EEM: 60-day history, VaR(99%)=-0.0238, max drawdown threshold=10%.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0005, std=0.0104, worst_day=-0.0242
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[SEC 10-K WMT 2025-03-14] wmt-20250131 0000104169 2025 FY false http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent P1Y P5Y 404 iso4217:USD xbrli:shares iso4217:USD xbrli:shares wmt:segment xbrli:pure iso4217:JPY iso4217:EUR wmt:state wmt:territory wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN 0000104169 2024-02-01 2025-01-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2025-01-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2025-01-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2025-01-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2025-01-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2025-01-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2025-01-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2025-01-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2025-01-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2025-01-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2025-01-31 0000104169 2024-07-31 0000104169 2025-03-12 0000104169 2023-02-01 2024-01-31 0000104169 2022-02-01 2023-01-31 0000104169 2025-01-31 0000104169 2024-01-31 0000104169 us-gaap:CommonStockMember 2022-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2022-01-31 0000104169 us-gaap:RetainedEarningsMember 2022-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-31 0000104169 us-gaap:ParentMember 2022-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2022-01-31 0000104169 2022-01-31 0000104169 us-gaap:RetainedEarningsMember 2022-02-01 2023-01-31 0000104169 us-gaap:ParentMember 2022-02-01 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2022-02-01 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-02-01 2023-01-31 0000104169 us-gaap:CommonStockMember 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0000104169 wmt:SamsClubUSMember 2025-01-31 0000104169 us-gaap:FairValueInputsLev [...TRUNCATED...]  Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. (C) This Exhibit is a management contract or compensatory plan or arrangement (P) This Exhibit was originally filed in paper format. Accordingly, a hyperlink has not been provided. (1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. (c)    Financial Statement Schedules: None. ITEM 16. FORM 10-K SUMMARY None. 85 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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: March 14, 2025   By   /s/ C. Douglas McMillon     C. Douglas McMillon     President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated: Date: March 14, 2025   By   /s/ C. Douglas McMillon     C. Douglas McMillon     President and Chief Executive Officer and Director     (Principal Executive Officer) Date: March 14, 2025   By   /s/ Gregory B. Penner     Gregory B. Penner     Chairman of the Board and Director Date: March 14, 2025   By   /s/ John David Rainey     John David Rainey     Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: March 14, 2025   By   /s/ David M. Chojnowski     David M. Chojnowski     Senior Vice President and Controller (Principal Accounting Officer) Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2025 86 Date: March 14, 2025   By   /s/ Cesar Conde     Cesar Conde     Director Date: March 14, 2025 By /s/ Timothy P. Flynn Timothy P. Flynn Director Date: March 14, 2025 By /s/ Sarah Friar Sarah Friar Director Date: March 14, 2025 By /s/ Carla A. Harris Carla A. Harris Director Date: March 14, 2025 By /s/ Thomas W. Horton Thomas W. Horton Director Date: March 14, 2025 By /s/ Marissa A. Mayer Marissa A. Mayer Director Date: March 14, 2025 By /s/ Robert E. Moritz, Jr. Robert E. Moritz, Jr. Director Date: March 14, 2025 By /s/ Brian Niccol Brian Niccol Director Date: March 14, 2025 By /s/ Randall L. Stephenson Randall L. Stephenson Director Date: March 14, 2025   By   /s/ Steuart L. Walton     Steuart L. Walton     Director Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2025 87

