SOL-USD: 60-day return history, mean=-0.0063, std=0.0648.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0063, std=0.0648, min=-0.2043, max=0.2423
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SOL-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0767

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0767 (i.e., on a bad day with 5% probability, the loss exceeds 7.67%). CVaR(95%) = -0.1455.


SLV: 60-day return history, mean=0.0050, std=0.0195.

Question:
Asset: SLV
Daily returns (past 60 days): mean=0.0050, std=0.0195, min=-0.0452, max=0.0426
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SLV. Express as a decimal (e.g., -0.02).

Answer: -0.0311

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0311 (i.e., on a bad day with 5% probability, the loss exceeds 3.11%). CVaR(95%) = -0.0419.


IYR: 60-day return history, mean=0.0003, std=0.0108.

Question:
Asset: IYR
Daily returns (past 60 days): mean=0.0003, std=0.0108, min=-0.0267, max=0.0231
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IYR. Express as a decimal (e.g., -0.02).

Answer: -0.0173

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0173 (i.e., on a bad day with 5% probability, the loss exceeds 1.73%). CVaR(95%) = -0.0233.


AVAX-USD: 60-day return history, mean=0.0042, std=0.0494.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0042, std=0.0494, min=-0.1060, max=0.1441
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0634

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0634 (i.e., on a bad day with 5% probability, the loss exceeds 6.34%). CVaR(95%) = -0.0945.


ICSH: 60-day return history, mean=0.0002, std=0.0002.

Question:
Asset: ICSH
Daily returns (past 60 days): mean=0.0002, std=0.0002, min=-0.0004, max=0.0006
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ICSH. Express as a decimal (e.g., -0.02).

Answer: -0.0000

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0000 (i.e., on a bad day with 5% probability, the loss exceeds 0.00%). CVaR(95%) = -0.0002.


BIL: 60-day return history, mean=0.0002, std=0.0001.

Question:
Asset: BIL
Daily returns (past 60 days): mean=0.0002, std=0.0001, min=0.0000, max=0.0004
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BIL. Express as a decimal (e.g., -0.02).

Answer: 0.0000

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = 0.0000 (i.e., on a bad day with 5% probability, the loss exceeds 0.00%). CVaR(95%) = 0.0000.


MTUM: 60-day return history, mean=0.0007, std=0.0078.

Question:
Asset: MTUM
Daily returns (past 60 days): mean=0.0007, std=0.0078, min=-0.0240, max=0.0236
Market regime: bull
Recent filing/news:
[SEC 10-Q GOOGL 2025-10-30] goog-20250930 FALSE 2025 Q3 0001652044 --12-31 0.45 http://fasb.org/us-gaap/2025#Revenues http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#Revenues http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2025#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent P1Y P1Y 691 xbrli:shares iso4217:USD iso4217:USD xbrli:shares 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goog:SubscriptionsPlatformsAndDevicesRevenueMember goog:GoogleServicesMember 2025-07-01 2025 [...TRUNCATED...] ass C Capital Stock (excluding the dividend equivalent units), in addition to 50% of the (net) shares of any future grants awarded during the term of the plan (in each case, net shares are net of tax withholding). There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted , modified, or terminated during the quarter ended September 30, 2025 by our directors and Section 16 officers. Required Disclosure Pursuant to Section 13(r) of the Exchange Act During the quarter ended September 30, 2025, Google LLC, a subsidiary of Alphabet, filed a notification with the Russian Federal Security Service (FSB) pursuant to Russian encryption control requirements, which must be complied with prior to the import of covered items. Neither we nor our subsidiaries generated any gross revenues or 52 net profits directly from such activity and neither we nor our subsidiaries sell to the FSB. In the ordinary course of its business, Alphabet expects that Google LLC will continue to file these notifications as required under Russian law. 53 ITEM 6. EXHIBITS Exhibit Number    Description Incorporated by reference herein Form Date 31.01 * Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.02 * Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.01 ‡ Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS * Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH * Inline XBRL Taxonomy Extension Schema Document 101.CAL * Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF * Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB * Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE * Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 * Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) __________________________  * Filed herewith. ‡ Furnished herewith. 54 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALPHABET INC. October 29, 2025 By: /s/ ANAT ASHKENAZI Anat Ashkenazi Senior Vice President, Chief Financial Officer ALPHABET INC. October 29, 2025 By: /s/    AMIE THUENER O'TOOLE         Amie Thuener O'Toole Vice President, Corporate Controller and Principal Accounting Officer 55

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for MTUM. Express as a decimal (e.g., -0.02).

