How four branch EVs become one system EV — and why weights are the profile.

The first blend

Trend Blend: two execution styles, one trend family.

The construction's first move merges Trend Partial and Trend No-Partial into a single Trend Blended EV. The two are genuinely one family — both are claims on the same trend-continuation behavior, unlocking their trails at 1.6R — differing only in execution style: one banks a cushion at 1R, the other rides the fat tail uncushioned. Blending them first produces a number that answers 'is the trend family earning?' independent of the style split, which is exactly the question the trend quota and the trend-context doctrine need answered. It also localizes a diagnosis: a healthy Trend Blend with a weak No-Partial component is a style problem inside a working family — a very different repair than a trend family that's failing wholesale.

The second blend

All-Blended EV: the profile's weights make it real.

The final number combines Normal, the Trend Blend, and Overflow according to the active profile's branch weights — and the weights are where the abstraction becomes an operating decision. A profile is a statement of intended mix: what fraction of the system's trades each branch is expected to contribute. The All-Blended EV is therefore not 'the average of the branches' — it's the expectancy of the system as actually configured, where a branch's influence scales with how often the profile deploys it. The same four branch EVs under different weight profiles produce different system EVs, which is precisely why the Scenario Profiles comparison exists: it re-blends the same evidence under alternative mixes to ask whether a different allocation would have been structurally superior — with the standing warning attached: do not change profiles because of one week.

Net over gross

The blend that matters is the one after friction.

The scorecard carries a deliberate toggle between gross and net EV treatment, and the doctrine is unambiguous: use net for serious review, because fees affect compounding. The distinction bites hardest exactly where the branch structures differ — the trend branches hold longer and carry more swap exposure, Overflow's short cycle keeps friction minimal, and a gross read can therefore flatter the expensive branches relative to the cheap ones. Net EV re-prices each branch after its own real friction, which occasionally reorders the family: a branch that wins on gross and loses on net isn't earning its costs, and no weight profile fixes that. Gross remains useful for theoretical comparison. Deployment decisions read net.

• A positive blend with one negative branch is a working profile with a monitoring obligation — investigate before increasing that branch's exposure.
• A negative All-Blended EV is a serious warning even when recent P&L is green: the system may be riding variance.
• Fee drag is a per-branch property, not a system constant — the net toggle exists because the branches pay different tolls.

Reading the construction

Decomposition is the diagnostic method.

The two-step build means every headline read unwinds in a fixed order. All-Blended weak? Check which branch is dragging — the columns are right there. Trend Blend weak? Split it into Partial and No-Partial to see whether it's the family or the style. A single branch weak? Descend into its conversion chain — is the first link (1R, 0.75R) failing, or the continuation link (2R, 1.6R, trail harvest)? Each level of the construction is a fork in the diagnosis, and the whole path from 'the system feels off' to 'Normal's second link has deteriorated for three weeks' takes four reads. That path is the construction's real product. The blend isn't just a summary — it's a summary that remembers how it was built.

The key idea

One number, honestly assembled, beats ten numbers loosely felt.

The All-Blended EV earns its status as the system's master health read because nothing in it is opaque: four branch populations, each with its own conversion chain, blended in a declared order under declared weights, net of declared friction. When it's green, the claim is specific — this mix, at these weights, after these costs, is mathematically favorable. When it's red, the construction hands you the search path. Expectancy is the master metric; the blend construction is what makes the master metric auditable.