{
  "schema_version": "liquidity.relative.v1",
  "absolute_summary_sha256": "f8fbabee8ee0ab14f7db70e66a1d9c4c88026566cae3906f980a32b1db9aa683",
  "method": "Within each eligible market/day, NTILE(5) by prior-session USD market cap ascending, ties by symbol. Historical views pool security-days; relative size is not equal dollar size.",
  "code_receipts": {
    "build_liquidity_relative.py": "85d28efe47f3a7a0633f00c88b8b250c52229f29878702bbb468d7edd406a96b",
    "liquidity_relative.py": "13e834b961615bccdf503a85e5af07d8333b2bc353a03bde80965ba4c60cb746"
  },
  "feature_receipts": [
    {
      "market": "US",
      "bytes": 274824686,
      "sha256": "52de4c82235ee26c600fb8465bfc87af92bdad422e82e258a485add888f4ce39"
    },
    {
      "market": "HK",
      "bytes": 136586573,
      "sha256": "a672038d97ddfb14fc5c4592634edf582b3746489c6944e50713867bf35a4fc9"
    },
    {
      "market": "A-share",
      "bytes": 458198619,
      "sha256": "2586aaa0770fdbf84abfb3e244977e64b5ba9dde0af6dfc3bd6ce90e2e87dfe8"
    },
    {
      "market": "JP",
      "bytes": 254485954,
      "sha256": "36f902effad7273503a4027e268c1c8a4d1f95bdf06a485bb25cdc104630570d"
    }
  ],
  "markets": [
    {
      "market": "US",
      "status": "derived",
      "aggregation": "snapshot",
      "as_of": "2025-10-03",
      "coverage_start": "2025-10-03",
      "coverage_end": "2025-10-03",
      "unique_stocks": 4411,
      "eligible_observations": 4411,
      "fx_start": "2025-10-02",
      "fx_end": "2025-10-02",
      "buckets": [
        {
          "label": "0–20%",
          "observations": 883,
          "count": 883,
          "median_usd": 148103.45400000003,
          "mean_usd": 2079179.5569966002,
          "p10_usd": 560.4285000000001,
          "p25_usd": 20552.173,
          "p75_usd": 598880.119,
          "p90_usd": 2955748.8112000003,
          "zero_adv20_observations": 26,
          "zero_adv20_share": 0.02944507361268403,
          "median20_median_usd": 93112.77,
          "median20_mean_usd": 864124.009439409,
          "median20_p10_usd": 0.8030000000000006,
          "median20_p25_usd": 9007.86,
          "median20_p75_usd": 315911.87250000006,
          "median20_p90_usd": 948330.4740000007,
          "cap_min_usd": 18.9,
          "cap_max_usd": 103471299.6
        },
        {
          "label": "20–40%",
          "observations": 882,
          "count": 882,
          "median_usd": 1355578.96,
          "mean_usd": 6676277.975539682,
          "p10_usd": 97986.99275000003,
          "p25_usd": 434039.503,
          "p75_usd": 3603066.630250001,
          "p90_usd": 7509981.503699996,
          "zero_adv20_observations": 16,
          "zero_adv20_share": 0.018140589569160998,
          "median20_median_usd": 1097174.5299999998,
          "median20_mean_usd": 5528909.5908163255,
          "median20_p10_usd": 37773.911000000015,
          "median20_p25_usd": 317573.64875000005,
          "median20_p75_usd": 2985109.1712500006,
          "median20_p90_usd": 5814902.301999999,
          "cap_min_usd": 103654118.88,
          "cap_max_usd": 504398000.8
        },
        {
          "label": "40–60%",
          "observations": 882,
          "count": 882,
          "median_usd": 10398066.97225,
          "mean_usd": 18168522.941555563,
          "p10_usd": 2370506.8509,
          "p25_usd": 4961620.479625001,
          "p75_usd": 19818173.557875007,
          "p90_usd": 36377074.7419,
          "zero_adv20_observations": 2,
          "zero_adv20_share": 0.0022675736961451248,
          "median20_median_usd": 8845990.655000001,
          "median20_mean_usd": 15090962.167267572,
          "median20_p10_usd": 2022813.7950000002,
          "median20_p25_usd": 4206558.8325000005,
          "median20_p75_usd": 17044777.146250002,
          "median20_p90_usd": 29773430.39799999,
          "cap_min_usd": 504587024.84999996,
          "cap_max_usd": 2044005629.76
        },
        {
          "label": "60–80%",
          "observations": 882,
          "count": 882,
          "median_usd": 49165703.44175,
          "mean_usd": 78921250.01715429,
          "p10_usd": 12066415.6084,
          "p25_usd": 26824572.725874998,
          "p75_usd": 80438892.62362501,
          "p90_usd": 138013698.2077,
          "zero_adv20_observations": 4,
          "zero_adv20_share": 0.0045351473922902496,
          "median20_median_usd": 43297202.915,
          "median20_mean_usd": 68640779.3653572,
          "median20_p10_usd": 10033249.530000001,
          "median20_p25_usd": 23341985.65625,
          "median20_p75_usd": 69832383.65625,
          "median20_p90_usd": 120895376.14249997,
          "cap_min_usd": 2053416508.3500001,
          "cap_max_usd": 9364777601.33
        },
        {
          "label": "80–100%",
          "observations": 882,
          "count": 882,
          "median_usd": 221629474.91025,
          "mean_usd": 593016703.4253851,
          "p10_usd": 42932077.06235,
          "p25_usd": 111105129.19299999,
          "p75_usd": 476756518.863375,
          "p90_usd": 1024337937.9395499,
          "zero_adv20_observations": 1,
          "zero_adv20_share": 0.0011337868480725624,
          "median20_median_usd": 200528449.715,
          "median20_mean_usd": 530038737.2529137,
          "median20_p10_usd": 38095929.011,
          "median20_p25_usd": 99523857.23625,
          "median20_p75_usd": 428272387.92375004,
          "median20_p90_usd": 902742513.6689997,
          "cap_min_usd": 9387541554.75,
          "cap_max_usd": 4590027000000.0
        }
      ],
      "eligible_stocks": 4411
    },
    {
      "market": "HK",
      "status": "derived",
      "aggregation": "snapshot",
      "as_of": "2026-05-26",
      "coverage_start": "2026-05-26",
      "coverage_end": "2026-05-26",
      "unique_stocks": 2383,
      "eligible_observations": 2383,
      "fx_start": "2026-05-25",
      "fx_end": "2026-05-25",
      "buckets": [
        {
          "label": "0–20%",
          "observations": 477,
          "count": 477,
          "median_usd": 3646.6291101146753,
          "mean_usd": 20260.10443127868,
          "p10_usd": 570.4066711250466,
          "p25_usd": 1381.7941094568814,
          "p75_usd": 14520.881443638038,
          "p90_usd": 41969.15246595927,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 1128.3807310281315,
          "median20_mean_usd": 9437.570912684021,
          "median20_p10_usd": 0.0,
          "median20_p25_usd": 156.49262174666168,
          "median20_p75_usd": 5686.387895498498,
          "median20_p90_usd": 15419.833269015726,
          "cap_min_usd": 445610.8474500625,
          "cap_max_usd": 20018174.683535423
        },
        {
          "label": "20–40%",
          "observations": 477,
          "count": 477,
          "median_usd": 8976.30700879251,
          "mean_usd": 34583.36101550461,
          "p10_usd": 1132.8483017957772,
          "p25_usd": 3177.0810401911986,
          "p75_usd": 25545.059069879622,
          "p90_usd": 72948.60291106635,
          "zero_adv20_observations": 1,
          "zero_adv20_share": 0.0020964360587002098,
          "median20_median_usd": 4009.3256517639834,
          "median20_mean_usd": 17085.53439599432,
          "median20_p10_usd": 0.0,
          "median20_p25_usd": 615.567429341987,
          "median20_p75_usd": 14480.035082333852,
          "median20_p90_usd": 37819.18640998094,
          "cap_min_usd": 20105864.739517614,
          "cap_max_usd": 52653512.61867696
        },
        {
          "label": "40–60%",
          "observations": 477,
          "count": 477,
          "median_usd": 28813.559372464755,
          "mean_usd": 122980.69324796418,
          "p10_usd": 2222.3866961212098,
          "p25_usd": 8779.414782818427,
          "p75_usd": 98885.39007389217,
          "p90_usd": 247643.57971057078,
          "zero_adv20_observations": 4,
          "zero_adv20_share": 0.008385744234800839,
          "median20_median_usd": 15007.208432915999,
          "median20_mean_usd": 76200.74990567482,
          "median20_p10_usd": 197.08369329269635,
          "median20_p25_usd": 3138.1493520731465,
          "median20_p75_usd": 57821.85377244721,
          "median20_p90_usd": 158884.83995439298,
          "cap_min_usd": 52684147.3896551,
          "cap_max_usd": 157728040.36748746
        },
        {
          "label": "60–80%",
          "observations": 476,
          "count": 476,
          "median_usd": 224302.15758052492,
          "mean_usd": 1369297.6803943517,
          "p10_usd": 16510.858726182385,
          "p25_usd": 51958.63463928235,
          "p75_usd": 867965.6783631076,
          "p90_usd": 2826039.8577573067,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 156279.07186396825,
          "median20_mean_usd": 873482.5428511644,
          "median20_p10_usd": 6486.817020961695,
          "median20_p25_usd": 32237.5917690815,
          "median20_p75_usd": 626700.0891598329,
          "median20_p90_usd": 1936809.9673761702,
          "cap_min_usd": 158119720.894846,
          "cap_max_usd": 903796791.6330278
        },
        {
          "label": "80–100%",
          "observations": 476,
          "count": 476,
          "median_usd": 6395781.481412118,
          "mean_usd": 16946049.676136766,
          "p10_usd": 622828.2944830288,
          "p25_usd": 2184610.5260354774,
          "p75_usd": 16505989.311784238,
          "p90_usd": 41061533.00122815,
          "zero_adv20_observations": 1,
          "zero_adv20_share": 0.0021008403361344537,
          "median20_median_usd": 5611912.629198916,
          "median20_mean_usd": 15072069.254293485,
          "median20_p10_usd": 485925.45039960975,
          "median20_p25_usd": 1793292.958167058,
          "median20_p75_usd": 14169720.440956159,
          "median20_p90_usd": 36139346.99661236,
          "cap_min_usd": 903875337.6272718,
          "cap_max_usd": 445994462000.8085
        }
      ],
      "eligible_stocks": 2383
    },
    {
      "market": "A-share",
      "status": "derived",
      "aggregation": "snapshot",
      "as_of": "2026-10-15",
      "coverage_start": "2026-10-15",
      "coverage_end": "2026-10-15",
      "unique_stocks": 4988,
      "eligible_observations": 4988,
      "fx_start": "2026-10-14",
      "fx_end": "2026-10-14",
      "buckets": [
        {
          "label": "0–20%",
          "observations": 998,
          "count": 998,
          "median_usd": 7176911.787872907,
          "mean_usd": 10355794.250677269,
          "p10_usd": 3789344.1222020593,
          "p25_usd": 4831370.698143061,
          "p75_usd": 12004634.303624451,
          "p90_usd": 19302045.55661475,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 6280966.863161828,
          "median20_mean_usd": 8721749.700138079,
          "median20_p10_usd": 3499747.091025292,
          "median20_p25_usd": 4443139.793500167,
          "median20_p75_usd": 9747994.523086004,
          "median20_p90_usd": 15067822.369436774,
          "cap_min_usd": 161709417.06479815,
          "cap_max_usd": 501110164.1641642
        },
        {
          "label": "20–40%",
          "observations": 998,
          "count": 998,
          "median_usd": 12689439.460472975,