Answer: -0.0106

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0106 (i.e., on a bad day with 5% probability, the loss exceeds 1.06%). CVaR(95%) = -0.0175.


SOL-USD: 60-day return history, mean=-0.0021, std=0.0655.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0021, std=0.0655, min=-0.2043, max=0.2423
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SOL-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0789

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0789 (i.e., on a bad day with 5% probability, the loss exceeds 7.89%). CVaR(95%) = -0.1601.


IWM: 60-day return history, mean=0.0000, std=0.0165.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0000, std=0.0165, min=-0.0371, max=0.0349
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-02] ["2 Profitable Stocks to Target This Week and 1 to Ignore A company with profits isn\u2019t always a great investment. Some struggle to maintain growth, face looming threats, or fail to reinvest wisely, limiting their future potential. Not all profitable companies are created equal, and that\u2019s why we built StockStory - to help you find the ones that truly shine bright. That said, here are two profitable companies that balance growth and profitability and one best left off your watchlist. Trailing 12-Month GAAP Operating Margin: 5.2% Founded in 1983 in California, Mission Produce (NASDAQ:AVO) grows, packages, and distributes avocados. Why Is AVO Risky? At $11.19 per share, Mission Produce trades at 9.9x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why AVO doesn\u2019t pass our bar. Trailing 12-Month GAAP Operating Margin: 9.6% Founded in 1969 by a group of former Fairchild semiconductor executives led by Jerry Sanders, Advanced Micro Devices (NASDAQ:AMD) is one of the leading designers of computer processors and graphics chips used in PCs and data centers. Why Are We Positive On AMD? AMD\u2019s stock price of $110.51 implies a valuation ratio of 24.1x forward P/E. Is now the time to initiate a position? Find out in our full research report, it\u2019s free. Trailing 12-Month GAAP Operating Margin: 25.2% Sporting a global footprint of facilities, Photronics (NASDAQ:PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers. Why Do We Like PLAB? Photronics is trading at $16.75 per share, or 8.1x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it\u2019s free. Donald Trump\u2019s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today for free.", "Nvidia rival Groq makes a bold prediction on what's next for AI Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube or wherever you find your favorite podcasts. The next big breakthrough in AI could be one that channels the spirit of famed scientist Albert Einstein. \"The problem is that large language models [LLMs] make mistakes. And they're always going to make mistakes, but they're going to

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IWM. Express as a decimal (e.g., -0.02).

Answer: -0.0289

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0289 (i.e., on a bad day with 5% probability, the loss exceeds 2.89%). CVaR(95%) = -0.0371.


ADA-USD: 60-day return history, mean=-0.0009, std=0.0594.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0009, std=0.0594, min=-0.1761, max=0.2212
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ADA-USD. Express as a decimal (e.g., -0.02).

Answer: -0.1002

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.1002 (i.e., on a bad day with 5% probability, the loss exceeds 10.02%). CVaR(95%) = -0.1354.


BNB-USD: 60-day return history, mean=-0.0040, std=0.0271.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0040, std=0.0271, min=-0.0847, max=0.0600
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BNB-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0425

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0425 (i.e., on a bad day with 5% probability, the loss exceeds 4.25%). CVaR(95%) = -0.0656.


VTI: 60-day return history, mean=-0.0003, std=0.0088.

