[daggerok]

What changed

• Q1 (open-items etfs): the shared holdings-guard block now carries ClosedFund, closedFund, markClosedFunds, withoutClosedFunds (applied with apply-holdings-guard.ts). CLOSED_FUNDS is added right after HOLDINGS_GUARD_RELAX and stays empty: XLUI was checked against SEC filings and is still trading (497K 2026-04-28, 485BPOS 2026-10-09, no liquidation filing)
• Wiring in main(): withoutClosedFunds wraps selected (after the catalog, TICKERS and return/yield filters, before the cursor and the MAX_FETCHES slice), markClosedFunds wraps the sorted index rows right before index.json is built. A closed fund whose row is published passes the unknown-TICKERS check even when the live catalog dropped it, and its row is never pruned
• Q2: no behaviour change. A guard rejection already throws inside processFund and is reported failed (fund line, [ done ] tally, step summary, all-failed error). A new fund whose holdings the guard rejects, or that no source answered (navhist 404 fails it), gets a catalog-only row from freshRow (dataFile null, holdings 0, the same 30 metrics keys with returnsBasis) and no files; the guard reads the previous state from meta.json, never from an index row
• Q12: test groups split to at most five tests (controls 4+3, parsing 3+3, metrics 4+4, pipeline 5+4+4, network 5); the monthEnd fixture shared by both metrics groups moved to module scope instead of a copy

Why

One closed-fund policy and one guard-failure policy across the 29 brands, test groups of one to five tests

Checks run

• New test a closed fund is never fetched or reported failed: ...; it fails with withoutClosedFunds reverted (all 1 selected funds failed), with markClosedFunds reverted (row mismatch) and with the TICKERS exemption reverted (unknown ticker XLK)
• bun test: 38 -> 39 tests, 293 -> 305 expect() calls; identical counts before and after the split (39 / 305)
• gates.sh SPDR: test, test with the workflow env, both bun build, git diff --check, hub checks, exec bit, tc/check.sh adds no IDE errors vs origin/main -> SPDR GATES OK
• Real run TICKERS=XLU REQUEST_SLEEP=0 bun scripts/update-data.ts: 1 unchanged, 0 failed; with XLU temporarily in CLOSED_FUNDS: [ closed ] XLU, 0 funds processed, 0 failed, index.json diff only the closed marks plus generatedAt (data discarded)