          "mean_usd": 18479566.75735694,
          "p10_usd": 4742472.532811723,
          "p25_usd": 7530183.689561979,
          "p75_usd": 22241173.279613137,
          "p90_usd": 38737467.54546715,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 10601542.800803805,
          "median20_mean_usd": 15637226.9719881,
          "median20_p10_usd": 4230325.1519786455,
          "median20_p25_usd": 6562699.363560227,
          "median20_p75_usd": 18329884.187024277,
          "median20_p90_usd": 32253552.531994037,
          "cap_min_usd": 501280761.76963633,
          "cap_max_usd": 760129289.3113114
        },
        {
          "label": "40–60%",
          "observations": 998,
          "count": 998,
          "median_usd": 17993600.247756608,
          "mean_usd": 28038933.61879835,
          "p10_usd": 6093100.511108776,
          "p25_usd": 9543777.637492893,
          "p75_usd": 34500940.74535118,
          "p90_usd": 61314388.54454957,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 15423252.741945947,
          "median20_mean_usd": 24542817.37790463,
          "median20_p10_usd": 5472807.527514181,
          "median20_p25_usd": 8453499.014346264,
          "median20_p75_usd": 29989069.42005889,
          "median20_p90_usd": 54438815.45845513,
          "cap_min_usd": 760276839.1871872,
          "cap_max_usd": 1270068454.287621
        },
        {
          "label": "60–80%",
          "observations": 997,
          "count": 997,
          "median_usd": 29583066.40655966,
          "mean_usd": 49590614.780660376,
          "p10_usd": 10479865.282941476,
          "p25_usd": 16411909.005068403,
          "p75_usd": 60874910.7578944,
          "p90_usd": 110360079.35222024,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 26563568.486971304,
          "median20_mean_usd": 44737923.489986226,
          "median20_p10_usd": 9251100.112143343,
          "median20_p25_usd": 14387972.978712047,
          "median20_p75_usd": 54100856.59239239,
          "median20_p90_usd": 101360966.1289657,
          "cap_min_usd": 1270161166.966967,
          "cap_max_usd": 2733775732.987254
        },
        {
          "label": "80–100%",
          "observations": 997,
          "count": 997,
          "median_usd": 73055497.77374375,
          "mean_usd": 150237113.41667235,
          "p10_usd": 20354068.0197671,
          "p25_usd": 34812122.454524525,
          "p75_usd": 169825421.84835204,
          "p90_usd": 337430456.0020395,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 66500911.8678345,
          "median20_mean_usd": 138655138.320852,
          "median20_p10_usd": 18520474.52885239,
          "median20_p25_usd": 32152353.32477845,
          "median20_p75_usd": 154813061.1741575,
          "median20_p90_usd": 319919358.02107275,
          "cap_min_usd": 2740959605.352553,
          "cap_max_usd": 466576903750.77747
        }
      ],
      "eligible_stocks": 4988
    },
    {
      "market": "JP",
      "status": "derived",
      "aggregation": "snapshot",
      "as_of": "2026-05-01",
      "coverage_start": "2026-05-01",
      "coverage_end": "2026-05-01",
      "unique_stocks": 3555,
      "eligible_observations": 3555,
      "fx_start": "2026-04-30",
      "fx_end": "2026-04-30",
      "buckets": [
        {
          "label": "0–20%",
          "observations": 711,
          "count": 711,
          "median_usd": 37997.52006440696,
          "mean_usd": 186877.06161533928,
          "p10_usd": 10302.914475192401,
          "p25_usd": 17851.53800556738,
          "p75_usd": 114236.24806779105,
          "p90_usd": 356525.4682495496,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 25304.832487309643,
          "median20_mean_usd": 107026.19414060145,
          "median20_p10_usd": 7339.538343976857,
          "median20_p25_usd": 12212.018394192455,
          "median20_p75_usd": 73425.24362753124,
          "median20_p90_usd": 207108.34616014408,
          "cap_min_usd": 2853466.6115801535,
          "cap_max_usd": 36714843.6672234
        },
        {
          "label": "20–40%",
          "observations": 711,
          "count": 711,
          "median_usd": 124176.3852136892,
          "mean_usd": 534109.6119606275,
          "p10_usd": 21677.889531139128,
          "p25_usd": 45667.0853392282,
          "p75_usd": 289927.76453796186,
          "p90_usd": 749059.6403143932,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 99812.86720157195,
          "median20_mean_usd": 356221.90312662214,
          "median20_p10_usd": 16520.82752033186,
          "median20_p25_usd": 34756.46015501337,
          "median20_p75_usd": 238917.5898149664,
          "median20_p90_usd": 541389.1561595983,
          "cap_min_usd": 36835224.19981988,
          "cap_max_usd": 95050596.21817586
        },
        {
          "label": "40–60%",
          "observations": 711,
          "count": 711,
          "median_usd": 402197.6633535287,
          "mean_usd": 909079.9264042163,
          "p10_usd": 71983.42769499481,
          "p25_usd": 192270.51546858792,
          "p75_usd": 838877.504271055,
          "p90_usd": 1840814.97896403,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 352364.26745264995,
          "median20_mean_usd": 705428.5529126567,
          "median20_p10_usd": 62753.340265269355,
          "median20_p25_usd": 160442.4614922766,
          "median20_p75_usd": 727261.4796954314,
          "median20_p90_usd": 1432451.969270236,
          "cap_min_usd": 95105162.68058293,
          "cap_max_usd": 263834382.56431633
        },
        {
          "label": "60–80%",
          "observations": 711,
          "count": 711,
          "median_usd": 1559618.9081764093,
          "mean_usd": 3609956.397241974,
          "p10_usd": 499436.39075377973,
          "p25_usd": 889896.668986409,
          "p75_usd": 2847699.2169122864,
          "p90_usd": 6467137.71708149,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 1374370.2314284153,
          "median20_mean_usd": 3055120.1812961875,
          "median20_p10_usd": 464640.4896020959,
          "median20_p25_usd": 800278.261503193,
          "median20_p75_usd": 2488178.3885977836,
          "median20_p90_usd": 5320762.586048796,
          "cap_min_usd": 265741418.80423555,
          "cap_max_usd": 1016421995.2996233
        },
        {
          "label": "80–100%",
          "observations": 711,
          "count": 711,
          "median_usd": 14524163.806290593,
          "mean_usd": 68984339.742978,
          "p10_usd": 3066609.5707494128,
          "p25_usd": 5905666.498826482,
          "p75_usd": 41631357.833739966,
          "p90_usd": 106295278.19710986,
          "zero_adv20_observations": 0,
          "zero_adv20_share": 0.0,
          "median20_median_usd": 12478495.02115059,
          "median20_mean_usd": 64246942.2062664,
          "median20_p10_usd": 2765001.011735167,
          "median20_p25_usd": 5226864.271546312,
          "median20_p75_usd": 36861066.14842257,
          "median20_p90_usd": 101044295.5964194,
          "cap_min_usd": 1020260057.511795,
          "cap_max_usd": 2315825130238.422
        }
      ],
      "eligible_stocks": 3555
    }
  ],
  "periods": [
    {
      "requested_start": "2025-09-30",
      "requested_end": "2025-09-30",
      "included_markets": [
        "US",
        "HK",
        "A-share",
        "JP"
      ],
      "missing_markets": [],
      "common_start": "2025-09-30",
      "common_end": "2025-09-30",
      "common_dates": 1,
      "markets": [
        {
          "market": "US",
          "status": "derived",
          "aggregation": "snapshot",
          "as_of": "2025-09-30",
          "coverage_start": "2025-09-30",
          "coverage_end": "2025-09-30",
          "unique_stocks": 4417,
          "eligible_observations": 4417,
          "fx_start": "2025-09-29",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 884,
              "count": 884,
              "median_usd": 148822.9225,
              "mean_usd": 2074606.5351385733,
              "p10_usd": 384.19495000000046,
              "p25_usd": 19195.672000000002,
              "p75_usd": 605098.0051249999,
              "p90_usd": 2739509.2516500005,
              "zero_adv20_observations": 30,
              "zero_adv20_share": 0.033936651583710405,
              "median20_median_usd": 89478.80500000001,
              "median20_mean_usd": 800734.1725282794,
              "median20_p10_usd": 0.11150000000000404,
              "median20_p25_usd": 8844.39375,
              "median20_p75_usd": 301384.56375,
              "median20_p90_usd": 870963.9065000003,
              "cap_min_usd": 18.88,
              "cap_max_usd": 101146088.96000001
            },
            {
              "label": "20–40%",
              "observations": 884,
              "count": 884,
              "median_usd": 1329049.92825,
              "mean_usd": 6444190.296042986,
              "p10_usd": 107068.15165000004,
              "p25_usd": 425496.7110000001,
              "p75_usd": 3667159.9377500005,
              "p90_usd": 8009642.859100001,
              "zero_adv20_observations": 16,
              "zero_adv20_share": 0.01809954751131222,
              "median20_median_usd": 1082624.0375,
              "median20_mean_usd": 5242886.82907805,
              "median20_p10_usd": 45926.36300000002,
              "median20_p25_usd": 315830.26249999995,
              "median20_p75_usd": 2885176.8525000005,
              "median20_p90_usd": 5768792.8950000005,
              "cap_min_usd": 101474699.75,
              "cap_max_usd": 495846814.06
            },
            {
              "label": "40–60%",
              "observations": 883,
              "count": 883,
              "median_usd": 10227294.9235,
              "mean_usd": 17738211.623246316,
              "p10_usd": 2311571.6661,
              "p25_usd": 4864920.715,
              "p75_usd": 19826541.07925,
              "p90_usd": 35176243.455800004,
              "zero_adv20_observations": 2,
              "zero_adv20_share": 0.0022650056625141564,
              "median20_median_usd": 8661291.72,
              "median20_mean_usd": 14715228.12752549,
              "median20_p10_usd": 1901901.4270000001,
              "median20_p25_usd": 4088584.445,
              "median20_p75_usd": 16914612.447499998,
              "median20_p90_usd": 29640144.046000008,
              "cap_min_usd": 497565027.59999996,
              "cap_max_usd": 2030155487.0900002
            },
            {
              "label": "60–80%",
              "observations": 883,
              "count": 883,
              "median_usd": 48507144.80449999,
              "mean_usd": 78553146.28507249,
              "p10_usd": 12022145.4232,
              "p25_usd": 26725623.328,
              "p75_usd": 81461538.14499998,
              "p90_usd": 137985091.9146,
              "zero_adv20_observations": 4,
              "zero_adv20_share": 0.004530011325028313,
              "median20_median_usd": 42256743.125,
              "median20_mean_usd": 67569879.64528318,
              "median20_p10_usd": 9998668.995000001,
              "median20_p25_usd": 22955210.2975,
              "median20_p75_usd": 70499985.38250001,
