{
  "ticker": {
    "uuid": "3acc9659-1a20-4212-963e-a4575a3c0302",
    "symbol": "DFND",
    "name": "VanEck Global Defence ETF",
    "exchange": "ASX",
    "country": "AU",
    "assetType": "etf"
  },
  "methodBoundary": "The SM framework classifies the established weekly price path as the Core Trend. Faster and slower Trend views and Sharemaestro context describe that state but do not alter its direction.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "latest_close": 36.09,
    "direction": "neutral",
    "state": "At the Direction Boundary",
    "is_fresh": false,
    "is_near_boundary": true,
    "direction_boundary": 36.09,
    "boundary_margin": 0.0,
    "trend_agreement": "Narrow",
    "persistence": "Fresh",
    "direction_turnover": "High",
    "annualized_volatility": 0.340483,
    "volatility_stability": 1.1972,
    "risk_context": 0.2937,
    "current_regime": {
      "move": null,
      "interruption": null,
      "interruption_label": "No active directional regime"
    },
    "research_priority": 22.5,
    "interpretation": {
      "label": "At the Direction Boundary",
      "headline": "At the Direction Boundary",
      "body": "Price is close enough to the Direction Boundary that a relatively small move could change the primary regime.",
      "age_context": "The current Core Trend is newly established.",
      "boundary_context": "The latest close is 0.0% above the decision boundary.",
      "stability_context": "Recent Core Trend turnover is high."
    },
    "chart_path": [
      {
        "date": "2025-09-12",
        "close": 36.610001,
        "direction_boundary": 20.082766,
        "core_momentum": 0.822956,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.139179
      },
      {
        "date": "2025-09-19",
        "close": 37.84,
        "direction_boundary": 20.172689,
        "core_momentum": 0.875803,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.142631
      },
      {
        "date": "2025-09-26",
        "close": 38.779999,
        "direction_boundary": 20.192671,
        "core_momentum": 0.920499,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.143933
      },
      {
        "date": "2025-10-03",
        "close": 40.669998,
        "direction_boundary": 20.822132,
        "core_momentum": 0.95321,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.151743
      },
      {
        "date": "2025-10-10",
        "close": 39.900002,
        "direction_boundary": 21.231779,
        "core_momentum": 0.879259,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.156436
      },
      {
        "date": "2025-10-17",
        "close": 37.860001,
        "direction_boundary": 22.00112,
        "core_momentum": 0.720822,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.178826
      },
      {
        "date": "2025-10-24",
        "close": 39.049999,
        "direction_boundary": 22.22093,
        "core_momentum": 0.757352,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.179932
      },
      {
        "date": "2025-10-31",
        "close": 38.950001,
        "direction_boundary": 22.190956,
        "core_momentum": 0.75522,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.171939
      },
      {
        "date": "2025-11-07",
        "close": 37.43,
        "direction_boundary": 23.629723,
        "core_momentum": 0.584022,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.178253
      },
      {
        "date": "2025-11-14",
        "close": 37.220001,
        "direction_boundary": 23.359953,
        "core_momentum": 0.593325,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.177868
      },
      {
        "date": "2025-11-21",
        "close": 36.0,
        "direction_boundary": 23.240057,
        "core_momentum": 0.54905,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.1842
      },
      {
        "date": "2025-11-28",
        "close": 36.049999,
        "direction_boundary": 23.20009,
        "core_momentum": 0.553873,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.184174
      },
      {
        "date": "2025-12-05",
        "close": 35.98,
        "direction_boundary": 23.519817,
        "core_momentum": 0.529774,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.182558
      },
      {
        "date": "2025-12-12",
        "close": 36.91,
        "direction_boundary": 23.120159,
        "core_momentum": 0.596442,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.181141
      },
      {
        "date": "2025-12-19",
        "close": 36.360001,
        "direction_boundary": 22.955301,
        "core_momentum": 0.583948,
        "direction": "positive",
        "trend_agreement": 0.75,
        "volatility": 0.181485
      },
      {
        "date": "2025-12-26",
        "close": 37.130001,
