curl -X POST \
  -H "x-api-key: $SECAPI_API_KEY" \
  -H "secapi-version: 2026-03-19" \
  -H "content-type: application/json" \
  -d '{"country":"US","lookback":"12m","category":"style","keys":["VALUE","MOMENTUM","QUALITY"],"objective":"factor_neutral","mode":"compact","constraints":{"maxHedges":3,"maxPositionWeight":0.08,"maxTotalHedgeWeight":0.2,"maxSectorWeight":0.35,"hedgeIntensity":0.75,"longOnly":false,"allowedInstrumentTypes":["etf"],"customUniverse":["QUAL","MTUM","VLUE","USMV"],"targetExposures":{"VALUE":0,"MOMENTUM":0.1},"minConfidence":"medium","minLiquidityUsd":10000000,"excludedSectors":[]},"holdings":[{"symbol":"AAPL","weight":0.35},{"symbol":"MSFT","weight":0.3},{"symbol":"NVDA","weight":0.2},{"symbol":"JPM","weight":0.15}]}' \
  "https://api.secapi.ai/v1/portfolio/hedge?response_mode=compact&include=trust"

{
  "object": "portfolio_hedge",
  "id": "portfolio_hedge:growth-quality-core:2026-06-09",
  "analysisId": "portfolio_analysis:growth-quality-core:2026-06-09",
  "asOf": "2026-06-09T22:15:00.000Z",
  "country": "US",
  "lookback": "12m",
  "objective": "factor_neutral",
  "mode": "compact",
  "constraints": {
    "maxHedges": 3,
    "maxPositionWeight": 0.08,
    "maxTotalHedgeWeight": 0.2,
    "maxSectorWeight": 0.35,
    "hedgeIntensity": 0.75,
    "longOnly": false,
    "allowedInstrumentTypes": [
      "etf"
    ],
    "customUniverse": [
      "QUAL",
      "MTUM",
      "VLUE",
      "USMV"
    ],
    "targetExposures": {
      "VALUE": 0,
      "MOMENTUM": 0.1
    },
    "minConfidence": "medium",
    "minLiquidityUsd": 10000000,
    "excludedSectors": []
  },
  "holdings": [
    {
      "symbol": "AAPL",
      "weight": 0.35
    },
    {
      "symbol": "MSFT",
      "weight": 0.3
    },
    {
      "symbol": "NVDA",
      "weight": 0.2
    },
    {
      "symbol": "JPM",
      "weight": 0.15
    }
  ],
  "targetExposures": [
    {
      "object": "portfolio_hedge_target_exposure",
      "factorKey": "VALUE",
      "factorName": "Value",
      "factorCategory": "style",
      "beta": -0.42,
      "targetExposureDelta": 0.42,
      "proposedExposureDelta": 0.18,
      "residualBeta": -0.24,
      "hedged": true,
      "skipReason": null
    }
  ],
  "hedges": [
    {
      "object": "portfolio_hedge_candidate",
      "rank": 1,
      "factorKey": "VALUE",
      "factorName": "Value",
      "factorCategory": "style",
      "symbol": "VLUE",
      "instrumentType": "etf",
      "action": "long",
      "recommendedWeight": 0.08,
      "targetExposureDelta": 0.42,
      "expectedExposureDelta": {
        "VALUE": 0.18
      },
      "residualBeta": -0.24,
      "constraintStatus": "ok",
      "constraintsApplied": [
        "maxPositionWeight"
      ],
      "liquidityUsd": 145000000,
      "estimatedCostBps": 4,
      "sectorKey": null,
      "rationale": "Adds liquid value exposure without increasing single-name concentration.",
      "confidence": "medium"
    }
  ],
  "residualExposure": {
    "VALUE": -0.24,
    "MOMENTUM": 0.37
  },
  "exposures": [
    {
      "object": "factor_exposure",
      "id": "factor_exposure:AAPL:VALUE:2026-06-09",
      "subjectType": "security",
      "subjectKey": "AAPL",
      "factorKey": "VALUE",
      "beta": -0.42,
      "percentile": 18.2,
      "confidence": "high",
      "modelName": "secapi_stock_basket_factor_model_v1",
      "asOf": "2026-06-09T22:15:00.000Z",
      "responseMode": "compact",
      "expansionHints": [
        "Use include=diagnostics or response_mode=standard for regression diagnostics such as rSquared, tStat, and observationCount."
      ]
    }
  ],
  "optimizationNotes": [
    "Hedge candidates are bounded by liquidity and max total hedge weight."
  ],
  "factorNeutralPlan": [
    "Add VLUE at 8% funded pro rata from overweight growth names."
  ],
  "summaryMd": "The hedge candidate reduces negative VALUE beta while keeping total hedge weight under 20%.",
  "disclosures": [
    "Research scenario only. Not investment advice or a recommendation to trade."
  ],
  "responseMode": "compact",
  "dataAsOf": "2026-06-09",
  "freshnessStatus": "fresh",
  "methodologyVersion": "secapi_portfolio_hedge_v1",
  "materializationVersion": "2026-06-09",
  "provenance": {
    "source": "secapi_factor_pipeline",
    "sourceLabel": "SecAPI factor pipeline",
    "accessionNumber": null,
    "filingUrl": "https://docs.secapi.ai/factors/methodology",
    "acceptedAt": null,
    "retrievedAt": "2026-06-09T22:15:00.000Z",
    "parserVersion": "secapi-factor-pipeline"
  },
  "freshness": {
    "status": "fresh",
    "asOf": "2026-06-09T22:15:00.000Z",
    "sourcePublishedAt": "2026-06-09T21:30:00.000Z",
    "lagMs": 2700000
  },
  "materialization": {
    "parserVersion": "secapi-factor-pipeline",
    "materializationVersion": "2026-06-09"
  },
  "sourceRights": {
    "source": "secapi_owned_factor_pipeline",
    "sourceLabel": "SecAPI factor pipeline",
    "posture": "public_safe",
    "publicAvailability": "public",
    "contractStatus": "approved",
    "restrictions": [],
    "notes": "SecAPI-owned derived factor data."
  },
  "methodology": {
    "id": "secapi_factor_returns",
    "version": "v1",
    "summary": "SecAPI-owned daily factor returns, exposures, and portfolio analytics built for agent and API workflows.",
    "confidence": "high",
    "launchState": "beta",
    "inputs": [
      "secapi_factor_returns",
      "secapi_factor_exposures",
      "market_calendar"
    ],
    "validation": {
      "launchHistoryFloor": "2015-01-01",
      "marketCalendarAware": true
    }
  },
  "revision": {
    "sourcePublishedAt": "2026-06-09T21:30:00.000Z",
    "retrievedAt": "2026-06-09T22:15:00.000Z",
    "vintageId": "2026-06-09",
    "revisedFrom": null
  },
  "degradedState": null,
  "requestId": "req_2ZK8Q1W9F4M6P7R3",
  "traceparent": "00-4bf92f3577b34da6a3ce929d0e0e4736-00f067aa0ba902b7-01"
}