Question:
Asset: VTI
Daily returns (past 60 days): mean=-0.0003, std=0.0088, min=-0.0314, max=0.0182
Market regime: sideways
Recent filing/news:
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2024-12-31 0000078003 us-gaap:CommonStockMember 2024-12-31 0000078003 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000078003 us-gaap:TreasuryStockCommonMember 2024-12-31 0000078003 us-gaap:RetainedEarningsMember 2024-12-31 0000078003 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000078003 us-gaap:ParentMember 2024-12-31 0000078003 us-gaap:NoncontrollingInterestMember 2024-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopElevenProductsMember us-gaap:SalesRevenueProductLineMember 2024-01-01 2024-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopTenProductsMember us-gaap:SalesRevenueProductLineMember 2022-01-01 2022-12-31 0000078003 us-gaap:ProductConcentrationRiskMember pfe:TopNineProductsMember us-gaap:SalesRevenueProductLineMember 2023-01-01 2023-12-31 0000078003 us-gaap:AccountsReceivableMember 2024-12-31 0000078003 us-gaap:AccountsReceivableMember 2023-12-31 0000078003 us-gaap:OtherCurrentLiabilitiesMember 2024-12-31 0000078003 us-gaap:OtherCurrentLiabilitiesMember 2023-12-31 0 [...TRUNCATED...] my Extension Presentation Linkbase *101.DEF Inline XBRL Taxonomy Extension Definition Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ITEM 16. FORM 10-K SUMMARY None. SIGNATURES Under the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report was signed on behalf of the Registrant by the authorized person named below. Pfizer Inc. Dated: February 27, 2025 By: /S/    MARGARET M. MADDEN Margaret M. Madden Senior Vice President and Corporate Secretary Chief Governance Counsel We, the undersigned directors and officers of Pfizer Inc., hereby severally constitute Douglas M. Lankler and Margaret M. Madden, and each of them singly, our true and lawful attorneys with full power to them and each of them to sign for us, in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K filed with the Securities and Exchange Commission. Under the requirements of the Securities Exchange Act of 1934, this report was signed by the following persons on behalf of the Registrant and in the capacities and on the date indicated . Pfizer Inc. 2024 Form 10-K 113 Signature Title Date /S/    ALBERT BOURLA Albert Bourla Chairman, Chief Executive Officer and Director (Principal Executive Officer) February 27, 2025 /S/    DAVID M. DENTON David M. Denton Chief Financial Officer, Executive Vice President (Principal Financial Officer) February 27, 2025 /S/    JENNIFER B. DAMICO Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer) February 27, 2025 /S/    RONALD E. BLAYLOCK Ronald E. Blaylock Director February 27, 2025 /S/    MORTIMER J. BUCKLEY Mortimer J. Buckley Director February 27, 2025 /S/    SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann Director February 27, 2025 /S/    JOSEPH J. ECHEVARRIA Joseph J. Echevarria Director February 27, 2025 /S/    SCOTT GOTTLIEB Scott Gottlieb Director February 27, 2025 /S/    HELEN H. HOBBS Helen H. Hobbs Director February 27, 2025 /S/    SUSAN HOCKFIELD Susan Hockfield Director February 27, 2025 /S/    DAN R. LITTMAN Dan R. Littman Director February 27, 2025 /S/    SHANTANU NARAYEN Shantanu Narayen Director February 27, 2025 /S/    SUZANNE NORA JOHNSON Suzanne Nora Johnson Director February 27, 2025 /S/    JAMES QUINCEY James Quincey Director February 27, 2025 /S/    JAMES C. SMITH James C. Smith Director February 27, 2025 /S/    CYRUS TARAPOREVALA Cyrus Taraporevala Director February 27, 2025 Pfizer Inc. 2024 Form 10-K 114

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VTI. Express as a decimal (e.g., -0.02).

Answer: -0.0152

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0152 (i.e., on a bad day with 5% probability, the loss exceeds 1.52%). CVaR(95%) = -0.0219.


XRP-USD: 60-day return history, mean=-0.0040, std=0.0358.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0040, std=0.0358, min=-0.1591, max=0.0790
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XRP-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0548

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0548 (i.e., on a bad day with 5% probability, the loss exceeds 5.48%). CVaR(95%) = -0.0969.


