Market snapshot · September 18, 2026 close
S&P 500 (SPY) $773.50 +1.55% Nasdaq-100 (QQQ) $741.47 +2.77% Dow (DIA) $519.78 +0.76% Russell 2000 (IWM) $285.58 +0.52% 10-Year Treasury (IEF) $91.15 +0.39% Crude Oil (USO) $148.16 −3.68% Gold (GLD) $398.38 −0.70% US Dollar Index (UUP) $28.48 +0.32% Volatility (VXX) $17.69 −0.39% Semiconductors (SMH) $596.03 +4.02% Silver (SLV) $59.63 −0.50% Emerging Markets (EEM) $68.83 +2.69% Bitcoin (BTC) $86,594.94 +6.70% Ethereum (ETH) $2,775.58 +4.95% S&P 500 (SPY) $773.50 +1.55% Nasdaq-100 (QQQ) $741.47 +2.77% Dow (DIA) $519.78 +0.76% Russell 2000 (IWM) $285.58 +0.52% 10-Year Treasury (IEF) $91.15 +0.39% Crude Oil (USO) $148.16 −3.68% Gold (GLD) $398.38 −0.70% US Dollar Index (UUP) $28.48 +0.32% Volatility (VXX) $17.69 −0.39% Semiconductors (SMH) $596.03 +4.02% Silver (SLV) $59.63 −0.50% Emerging Markets (EEM) $68.83 +2.69% Bitcoin (BTC) $86,594.94 +6.70% Ethereum (ETH) $2,775.58 +4.95%
AEACapital Research

Independent student research — not an investment firm or financial advice

Governance

Compliance Ledger

Every cap in the Investment Policy Statement, checked against today's actual portfolio. This isn't a claim that the rules are followed — it's a live scoreboard that can prove it, or catch it when they aren't.

Checked: September 18, 2026 close · Figures use the same published share counts and closing-price file as Holdings.

8Rules tracked
5Compliant
1In breach
2Not yet verifiable

Why this page exists

A written policy is only worth something if it's actually checked against reality, on a schedule, by someone with an incentive to look away. This page is that check. It updates whenever the Holdings page updates, and every breach stays listed here — including the ones I haven't fixed yet — until it's actually resolved, not until it's convenient to stop mentioning.

Rule Policy limit Current Status
Single-position cap ≤ 10% at cost SNDK at 10.43% of book Breach
Speculative sleeve cap ≤ 25% of invested capital 5.75% of book Compliant
Leveraged / derivative sleeve cap ≤ 5% of invested capital 2.10% of book (NBIL) Compliant
Core bucket — majority of book > 50% of book 62.56% of book Compliant
Index hedge — always held Ballast position required 18.16% across SPY, VOO, QQQ, SCHD Compliant
Single-theme clustering disclosure Flag when it appears (no hard cap) 60.53% of book in one AI-infrastructure/compute/power theme — full breakdown on Thematic Exposure Disclosed
The Blackout Rule No trades within 48hrs of scheduled earnings No trade-execution timestamp data published yet Not yet verifiable
The Holding Period Core positions held ≥ 30 days from purchase No trade-execution timestamp data published yet Not yet verifiable

The breach is live again

At September 18, 2026 close, SNDK is 10.43% of the book and therefore above the written 10% limit. The move came from market prices, not a new purchase, but the live result still breaches the cap. The trim promised in June remains unexecuted.

The position remains Under Review. This ledger distinguishes the current numerical result from the decision process that produced it.

What this page won't do

It won't quietly stop listing a breach because it embarrasses me, and it won't round a number in my favor. If a rule stops being tracked here, that change itself should be explainable — not a silent removal. See Disclosures for the full data-sourcing and limitations statement.