Pre-reg: 50-name covered sub-universe; regular-session VWAP vs 16:00 close; split IS<2025/OOS>=2025. Slice spreads unmodeled — the +5bps bar carries that margin.
Symbol-days: 47145 (14981 OOS).
Scoreboard (bps, + = VWAP better)
| Segment | Buys mean | p | Sells mean | N |
|---|---|---|---|---|
| IS | -0.19 | 0.6734 | +0.19 | 32164 |
| OOS | +0.23 | 0.3534 | -0.23 | 14981 |
OOS buys by year
| Year | Buys mean bps |
|---|---|
| 2025 | +0.37 |
| 2026 | +0.08 |
Verdict: PARK (OOS buys +0.23bps (need >=+5.0); p 0.3534 (need <0.05); OOS sells -0.23bps (need >=-2.0); IS buys -0.19bps (need same sign))
On ADOPT: build the llmsleeve intraday VWAP worker (slices 10:00-15:30 ET, EOD cleanup, no-print-on-error). On PARK: no execution change; post-close market stands.
Time 35s.