XLV: 60-day return history, mean=0.0014, std=0.0102.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0014, std=0.0102, min=-0.0284, max=0.0244
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLV. Express as a decimal (e.g., -0.02).

Answer: -0.0144

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0144 (i.e., on a bad day with 5% probability, the loss exceeds 1.44%). CVaR(95%) = -0.0201.


EEM: 60-day return history, mean=0.0002, std=0.0129.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0002, std=0.0129, min=-0.0341, max=0.0317
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-30] 4 Dividend-Paying Dow Jones Growth Stocks to Buy in June and Hold for Decades Apple could be heavily impacted by tariffs, but the long-term investment thesis is sound. Microsoft continues to fire on all cylinders and deserves to be near an all-time high. Visa and American Express benefit from network effects that help them steadily grow over time. 10 stocks we like better than Apple › The modern-day Dow Jones Industrial Average contains a variety of industry-leading companies across stock market sectors -- making it an excellent way to discover blue chip companies to build a portfolio around. Here's why Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Visa (NYSE: V), and American Express (NYSE: AXP) are particularly compelling Dow stocks to buy in June and hold for decades to come. Apple used to be the most valuable company in the world, but it has taken a back seat behind Microsoft and Nvidia as Apple is down 22% year to date at the time of this writing, while Microsoft is up nearly 7%. Microsoft has given investors everything they could have asked for amid tariff tensions. The company continues to grow at an impressive rate while maintaining high operating margins. Microsoft is investing in artificial intelligence (AI) and cloud computing at a breakneck pace while buying back a significant amount of stock, raising its dividend by around 10% per year, and maintaining an exceptional balance sheet. The company's business model is relatively insulated from trade risks, so it's no wonder why the stock is knocking on the door of a new all-time high. But the same can't be said of Apple. It assembles the vast majority of key products, like iPhones, in China -- making it extremely vulnerable to tariffs. Apple stock has been on a roller coaster in 2025 as investors try to digest policies that seem to change overnight. President Trump has cast Apple onto the front lines of the trade war with China, with the latest decision being a 25% tariff on iPhones not made in the U.S. While Apple can adjust its supply chain to offset some tariff risk, it would be extremely difficult for Apple to make iPhones as cost-effectively outside of China. So, in the near term, Apple may just have to absorb the tariff hit and hope resolutions come soon or pass along a portion of the costs to consumers. The good news is that Apple has highly anticipated products with AI features coming this fall which may be enough to pique consumer interest and justify higher price tags. Investors can catch a glimpse of Apple's latest technology updates and features by tuning into its Worldwide Developers Conference from June 9 to June 13. Given tariff risks, some folks may want to take a wait-and-see approach to Apple. But the stock is fairly beaten down, and folks who think Apple has the brand power and innovation to justify price hikes may want to consider buying the stock in June. Apple's valuation is at reasonable levels with a price-to-earnings (P/E) ratio of 30.4 and a forward P/E of 27.2

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for EEM. Express as a decimal (e.g., -0.02).

Answer: -0.0215

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0215 (i.e., on a bad day with 5% probability, the loss exceeds 2.15%). CVaR(95%) = -0.0308.


ETH-USD: 60-day return history, mean=0.0049, std=0.0459.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0049, std=0.0459, min=-0.1269, max=0.1560
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ETH-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0536

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0536 (i.e., on a bad day with 5% probability, the loss exceeds 5.36%). CVaR(95%) = -0.0907.


^VIX: 60-day return history, mean=0.0009, std=0.0800.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=0.0009, std=0.0800, min=-0.1825, max=0.2508
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 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2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ^VIX. Express as a decimal (e.g., -0.02).

Answer: -0.1295

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.1295 (i.e., on a bad day with 5% probability, the loss exceeds 12.95%). CVaR(95%) = -0.1487.


ITB: 60-day return history, mean=-0.0030, std=0.0156.