        "direction_boundary": 23.779593,
        "core_momentum": 0.561423,
        "direction": "positive",
        "trend_agreement": 0.75,
        "volatility": 0.181045
      },
      {
        "date": "2026-01-02",
        "close": 36.790001,
        "direction_boundary": 23.509827,
        "core_momentum": 0.564878,
        "direction": "positive",
        "trend_agreement": 0.75,
        "volatility": 0.174604
      },
      {
        "date": "2026-01-09",
        "close": 42.779999,
        "direction_boundary": 23.789585,
        "core_momentum": 0.798266,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.269378
      },
      {
        "date": "2026-01-16",
        "close": 44.25,
        "direction_boundary": 24.80871,
        "core_momentum": 0.783648,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.267919
      },
      {
        "date": "2026-01-23",
        "close": 42.400002,
        "direction_boundary": 24.928608,
        "core_momentum": 0.700857,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.276946
      },
      {
        "date": "2026-01-30",
        "close": 41.43,
        "direction_boundary": 24.558926,
        "core_momentum": 0.686963,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.279993
      },
      {
        "date": "2026-02-06",
        "close": 38.549999,
        "direction_boundary": 25.08847,
        "core_momentum": 0.536562,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.299929
      },
      {
        "date": "2026-02-13",
        "close": 37.529999,
        "direction_boundary": 24.838686,
        "core_momentum": 0.510949,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.302452
      },
      {
        "date": "2026-02-20",
        "close": 41.259998,
        "direction_boundary": 25.378222,
        "core_momentum": 0.625803,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.327397
      },
      {
        "date": "2026-02-27",
        "close": 39.720001,
        "direction_boundary": 25.78787,
        "core_momentum": 0.540259,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.33292
      },
      {
        "date": "2026-03-06",
        "close": 41.119999,
        "direction_boundary": 28.475563,
        "core_momentum": 0.444045,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.334787
      },
      {
        "date": "2026-03-13",
        "close": 41.049999,
        "direction_boundary": 28.30571,
        "core_momentum": 0.450237,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.33306
      },
      {
        "date": "2026-03-20",
        "close": 40.84,
        "direction_boundary": 28.765316,
        "core_momentum": 0.419765,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.330693
      },
      {
        "date": "2026-03-27",
        "close": 39.349998,
        "direction_boundary": 29.125006,
        "core_momentum": 0.351073,
        "direction": "positive",
        "trend_agreement": 1.0,
        "volatility": 0.333688
      },
      {
        "date": "2026-04-03",
        "close": 39.580002,
        "direction_boundary": 29.154982,
        "core_momentum": 0.357573,
        "direction": "positive",
        "trend_agreement": 0.75,
        "volatility": 0.326874
      },
      {
        "date": "2026-04-10",
        "close": 39.669998,
        "direction_boundary": 29.964287,
        "core_momentum": 0.323909,
        "direction": "positive",
        "trend_agreement": 0.5,
        "volatility": 0.325853
      },
      {
        "date": "2026-04-17",
        "close": 39.540001,
        "direction_boundary": 30.563772,
        "core_momentum": 0.293689,
        "direction": "positive",
        "trend_agreement": 0.75,
        "volatility": 0.317097
      },
      {
        "date": "2026-04-24",
        "close": 38.299999,
        "direction_boundary": 30.323978,
        "core_momentum": 0.263027,
        "direction": "positive",
        "trend_agreement": 0.5,
        "volatility": 0.317461
      },
      {
        "date": "2026-05-01",
        "close": 35.911846,
        "direction_boundary": 31.8127,
        "core_momentum": 0.128853,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.329516
      },
      {
        "date": "2026-05-08",
        "close": 34.350883,
        "direction_boundary": 33.05164,
        "core_momentum": 0.039309,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.330608
      },
      {
        "date": "2026-05-15",
        "close": 33.368053,
        "direction_boundary": 32.771877,
        "core_momentum": 0.018192,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.332524
      },
      {
        "date": "2026-05-22",
        "close": 34.22562,
        "direction_boundary": 33.411327,
        "core_momentum": 0.024372,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.332205