Determine the maximum fraction of total portfolio capital that should be allocated to EEM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0238 (i.e., a 2.38% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0238 = 4.2019, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EEM: 60-day history, VaR(99%)=-0.0215, max drawdown threshold=10%.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0009, std=0.0103, worst_day=-0.0242
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-21] ["Top Research Reports for Apple, Meta Platforms & Chevron Thursday, March 20, 2025 The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Apple Inc. (AAPL), Meta Platforms, Inc. (META) and Chevron Corp. (CVX), as well as two micro-cap stocks Taylor Devices, Inc. (TAYD) and GSI Technology, Inc. (GSIT). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today\u2019s research reports here >>> Ahead of Wall Street The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens and attempts to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning. You can read today's AWS here >>> Pre-Markets Lower; Economic News Decent Today's Featured Research Reports Apple\u2019s shares have outperformed the Zacks Computer - Micro Computers industry over the past year (+26.7% vs. +24.8%). The company is benefiting from strong growth in Services revenues. It now has more than 1 billion paid subscribers across its Services portfolio, more than double what it had four years ago. The expanding content portfolio of Apple TV+ and Apple Arcade helped in driving subscriber growth. Apple expects the March quarter\u2019s (second-quarter fiscal 2025) revenues to grow low to mid-single digits on a year-over-year basis. For the Services segment, It expects a low double-digit growth rate. Introduction of Apple Intelligence, an advanced personal intelligence system seamlessly integrated into iOS 18, iPadOS 18 and macOS Sequoia will help Apple shares to push higher. However, weakness in iPhone sales particularly in China is a concern. Increasing regulatory headwinds is a headwind. (You can read the full research report on Apple here >>>) Shares of Meta Platforms have outperformed the Zacks Internet - Software industry over the past year (+20.1% vs. +3.8%). The company is benefiting from steady user growth across all regions, particularly Asia Pacific. Increased engagement for its offerings like Instagram, WhatsApp, Messenger and Facebook has been a major growth driver. META has been leveraging AI to improve the potency of its platform offerings. These services currently reach more than 3.35 billion people daily. Meta\u2019s growing footprint among young adults, driven by improving recommendations, boosts its competitive prowess. AI usage is making it a popular name among advertisers. This is expected to drive top-line growth. Meta now expect

Determine the maximum fraction of total portfolio capital that should be allocated to EEM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0215 (i.e., a 2.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0215 = 4.6503, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0194, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=-0.0002, std=0.0081, worst_day=-0.0279
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K GOOGL 2025-02-05] goog-20241231 FALSE 2024 FY 0001652044 P7Y P2Y 50 50 http://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet 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goog:GoogleCloudMember 2024-01-01 2024-12-31 0001652044 us-gaap:AllOtherSegmentsMember 2022-01-01 2022-12-31 000165 [...TRUNCATED...] undersigned, thereunto duly authorized. Date: February 4, 2025   ALPHABET INC. By: / S /    S UNDAR P ICHAI         Sundar Pichai Chief Executive Officer (Principal Executive Officer of the Registrant) POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Sundar Pichai and Anat Ashkenazi, jointly and severally, his or her attorney-in-fact, with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.     97. Table of Contents Alphabet Inc. Signature Title Date / S / S UNDAR P ICHAI Chief Executive Officer and Director (Principal Executive Officer) February 4, 2025 Sundar Pichai / S /    A NAT A SHKENAZI         Senior Vice President and Chief Financial Officer (Principal Financial Officer) February 4, 2025 Anat Ashkenazi / S /    A MIE T HUENER O'T OOLE         Vice President, Corporate Controller and Principal Accounting Officer February 4, 2025 Amie Thuener O'Toole / S /    F RANCES H. A RNOLD          Director February 4, 2025 Frances H. Arnold / S /    S ERGEY B RIN          Co-Founder and Director February 4, 2025 Sergey Brin / S /   R. M ARTIN C HAVEZ        Director February 4, 2025 R. Martin Chávez / S /    L. J OHN D OERR         Director February 4, 2025 L. John Doerr / S /    R OGER W. F ERGUSON  J R .         Director February 4, 2025 Roger W. Ferguson Jr. / S /    J OHN L. H ENNESSY          Director, Chair February 4, 2025 John L. Hennessy / S /    L ARRY P AGE         Co-Founder and Director February 4, 2025 Larry Page / S /    K. R AM S HRIRAM        Director February 4, 2025 K. Ram Shriram / S /    R OBIN L. W ASHINGTON        Director February 4, 2025 Robin L. Washington 98.