Question:
Asset: ITB
Daily returns (past 60 days): mean=-0.0030, std=0.0156, min=-0.0409, max=0.0472
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ITB. Express as a decimal (e.g., -0.02).

Answer: -0.0288

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0288 (i.e., on a bad day with 5% probability, the loss exceeds 2.88%). CVaR(95%) = -0.0363.


^VIX: 60-day return history, mean=-0.0016, std=0.0812.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0016, std=0.0812, min=-0.1825, max=0.2508
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ^VIX. Express as a decimal (e.g., -0.02).

Answer: -0.1295


FXI: 60-day return history, mean=0.0014, std=0.0115.

Question:
Asset: FXI
Daily returns (past 60 days): mean=0.0014, std=0.0115, min=-0.0258, max=0.0299
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for FXI. Express as a decimal (e.g., -0.02).

Answer: -0.0151

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0151 (i.e., on a bad day with 5% probability, the loss exceeds 1.51%). CVaR(95%) = -0.0205.


XLF: 60-day return history, mean=0.0019, std=0.0087.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0019, std=0.0087, min=-0.0207, max=0.0205
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-18] ["MP Materials (MP) Completes US$650 Million Equity Offering MP Materials has made significant announcements recently, including the completion of a follow-on equity offering of nearly $650 million and new high-profile partnerships with Apple and the Department of Defense. These developments coincide with a remarkable share price increase of 122% over the last quarter. The equity offering indicates strong market confidence, while the strategic partnerships bolster MP's long-term prospects in the rare earth sector. The broader market, with major indexes reaching record highs, provides a favorable backdrop, further enhancing MP's upward momentum. Such positive corporate maneuvers align well with the ongoing bullish trends in stock markets. Every company has risks, and we've spotted 1 warning sign for MP Materials you should know about. AI is about to change healthcare. These 27 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The recent announcements of MP Materials' successful equity offering and strategic partnerships with Apple and the Department of Defense could significantly impact its long-term narrative as it positions itself strongly within the rare earths sector. These developments are expected to enhance production capabilities and revenue opportunities, aligning with the company's strategy to expand into ex-China markets. Potential advancements in efficiency and sales volumes could positively influence future earnings and revenue forecasts, which analysts anticipate to grow robustly over the next three years. Over a five-year period, MP Materials has achieved a total return of 293.48%, which underscores its substantial growth trajectory. Notably, over the past year, its performance surpassed the US Metals and Mining industry, which returned 6.1%. However, despite recent impressive share price gains, the current price of US$58.55 contrasts with the consensus price target of US$38. This discrepancy highlights a potential overvaluation according to analysts, suggesting investors might benefit from tempering expectations in light of market factors and the company's execution of future growth plans. The strategic moves could help mitigate risks associated with heavy reliance on NdPr pricing and variable Chinese policies. However, executing its growth strategy without significant revenue or margin interruptions remains crucial. Although the company's long-term viability appears promising, as evidenced by planned expansions in the Upstream and Midstream segments, immediate financial forecasts also depend on external factors and successful integration of new processes. Thus, MP Materials' future prospects will largely depend on its ability to navigate these challenges effectively while aligning with analyst earnings forecasts and market expectations. Explore historical data to track MP Materials' performance over time in our past

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLF. Express as a decimal (e.g., -0.02).

Answer: -0.0108

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0108 (i.e., on a bad day with 5% probability, the loss exceeds 1.08%). CVaR(95%) = -0.0195.


ITB: 60-day return history, mean=-0.0023, std=0.0162.

Question:
Asset: ITB
Daily returns (past 60 days): mean=-0.0023, std=0.0162, min=-0.0409, max=0.0322
Market regime: bear

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ITB. Express as a decimal (e.g., -0.02).

Answer: -0.0260

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0260 (i.e., on a bad day with 5% probability, the loss exceeds 2.60%). CVaR(95%) = -0.0327.