      },
      {
        "date": "2026-05-29",
        "close": 35.584236,
        "direction_boundary": 33.591171,
        "core_momentum": 0.059333,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.337003
      },
      {
        "date": "2026-06-05",
        "close": 34.447239,
        "direction_boundary": 34.270592,
        "core_momentum": 0.005154,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.339911
      },
      {
        "date": "2026-06-12",
        "close": 34.427967,
        "direction_boundary": 35.329681,
        "core_momentum": -0.025523,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.337655
      },
      {
        "date": "2026-06-19",
        "close": 32.95372,
        "direction_boundary": 35.869221,
        "core_momentum": -0.081281,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.342081
      },
      {
        "date": "2026-06-26",
        "close": 30.98806,
        "direction_boundary": 35.149837,
        "core_momentum": -0.118401,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.349192
      },
      {
        "date": "2026-07-03",
        "close": 34.32,
        "direction_boundary": 34.0,
        "core_momentum": 0.009412,
        "direction": "positive",
        "trend_agreement": 0.25,
        "volatility": 0.380485
      },
      {
        "date": "2026-07-10",
        "close": 32.849998,
        "direction_boundary": 34.279999,
        "core_momentum": -0.041715,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.313208
      },
      {
        "date": "2026-07-17",
        "close": 31.360001,
        "direction_boundary": 35.700001,
        "core_momentum": -0.121569,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.310438
      },
      {
        "date": "2026-07-24",
        "close": 32.939999,
        "direction_boundary": 35.700001,
        "core_momentum": -0.077311,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.31902
      },
      {
        "date": "2026-07-31",
        "close": 32.59,
        "direction_boundary": 35.970001,
        "core_momentum": -0.093967,
        "direction": "negative",
        "trend_agreement": 1.0,
        "volatility": 0.318438
      },
      {
        "date": "2026-08-07",
        "close": 36.09,
        "direction_boundary": 36.09,
        "core_momentum": 0.0,
        "direction": "neutral",
        "trend_agreement": 0,
        "volatility": 0.340483
      }
    ],
    "price_history": [
      {
        "date": "2024-09-13",
        "close": 20.082766,
        "volume": 49842
      },
      {
        "date": "2024-09-20",
        "close": 20.172689,
        "volume": 58578
      },
      {
        "date": "2024-09-27",
        "close": 20.192671,
        "volume": 52205
      },
      {
        "date": "2024-10-04",
        "close": 20.822132,
        "volume": 21632
      },
      {
        "date": "2024-10-11",
        "close": 21.231779,
        "volume": 48160
      },
      {
        "date": "2024-10-18",
        "close": 22.00112,
        "volume": 41379
      },
      {
        "date": "2024-10-25",
        "close": 22.22093,
        "volume": 21685
      },
      {
        "date": "2024-11-01",
        "close": 22.190956,
        "volume": 59587
      },
      {
        "date": "2024-11-08",
        "close": 23.629723,
        "volume": 28678
      },
      {
        "date": "2024-11-15",
        "close": 23.359953,
        "volume": 67701
      },
      {
        "date": "2024-11-22",
        "close": 23.240057,
        "volume": 42166
      },
      {
        "date": "2024-11-29",
        "close": 23.20009,
        "volume": 36729
      },
      {
        "date": "2024-12-06",
        "close": 23.519817,
        "volume": 37550
      },
      {
        "date": "2024-12-13",
        "close": 23.120159,
        "volume": 29072
      },
      {
        "date": "2024-12-20",
        "close": 22.955301,
        "volume": 20169
      },
      {
        "date": "2024-12-27",
        "close": 23.779593,
        "volume": 7189
      },
      {
        "date": "2025-01-03",
        "close": 23.509827,
        "volume": 11831
      },
      {
        "date": "2025-01-10",
        "close": 23.789585,
        "volume": 31362
      },
      {
        "date": "2025-01-17",
        "close": 24.80871,
        "volume": 26840
      },
      {
        "date": "2025-01-24",
        "close": 24.928608,
        "volume": 26228
      },
      {
        "date": "2025-01-31",
        "close": 24.558926,
        "volume": 20591
      },
      {
        "date": "2025-02-07",
        "close": 25.08847,
        "volume": 38417
      },
      {
        "date": "2025-02-14",
        "close": 24.838686,
        "volume": 40049
      },
      {
        "date": "2025-02-21",
