diff --git a/src/analytics/risk.zig b/src/analytics/risk.zig
index 62a7756..a09cd21 100644
--- a/src/analytics/risk.zig
+++ b/src/analytics/risk.zig
@@ -163,7 +163,7 @@ pub fn portfolioSummary(
         // Only apply price_ratio to live/fetched prices. Manual/fallback prices
         // (avg_cost) are already in the correct terms for the share class.
         const is_manual = if (manual_prices) |mp| mp.contains(pos.symbol) else false;
-        const price = if (is_manual) raw_price else raw_price * (pos.price_ratio orelse 1.0);
+        const price = if (is_manual) raw_price else raw_price * pos.price_ratio;
         const mv = pos.shares * price;
         total_value += mv;
         total_cost += pos.total_cost;
diff --git a/src/cache/store.zig b/src/cache/store.zig
index 0d65712..813cc15 100644
--- a/src/cache/store.zig
+++ b/src/cache/store.zig
@@ -906,13 +906,12 @@ test "portfolio: price_ratio round-trip" {
     try std.testing.expectEqualStrings("02315N600", portfolio.lots[0].symbol);
     try std.testing.expectEqualStrings("VTTHX", portfolio.lots[0].ticker.?);
     try std.testing.expectEqualStrings("VTTHX", portfolio.lots[0].priceSymbol());
-    try std.testing.expect(portfolio.lots[0].price_ratio != null);
-    try std.testing.expectApproxEqAbs(@as(f64, 5.185), portfolio.lots[0].price_ratio.?, 0.001);
+    try std.testing.expectApproxEqAbs(@as(f64, 5.185), portfolio.lots[0].price_ratio, 0.001);
     try std.testing.expectEqualStrings("VANGUARD TARGET 2035", portfolio.lots[0].note.?);
 
-    // Regular lot — no price_ratio
+    // Regular lot — no price_ratio (default 1.0)
     try std.testing.expectEqualStrings("AAPL", portfolio.lots[1].symbol);
-    try std.testing.expect(portfolio.lots[1].price_ratio == null);
+    try std.testing.expectApproxEqAbs(@as(f64, 1.0), portfolio.lots[1].price_ratio, 0.001);
     try std.testing.expect(portfolio.lots[1].ticker == null);
 
     // Round-trip: serialize and deserialize again
@@ -923,7 +922,7 @@ test "portfolio: price_ratio round-trip" {
     defer portfolio2.deinit();
 
     try std.testing.expectEqual(@as(usize, 2), portfolio2.lots.len);
-    try std.testing.expectApproxEqAbs(@as(f64, 5.185), portfolio2.lots[0].price_ratio.?, 0.001);
+    try std.testing.expectApproxEqAbs(@as(f64, 5.185), portfolio2.lots[0].price_ratio, 0.001);
     try std.testing.expectEqualStrings("VTTHX", portfolio2.lots[0].ticker.?);
-    try std.testing.expect(portfolio2.lots[1].price_ratio == null);
+    try std.testing.expectApproxEqAbs(@as(f64, 1.0), portfolio2.lots[1].price_ratio, 0.001);
 }
diff --git a/src/models/portfolio.zig b/src/models/portfolio.zig
index f3d32e1..b4d5cf4 100644
--- a/src/models/portfolio.zig
+++ b/src/models/portfolio.zig
@@ -66,7 +66,7 @@ pub const Lot = struct {
     /// (from the `ticker` symbol) is multiplied by this ratio to get the actual
     /// institutional NAV. E.g. if VTTHX (investor) is $27.78 and the institutional
     /// class trades at $144.04, price_ratio = 144.04 / 27.78 ≈ 5.185.
-    price_ratio: ?f64 = null,
+    price_ratio: f64 = 1.0,
 
     /// The symbol to use for price fetching (ticker if set, else symbol).
     pub fn priceSymbol(self: Lot) []const u8 {
@@ -129,7 +129,7 @@ pub const Position = struct {
     /// Currently positions() takes the ratio from the first lot that has one.
     /// Supporting dual-holding of investor + institutional shares of the same
     /// ticker would require a different grouping key in positions().
-    price_ratio: ?f64 = null,
+    price_ratio: f64 = 1.0,
 };
 
 /// A portfolio is a collection of lots.
@@ -250,7 +250,7 @@ pub const Portfolio = struct {
                     entry.value_ptr.account = "Multiple";
                 }
                 // Propagate price_ratio from the first lot that has one
-                if (entry.value_ptr.price_ratio == null and lot.price_ratio != null) {
+                if (entry.value_ptr.price_ratio == 1.0 and lot.price_ratio != 1.0) {
                     entry.value_ptr.price_ratio = lot.price_ratio;
                 }
             }
@@ -537,11 +537,10 @@ test "positions propagates price_ratio from lot" {
     for (pos) |p| {
         if (std.mem.eql(u8, p.symbol, "VTTHX")) {
             try std.testing.expectApproxEqAbs(@as(f64, 150.0), p.shares, 0.01);
-            try std.testing.expect(p.price_ratio != null);
-            try std.testing.expectApproxEqAbs(@as(f64, 5.185), p.price_ratio.?, 0.001);
+            try std.testing.expectApproxEqAbs(@as(f64, 5.185), p.price_ratio, 0.001);
         } else {
             try std.testing.expectEqualStrings("AAPL", p.symbol);
-            try std.testing.expect(p.price_ratio == null);
+            try std.testing.expectApproxEqAbs(@as(f64, 1.0), p.price_ratio, 0.001);
         }
     }
 }