W.E.T. Democratic Elections Index 2yr

32 input(s) were quarantined by sentinel/v1 before this close and are excluded from the reading above.

• The "democratic" axis stops appearing in elections titles: the selector then admits fewer than 6 markets and the index prints nothing rather than a level over a roster that no longer states the thesis.
• Weight coverage falls below the declared floor of 95%, at which point the published state is insufficient_data and no value is printed — never a value carried forward from the last close that had one.
• A published axis starts framing this board. No axis frames a majority of it today (polarity frames 0 of 20, severity frames 0 of 20, threshold frames 1 of 20), and that measurement is what put this worldview on a side-symmetric lens; a composition whose sides become readable is a different index and belongs to a successor spec rather than to an edit of this one.

The governed close level above is divisor-chained: it tracks how the desk’s reading of this perspective has moved since 2026-09-07, and it survives a roster change because the divisor absorbs it. It is not a basket total return.

The basket total return below is a position book: it holds a fixed set of contracts from its own inception and reports what that book did, marks and settlements included. A roster change starts a new book rather than being absorbed.

They share a base of 1,000 and nothing else. Expect them to differ, and read the one that answers your question — the chained level for “where does this perspective stand”, the book for “what would holding it have done”.