Research notes

Numbers with an argument against them.

Each note carries its date, immutable run, verification records, method, and the limits that could change the conclusion.

Research notes

Registry run finished 2026-07-26T16:44:10.721Z · Run 8bf57e6c

The coverage problem: a missing identifier is still missing

74 of 200 registry funds failed the 70% identifier-coverage publication rule in the July run. The site withheld their active-share results instead of turning unmatched holdings into zeroes.

Registry run finished 2026-07-26T16:44:10.721Z · Run 8bf57e6c

Activeness per basis point: one narrow ratio

SCHD measured 87.3% active share for a filed 6 bps fee: 14.542 percentage points of measured active share per fee basis point. That places it 3rd among 97 finite, eligible primary share classes in the July run.