              "median20_p90_usd": 117137927.37200007,
              "cap_min_usd": 2031596774.7600002,
              "cap_max_usd": 9339287629.92
            },
            {
              "label": "80–100%",
              "observations": 883,
              "count": 883,
              "median_usd": 219902191.08900005,
              "mean_usd": 572323588.0757143,
              "p10_usd": 40312862.663499996,
              "p25_usd": 106933767.0715,
              "p75_usd": 465147950.126,
              "p90_usd": 951634391.2908001,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 198897289.755,
              "median20_mean_usd": 510661612.5239806,
              "median20_p10_usd": 34855303.337,
              "median20_p25_usd": 97212157.9175,
              "median20_p75_usd": 412858657.465,
              "median20_p90_usd": 864934631.8100002,
              "cap_min_usd": 9346724760.0,
              "cap_max_usd": 4418955000000.0
            }
          ],
          "eligible_stocks": 4417
        },
        {
          "market": "HK",
          "status": "derived",
          "aggregation": "snapshot",
          "as_of": "2025-09-30",
          "coverage_start": "2025-09-30",
          "coverage_end": "2025-09-30",
          "unique_stocks": 2427,
          "eligible_observations": 2427,
          "fx_start": "2025-09-29",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 486,
              "count": 486,
              "median_usd": 3743.7047298482585,
              "mean_usd": 16879.48162891052,
              "p10_usd": 460.0102732216472,
              "p25_usd": 1177.000999089992,
              "p75_usd": 11958.210617489693,
              "p90_usd": 34228.91907261424,
              "zero_adv20_observations": 10,
              "zero_adv20_share": 0.0205761316872428,
              "median20_median_usd": 1060.31146938865,
              "median20_mean_usd": 8461.90758637247,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 30.108244342601523,
              "median20_p75_usd": 4270.036685378475,
              "median20_p90_usd": 13224.556305367949,
              "cap_min_usd": 593341.5324971493,
              "cap_max_usd": 17737194.105780195
            },
            {
              "label": "20–40%",
              "observations": 486,
              "count": 486,
              "median_usd": 11143.649257740548,
              "mean_usd": 45048.756847439436,
              "p10_usd": 1376.647257093676,
              "p25_usd": 3050.5804911575738,
              "p75_usd": 38491.00454661323,
              "p90_usd": 101693.88885843346,
              "zero_adv20_observations": 6,
              "zero_adv20_share": 0.012345679012345678,
              "median20_median_usd": 4475.042660731515,
              "median20_mean_usd": 24238.393701871428,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 817.8067521489343,
              "median20_p75_usd": 17821.60644077274,
              "median20_p90_usd": 57622.74537321288,
              "cap_min_usd": 17755842.064958885,
              "cap_max_usd": 48891163.01951201
            },
            {
              "label": "40–60%",
              "observations": 485,
              "count": 485,
              "median_usd": 37726.24068064205,
              "mean_usd": 143676.3066597715,
              "p10_usd": 2891.3490083106744,
              "p25_usd": 10022.285852118235,
              "p75_usd": 123446.21174951758,
              "p90_usd": 341623.2953296862,
              "zero_adv20_observations": 4,
              "zero_adv20_share": 0.008247422680412371,
              "median20_median_usd": 20303.94603543549,
              "median20_mean_usd": 86549.65045160173,
              "median20_p10_usd": 125.70272344531188,
              "median20_p25_usd": 3868.7648013332164,
              "median20_p75_usd": 70417.75310827997,
              "median20_p90_usd": 218301.82746688888,
              "cap_min_usd": 49089581.796333656,
              "cap_max_usd": 159103569.72974825
            },
            {
              "label": "60–80%",
              "observations": 485,
              "count": 485,
              "median_usd": 344605.430495132,
              "mean_usd": 1752630.0256918233,
              "p10_usd": 22882.37238060258,
              "p25_usd": 88769.83660972721,
              "p75_usd": 1358206.7189764057,
              "p90_usd": 4241362.3685048465,
              "zero_adv20_observations": 1,
              "zero_adv20_share": 0.002061855670103093,
              "median20_median_usd": 250505.7341461275,
              "median20_mean_usd": 1176177.4880397886,
              "median20_p10_usd": 12669.883398386111,
              "median20_p25_usd": 56733.315060082445,
              "median20_p75_usd": 1040376.2127828698,
              "median20_p90_usd": 3149043.5372566017,
              "cap_min_usd": 160020338.12823436,
              "cap_max_usd": 939165086.9252881
            },
            {
              "label": "80–100%",
              "observations": 485,
              "count": 485,
              "median_usd": 9822229.427927373,
              "mean_usd": 21952400.233887784,
              "p10_usd": 833151.8799809229,
              "p25_usd": 3433387.172103324,
              "p75_usd": 25025746.047077008,
              "p90_usd": 50458855.61957811,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 7929293.09172441,
              "median20_mean_usd": 17738953.300726436,
              "median20_p10_usd": 653067.8191200334,
              "median20_p25_usd": 2731167.493070783,
              "median20_p75_usd": 19596645.215825364,
              "median20_p90_usd": 42105780.658676885,
              "cap_min_usd": 947388836.4411016,
              "cap_max_usd": 714298391161.6698
            }
          ],
          "eligible_stocks": 2427
        },
        {
          "market": "A-share",
          "status": "derived",
          "aggregation": "snapshot",
          "as_of": "2025-09-30",
          "coverage_start": "2025-09-30",
          "coverage_end": "2025-09-30",
          "unique_stocks": 4949,
          "eligible_observations": 4949,
          "fx_start": "2025-09-29",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 990,
              "count": 990,
              "median_usd": 10060197.358366173,
              "mean_usd": 12856907.259957401,
              "p10_usd": 4915233.70512248,
              "p25_usd": 6670006.269659475,
              "p75_usd": 15836922.779883083,
              "p90_usd": 24116808.221227452,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 8812940.360574733,
              "median20_mean_usd": 11079207.661632761,
              "median20_p10_usd": 4635862.81446719,
              "median20_p25_usd": 6139104.114126397,
              "median20_p75_usd": 13332547.032773528,
              "median20_p90_usd": 19782917.70625404,
              "cap_min_usd": 173851993.1064181,
              "cap_max_usd": 518825715.3400971
            },
            {
              "label": "20–40%",
              "observations": 990,
              "count": 990,
              "median_usd": 16494662.501024468,
              "mean_usd": 21177829.56356189,
              "p10_usd": 7660097.227235511,
              "p25_usd": 10698101.982079815,
              "p75_usd": 26700357.875565834,
              "p90_usd": 40789914.166585304,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 14448156.950159911,
              "median20_mean_usd": 18448672.008230045,
              "median20_p10_usd": 6893034.06450073,
              "median20_p25_usd": 9569804.669883925,
              "median20_p75_usd": 23123152.024637043,
              "median20_p90_usd": 33940106.4388407,
              "cap_min_usd": 519153003.04257196,
              "cap_max_usd": 780749951.7198197
            },
            {
              "label": "40–60%",
              "observations": 990,
              "count": 990,
              "median_usd": 28055149.008206554,
              "mean_usd": 37841342.01143748,
              "p10_usd": 9739084.337713877,
              "p25_usd": 16160401.915123317,
              "p75_usd": 47301082.920922324,
              "p90_usd": 73805838.33644713,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 23741901.343654916,
              "median20_mean_usd": 33029784.274880383,
              "median20_p10_usd": 8646648.646468699,
              "median20_p25_usd": 13957296.592166573,
              "median20_p75_usd": 40966080.0914688,
              "median20_p90_usd": 62766319.321202174,
              "cap_min_usd": 780781085.5936248,
              "cap_max_usd": 1289525324.954888
            },
            {
              "label": "60–80%",
              "observations": 990,
              "count": 990,
              "median_usd": 43837929.09040241,
              "mean_usd": 63190233.92231882,
              "p10_usd": 13810638.290444465,
              "p25_usd": 23917385.49054122,
              "p75_usd": 83477355.02561285,
              "p90_usd": 134242214.7336268,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 37392311.45785618,
              "median20_mean_usd": 56055129.65126125,
              "median20_p10_usd": 12585284.72295764,
              "median20_p25_usd": 21693899.706737675,
              "median20_p75_usd": 73369973.23293793,
              "median20_p90_usd": 124532394.89973705,
              "cap_min_usd": 1291964683.7885768,
              "cap_max_usd": 2647924557.134843
            },
            {
              "label": "80–100%",
              "observations": 989,
              "count": 989,
              "median_usd": 105540817.77687342,
              "mean_usd": 196887938.682335,
              "p10_usd": 28026606.6403118,
              "p25_usd": 49743473.68643599,
              "p75_usd": 213659608.71669456,
              "p90_usd": 405148704.34184843,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 93358572.72038281,
              "median20_mean_usd": 181300420.01069444,
              "median20_p10_usd": 25754221.304694425,
              "median20_p25_usd": 44411496.0089061,
              "median20_p75_usd": 194494036.57315943,
              "median20_p90_usd": 370723745.4624506,
              "cap_min_usd": 2649998005.782204,
              "cap_max_usd": 366855652057.78516
            }
          ],
          "eligible_stocks": 4949
        },
        {
          "market": "JP",
          "status": "derived",
          "aggregation": "snapshot",
          "as_of": "2025-09-30",
          "coverage_start": "2025-09-30",
          "coverage_end": "2025-09-30",
          "unique_stocks": 3654,
          "eligible_observations": 3654,
          "fx_start": "2025-09-29",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 731,
              "count": 731,
              "median_usd": 61549.884444890464,
              "mean_usd": 340353.48090795084,
              "p10_usd": 14967.530837825438,
              "p25_usd": 28021.922932675763,
              "p75_usd": 170940.47273196466,
              "p90_usd": 509682.93755017774,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 40426.803819245324,
              "median20_mean_usd": 161701.64722862578,
              "median20_p10_usd": 11297.790830370453,
