book value in SPY, resized at each 21-day cohort rebalance rather than chased daily
• Honest caveata linear overlay inherits every caveat of the parent. Paper only, no orders.