        "close": 25.378222,
        "volume": 67101
      },
      {
        "date": "2025-02-28",
        "close": 25.78787,
        "volume": 52223
      },
      {
        "date": "2025-03-07",
        "close": 28.475563,
        "volume": 304622
      },
      {
        "date": "2025-03-14",
        "close": 28.30571,
        "volume": 278402
      },
      {
        "date": "2025-03-21",
        "close": 28.765316,
        "volume": 296924
      },
      {
        "date": "2025-03-28",
        "close": 29.125006,
        "volume": 127378
      },
      {
        "date": "2025-04-04",
        "close": 29.154982,
        "volume": 111901
      },
      {
        "date": "2025-04-11",
        "close": 29.964287,
        "volume": 166706
      },
      {
        "date": "2025-04-18",
        "close": 30.563772,
        "volume": 120273
      },
      {
        "date": "2025-04-25",
        "close": 30.323978,
        "volume": 101346
      },
      {
        "date": "2025-05-02",
        "close": 31.8127,
        "volume": 134260
      },
      {
        "date": "2025-05-09",
        "close": 33.05164,
        "volume": 165863
      },
      {
        "date": "2025-05-16",
        "close": 32.771877,
        "volume": 157540
      },
      {
        "date": "2025-05-23",
        "close": 33.411327,
        "volume": 160597
      },
      {
        "date": "2025-05-30",
        "close": 33.591171,
        "volume": 236403
      },
      {
        "date": "2025-06-06",
        "close": 34.270592,
        "volume": 115695
      },
      {
        "date": "2025-06-13",
        "close": 35.329681,
        "volume": 244260
      },
      {
        "date": "2025-06-20",
        "close": 35.869221,
        "volume": 217229
      },
      {
        "date": "2025-06-27",
        "close": 35.149837,
        "volume": 411380
      },
      {
        "date": "2025-07-04",
        "close": 34.0,
        "volume": 455390
      },
      {
        "date": "2025-07-11",
        "close": 34.279999,
        "volume": 142951
      },
      {
        "date": "2025-07-18",
        "close": 35.700001,
        "volume": 189680
      },
      {
        "date": "2025-07-25",
        "close": 35.700001,
        "volume": 176606
      },
      {
        "date": "2025-08-01",
        "close": 35.970001,
        "volume": 190966
      },
      {
        "date": "2025-08-08",
        "close": 36.09,
        "volume": 289143
      },
      {
        "date": "2025-08-15",
        "close": 36.439999,
        "volume": 243010
      },
      {
        "date": "2025-08-22",
        "close": 35.75,
        "volume": 223011
      },
      {
        "date": "2025-08-29",
        "close": 35.950001,
        "volume": 132953
      },
      {
        "date": "2025-09-05",
        "close": 35.529999,
        "volume": 142401
      },
      {
        "date": "2025-09-12",
        "close": 36.610001,
        "volume": 129932
      },
      {
        "date": "2025-09-19",
        "close": 37.84,
        "volume": 193645
      },
      {
        "date": "2025-09-26",
        "close": 38.779999,
        "volume": 209233
      },
      {
        "date": "2025-10-03",
        "close": 40.669998,
        "volume": 256786
      },
      {
        "date": "2025-10-10",
        "close": 39.900002,
        "volume": 154940
      },
      {
        "date": "2025-10-17",
        "close": 37.860001,
        "volume": 297209
      },
      {
        "date": "2025-10-24",
        "close": 39.049999,
        "volume": 185277
      },
      {
        "date": "2025-10-31",
        "close": 38.950001,
        "volume": 111893
      },
      {
        "date": "2025-11-07",
        "close": 37.43,
        "volume": 176339
      },
      {
        "date": "2025-11-14",
        "close": 37.220001,
        "volume": 162617
      },
      {
        "date": "2025-11-21",
        "close": 36.0,
        "volume": 210940
      },
      {
        "date": "2025-11-28",
        "close": 36.049999,
        "volume": 231075
      },
      {
        "date": "2025-12-05",
        "close": 35.98,
        "volume": 165362
      },
      {
        "date": "2025-12-12",
        "close": 36.91,
        "volume": 110450
      },
      {
        "date": "2025-12-19",
        "close": 36.360001,
        "volume": 99098
      },
      {
        "date": "2025-12-26",
        "close": 37.130001,
        "volume": 209943
      },
      {
        "date": "2026-01-02",
        "close": 36.790001,
        "volume": 47992
      },
      {
        "date": "2026-01-09",
        "close": 42.779999,
        "volume": 151501
      },
      {
        "date": "2026-01-16",
        "close": 44.25,
        "volume": 402749
      },
      {
        "date": "2026-01-23",
        "close": 42.400002,
