Credential · gate · 2026-10-13
LEGEND · SPY buy-and-hold · era v12 refusal
SPY · daily OHLC · 1997-12 → 2026-07 (7,184 bars, Sharadar)
FAIL (published)
A track record judged by the MIZAN gate inside a zero-knowledge proof: returns after costs, the out-of-sample split and the overfitting corrections recomputed in-circuit, the strategy never revealed. Anyone can verify this credential offline. Every verdict on the registry is published, including this one.
0.55Sharpe
0.78OOS Sharpe
9.2%CAGR
55.9%Max drawdown
+1,136.8%Net return
Disclosed metrics
What the gate measured, after costs.
0.55Sharpe
0.78OOS Sharpe
9.2%CAGR
+1,136.8%Net return
55.9%Max drawdown
1Trades
Refused, and published anyway. The gate said no and the proof shipped with the same weight as a pass. A gate that passes everything certifies nothing; refusals are what make a pass worth something.
Verify it yourself
Don't trust this page. Re-run the proof.
- Download the bundle and the free, public verifier for your platform.
- Turn the network off. The verifier needs no server, no trusted party, no MIZAN infrastructure.
- Run the command. The verdict recomputes on your machine in about 81 ms and must match the one above.
The exact verify command
$ ./mizan-verifier-v12-macos-arm64 v12_legend_spy_buyhold.bundle spy.csv --roots roots.txt
roots.txt: studio.mizan.market/api/catalog/roots.txt, the allowlist of canonical market data.
The record
Every field, as committed.
- Dataset
- SPY · daily OHLC · 1997-12 → 2026-07 (7,184 bars, Sharadar)
- Minted (UTC)
- 2026-10-13T15:45:00Z
- Verdict
- FAIL (published)
- Kind
- gate
- Engine era
- v12 · any-agent books · completion statistics · cost floor in-circuit · bracket exits
- Engine status
- live
- Credential hash
- 26f97850e64afa11
- Anchor SHA-256
- 26f97850e64afa1180c372483ce2d22a579d1b1f136f39c3ebad0ef24b40f514
- Timestamp (TSA)
- Oct 13 20:21:27 2026 GMT
- Bitcoin / OTS
- confirmed · Bitcoin block 971299
- Registry leaf
- f4aec5a96154b12ad704c1becf862f0368c49c58f481f3e613ef1f5b2195855a
- Leaf index
- 80
- Registry root
- b55978b97ffad0fdf100ffa150cc5a4c2967829f71480c1189b6afc47bf6ca0a
- Proof size
- 220 KB
- Issuer
- MIZAN
What a verdict means: what a PASS asserts · what we refuse to certify · reading a verdict · the VTR-1 standard. Every credential on the registry so far was minted by MIZAN on its own strategies and models.