{
  "objective": "reduce_drawdown",
  "max_return_shortfall_annual": 0.01,
  "benchmark": "buy-and-hold SPY",
  "declared_at_utc": "2026-09-26T15:59:15Z",
  "declared_by": "holdout-labs-smartbeta-1/usmv",
  "source_claim": "MSCI (2013): 'the MSCI Minimum Volatility Indexes exhibited sizable risk reduction' and (Exhibit 11, which includes the Minimum Volatility index) 'All the MSCI World Factor Indexes shown in Exhibit 11 outperform the MSCI World Index'. iShares today: 'The fund offers a way to reduce risk while maintaining equity exposure'."
}