Determine the maximum fraction of total portfolio capital that should be allocated to VLUE, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0194 (i.e., a 1.94% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0194 = 5.1514, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLP: 60-day history, VaR(99%)=-0.0200, max drawdown threshold=10%.

Question:
Asset: XLP
Daily returns (past 60 days): mean=-0.0011, std=0.0073, worst_day=-0.0239
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 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.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

Determine the maximum fraction of total portfolio capital that should be allocated to XLP, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0200 (i.e., a 2.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0200 = 5.0097, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ICSH: 60-day history, VaR(99%)=-0.0004, max drawdown threshold=10%.

Question:
Asset: ICSH
Daily returns (past 60 days): mean=0.0002, std=0.0003, worst_day=-0.0007
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to ICSH, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0004 (i.e., a 0.04% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0004 = 239.2273, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IAU: 60-day history, VaR(99%)=-0.0152, max drawdown threshold=10%.

Question:
Asset: IAU
Daily returns (past 60 days): mean=0.0032, std=0.0085, worst_day=-0.0171
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to IAU, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0152 (i.e., a 1.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0152 = 6.5811, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.1214, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0265, std=0.0756, worst_day=-0.1493
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8235

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1214 (i.e., a 12.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1214 = 0.8235, capped at 1.0.
Maximum position size = 0.8235 (82.3% of portfolio).


XLRE: 60-day history, VaR(99%)=-0.0298, max drawdown threshold=10%.

Question:
Asset: XLRE
Daily returns (past 60 days): mean=-0.0001, std=0.0108, worst_day=-0.0375
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2024-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsoli [...TRUNCATED...]  Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350. 97.1 Amazon.com, Inc. Clawback Policy (incorporated by reference to the Company's Annual Report on Form 10-K for the Year ended December 31, 2023). 101 The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of such agreements to the Commission upon request. 104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101). __________________ †    Executive Compensation Plan or Agreement. Item 16. Form 10-K Summary None. 76 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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, as of February 6, 2025.   AMAZON.COM, INC. By: /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February 6, 2025.   Signature Title /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer (Principal Executive Officer) and Director /s/ Brian T. Olsavsky Brian T. Olsavsky Senior Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Shelley L. Reynolds Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer) /s/ Jeffrey P. Bezos Jeffrey P. Bezos Executive Chair /s/ Keith B. Alexander Keith B. Alexander Director /s/ Edith W. Cooper Edith W. Cooper Director /s/ Jamie S. Gorelick Jamie S. Gorelick Director /s/ Daniel P. Huttenlocher Daniel P. Huttenlocher Director /s/ Andrew Y. Ng Andrew Y. Ng Director /s/ Indra K. Nooyi Indra K. Nooyi Director /s/ Jonathan J. Rubinstein Jonathan J. Rubinstein Director /s/ Brad D. Smith Brad D. Smith Director /s/ Patricia Q. Stonesifer Patricia Q. Stonesifer Director /s/ Wendell P. Weeks Wendell P. Weeks Director 77

Determine the maximum fraction of total portfolio capital that should be allocated to XLRE, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0298 (i.e., a 2.98% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0298 = 3.3539, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.1583, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0054, std=0.0472, worst_day=-0.1934
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6318