              "median20_p25_usd": 19510.88241197385,
              "median20_p75_usd": 103779.94489046908,
              "median20_p90_usd": 281921.41054019955,
              "cap_min_usd": 4418196.374384677,
              "cap_max_usd": 38478907.31572198
            },
            {
              "label": "20–40%",
              "observations": 731,
              "count": 731,
              "median_usd": 153538.42612111478,
              "mean_usd": 596416.4062293199,
              "p10_usd": 33214.55042149329,
              "p25_usd": 62949.10832664296,
              "p75_usd": 378962.3447126964,
              "p90_usd": 942704.5609674273,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 118522.77032916617,
              "median20_mean_usd": 349981.1839389468,
              "median20_p10_usd": 25745.490853308864,
              "median20_p25_usd": 49968.800106090144,
              "median20_p75_usd": 283626.2808234889,
              "median20_p90_usd": 607883.73477463,
              "cap_min_usd": 38518335.990595244,
              "cap_max_usd": 93309743.94424818
            },
            {
              "label": "40–60%",
              "observations": 731,
              "count": 731,
              "median_usd": 439393.6097144167,
              "mean_usd": 1225370.8814283193,
              "p10_usd": 116310.47256566118,
              "p25_usd": 238449.5712524372,
              "p75_usd": 954795.7954696638,
              "p90_usd": 2265170.59097947,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 358438.8930496616,
              "median20_mean_usd": 957443.1373768768,
              "median20_p10_usd": 92112.07082234201,
              "median20_p25_usd": 191946.30991226056,
              "median20_p75_usd": 777523.2019010207,
              "median20_p90_usd": 1724632.5937320793,
              "cap_min_usd": 93468116.2154364,
              "cap_max_usd": 252856088.17066175
            },
            {
              "label": "60–80%",
              "observations": 731,
              "count": 731,
              "median_usd": 1398279.682102305,
              "mean_usd": 2969732.3660191596,
              "p10_usd": 428808.019033146,
              "p25_usd": 745678.3123996444,
              "p75_usd": 2457033.2372061014,
              "p90_usd": 4966062.026462323,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 1189113.07308751,
              "median20_mean_usd": 2392005.4203629824,
              "median20_p10_usd": 354997.89204610616,
              "median20_p25_usd": 638553.2486523683,
              "median20_p75_usd": 2163752.4897493976,
              "median20_p90_usd": 4261635.877451542,
              "cap_min_usd": 253204949.10111535,
              "cap_max_usd": 893635038.7257769
            },
            {
              "label": "80–100%",
              "observations": 730,
              "count": 730,
              "median_usd": 11965663.032779705,
              "mean_usd": 45244990.15083704,
              "p10_usd": 2431189.178497534,
              "p25_usd": 4961383.616355086,
              "p75_usd": 32561464.557034202,
              "p90_usd": 86173246.96005404,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 10040781.432704438,
              "median20_mean_usd": 40465890.954528436,
              "median20_p10_usd": 2152144.4474853766,
              "median20_p25_usd": 4472160.2986724395,
              "median20_p75_usd": 29125591.69371129,
              "median20_p90_usd": 77478235.23329797,
              "cap_min_usd": 913955242.8729503,
              "cap_max_usd": 2439752405683.959
            }
          ],
          "eligible_stocks": 3654
        }
      ],
      "period": "common snapshot",
      "status": "derived"
    },
    {
      "requested_start": "2020-01-01",
      "requested_end": "2024-12-31",
      "included_markets": [
        "US",
        "HK",
        "A-share",
        "JP"
      ],
      "missing_markets": [],
      "common_start": "2020-01-06",
      "common_end": "2024-12-30",
      "common_dates": 1065,
      "markets": [
        {
          "market": "US",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2024-12-30",
          "coverage_start": "2020-01-06",
          "coverage_end": "2024-12-30",
          "unique_stocks": 5642,
          "eligible_observations": 4817648,
          "fx_start": "2020-01-03",
          "fx_end": "2024-12-27",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 963951,
              "count": 2272,
              "median_usd": 130053.2365,
              "mean_usd": 1671766.7924765775,
              "p10_usd": 3184.6265,
              "p25_usd": 28782.07975,
              "p75_usd": 525588.449,
              "p90_usd": 1952128.6935000003,
              "zero_adv20_observations": 15201,
              "zero_adv20_share": 0.015769473759558318,
              "median20_median_usd": 81221.96,
              "median20_mean_usd": 883254.6102830213,
              "median20_p10_usd": 520.6800000000001,
              "median20_p25_usd": 15608.52,
              "median20_p75_usd": 325975.73,
              "median20_p90_usd": 1079036.895,
              "cap_min_usd": 1.76,
              "cap_max_usd": 234314672.0
            },
            {
              "label": "20–40%",
              "observations": 963730,
              "count": 2797,
              "median_usd": 963483.80825,
              "mean_usd": 3146394.3409554744,
              "p10_usd": 82996.34405000001,
              "p25_usd": 326375.47562499996,
              "p75_usd": 2594922.0003750003,
              "p90_usd": 6043711.649149999,
              "zero_adv20_observations": 8204,
              "zero_adv20_share": 0.008512757722598654,
              "median20_median_usd": 748338.2525,
              "median20_mean_usd": 2290079.036558644,
              "median20_p10_usd": 28830.991500000015,
              "median20_p25_usd": 222498.625,
              "median20_p75_usd": 2059888.8525,
              "median20_p90_usd": 4747023.125,
              "cap_min_usd": 68319280.0,
              "cap_max_usd": 882666480.0
            },
            {
              "label": "40–60%",
              "observations": 963542,
              "count": 2636,
              "median_usd": 6220119.968250001,
              "mean_usd": 11778720.01539846,
              "p10_usd": 1195901.3536000005,
              "p25_usd": 2968846.128625,
              "p75_usd": 12131462.840375,
              "p90_usd": 22618711.608250007,
              "zero_adv20_observations": 2441,
              "zero_adv20_share": 0.002533361285756096,
              "median20_median_usd": 5308593.2275,
              "median20_mean_usd": 9639512.007148664,
              "median20_p10_usd": 937909.69,
              "median20_p25_usd": 2506685.11875,
              "median20_p75_usd": 10356228.055,
              "median20_p90_usd": 18836971.634999998,
              "cap_min_usd": 307152000.0,
              "cap_max_usd": 2803574535.3
            },
            {
              "label": "60–80%",
              "observations": 963327,
              "count": 2149,
              "median_usd": 25547784.081999995,
              "mean_usd": 38900191.272761844,
              "p10_usd": 7524684.485700002,
              "p25_usd": 14221648.863499999,
              "p75_usd": 44275865.63950001,
              "p90_usd": 73440767.36080001,
              "zero_adv20_observations": 1560,
              "zero_adv20_share": 0.0016193878091240047,
              "median20_median_usd": 22551892.104999997,
              "median20_mean_usd": 33415883.25153279,
              "median20_p10_usd": 6575155.307000001,
              "median20_p25_usd": 12515198.6325,
              "median20_p75_usd": 38805128.95,
              "median20_p90_usd": 63196345.62,
              "cap_min_usd": 1101647154.52,
              "cap_max_usd": 8907658765.199999
            },
            {
              "label": "80–100%",
              "observations": 963098,
              "count": 1479,
              "median_usd": 136912123.79099998,
              "mean_usd": 345058917.2228426,
              "p10_usd": 31677247.272600006,
              "p25_usd": 68791950.75424999,
              "p75_usd": 288528470.84525,
              "p90_usd": 625007251.2381002,
              "zero_adv20_observations": 1009,
              "zero_adv20_share": 0.0010476607780308962,
              "median20_median_usd": 123646025.56,
              "median20_mean_usd": 313429564.293406,
              "median20_p10_usd": 28428808.8,
              "median20_p25_usd": 62033337.285,
              "median20_p75_usd": 260419152.46375,
              "median20_p90_usd": 563652173.9190001,
              "cap_min_usd": 4207545354.8199997,
              "cap_max_usd": 5.698460152979999e+16
            }
          ]
        },
        {
          "market": "HK",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2024-12-30",
          "coverage_start": "2020-01-06",
          "coverage_end": "2024-12-30",
          "unique_stocks": 2710,
          "eligible_observations": 2511256,
          "fx_start": "2020-01-03",
          "fx_end": "2024-12-27",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 502679,
              "count": 976,
              "median_usd": 2015.052733021483,
              "mean_usd": 18890.85240935659,
              "p10_usd": 128.07787269377832,
              "p25_usd": 555.5842967569021,
              "p75_usd": 7424.489523083101,
              "p90_usd": 27461.6039239585,
              "zero_adv20_observations": 16146,
              "zero_adv20_share": 0.03211990156740186,
              "median20_median_usd": 232.77127176872216,
              "median20_mean_usd": 7369.457619871035,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 0.0,
              "median20_p75_usd": 2194.492646113337,
              "median20_p90_usd": 9318.80095632622,
              "cap_min_usd": 68178.00618126932,
              "cap_max_usd": 25786245.683731567
            },
            {
              "label": "20–40%",
              "observations": 502443,
              "count": 1355,
              "median_usd": 5374.090064094983,
              "mean_usd": 40866.8122592294,
              "p10_usd": 340.5934265198418,
              "p25_usd": 1459.357438455734,
              "p75_usd": 20360.564039619312,
              "p90_usd": 72652.68496320628,
              "zero_adv20_observations": 14376,
              "zero_adv20_share": 0.02861220078695494,
              "median20_median_usd": 1388.279438326633,
              "median20_mean_usd": 18854.716094166084,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 0.0,
              "median20_p75_usd": 8311.899841234694,
              "median20_p90_usd": 32288.779032202874,
              "cap_min_usd": 11927840.5593431,
              "cap_max_usd": 64982952.315793924
            },
            {
              "label": "40–60%",
              "observations": 502249,
              "count": 1400,
              "median_usd": 17656.62803179332,
              "mean_usd": 112530.43298745141,
              "p10_usd": 940.6934975190359,
              "p25_usd": 4488.8853342273205,
              "p75_usd": 63881.3136523525,