XLU: 60-day return history, mean=0.0012, std=0.0086.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0012, std=0.0086, min=-0.0184, max=0.0211
Market regime: bull
Recent filing/news:
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0000320193 us-gaap:FairValueInputsLevel1Member 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap [...TRUNCATED...] ns, except number of shares, which are reflected in thousands, and per-share amounts): Periods Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) March 30, 2025 to May 3, 2025: Open market and privately negotiated purchases 43,161  $ 200.79  43,161  May 4, 2025 to May 31, 2025: Open market and privately negotiated purchases 28,223  $ 203.17  28,223  June 1, 2025 to June 28, 2025: Open market and privately negotiated purchases 32,880  $ 200.73  32,880  Total 104,264  $ 119,779  (1) On May 2, 2024, the Company announced a program to repurchase up to $110 billion of the Company’s common stock. As of June 28, 2025, remaining availability under the May 2024 program was $19.8 billion. On May 1, 2025, the Company announced an additional program to repurchase up to $100 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Item 3.    Defaults Upon Senior Securities None. Item 4.    Mine Safety Disclosures Not applicable. Item 5.    Other Information Insider Trading Arrangements None. Apple Inc. | Q3 2025 Form 10-Q | 21 Item 6.    Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 4.1 Officer’s Certificate of the Registrant, dated as of May 12, 2025, including forms of global notes representing the 4.000% Notes due 2028, 4.200% Notes due 2030, 4.500% Notes due 2032 and 4.750% Notes due 2035. 8-K 4.1 5/12/25 31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. 31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. 32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer. 101* Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q. 104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. *    Filed herewith. **    Furnished herewith. Apple Inc. | Q3 2025 Form 10-Q | 22 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 1, 2025 Apple Inc. By: /s/ Kevan Parekh Kevan Parekh Senior Vice President, Chief Financial Officer Apple Inc. | Q3 2025 Form 10-Q | 23

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLU. Express as a decimal (e.g., -0.02).

Answer: -0.0141

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0141 (i.e., on a bad day with 5% probability, the loss exceeds 1.41%). CVaR(95%) = -0.0168.


MTUM: 60-day return history, mean=0.0009, std=0.0072.

Question:
Asset: MTUM
Daily returns (past 60 days): mean=0.0009, std=0.0072, min=-0.0147, max=0.0169
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-25] Who’s the Next Apple? 3 Breakout Stocks That Point the Way Editor’s Note: Every investing era has its defining moment. In the 1980s, Apple squared off against IBM. In the 1990s, Amazon reshaped retail. And now, it’s AI transforming industries at a breakneck pace. It’s a force that’s fundamentally changing how fast companies can grow, scale, and generate profits. It is therefore producing an unusual class of stock breakouts. InvestorPlace Senior Analyst Luke Lango calls these “AI Income Events” – moments when hype flips into adoption-driven growth. InvestorPlace - Stock Market News, Stock Advice & Trading Tips A few recent AI Income Events include… Super Micro Computer (SMCI) – 233% in just 2 months SoundHound AI Inc. (SOUN) – 300% in a few months BigBear.ai Holdings, Inc. (BBAI) – 100% in weeks Palantir Technologies Inc. (PLTR) – 290% in 5 months AppLovin Corporation (APP) – 500% in 5 months But what history shows us is clear… The biggest breakthroughs – and the biggest stock market winners – almost never come from the incumbents. They come from the upstarts. So, Luke is joining us today to share how three little-known companies triggered “AI Income Events”… and how you can turn a $5,000 stake into $30,000 within six months by capturing a series of these events. Take it away, Luke… One August morning in 1981, Steve Jobs sat at Apple Inc.’s (AAPL) headquarters with a Wall Street Journal folded under his arm. The headline: IBM Corp. (IBM) was entering the personal computer market. Apple, barely 5 years old, suddenly found itself up against Big Blue. With trademark audacity, Jobs turned the moment into theater. Apple ran a cheeky full-page WSJ ad: “Welcome, IBM. Seriously.” Later, in a 1983 speech, Jobs cast Apple as the rebel, warning “IBM wants it all.” That spirit paid off. The Macintosh, launched in 1984 with its iconic Super Bowl ad, made Apple the symbol of insurgent tech. Since then, Apple stock has soared nearly 175,000%, while IBM is up just about 2,500%. Apple isn’t alone in this story. History shows transformational breakthroughs usually come from upstarts, not incumbents. Each innovation cycle produces Davids that topple Goliaths. Now that we’re in the AI innovation cycle, let’s look at three Davids whose “AI Income Events” rewarded investors with huge gains. Their biggest moves are likely largely past — so I’ll also show you how my team is spotting the next round… AI has become the great equalizer. Any small firm can now harness it to leap ahead of giants. The challenge is spotting when hype (Phase 1) flips to adoption-driven growth (Phase 2). That’s where my Nexus system comes in. I’ll tell you more about Nexus in a minute, but first let’s take a look at three AI Income Events it uncovered… Case Study #1: Back in October 2023, most investors had never heard of our first case study. It was a Microsoft partner in cloud software — a solid business, sure, but hardly front-page material. Then on October 10, this company unveiled an AI-power