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1583 (i.e., a 15.83% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1583 = 0.6318, capped at 1.0.
Maximum position size = 0.6318 (63.2% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0180, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0002, std=0.0078, worst_day=-0.0224
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:TreasuryStockCommonMember 2024-06-30 0000019617 us-gaap:T [...TRUNCATED...] 05 Item 6.    Exhibits. Exhibit No. Description of Exhibit 3.1 Restate d Certificat e of Incorporation of JPMorgan Chase & Co., effective September 16, 202 5 . (a) 3.2 B y-laws of J P Morgan Chase & Co., as amended, effec tive Sept ember 12 , 202 5 ( incor porated by re ference to Exhibit 3. 2 to the Current Report on Form 8-K of J PM organ Ch a se & Co. (File No. 1-5805) filed S eptember 1 2, 202 5 ). 15 Letter re: Unaudited Interim Financial Information. (a) 22 Subsidiary Guarantors and Issuers of Guaranteed Securities . (a) 31.1 Certification. (a) 31.2 Certification. (a) 32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) 101.INS The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. (c) 101.SCH XBRL Taxonomy Extension Schema Document. (a) 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. (a) 101.DEF XBRL Taxonomy Extension Definition Linkbase Document. (a) 101.LAB XBRL Taxonomy Extension Label Linkbase Document. (a) 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. (a) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). (a) Filed herewith. (b) Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934. (c) Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2025 and 2024, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and nine months ended September 30, 2025 and 2024, (iii) the Consolidated balance sheets (unaudited) as of September 30, 2025 and December 31, 2024, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended September 30, 2025 and 2024, (v) the Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2025 and 2024, and (vi) the Notes to Consolidated Financial Statements (unaudited). 206 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. JPMorgan Chase & Co. (Registrant) By: /s/ Elena Korablina Elena Korablina Managing Director and Firmwide Controller (Principal Accounting Officer) Date: November 4, 2025 207

Determine the maximum fraction of total portfolio capital that should be allocated to XLI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0180 (i.e., a 1.80% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0180 = 5.5693, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.1503, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0109, std=0.0564, worst_day=-0.1606
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6655

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1503 (i.e., a 15.03% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1503 = 0.6655, capped at 1.0.
Maximum position size = 0.6655 (66.5% of portfolio).


PALL: 60-day history, VaR(99%)=-0.0619, max drawdown threshold=10%.

Question:
Asset: PALL
Daily returns (past 60 days): mean=0.0042, std=0.0253, worst_day=-0.0619
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to PALL, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0619 (i.e., a 6.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0619 = 1.6161, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLU: 60-day history, VaR(99%)=-0.0228, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0002, std=0.0108, worst_day=-0.0234
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-25] ["AEP Announces Pricing of Common Stock Offering with a Forward Component COLUMBUS, Ohio, March 24, 2025 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today announced the pricing of a registered underwritten offering of 19,607,844 shares of its common stock at a price to the public of $102.00 per share. Subject to certain conditions, all shares are expected to be borrowed by the forward counterparties (as defined below) (or their respective affiliates) from third parties and sold to the underwriters and offered in connection with the forward sale agreements described below. Citigroup, Barclays, BofA Securities and Wells Fargo Securities are acting as lead book-running managers for this offering. Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho, Morgan Stanley, MUFG and Scotiabank are also acting as lead book-running managers and RBC Capital Markets and KeyBanc Capital Markets are acting as co-managers for this offering. In connection with the offering, AEP entered into forward sale agreements with each of Citibank, N.A. and Barclays Bank PLC (the \"forward counterparties\") under which AEP agreed to issue and sell to the forward counterparties an aggregate of 19,607,844 shares of its common stock. In addition, the underwriters of the offering have been granted a 30-day option to purchase up to an additional 2,941,176 shares of AEP's common stock upon the same terms. If the underwriters exercise their option to purchase additional shares, AEP expects to enter into additional forward sale agreements with the forward counterparties with respect to the additional shares. Settlement of the forward sale agreements is expected to occur on or prior to December 31, 2026. AEP may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements. If AEP elects physical settlement of the forward sale agreements, it expects to use the net proceeds for general corporate purposes, which may include capital contributions to its utility subsidiaries, acquisitions and/or repayment of debt. The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offer may be made only by means of a prospectus and the related prospectus supplement. Copies of these documents may be obtained by contacting Citigroup by calling 1-800-831-9146, or by mail at Citigroup c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; Barclays Capital Inc. by calling 1-888-603-5847, or by mail at Barclays c/o 1155 Long Island Avenue, Edgewood, New Yor

Determine the maximum fraction of total portfolio capital that should be allocated to XLU, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0228 (i.e., a 2.28% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0228 = 4.3791, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0912, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0062, std=0.0416, worst_day=-0.1210
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0912 (i.e., a 9.12% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0912 = 1.0970, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1614, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0068, std=0.0561, worst_day=-0.1989
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6194

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1614 (i.e., a 16.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1614 = 0.6194, capped at 1.0.
Maximum position size = 0.6194 (61.9% of portfolio).