        "volume": 230829
      },
      {
        "date": "2026-01-30",
        "close": 41.43,
        "volume": 122884
      },
      {
        "date": "2026-02-06",
        "close": 38.549999,
        "volume": 376629
      },
      {
        "date": "2026-02-13",
        "close": 37.529999,
        "volume": 145851
      },
      {
        "date": "2026-02-20",
        "close": 41.259998,
        "volume": 120446
      },
      {
        "date": "2026-02-27",
        "close": 39.720001,
        "volume": 110045
      },
      {
        "date": "2026-03-06",
        "close": 41.119999,
        "volume": 186328
      },
      {
        "date": "2026-03-13",
        "close": 41.049999,
        "volume": 207633
      },
      {
        "date": "2026-03-20",
        "close": 40.84,
        "volume": 120300
      },
      {
        "date": "2026-03-27",
        "close": 39.349998,
        "volume": 120930
      },
      {
        "date": "2026-04-03",
        "close": 39.580002,
        "volume": 108320
      },
      {
        "date": "2026-04-10",
        "close": 39.669998,
        "volume": 122191
      },
      {
        "date": "2026-04-17",
        "close": 39.540001,
        "volume": 108015
      },
      {
        "date": "2026-04-24",
        "close": 38.299999,
        "volume": 101523
      },
      {
        "date": "2026-05-01",
        "close": 35.911846,
        "volume": 143380
      },
      {
        "date": "2026-05-08",
        "close": 34.350883,
        "volume": 198973
      },
      {
        "date": "2026-05-15",
        "close": 33.368053,
        "volume": 197331
      },
      {
        "date": "2026-05-22",
        "close": 34.22562,
        "volume": 131722
      },
      {
        "date": "2026-05-29",
        "close": 35.584236,
        "volume": 159368
      },
      {
        "date": "2026-06-05",
        "close": 34.447239,
        "volume": 21627
      },
      {
        "date": "2026-06-12",
        "close": 34.427967,
        "volume": 16296
      },
      {
        "date": "2026-06-19",
        "close": 32.95372,
        "volume": 39689
      },
      {
        "date": "2026-06-26",
        "close": 30.98806,
        "volume": 23773
      },
      {
        "date": "2026-07-03",
        "close": 34.32,
        "volume": 32043
      },
      {
        "date": "2026-07-10",
        "close": 32.849998,
        "volume": 90672
      },
      {
        "date": "2026-07-17",
        "close": 31.360001,
        "volume": 121178
      },
      {
        "date": "2026-07-24",
        "close": 32.939999,
        "volume": 122231
      },
      {
        "date": "2026-07-31",
        "close": 32.59,
        "volume": 94084
      },
      {
        "date": "2026-08-07",
        "close": 36.09,
        "volume": 147316
      }
    ],
    "sharemaestro_context": {
      "trend": 37.033254,
      "fair_value": 32.670629,
      "market_activity": -22.186571,
      "market_dynamics": -0.37804,
      "relative_strength": -7.934939
    },
    "historical_outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 0,
        "median_return": null,
        "directional_follow_through": null,
        "regime_survival": null,
        "conditional_difference": null,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 0,
        "median_return": null,
        "directional_follow_through": null,
        "regime_survival": null,
        "conditional_difference": null,
        "sufficient": false
      },
      {
        "horizon": "Longer term",
        "sample_count": 0,
        "median_return": null,
        "directional_follow_through": null,
        "regime_survival": null,
        "conditional_difference": null,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 0,
        "median_return": null,
        "directional_follow_through": null,
        "regime_survival": null,
        "conditional_difference": null,
        "sufficient": false
      }
    ],
    "regime_history": [
      {
        "direction": "positive",
        "start": "2025-09-12",
        "end": "2026-06-05",
        "tenure": "Extended",
        "return": -0.059076
      },
      {
        "direction": "negative",
        "start": "2026-06-12",
        "end": "2026-06-26",
        "tenure": "Brief",
        "return": -0.099916
      },
      {
        "direction": "positive",
        "start": "2026-07-03",
        "end": "2026-07-03",
        "tenure": "Brief",
        "return": 0.0
      },
      {
        "direction": "negative",
        "start": "2026-07-10",
        "end": "2026-07-31",
        "tenure": "Brief",
        "return": -0.007915
      },
      {
        "direction": "neutral",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "Brief",
        "return": 0.0
      }
    ]
  }
}