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for MTUM. Express as a decimal (e.g., -0.02).

Answer: -0.0100

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0100 (i.e., on a bad day with 5% probability, the loss exceeds 1.00%). CVaR(95%) = -0.0121.


XLF: 60-day return history, mean=0.0002, std=0.0086.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0002, std=0.0086, min=-0.0282, max=0.0164
Market regime: bull
Recent filing/news:
[SEC 10-Q BA 2025-10-29] ba-20250930 FALSE 2025 Q3 0000012927 --12-31 P1Y http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure ba:extension_period ba:aircraft ba:tanker ba:lot ba:simulator ba:segment 0000012927 2025-01-01 2025-09-30 0000012927 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0000012927 ba:DepositarySharesMember 2025-01-01 2025-09-30 0000012927 2025-10-22 0000012927 us-gaap:ProductMember 2025-01-01 2025-09-30 0000012927 us-gaap:ProductMember 2024-01-01 2024-09-30 0000012927 us-gaap:ProductMember 2025-07-01 2025-09-30 0000012927 us-gaap:ProductMember 2024-07-01 2024-09-30 0000012927 us-gaap:ServiceMember 2025-01-01 2025-09-30 0000012927 us-gaap:ServiceMember 2024-01-01 2024-09-30 0000012927 us-gaap:ServiceMember 2025-07-01 2025-09-30 0000012927 us-gaap:ServiceMember 2024-07-01 2024-09-30 0000012927 2024-01-01 2024-09-30 0000012927 2025-07-01 2025-09-30 0000012927 2024-07-01 2024-09-30 0000012927 2025-09-30 0000012927 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-09-30 0000012927 2023-12-31 0000012927 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2023-12-31 0000012927 us-gaap:CommonStockMember 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-09-30 0000012927 us-gaap:CommonStockMember 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-09-30 0000012927 us-gaap:RetainedEarningsMember 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-12-31 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us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-06-30 0000012927 us-gaap:CommonStockMember 2024-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-06-30 0000012927 us-gaap:RetainedEarningsMember 2024-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-06-30 0000012927 2024-06-30 0000012927 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2025-06-30 0000012927 us-gaap:CommonStockMember 2025-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-06-30 0000012927 us-gaap:RetainedEarningsMember 2025-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-06-30 0000012927 2025-06-30 0000012927 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-07-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-01-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-07-01 2025-09-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-07-01 2024-09-30 0000012927 us-gaap:OperatingSegmentsMem [...TRUNCATED...] #160;of Shares That May Yet be Purchased Under the Plans or Programs 7/1/2025 thru 7/31/2025 28,866  $232.93  8/1/2025 thru 8/31/2025 6,963  229.15  9/1/2025 thru 9/30/2025 3,728  235.24  Total 39,557  $232.48  (1) A total of 39,557 shares were transferred to us from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock units during the period. We did not purchase any shares of our common stock in the open market pursuant to a repurchase program. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable. 57 Table of Contents Item 5. Other Information During the three months ended September 30, 2025, none of our directors or officers adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K. 58 Table of Contents Item 6. Exhibits 10.1 364-Day Credit Agreement, dated as of August 25, 2025, among The Boeing Company for itself and on behalf of its Subsidiaries, as a Borrower, the Lenders party hereto, Citibank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent and Citibank, N.A. and JPMorgan Chase Bank N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated August 25, 2025) 15 Letter from Independent Registered Public Accounting Firm regarding unaudited interim financial information 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) 59 Table of Contents Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE BOEING COMPANY (Registrant) October 29, 2025 /s/ Michael J. Cleary (Date) Michael J. Cleary Senior Vice President and Controller 60