              "p90_usd": 210382.41077413756,
              "zero_adv20_observations": 14064,
              "zero_adv20_share": 0.028002046793522736,
              "median20_median_usd": 7696.409565032286,
              "median20_mean_usd": 66790.00947660324,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 697.7737346201122,
              "median20_p75_usd": 34170.09062089724,
              "median20_p90_usd": 120493.38191165111,
              "cap_min_usd": 34540207.05446102,
              "cap_max_usd": 208791498.4238769
            },
            {
              "label": "60–80%",
              "observations": 502051,
              "count": 1252,
              "median_usd": 130982.46843404997,
              "mean_usd": 602340.0424914446,
              "p10_usd": 5504.010953988526,
              "p25_usd": 29083.788163806996,
              "p75_usd": 485422.2796775672,
              "p90_usd": 1341493.1714075168,
              "zero_adv20_observations": 9243,
              "zero_adv20_share": 0.01841048021017785,
              "median20_median_usd": 82605.8713338618,
              "median20_mean_usd": 431120.4792608516,
              "median20_p10_usd": 709.8917970517366,
              "median20_p25_usd": 14095.314050210694,
              "median20_p75_usd": 350179.4261682274,
              "median20_p90_usd": 992933.2274350278,
              "cap_min_usd": 104864631.94989897,
              "cap_max_usd": 1003777543.5440297
            },
            {
              "label": "80–100%",
              "observations": 501834,
              "count": 858,
              "median_usd": 2925677.163517232,
              "mean_usd": 8783111.86360467,
              "p10_usd": 190226.69793798708,
              "p25_usd": 820065.4987971074,
              "p75_usd": 8852082.209103042,
              "p90_usd": 20978678.27031995,
              "zero_adv20_observations": 2379,
              "zero_adv20_share": 0.004740611437248174,
              "median20_median_usd": 2385322.7317567095,
              "median20_mean_usd": 7411325.477914222,
              "median20_p10_usd": 122947.25161213573,
              "median20_p25_usd": 638830.0742961518,
              "median20_p75_usd": 7374191.838991132,
              "median20_p90_usd": 17632129.62498104,
              "cap_min_usd": 528160285.2918403,
              "cap_max_usd": 520442486778.46014
            }
          ]
        },
        {
          "market": "A-share",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2024-12-30",
          "coverage_start": "2020-01-06",
          "coverage_end": "2024-12-30",
          "unique_stocks": 5256,
          "eligible_observations": 4710463,
          "fx_start": "2020-01-03",
          "fx_end": "2024-12-27",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 942510,
              "count": 2171,
              "median_usd": 4778317.689273548,
              "mean_usd": 7315667.120869734,
              "p10_usd": 1825632.5178347444,
              "p25_usd": 2811352.543997236,
              "p75_usd": 8729698.74386517,
              "p90_usd": 15542671.290041469,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 4038715.646161846,
              "median20_mean_usd": 6104217.225722808,
              "median20_p10_usd": 1610777.0739864965,
              "median20_p25_usd": 2435385.810490571,
              "median20_p75_usd": 7146194.665840457,
              "median20_p90_usd": 12641114.143260757,
              "cap_min_usd": 10070211.43220517,
              "cap_max_usd": 540273075.3294109
            },
            {
              "label": "20–40%",
              "observations": 942316,
              "count": 3091,
              "median_usd": 8159288.860085413,
              "mean_usd": 12505751.738005105,
              "p10_usd": 2917504.8965824493,
              "p25_usd": 4641701.839292525,
              "p75_usd": 15243311.294307174,
              "p90_usd": 26990804.439208835,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 6818435.597652828,
              "median20_mean_usd": 10555671.190723473,
              "median20_p10_usd": 2532930.5797180217,
              "median20_p25_usd": 3975553.3861406655,
              "median20_p75_usd": 12562556.520548087,
              "median20_p90_usd": 22358539.093287803,
              "cap_min_usd": 262989681.05096152,
              "cap_max_usd": 849308413.8616062
            },
            {
              "label": "40–60%",
              "observations": 942078,
              "count": 3261,
              "median_usd": 11936177.271412876,
              "mean_usd": 18913017.98707316,
              "p10_usd": 3985478.4933700357,
              "p25_usd": 6581963.998286357,
              "p75_usd": 22737098.17177552,
              "p90_usd": 41430871.37867927,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 10110262.921995854,
              "median20_mean_usd": 16271639.58193661,
              "median20_p10_usd": 3454642.1434179414,
              "median20_p25_usd": 5672587.512554238,
              "median20_p75_usd": 19134218.57484528,
              "median20_p90_usd": 35351970.118197285,
              "cap_min_usd": 421530264.0213597,
              "cap_max_usd": 1416097946.8321872
            },
            {
              "label": "60–80%",
              "observations": 941900,
              "count": 2766,
              "median_usd": 18506065.541219108,
              "mean_usd": 29672411.38093011,
              "p10_usd": 5984944.877577676,
              "p25_usd": 10077878.021790043,
              "p75_usd": 35307193.1480641,
              "p90_usd": 64737356.5484044,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 16081064.335868128,
              "median20_mean_usd": 26111905.223419826,
              "median20_p10_usd": 5266511.491935144,
              "median20_p25_usd": 8804315.25810568,
              "median20_p75_usd": 30609377.844988957,
              "median20_p90_usd": 56461320.53994755,
              "cap_min_usd": 699801020.1966903,
              "cap_max_usd": 3268785738.435587
            },
            {
              "label": "80–100%",
              "observations": 941659,
              "count": 1757,
              "median_usd": 44964998.593108475,
              "mean_usd": 85148393.01009867,
              "p10_usd": 12373126.738112632,
              "p25_usd": 22488143.69880168,
              "p75_usd": 94626560.16675264,
              "p90_usd": 190935535.48083112,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 39870919.315114535,
              "median20_mean_usd": 77087109.70492786,
              "median20_p10_usd": 10947135.912816914,
              "median20_p25_usd": 19968585.400364682,
              "median20_p75_usd": 84463054.65679546,
              "median20_p90_usd": 172738372.92948264,
              "cap_min_usd": 1554398092.5942857,
              "cap_max_usd": 505925172203.83636
            }
          ]
        },
        {
          "market": "JP",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2024-12-30",
          "coverage_start": "2020-01-06",
          "coverage_end": "2024-12-30",
          "unique_stocks": 4206,
          "eligible_observations": 3739852,
          "fx_start": "2020-01-03",
          "fx_end": "2024-12-27",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 748394,
              "count": 1462,
              "median_usd": 60280.427609318955,
              "mean_usd": 275671.95269446605,
              "p10_usd": 13934.9335052352,
              "p25_usd": 26001.120189101362,
              "p75_usd": 173026.3262223716,
              "p90_usd": 513660.7621913202,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 39084.97121241504,
              "median20_mean_usd": 144901.23116571057,
              "median20_p10_usd": 9672.331992895233,
              "median20_p25_usd": 17796.782522135112,
              "median20_p75_usd": 104024.58624819024,
              "median20_p90_usd": 276043.4632823867,
              "cap_min_usd": 318814.771768729,
              "cap_max_usd": 57758804.18353577
            },
            {
              "label": "20–40%",
              "observations": 748193,
              "count": 1857,
              "median_usd": 149437.54797596458,
              "mean_usd": 575867.5593357643,
              "p10_usd": 29356.771953786254,
              "p25_usd": 58709.44730434782,
              "p75_usd": 403635.79860461486,
              "p90_usd": 1057551.1312835366,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 112265.63675832127,
              "median20_mean_usd": 392005.2293405114,
              "median20_p10_usd": 21457.233942668154,
              "median20_p25_usd": 43594.08897873424,
              "median20_p75_usd": 303240.2116255855,
              "median20_p90_usd": 753423.8503249992,
              "cap_min_usd": 29905496.007488143,
              "cap_max_usd": 134272107.7273427
            },
            {
              "label": "40–60%",
              "observations": 747981,
              "count": 1802,
              "median_usd": 399569.08751636127,
              "mean_usd": 1133121.6759376833,
              "p10_usd": 88133.55505976747,
              "p25_usd": 183509.90072227953,
              "p75_usd": 953691.636038961,
              "p90_usd": 2249017.6514019435,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 330033.2049660703,
              "median20_mean_usd": 862829.8296803084,
              "median20_p10_usd": 70220.73284569835,
              "median20_p25_usd": 153074.85230040594,
              "median20_p75_usd": 772558.6517884439,
              "median20_p90_usd": 1759161.3832896217,
              "cap_min_usd": 74117941.18476729,
              "cap_max_usd": 316666959.2099352
            },
            {
              "label": "60–80%",
              "observations": 747743,
              "count": 1513,
              "median_usd": 1210213.336812097,
              "mean_usd": 2576425.7561911475,
              "p10_usd": 344563.671564305,
              "p25_usd": 616339.3956828618,
              "p75_usd": 2469810.0954530016,
              "p90_usd": 5017432.535390747,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 1044346.8056324172,
              "median20_mean_usd": 2132073.2796925018,
              "median20_p10_usd": 298916.9138008376,
              "median20_p25_usd": 534320.1990571099,
              "median20_p75_usd": 2101377.8809499107,
              "median20_p90_usd": 4169092.07560463,
              "cap_min_usd": 199392377.82536224,
              "cap_max_usd": 1122907316.612546
            },
            {
              "label": "80–100%",
              "observations": 747541,
              "count": 1046,
              "median_usd": 11021565.410995081,
              "mean_usd": 33083944.83778368,
              "p10_usd": 2248866.1430467973,
              "p25_usd": 4437938.661990097,
              "p75_usd": 28694732.270181727,
              "p90_usd": 73708226.08244245,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 9803551.844505187,
              "median20_mean_usd": 29927549.77568023,
              "median20_p10_usd": 2009909.8253328446,
              "median20_p25_usd": 3942188.3458582135,
