Following golf,
$1,000 on paper.

The adopted pilot screens require documented annual golf activity of at least 10% of revenue, or supported annual golf revenue of at least $100 million; at least $50 million of model float capitalization; and at least $100,000 of median daily trading activity over 90 completed local-market sessions through November 11, 2026.

Daily activity is regular closing price × canonical reported daily share volume × the matching date’s USD conversion. Source venue and session conventions differ across markets. Historical Korean regular-session-only volume remains unverified. Qualification uses the daily-activity proxy; it does not establish that the earlier proposed strict regular-session-only test was passed.

Model float is our conservative disclosed-block estimate, with reporting lags and classification judgments. It is not externally certified unrestricted float. Disclosed controllers, strategic/family blocks and other identified blocks are excluded under documented project rules; ordinary portfolio funds and nominees generally remain in float absent contrary evidence.

One primary ordinary share class per issuer is used, and direct operating securities are preferred where listed parents would duplicate golf economics. The experimental 3× relative-weight uplift limit was not adopted. A 25% cap still leaves this small pilot concentrated.

The model was initialized after the rules were frozen, at 4:24 p.m. Eastern on November 12, 2026. It uses that day’s latest completed verified regular local closes and the latest published ECB reference FX then available. The 90-session eligibility history ends November 11; it is separate from the November 12 baseline.

The U.S., Japanese and Korean markets close at different times. These asynchronous marks create reference-price units, without claiming that trades could have been executed at those prices at initialization.

U.S. closes: Longbridge daily records. Japan: dated Yahoo Japan tables and quote metadata. Korea: dated regular-session minute/quote checks; aftermarket closes excluded. FX: ECB reference series. These references document this snapshot and are not live price feeds.

The adopted valuation convention is 4:30 p.m. Eastern on U.S. trading days, using completed local-market marks and dated FX. This website displays the dated snapshot above; it does not currently update prices automatically. Only a subsequent validated observation can establish a model return.

Verified exchange holidays carry the last valid local close. Missing open-session data is flagged; if a source is more than two expected local sessions stale, the affected return observation is suspended. Unresolved material corporate actions also suspend affected valuation.

Gross dividends for held units accrue as local-currency receivables on verified ex-dates, then move to non-interest-bearing cash on payment. Cash remains until rebalance. Pre-inception dividend entitlements are excluded. Splits and other corporate actions are checked to avoid double counting adjusted prices and distributions.

Reviews are scheduled for the last U.S. trading day of May and November, with the first scheduled rebalance in May 2027. The launch-month November 2026 rebalance is skipped. Target evidence is cut off ten U.S. trading sessions before a rebalance, with known corporate-action share changes through its effective date.

Commissions, spreads, taxes, withholding and financing costs are assumed to be zero. Real accounts face access constraints, board lots, currency-conversion costs and other frictions that this fractional-unit model does not simulate.