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLF. Express as a decimal (e.g., -0.02).

Answer: -0.0172

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0172 (i.e., on a bad day with 5% probability, the loss exceeds 1.72%). CVaR(95%) = -0.0229.


VTI: 60-day return history, mean=0.0022, std=0.0107.

Question:
Asset: VTI
Daily returns (past 60 days): mean=0.0022, std=0.0107, min=-0.0335, max=0.0264
Market regime: sideways
Recent filing/news:
[Kaggle 2025-07-08] ["Analysis: 'Trump Effect' website takes credit for US investment made under Biden By Jarrett Renshaw (Reuters) -Within hours of taking office in January, President Donald Trump boasted about attracting $3 trillion in new corporate investments to the United States. Since then, Trump has said the investments have swelled to $14 trillion, or roughly half of the nation's annual gross domestic product. The White House calls it \"The Trump Effect\" and features a rolling list on its website of more than 70 projects it says Trump's economic policies spurred, from a new bakery plant in Texas to a LEGO facility in Virginia and a microchip plant in Arizona. As of July 2, the website listed more than $2.6 trillion in U.S. investments, well short of the $14 trillion Trump boasts about. But a Reuters review found that just under half of the claimed spending on the website - totaling more than $1.3 trillion - originated under former President Joe Biden or represented routine spending repackaged to promote domestic investments. At least eight of the projects touted by the White House had sought or secured critical local incentive packages before Trump took office while at least a half dozen other projects had already been announced by local officials or the companies themselves, Reuters found. Two of the Trump Effect projects were aided by Biden's legislative efforts to boost domestic manufacturing, the review found. One company on the list, Swiss-based Roche, warned that Trump's plans to equalize U.S. and international drug prices now threatens its promised $50 billion in U.S. investments. Asked about taking credit for projects already underway before Trump came into office, the White House said the final investment decisions were announced under his watch and prove his economic policies are triggering U.S. investment. \u201cPresident Trump is the greatest closer in modern history, and his leadership and policies are a critical catalyst converting hypothetical discussions into firm investment commitments and ground being broken for new plants and offices,\" White House spokesman Kush Desai said. The Reuters review included interviewing local officials and reviewing public records and corporate statements. It was not clear in many cases what role, if any, Trump or his policies played in getting the deals across the line. Mark Zandi, the chief economist at Moody's Analytics, said his economic forecast - along with the consensus estimates - for investment in the economy has remained relatively unchanged despite the White House's claims of new historic investments. \"I think despite all the announcements it hasn't translated into any change in expectations,\" Zandi said. \"The fundamentals that ultimately drive investment spending, broadly, if anything, appear to have weakened since the start of the year.\" Trump's push to impose sweeping tariffs on dozens of trading partners has injected uncertainty into global markets, lowering economic projections and freezing

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VTI. Express as a decimal (e.g., -0.02).

Answer: -0.0177

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0177 (i.e., on a bad day with 5% probability, the loss exceeds 1.77%). CVaR(95%) = -0.0262.


ACWI: 60-day return history, mean=0.0001, std=0.0075.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=0.0001, std=0.0075, min=-0.0302, max=0.0162
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ACWI. Express as a decimal (e.g., -0.02).

Answer: -0.0105

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0105 (i.e., on a bad day with 5% probability, the loss exceeds 1.05%). CVaR(95%) = -0.0202.