              "median20_p75_usd": 25498183.21210941,
              "median20_p90_usd": 66590976.74829393,
              "cap_min_usd": 707249946.9069719,
              "cap_max_usd": 2485275874802.264
            }
          ]
        }
      ],
      "period": "2020-2024",
      "status": "derived"
    },
    {
      "requested_start": "2025-01-01",
      "requested_end": "2025-12-31",
      "included_markets": [
        "US",
        "HK",
        "A-share",
        "JP"
      ],
      "missing_markets": [],
      "common_start": "2025-01-06",
      "common_end": "2025-09-30",
      "common_dates": 161,
      "markets": [
        {
          "market": "US",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2025-09-30",
          "coverage_start": "2025-01-06",
          "coverage_end": "2025-09-30",
          "unique_stocks": 4748,
          "eligible_observations": 725533,
          "fx_start": "2025-01-03",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 145174,
              "count": 1210,
              "median_usd": 99825.37950000001,
              "mean_usd": 1715148.5815914862,
              "p10_usd": 709.3356000000006,
              "p25_usd": 16434.45375,
              "p75_usd": 399586.176375,
              "p90_usd": 1587483.9762999997,
              "zero_adv20_observations": 3919,
              "zero_adv20_share": 0.02699519197652472,
              "median20_median_usd": 59896.094999999994,
              "median20_mean_usd": 743842.77689273,
              "median20_p10_usd": 16.169500000000124,
              "median20_p25_usd": 8665.55,
              "median20_p75_usd": 220820.41999999998,
              "median20_p90_usd": 619971.1244999998,
              "cap_min_usd": 13.24,
              "cap_max_usd": 101995972.76
            },
            {
              "label": "20–40%",
              "observations": 145134,
              "count": 1395,
              "median_usd": 1023474.2902499998,
              "mean_usd": 3678393.201518107,
              "p10_usd": 61758.757500000014,
              "p25_usd": 341505.746625,
              "p75_usd": 2711170.054875,
              "p90_usd": 5922612.5188,
              "zero_adv20_observations": 2268,
              "zero_adv20_share": 0.015626937864318492,
              "median20_median_usd": 804497.6275000001,
              "median20_mean_usd": 2750009.737615694,
              "median20_p10_usd": 27408.782,
              "median20_p25_usd": 255079.325,
              "median20_p75_usd": 2167363.79,
              "median20_p90_usd": 4588067.392499998,
              "cap_min_usd": 69918950.0,
              "cap_max_usd": 503024783.21
            },
            {
              "label": "40–60%",
              "observations": 145106,
              "count": 1344,
              "median_usd": 7893228.39425,
              "mean_usd": 14671895.13159005,
              "p10_usd": 1626878.16025,
              "p25_usd": 3789183.216374999,
              "p75_usd": 15662694.76775,
              "p90_usd": 28598586.267000005,
              "zero_adv20_observations": 397,
              "zero_adv20_share": 0.00273593097459788,
              "median20_median_usd": 6822097.654999999,
              "median20_mean_usd": 12359460.821314141,
              "median20_p10_usd": 1361655.0699999998,
              "median20_p25_usd": 3245782.125,
              "median20_p75_usd": 13430267.118749999,
              "median20_p90_usd": 24460344.155,
              "cap_min_usd": 343567390.55,
              "cap_max_usd": 2053642300.1999998
            },
            {
              "label": "60–80%",
              "observations": 145079,
              "count": 1252,
              "median_usd": 38860100.209,
              "mean_usd": 64527769.087011635,
              "p10_usd": 10164974.7216,
              "p25_usd": 21243811.62675,
              "p75_usd": 66842434.055999994,
              "p90_usd": 114982441.3924,
              "zero_adv20_observations": 265,
              "zero_adv20_share": 0.001826591029714845,
              "median20_median_usd": 34333510.995000005,
              "median20_mean_usd": 56380039.85800194,
              "median20_p10_usd": 8831333.594999999,
              "median20_p25_usd": 18853417.685000002,
              "median20_p75_usd": 58835429.4375,
              "median20_p90_usd": 98984616.14999999,
              "cap_min_usd": 1439067495.36,
              "cap_max_usd": 9418980555.56
            },
            {
              "label": "80–100%",
              "observations": 145040,
              "count": 1036,
              "median_usd": 198693273.87374997,
              "mean_usd": 491995456.6986285,
              "p10_usd": 36874591.43895001,
              "p25_usd": 97489439.20125002,
              "p75_usd": 412338937.09050006,
              "p90_usd": 862354295.7393001,
              "zero_adv20_observations": 26,
              "zero_adv20_share": 0.00017926089354660784,
              "median20_median_usd": 178476429.375,
              "median20_mean_usd": 442815018.95920664,
              "median20_p10_usd": 32507206.299999997,
              "median20_p25_usd": 87241718.76,
              "median20_p75_usd": 368906900.03499997,
              "median20_p90_usd": 765926524.815,
              "cap_min_usd": 6792450565.05,
              "cap_max_usd": 4469104000000.0
            }
          ]
        },
        {
          "market": "HK",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2025-09-30",
          "coverage_start": "2025-01-06",
          "coverage_end": "2025-09-30",
          "unique_stocks": 2510,
          "eligible_observations": 392066,
          "fx_start": "2025-01-03",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 78493,
              "count": 679,
              "median_usd": 2101.484572411765,
              "mean_usd": 14574.144072409732,
              "p10_usd": 167.13395605073012,
              "p25_usd": 631.9755449861276,
              "p75_usd": 7877.212835498368,
              "p90_usd": 29013.613940104733,
              "zero_adv20_observations": 1890,
              "zero_adv20_share": 0.02407858025556419,
              "median20_median_usd": 307.67583790537236,
              "median20_mean_usd": 5363.853740573621,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 0.0,
              "median20_p75_usd": 2556.6731057917214,
              "median20_p90_usd": 10123.649288265598,
              "cap_min_usd": 299509.5433167773,
              "cap_max_usd": 18049324.767274156
            },
            {
              "label": "20–40%",
              "observations": 78449,
              "count": 876,
              "median_usd": 5813.398174257863,
              "mean_usd": 26117.2363656333,
              "p10_usd": 466.83005077289096,
              "p25_usd": 1727.0098164513934,
              "p75_usd": 19042.390585495676,
              "p90_usd": 61357.33031640081,
              "zero_adv20_observations": 1758,
              "zero_adv20_share": 0.022409463473084423,
              "median20_median_usd": 1844.487907624027,
              "median20_mean_usd": 12342.786848153804,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 109.4240468380771,
              "median20_p75_usd": 8175.158340163202,
              "median20_p90_usd": 26534.442242031408,
              "cap_min_usd": 12478619.475357402,
              "cap_max_usd": 49567042.63793666
            },
            {
              "label": "40–60%",
              "observations": 78398,
              "count": 826,
              "median_usd": 21014.45667950278,
              "mean_usd": 97192.80485301885,
              "p10_usd": 1482.0055081832957,
              "p25_usd": 5891.962882965927,
              "p75_usd": 70466.56653844046,
              "p90_usd": 210676.22854527307,
              "zero_adv20_observations": 897,
              "zero_adv20_share": 0.011441618408632873,
              "median20_median_usd": 10112.897227879483,
              "median20_mean_usd": 61090.58836063882,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 1622.9393604915922,
              "median20_p75_usd": 40961.42409288547,
              "median20_p90_usd": 130498.57142870096,
              "cap_min_usd": 35904842.62090695,
              "cap_max_usd": 159103569.72974825
            },
            {
              "label": "60–80%",
              "observations": 78373,
              "count": 728,
              "median_usd": 182580.41934730788,
              "mean_usd": 1318271.5791916172,
              "p10_usd": 11946.306937032994,
              "p25_usd": 48543.43773883774,
              "p75_usd": 742917.7782948725,
              "p90_usd": 2617422.992176377,
              "zero_adv20_observations": 449,
              "zero_adv20_share": 0.005729013818534444,
              "median20_median_usd": 120538.48478548684,
              "median20_mean_usd": 861914.40167107,
              "median20_p10_usd": 3703.944402000561,
              "median20_p25_usd": 25777.951674536194,
              "median20_p75_usd": 532443.9557554076,
              "median20_p90_usd": 1861560.3008216175,
              "cap_min_usd": 111566614.46927753,
              "cap_max_usd": 945076705.1578971
            },
            {
              "label": "80–100%",
              "observations": 78353,
              "count": 585,
              "median_usd": 6066115.651690196,
              "mean_usd": 15756952.617734663,
              "p10_usd": 389855.9903424503,
              "p25_usd": 1748958.9583482088,
              "p75_usd": 16270291.73062674,
              "p90_usd": 39101591.54209897,
              "zero_adv20_observations": 134,
              "zero_adv20_share": 0.0017102089262695749,
              "median20_median_usd": 4862793.578920149,
              "median20_mean_usd": 13014543.39428283,
              "median20_p10_usd": 294768.0927154358,
              "median20_p25_usd": 1373106.8142917538,
              "median20_p75_usd": 13250365.953940578,
              "median20_p90_usd": 32690940.839913417,
              "cap_min_usd": 600611412.9018284,
              "cap_max_usd": 714298391161.6698
            }
          ]
        },
        {
          "market": "A-share",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2025-09-30",
          "coverage_start": "2025-01-06",
          "coverage_end": "2025-09-30",
          "unique_stocks": 5090,
          "eligible_observations": 795678,
          "fx_start": "2025-01-03",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 159203,
              "count": 1431,
              "median_usd": 8385666.917442702,
              "mean_usd": 11395942.897051476,
              "p10_usd": 3547806.620747307,
              "p25_usd": 5251205.327287724,
              "p75_usd": 14028526.817279924,
              "p90_usd": 22479374.428552672,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 7114693.081621543,
              "median20_mean_usd": 9525280.405801663,
              "median20_p10_usd": 3210921.228102716,
              "median20_p25_usd": 4613401.98587307,
              "median20_p75_usd": 11509329.959975671,
              "median20_p90_usd": 18355230.684678584,
              "cap_min_usd": 90041365.99198596,
