Faithful port (on the ETFs we hold) of the 'Momentum Universe under Markowitz' portfolio from Edén Wallberg & Karolin (arXiv 2610.36491), §3.3 eq. (10), §5.2 eq. (15), §6.3 Tables 20-24 and §6.4 Table 25 (reported SR 0.78, MDD 16%, unverified). The paper's Momentum Universe is its 59-ETF list minus the Country, Futures and Sector categories = 26 ETFs in Market, Government, Corporate, Global, Physical and Crypto. Our USEQ universe holds 16 of them: SPY, QQQ, IWM (Market); AGG, TLT, IEF, TIP, MUB (Government); LQD, HYG (Corporate); BNDX, EMB (Global); GLD, SLV (Physical); IBIT, ETHA (Crypto). VTV, VUG, MDY, SCHD, USMV, QUAL, LQDH, IAGG, VWOB and PPLT are not collected - stated deviation. Each month-end every investable asset gets alpha_i = log(close_t / close_{t-mom_lookback}) (paper L=21), and the portfolio solves: maximize alpha'w - kappa*||w - w_pre||_1 subject to sum(w) + c = 1, c >= 0, 0 <= w <= w_max (0.10), w'Sigma w <= sigma_tgt^2 (0.08^2), ||w - w_pre||_1 <= T_tgt (0.10), |w - w_pre| <= delta_w (0.05), kappa = 0.0005, where w_pre are the drifted weights before trading. The portfolio starts in cash and can only build 10% per month, as in the paper. Covariance estimator, used by every rule that needs one (paper §4.2 and Appendix A, Table 17): daily simple returns from the 1-DAY USEQ closes; per-asset EWMA volatility with half-life hvar_halflife (paper 42 sessions); standardize each return by the previous day's EWMA vol and clip the standardized value at +/-4 (the paper winsorizes but gives no level: our choice); EWMA second-moment matrix of the standardized returns with half-life hcov_halflife (paper 126), rescaled to unit diagonal = correlation C; Sigma = D_sigma C D_sigma, annualized x252. The paper then fits a k=10 statistical factor model by EM on its 59-ETF universe; with at most 16 assets we use the EWMA matrix directly (the paper's Table 18 reports the simple EWMA estimator within 0.01 Frobenius distance of the factor model and calls it a fully reasonable substitute for small universes) - a named substitution. Only observations up to the decision bar are used. Execution: decisions are made on the close of the LAST session of each calendar month (use src.strategies.helpers.sessions / the platform calendar, never hard-coded dates) and fill at the next session's open (platform next_open_fill on USEQ; the paper trades at the start of day t at the previous close, which is the same information set). Orders are whole-share market orders sized to target_weight x account equity; sells are sent before buys so cash covers the purchases. Leverage 1.0 (the Reg-T 2x margin is NOT used), long-only, no shorts; unallocated capital sits as cash. An asset is investable only once it has >=126 sessions of history (paper H_min) - point-in-time; nothing is bought before it lists.