{
  "schema_version": "1.0",
  "user_id": "user_123",
  "portfolios": [
    {
      "portfolio_id": "pf_9f3a2c1d",
      "name": "Tech Growth",
      "description": "Large-cap tech focus",
      "created_at": "2026-01-06T22:10:00Z",
      "updated_at": "2026-01-06T22:27:00Z",

      "active_version_id": "ver_003",

      "ui": {
        "last_completed_step": "workflow-results"
      },

      "versions": [
        {
          "version_id": "ver_003",
          "created_at": "2026-01-06T22:27:00Z",
          "version_notes": "Sharpe optimization + annual rebalance",
          "save_mode": "new_version",

          "horizon": {
            "type": "fixed",
            "years": 5
          },

          "portfolio_settings": {
            "initial_capital": 100000,
            "base_currency": "USD",
            "risk_tolerance": "moderate",
            "target_annual_return": null,

            "constraints": {
              "min_weight": 0.05,
              "max_weight": 0.25
            }
          },

          "assets": [
            {
              "asset_id": "ast_aapl",
              "ticker": "AAPL",
              "name": "Apple Inc.",
              "asset_type": "stock",

              "data": {
                "provider": "yahoo_finance",
                "start_date": "2020-01-01",
                "end_date": "2024-12-31",
                "sampling_frequency": "monthly",
                "return_calculation": "simple",
                "transaction_costs": {
                  "fee_rate": 0.001,
                  "slippage_rate": 0.0005
                }
              },

              "forecast_model": {
                "model_type": "arima",
                "params": {
                  "p": 1,
                  "d": 1,
                  "q": 1,
                  "confidence_level": 0.95,
                  "seasonal_period": 0,
                  "information_criterion": "aic"
                }
              },

              "validation": {
                "status": "passed",
                "warnings": [
                  {
                    "code": "LIMITED_HISTORY",
                    "message": "Data range less than 3 years. Forecast uncertainty may be higher."
                  }
                ]
              }
            },
                        {
              "asset_id": "ast_msft",
              "ticker": "MSFT",
              "name": "Microsoft Corporation",
              "asset_type": "stock",

              "data": {
                "provider": "yahoo_finance",
                "start_date": "2020-01-01",
                "end_date": "2024-12-31",
                "sampling_frequency": "monthly",
                "return_calculation": "simple",
                "transaction_costs": {
                  "fee_rate": 0.001,
                  "slippage_rate": 0.0005
                }
              },

              "forecast_model": {
                "model_type": "arima",
                "params": {
                  "p": 1,
                  "d": 1,
                  "q": 1,
                  "confidence_level": 0.95,
                  "seasonal_period": 0,
                  "information_criterion": "aic"
                }
              },

              "validation": {
                "status": "passed",
                "warnings": [
                  {
                    "code": "LIMITED_HISTORY",
                    "message": "Data range less than 3 years. Forecast uncertainty may be higher."
                  }
                ]
              }
            }
          ],

          "optimization": {
            "method": "max_sharpe",
            "custom_weights": null,
            "outputs": {
              "optimized_weights": {
                "AAPL": 0.28,
                "MSFT": 0.26,
                "GOOGL": 0.30,
                "AMZN": 0.16
              }
            }
          },

          "rebalancing": {
            "cadence": "annually",
            "threshold_drift": 0.05,
            "rebalancing_cost_rate": 0.001
          },

          "validation_summary": {
            "weights_sum_to_one": true,
            "models_configured": true,
            "data_complete": true
          }
        }
      ],

      "runs": [
        {
          "run_id": "run_20260106_001",
          "version_id": "ver_003",
          "status": "completed",
          "started_at": "2026-01-06T22:25:10Z",
          "finished_at": "2026-01-06T22:26:02Z",

          "results_summary": {
            "expected_annual_return": 0.142,
            "expected_volatility": 0.168,
            "sharpe_ratio": 0.78,
            "sortino_ratio": 1.12,
            "var_95": -0.084,
            "max_drawdown_est": -0.183
          },

          "results_ref": "users/user_123/portfolio_results/pf_9f3a2c1d/run_20260106_001.json"
        }
      ]
    }
  ]
}