XLU: 60-day history, VaR(99%)=-0.0142, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0015, std=0.0078, worst_day=-0.0184
Maximum acceptable portfolio drawdown: 10%
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

Determine the maximum fraction of total portfolio capital that should be allocated to XLU, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0142 (i.e., a 1.42% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0142 = 7.0317, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1661, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0000, std=0.0718, worst_day=-0.1825
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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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

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.6020

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1661 (i.e., a 16.61% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1661 = 0.6020, capped at 1.0.
Maximum position size = 0.6020 (60.2% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.1219, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0039, std=0.0432, worst_day=-0.1391
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8201

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1219 (i.e., a 12.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1219 = 0.8201, capped at 1.0.
Maximum position size = 0.8201 (82.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0742, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0012, std=0.0409, worst_day=-0.0792
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0742 (i.e., a 7.42% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0742 = 1.3485, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1825, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=0.0069, std=0.0963, worst_day=-0.1825
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-29] AEP Names Joseph Sauvage to Board of Directors COLUMBUS, Ohio, April 29, 2025 /PRNewswire/ -- Joseph G. Sauvage, retired vice chairman and chairman of Global Power, Utilities and Renewables of Citigroup, today was elected to the American Electric Power (Nasdaq: AEP) Board of Directors. Sauvage led Citigroup's Global Power, Utilities and Renewables practice for more than 16 years. Prior to joining Citigroup, he held various investment banking roles at Lehman Brothers, including vice chairman and global head of Power, Utilities and Renewables. Sauvage served as a vice chairman of the Wall Street Advisory Group and was a member of the executive committee for the Electric Power Research Institute Advisory Council. "AEP strives to achieve a mix of directors with skills and experience that align with the company's long-term strategy," said Sara Martinez Tucker, chairman of the AEP Board of Directors. "Joe's deep understanding of the opportunities facing our industry, as well as his insight into complex capital raises and market dynamics, will bring a valuable perspective to the Board." "Joe's strategic and financial expertise will be helpful as we invest in a reliable, modern energy system to serve our customers and support once-in-a-generation load growth," said AEP President and Chief Executive Officer Bill Fehrman. "We are grateful to have Joe on the Board and welcome his guidance." Donna James did not stand for re-election to the Board of Directors for personal reasons. "We thank Donna for her leadership and contributions to the company and wish her all the best moving forward," Tucker said. About AEP Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com. View original content to download multimedia:https://www.prnewswire.com/news

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.5480

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1825 (i.e., a 18.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1825 = 0.5480, capped at 1.0.
Maximum position size = 0.5480 (54.8% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0684, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0040, std=0.0271, worst_day=-0.0847
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0684 (i.e., a 6.84% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0684 = 1.4609, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0505, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0003, std=0.0253, worst_day=-0.0505
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0505 (i.e., a 5.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0505 = 1.9816, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0215, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0007, std=0.0095, worst_day=-0.0284
Maximum acceptable portfolio drawdown: 10%
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

Determine the maximum fraction of total portfolio capital that should be allocated to XLV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0215 (i.e., a 2.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0215 = 4.6489, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TLT: 60-day history, VaR(99%)=-0.0089, max drawdown threshold=10%.