              "cap_max_usd": 535057446.77747005
            },
            {
              "label": "20–40%",
              "observations": 159167,
              "count": 1970,
              "median_usd": 14036721.92794382,
              "mean_usd": 19537378.960225344,
              "p10_usd": 5453910.23122088,
              "p25_usd": 8460114.790799003,
              "p75_usd": 24444030.888747975,
              "p90_usd": 40015325.92043853,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 11700995.377026124,
              "median20_mean_usd": 16473932.174142407,
              "median20_p10_usd": 4797493.7640825,
              "median20_p25_usd": 7261036.679495189,
              "median20_p75_usd": 20178805.80797565,
              "median20_p90_usd": 33220908.026372463,
              "cap_min_usd": 360166443.1575803,
              "cap_max_usd": 803667917.2039908
            },
            {
              "label": "40–60%",
              "observations": 159136,
              "count": 2033,
              "median_usd": 21166530.825443346,
              "mean_usd": 31083943.711994182,
              "p10_usd": 7133060.993880777,
              "p25_usd": 11786816.55982659,
              "p75_usd": 38729157.59421919,
              "p90_usd": 66430460.56742318,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 17768083.919227622,
              "median20_mean_usd": 26653562.34668933,
              "median20_p10_usd": 6226800.6350023225,
              "median20_p25_usd": 10060898.859126102,
              "median20_p75_usd": 32446571.775349803,
              "median20_p90_usd": 56365310.118743286,
              "cap_min_usd": 552723701.8672457,
              "cap_max_usd": 1326525593.0616705
            },
            {
              "label": "60–80%",
              "observations": 159101,
              "count": 1725,
              "median_usd": 29009574.483385295,
              "mean_usd": 46717958.73374866,
              "p10_usd": 9603228.659757048,
              "p25_usd": 15780562.943371318,
              "p75_usd": 56519650.51236402,
              "p90_usd": 104124882.145691,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 24950999.396351628,
              "median20_mean_usd": 40877508.26281945,
              "median20_p10_usd": 8471162.997959403,
              "median20_p25_usd": 13749493.382071897,
              "median20_p75_usd": 48333675.79905368,
              "median20_p90_usd": 90525494.23623456,
              "cap_min_usd": 906544402.0713298,
              "cap_max_usd": 2687633536.509109
            },
            {
              "label": "80–100%",
              "observations": 159071,
              "count": 1325,
              "median_usd": 58063325.653670385,
              "mean_usd": 109026763.86047958,
              "p10_usd": 17346503.47139448,
              "p25_usd": 29915311.713757217,
              "p75_usd": 121652836.12322178,
              "p90_usd": 247212941.87530193,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 51309978.474112555,
              "median20_mean_usd": 97907832.5531944,
              "median20_p10_usd": 15529231.196447268,
              "median20_p25_usd": 26556747.8482923,
              "median20_p75_usd": 107492930.13342118,
              "median20_p90_usd": 218205756.39256072,
              "cap_min_usd": 1910886749.3321564,
              "cap_max_usd": 401370548543.9807
            }
          ]
        },
        {
          "market": "JP",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2025-09-30",
          "coverage_start": "2025-01-06",
          "coverage_end": "2025-09-30",
          "unique_stocks": 3857,
          "eligible_observations": 585477,
          "fx_start": "2025-01-03",
          "fx_end": "2025-09-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 117165,
              "count": 983,
              "median_usd": 56127.64735257984,
              "mean_usd": 269612.3027608141,
              "p10_usd": 14194.75469945803,
              "p25_usd": 25487.79948783611,
              "p75_usd": 164367.21030701755,
              "p90_usd": 526239.3006176208,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 31767.16048728814,
              "median20_mean_usd": 122292.18086499942,
              "median20_p10_usd": 9432.728254144231,
              "median20_p25_usd": 16098.617260442257,
              "median20_p75_usd": 79910.41125382265,
              "median20_p90_usd": 230364.456572479,
              "cap_min_usd": 1186783.6983555115,
              "cap_max_usd": 39688958.03076923
            },
            {
              "label": "20–40%",
              "observations": 117127,
              "count": 1124,
              "median_usd": 123233.65514468474,
              "mean_usd": 470114.55778127164,
              "p10_usd": 28406.74982574281,
              "p25_usd": 54310.26117746027,
              "p75_usd": 294453.33403514663,
              "p90_usd": 752257.0991612792,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 84922.97225446947,
              "median20_mean_usd": 291116.9489158933,
              "median20_p10_usd": 19937.629382773826,
              "median20_p25_usd": 37366.78698165958,
              "median20_p75_usd": 207596.8473575195,
              "median20_p90_usd": 497970.8143456342,
              "cap_min_usd": 29334229.457715776,
              "cap_max_usd": 96969374.56076059
            },
            {
              "label": "40–60%",
              "observations": 117093,
              "count": 1097,
              "median_usd": 383783.1201720603,
              "mean_usd": 1015761.875959947,
              "p10_usd": 83924.1757571837,
              "p25_usd": 183283.8991005724,
              "p75_usd": 816311.4566678439,
              "p90_usd": 1739035.1550342904,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 303538.88219639036,
              "median20_mean_usd": 742194.6122044061,
              "median20_p10_usd": 63777.54665150919,
              "median20_p25_usd": 146435.4538442703,
              "median20_p75_usd": 643483.0412714022,
              "median20_p90_usd": 1344169.0608799686,
              "cap_min_usd": 73366776.80134511,
              "cap_max_usd": 265332334.33558053
            },
            {
              "label": "60–80%",
              "observations": 117057,
              "count": 981,
              "median_usd": 1222022.6340097971,
              "mean_usd": 2454197.274533289,
              "p10_usd": 373415.01682496734,
              "p25_usd": 646374.4097621255,
              "p75_usd": 2322172.3721339596,
              "p90_usd": 4272745.377788452,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 1039894.3798629659,
              "median20_mean_usd": 1984116.3152142449,
              "median20_p10_usd": 310923.31851455756,
              "median20_p25_usd": 548242.2661849542,
              "median20_p75_usd": 1937911.6101831726,
              "median20_p90_usd": 3524741.8406183114,
              "cap_min_usd": 195424136.478889,
              "cap_max_usd": 969857287.6960925
            },
            {
              "label": "80–100%",
              "observations": 117035,
              "count": 840,
              "median_usd": 10798924.540892135,
              "mean_usd": 42089383.58595558,
              "p10_usd": 2398705.518322914,
              "p25_usd": 4644713.070245862,
              "p75_usd": 31797423.441580262,
              "p90_usd": 85187162.90022722,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 9439483.722450418,
              "median20_mean_usd": 37445153.61455514,
              "median20_p10_usd": 2113273.916680036,
              "median20_p25_usd": 4066729.4028491694,
              "median20_p75_usd": 27626291.366024777,
              "median20_p90_usd": 75405662.67142944,
              "cap_min_usd": 709454888.5191181,
              "cap_max_usd": 2613388672533.633
            }
          ]
        }
      ],
      "period": "2025",
      "status": "incomplete"
    },
    {
      "requested_start": "2026-01-01",
      "requested_end": "2026-10-15",
      "included_markets": [
        "HK",
        "A-share",
        "JP"
      ],
      "missing_markets": [
        "US"
      ],
      "common_start": "2026-01-05",
      "common_end": "2026-04-30",
      "common_dates": 71,
      "markets": [
        {
          "market": "HK",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2026-04-30",
          "coverage_start": "2026-01-05",
          "coverage_end": "2026-04-30",
          "unique_stocks": 2450,
          "eligible_observations": 172075,
          "fx_start": "2026-01-02",
          "fx_end": "2026-04-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 34446,
              "count": 603,
              "median_usd": 3063.31158985391,
              "mean_usd": 20799.251917664766,
              "p10_usd": 390.19534492835464,
              "p25_usd": 1051.4324335834922,
              "p75_usd": 10614.725393521747,
              "p90_usd": 39008.884895801864,
              "zero_adv20_observations": 115,
              "zero_adv20_share": 0.0033385589037914416,
              "median20_median_usd": 785.8147862568276,
              "median20_mean_usd": 7685.674848389036,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 3.8430872916112273,
              "median20_p75_usd": 3937.538899330365,
              "median20_p90_usd": 13750.05849104598,
              "cap_min_usd": 400475.4429037673,
              "cap_max_usd": 19776745.463250913
            },
            {
              "label": "20–40%",
              "observations": 34433,
              "count": 708,
              "median_usd": 7798.881759353546,
              "mean_usd": 39683.65309728542,
              "p10_usd": 848.4025961423897,
              "p25_usd": 2591.2786384698916,
              "p75_usd": 23390.61733097881,
              "p90_usd": 66466.81776265331,
              "zero_adv20_observations": 199,
              "zero_adv20_share": 0.005779339587024076,
              "median20_median_usd": 3191.070293259268,
              "median20_mean_usd": 17940.40946692232,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 427.4372887179544,
              "median20_p75_usd": 11547.156831876662,
              "median20_p90_usd": 34371.78570230005,
              "cap_min_usd": 18168514.68782976,
              "cap_max_usd": 51879762.600664236
            },
            {
              "label": "40–60%",
              "observations": 34415,
              "count": 682,
              "median_usd": 27527.31929057606,
              "mean_usd": 128536.19886155451,
              "p10_usd": 2165.997704999414,
              "p25_usd": 7871.2267363444535,
              "p75_usd": 84523.09577872741,
              "p90_usd": 229004.98486154666,
              "zero_adv20_observations": 209,
              "zero_adv20_share": 0.006072933313961935,
              "median20_median_usd": 15138.191872966861,
              "median20_mean_usd": 76412.2462986644,
              "median20_p10_usd": 0.0,
              "median20_p25_usd": 2967.751414168501,
              "median20_p75_usd": 49871.66703589207,
              "median20_p90_usd": 148260.51688455231,
