diff --git a/tests/test_hedge_contract_count.py b/tests/test_hedge_contract_count.py
index 7ba5fd1..9f9fb9c 100644
--- a/tests/test_hedge_contract_count.py
+++ b/tests/test_hedge_contract_count.py
@@ -23,9 +23,9 @@ class TestGLDBacking:
 
     def test_gld_backing_decays_over_time(self) -> None:
         """GLD backing should decay as years pass."""
-        backing_2004 = gld_ounces_per_share(date(2004, 1, 1))
+        backing_2004 = gld_ounces_per_share(date(2004, 11, 18))  # GLD launch date
         backing_2026 = gld_ounces_per_share(date(2026, 1, 1))
-        assert float(backing_2004) == 0.10
+        assert float(backing_2004) == 0.10  # At launch, exactly 0.10 oz/share
         assert float(backing_2026) < float(backing_2004)