Question:
Asset: TLT
Daily returns (past 60 days): mean=0.0008, std=0.0065, worst_day=-0.0103
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to TLT, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0089 (i.e., a 0.89% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0089 = 11.2135, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0325, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0008, std=0.0132, worst_day=-0.0325
Maximum acceptable portfolio drawdown: 10%
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

Determine the maximum fraction of total portfolio capital that should be allocated to EWJ, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0325 (i.e., a 3.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0325 = 3.0761, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VTI: 60-day history, VaR(99%)=-0.0335, max drawdown threshold=10%.

Question:
Asset: VTI
Daily returns (past 60 days): mean=-0.0007, std=0.0148, worst_day=-0.0335
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-22] ["Game On: Take-Two reports mixed Q4 earnings results \u201cGame On\u201d is The Fly\u2019s weekly recap of the stories powering up or beating down video game stocks. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter TAKE-TWO REPORTS MIXED Q4 EARNINGS RESULTS: Last week, Take-Two (TTWO) reported a fourth quarter loss per share of ($21.08) on net bookings of $1.58B, which compared to a loss per share of ($17.02) for the same period last year and analyst net bookings estimates of $1.55B. GAAP results include impairment charges of $3.55B related to goodwill and $176.3M for acquisition-related intangible assets. The company also guided to a Q1 loss per share of (78c) to (65c) on net bookings of $1.25B-$1.3B, which compared to analyst estimates of (78c) and $1.28B, respectively. Additionally, Take-Two forecast a FY26 loss per share of ($2.79) to ($2.45) on net bookings of $5.9B-$6B. \u201cWe achieved outstanding results in our 2025 Fiscal Year, with each of our labels contributing meaningfully to our performance. Our Fiscal 2026 outlook reflects continuing positive momentum, with Net Bookings guidance of $5.9B to $6B. As we bring our exciting lineup to market, including Grand Theft Auto VI in Fiscal 2027, we expect to achieve record levels of Net Bookings that will establish a new baseline for our business and set us on a path of enhanced profitability,\u201d said CEO Strauss Zelnick. Following the report, JPMorgan raised the firm\u2019s price target on Take-Two to $250 from $225 and kept an Overweight rating on the shares. The company reported strong fiscal Q4 results, with broad-based outperformance across key titles driving bookings to the top-end of guidance, the analyst said. The firm added the biggest news of the quarter came a few weeks ago when Take-Two announced the delay of GTA VI, \u201cwhich made it all the more important that other franchises delivered in the near-term.\u201d Meanwhile, Benchmark raised the firm\u2019s price target on Take-Two to $250 from $225 and kept a Buy rating on the shares after what the firm calls \u201ca strong finish to fiscal 2025,\u201d driven by broad based performance across core franchises and mobile. Excitement for Grand Theft Auto VI continues to build, as evidenced by trailer two having surpassed 475M cross platform views in its first 24 hours, noted the analyst, who sees this \u201creinforcing the franchise\u2019s global cultural resonance and the anticipated impact of its fiscal 2027 release.\u201d Additionally, Wedbush raised the firm\u2019s price target on Take-Two to $269 from $253 and kept an Outperform rating on the shares. The firm noted that the practi

Determine the maximum fraction of total portfolio capital that should be allocated to VTI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0335 (i.e., a 3.35% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0335 = 2.9889, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0957, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0079, std=0.0422, worst_day=-0.1171
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0957 (i.e., a 9.57% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0957 = 1.0447, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


INDS: 60-day history, VaR(99%)=-0.0325, max drawdown threshold=10%.

Question:
Asset: INDS
Daily returns (past 60 days): mean=-0.0025, std=0.0117, worst_day=-0.0381
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to INDS, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0325 (i.e., a 3.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0325 = 3.0750, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0684, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0042, std=0.0259, worst_day=-0.0847
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000


XLB: 60-day history, VaR(99%)=-0.0205, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0005, std=0.0098, worst_day=-0.0208
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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Determine the maximum fraction of total portfolio capital that should be allocated to XLB, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0205 (i.e., a 2.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0205 = 4.8684, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).