              "cap_min_usd": 48091746.806801565,
              "cap_max_usd": 162238193.2150397
            },
            {
              "label": "60–80%",
              "observations": 34394,
              "count": 609,
              "median_usd": 225029.0378903003,
              "mean_usd": 1439173.6645570176,
              "p10_usd": 16914.50733047438,
              "p25_usd": 59279.703797635855,
              "p75_usd": 845376.1525648307,
              "p90_usd": 2633367.7434136006,
              "zero_adv20_observations": 50,
              "zero_adv20_share": 0.001453741931732279,
              "median20_median_usd": 158551.54367357783,
              "median20_mean_usd": 996942.8959412639,
              "median20_p10_usd": 6810.0846219505875,
              "median20_p25_usd": 35107.62591666532,
              "median20_p75_usd": 638271.69393933,
              "median20_p90_usd": 1971691.4167182054,
              "cap_min_usd": 145334579.09336007,
              "cap_max_usd": 965787539.2074685
            },
            {
              "label": "80–100%",
              "observations": 34387,
              "count": 528,
              "median_usd": 6608055.982063948,
              "mean_usd": 16393686.866280572,
              "p10_usd": 683286.2930666062,
              "p25_usd": 2527464.2317831693,
              "p75_usd": 17650677.326458693,
              "p90_usd": 38092470.68686038,
              "zero_adv20_observations": 33,
              "zero_adv20_share": 0.0009596649896763312,
              "median20_median_usd": 5559949.773926017,
              "median20_mean_usd": 13897819.030440215,
              "median20_p10_usd": 532051.4762621347,
              "median20_p25_usd": 2021560.408790105,
              "median20_p75_usd": 14717799.33805507,
              "median20_p90_usd": 32275323.657850243,
              "cap_min_usd": 871287919.3147914,
              "cap_max_usd": 661091928517.9257
            }
          ]
        },
        {
          "market": "A-share",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2026-04-30",
          "coverage_start": "2026-01-05",
          "coverage_end": "2026-04-30",
          "unique_stocks": 5023,
          "eligible_observations": 352862,
          "fx_start": "2026-01-02",
          "fx_end": "2026-04-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 70602,
              "count": 1288,
              "median_usd": 9839587.357578624,
              "mean_usd": 13278681.389663767,
              "p10_usd": 5020039.364232326,
              "p25_usd": 6761903.00038744,
              "p75_usd": 15884404.301077385,
              "p90_usd": 25024091.29283747,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 8627739.48891763,
              "median20_mean_usd": 11391071.33377116,
              "median20_p10_usd": 4577734.977672329,
              "median20_p25_usd": 6115671.282558401,
              "median20_p75_usd": 13356183.136478374,
              "median20_p90_usd": 20775288.666582957,
              "cap_min_usd": 156150224.60985497,
              "cap_max_usd": 605664608.2928817
            },
            {
              "label": "20–40%",
              "observations": 70586,
              "count": 1654,
              "median_usd": 16864939.254340462,
              "mean_usd": 23119712.393826373,
              "p10_usd": 6917669.244622445,
              "p25_usd": 10372365.00227157,
              "p75_usd": 28430093.147305854,
              "p90_usd": 46178754.40425343,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 14431300.447896488,
              "median20_mean_usd": 19754773.146131594,
              "median20_p10_usd": 6081656.132935399,
              "median20_p25_usd": 9065264.30165251,
              "median20_p75_usd": 23901453.255781855,
              "median20_p90_usd": 39078219.93259659,
              "cap_min_usd": 514596204.9368336,
              "cap_max_usd": 918335924.2072109
            },
            {
              "label": "40–60%",
              "observations": 70571,
              "count": 1679,
              "median_usd": 25970110.76758465,
              "mean_usd": 38204632.61379926,
              "p10_usd": 9760870.91733906,
              "p25_usd": 15171282.886776144,
              "p75_usd": 46486427.20709695,
              "p90_usd": 80654507.29869576,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 22119079.92739665,
              "median20_mean_usd": 32982986.29051636,
              "median20_p10_usd": 8472595.07828517,
              "median20_p25_usd": 13113225.521265035,
              "median20_p75_usd": 39338063.34584524,
              "median20_p90_usd": 68484368.23818478,
              "cap_min_usd": 786272656.6454777,
              "cap_max_usd": 1525282775.7329454
            },
            {
              "label": "60–80%",
              "observations": 70560,
              "count": 1508,
              "median_usd": 45529113.04693617,
              "mean_usd": 70567842.17191198,
              "p10_usd": 14655598.262148846,
              "p25_usd": 24164883.006091107,
              "p75_usd": 87627723.94110768,
              "p90_usd": 152460090.83422503,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 39557118.39954936,
              "median20_mean_usd": 62404108.87488469,
              "median20_p10_usd": 12958106.606621323,
              "median20_p25_usd": 21116899.685025163,
              "median20_p75_usd": 75783286.08564724,
              "median20_p90_usd": 135509179.57235274,
              "cap_min_usd": 1319858428.2900546,
              "cap_max_usd": 3201857416.3300853
            },
            {
              "label": "80–100%",
              "observations": 70543,
              "count": 1217,
              "median_usd": 114239786.95002502,
              "mean_usd": 203229686.52788785,
              "p10_usd": 28554622.52307055,
              "p25_usd": 52643622.240385324,
              "p75_usd": 237184691.1910634,
              "p90_usd": 464541105.5196623,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 101298498.17370006,
              "median20_mean_usd": 185362258.85918906,
              "median20_p10_usd": 25640663.026891913,
              "median20_p25_usd": 46994842.7932705,
              "median20_p75_usd": 213045787.00370008,
              "median20_p90_usd": 424629328.14086616,
              "cap_min_usd": 2796446102.0257764,
              "cap_max_usd": 404121860526.88354
            }
          ]
        },
        {
          "market": "JP",
          "status": "derived",
          "aggregation": "security_day",
          "as_of": "2026-04-30",
          "coverage_start": "2026-01-05",
          "coverage_end": "2026-04-30",
          "unique_stocks": 3777,
          "eligible_observations": 258790,
          "fx_start": "2026-01-02",
          "fx_end": "2026-04-29",
          "buckets": [
            {
              "label": "0–20%",
              "observations": 51786,
              "count": 891,
              "median_usd": 50322.48592610708,
              "mean_usd": 220367.01475877548,
              "p10_usd": 14409.82087884137,
              "p25_usd": 24508.31918263061,
              "p75_usd": 134335.0854034634,
              "p90_usd": 407415.1559837231,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 34611.540825552875,
              "median20_mean_usd": 109734.46858188906,
              "median20_p10_usd": 10372.088607360409,
              "median20_p25_usd": 17394.69148730678,
              "median20_p75_usd": 83601.72882677152,
              "median20_p90_usd": 223745.2879780607,
              "cap_min_usd": 1815618.6501577355,
              "cap_max_usd": 37217721.6703616
            },
            {
              "label": "20–40%",
              "observations": 51770,
              "count": 979,
              "median_usd": 155682.34731199674,
              "mean_usd": 507703.7180266515,
              "p10_usd": 31983.505272887975,
              "p25_usd": 60554.191155859306,
              "p75_usd": 366889.32920604805,
              "p90_usd": 820406.9838463085,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 118982.20245682579,
              "median20_mean_usd": 332673.7381324748,
              "median20_p10_usd": 24227.122388049527,
              "median20_p25_usd": 44712.94787960056,
              "median20_p75_usd": 286720.52498882875,
              "median20_p90_usd": 593453.9200053706,
              "cap_min_usd": 34571721.19559502,
              "cap_max_usd": 97443642.08125238
            },
            {
              "label": "40–60%",
              "observations": 51757,
              "count": 957,
              "median_usd": 483734.04631834105,
              "mean_usd": 1154278.0375532582,
              "p10_usd": 97516.47240992179,
              "p25_usd": 231262.03691285953,
              "p75_usd": 1012531.9639294103,
              "p90_usd": 2064963.480648077,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 402490.2531022796,
              "median20_mean_usd": 854679.050729164,
              "median20_p10_usd": 76699.80365796245,
              "median20_p25_usd": 188342.13162061814,
              "median20_p75_usd": 844155.6681276202,
              "median20_p90_usd": 1659022.2084758864,
              "cap_min_usd": 88324954.29144783,
              "cap_max_usd": 269763445.4185358
            },
            {
              "label": "60–80%",
              "observations": 51746,
              "count": 894,
              "median_usd": 1708672.7863179496,
              "mean_usd": 3364518.8414167236,
              "p10_usd": 538513.3229907718,
              "p25_usd": 919081.8663820187,
              "p75_usd": 3084898.2525345315,
              "p90_usd": 5963859.23693591,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 1490449.4287828626,
              "median20_mean_usd": 2802017.627488031,
              "median20_p10_usd": 476586.8394447936,
              "median20_p25_usd": 817224.7130255892,
              "median20_p75_usd": 2670521.555452647,
              "median20_p90_usd": 5122169.665871326,
              "cap_min_usd": 240451805.8285826,
              "cap_max_usd": 1046576263.715432
            },
            {
              "label": "80–100%",
              "observations": 51731,
              "count": 805,
              "median_usd": 13799878.511089643,
              "mean_usd": 60519475.062461436,
              "p10_usd": 2879010.662589126,
              "p25_usd": 5532714.501041159,
              "p75_usd": 41744535.79166186,
              "p90_usd": 112401264.91969098,
              "zero_adv20_observations": 0,
              "zero_adv20_share": 0.0,
              "median20_median_usd": 12502634.489900365,
              "median20_mean_usd": 56153205.1027514,
              "median20_p10_usd": 2604688.143686228,
              "median20_p25_usd": 5052759.769435782,
              "median20_p75_usd": 37680525.33053458,
              "median20_p90_usd": 103689070.13392128,
              "cap_min_usd": 916003501.5916603,
              "cap_max_usd": 2394516353876.0054
            }
          ]
        }
      ],
      "period": "2026 YTD",
      "status": "incomplete"
    }
  ]
}
