EFA: 60-day return history, mean=0.0010, std=0.0117.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0010, std=0.0117, min=-0.0289, max=0.0259
Market regime: sideways
Recent filing/news:
[SEC 10-Q CAT 2025-05-07] cat-20250331 0000018230 FALSE 12/31 2025 Q1 50 http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cat:group_president cat:segment 0000018230 2025-01-01 2025-03-31 0000018230 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000018230 cat:A5.3DebenturesDueSeptember152035Member 2025-01-01 2025-03-31 0000018230 2025-03-31 0000018230 cat:MachineryEnergyTransportationMember 2025-01-01 2025-03-31 0000018230 cat:MachineryEnergyTransportationMember 2024-01-01 2024-03-31 0000018230 cat:FinancialProductsMember 2025-01-01 2025-03-31 0000018230 cat:FinancialProductsMember 2024-01-01 2024-03-31 0000018230 2024-01-01 2024-03-31 0000018230 cat:AllOtherExcludingFinancialProductsMember 2025-01-01 2025-03-31 0000018230 cat:AllOtherExcludingFinancialProductsMember 2024-01-01 2024-03-31 0000018230 2024-12-31 0000018230 cat:FinancialProductsMember 2025-03-31 0000018230 cat:FinancialProductsMember 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us-gaap:NondesignatedMember 2024-01-01 2024-03-31 0000018230 us-gaap [...TRUNCATED...] ately 50,000 shares of Caterpillar common stock were purchased by the EIP Plans pursuant to the terms of such plans. Item 5. Other Information During the three months ended March 31, 2025, none of the company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933). 67 Table of Contents Item 6. Exhibits 31.1 Certification of Chief Executive Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32 Certification of Chief Executive Officer of Caterpillar Inc. and Chief Financial Officer of Caterpillar Inc., as required 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 File (embedded within the Inline XBRL document and included in Exhibit 101) The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. 68 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.       CATERPILLAR INC.               May 7, 2025 /s/ Joseph E. Creed Chief Executive Officer   Joseph E. Creed         May 7, 2025 /s/ Andrew R.J. Bonfield Chief Financial Officer   Andrew R.J. Bonfield               May 7, 2025 /s/ Derek Owens Chief Legal Officer and General Counsel   Derek Owens             May 7, 2025 /s/ William E. Schaupp Vice President and Chief Accounting Officer   William E. Schaupp   69

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

Answer: -0.0213

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0213 (i.e., on a bad day with 5% probability, the loss exceeds 2.13%). CVaR(95%) = -0.0257.


LINK-USD: 60-day return history, mean=0.0010, std=0.0585.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0010, std=0.0585, min=-0.1701, max=0.1774
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 LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0822

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0822 (i.e., on a bad day with 5% probability, the loss exceeds 8.22%). CVaR(95%) = -0.1303.


ETH-USD: 60-day return history, mean=0.0111, std=0.0402.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0111, std=0.0402, min=-0.0851, max=0.1440
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 ETH-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0443

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0443 (i.e., on a bad day with 5% probability, the loss exceeds 4.43%). CVaR(95%) = -0.0656.


EFA: 60-day return history, mean=0.0003, std=0.0070.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0003, std=0.0070, min=-0.0186, max=0.0153
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 EFA. Express as a decimal (e.g., -0.02).

Answer: -0.0131

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0131 (i.e., on a bad day with 5% probability, the loss exceeds 1.31%). CVaR(95%) = -0.0152.


ACWI: 60-day return history, mean=0.0013, std=0.0054.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=0.0013, std=0.0054, min=-0.0127, max=0.0164
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 ACWI. Express as a decimal (e.g., -0.02).

Answer: -0.0059

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0059 (i.e., on a bad day with 5% probability, the loss exceeds 0.59%). CVaR(95%) = -0.0088.


XRP-USD: 60-day return history, mean=0.0007, std=0.0388.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0007, std=0.0388, min=-0.1053, max=0.1433
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 XRP-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0558

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0558 (i.e., on a bad day with 5% probability, the loss exceeds 5.58%). CVaR(95%) = -0.0767.


LINK-USD: 60-day return history, mean=0.0046, std=0.0372.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0046, std=0.0372, min=-0.0752, max=0.1049
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 LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0594

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0594 (i.e., on a bad day with 5% probability, the loss exceeds 5.94%). CVaR(95%) = -0.0682.


USMV: 60-day return history, mean=-0.0001, std=0.0094.

Question:
Asset: USMV
Daily returns (past 60 days): mean=-0.0001, std=0.0094, min=-0.0253, max=0.0221
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-14] 1 Surging Stock on Our Buy List and 2 to Brush Off Exciting developments are taking place for the stocks in this article. They’ve all surged ahead of the broader market over the last month as catalysts such as new products and positive media coverage have propelled their returns. But not every company with momentum is a long-term winner, and plenty of investors have lost money betting on short-term fads. Keeping that in mind, here is one stock we think lives up to the hype and two that may correct. One-Month Return: +13.8% Headquartered in NYC, Genco (NYSE:GNK) is a shipping company that transports dry bulk cargo along worldwide maritime routes. Why Do We Steer Clear of GNK? Sluggish trends in its owned vessels suggest customers aren’t adopting its solutions as quickly as the company hoped Earnings per share have contracted by 45.6% annually over the last two years, a headwind for returns as stock prices often echo long-term EPS performance Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 6.5 percentage points Genco’s stock price of $14.56 implies a valuation ratio of 22.2x forward P/E. Read our free research report to see why you should think twice about including GNK in your portfolio, it’s free. One-Month Return: +30.4% Established in 2006, SolarEdge (NASDAQ: SEDG) creates advanced systems to improve the efficiency of solar panels. Why Should You Sell SEDG? Demand for its offerings was relatively low as its number of megawatts shipped has underwhelmed Eroding returns on capital from an already low base indicate that management’s recent investments are destroying value Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders SolarEdge is trading at $18.15 per share, or 0.9x forward price-to-sales. Dive into our free research report to see why there are better opportunities than SEDG. One-Month Return: +21.7% Founded by Brian Chesky and Joe Gebbia in their San Francisco apartment, Airbnb (NASDAQ:ABNB) is the world’s largest online marketplace for lodging, primarily homestays. Why Will ABNB Beat the Market? Has the opportunity to boost monetization through new features and premium offerings as its nights and experiences booked have grown by 10.4% annually over the last two years Earnings per share have massively outperformed its peers over the last three years, increasing by 49.4% annually Strong free cash flow margin of 39.7% enables it to reinvest or return capital consistently At $137.83 per share, Airbnb trades at 20.5x forward EV/EBITDA. Is now the time to initiate a position? See for yourself in our in-depth research report, it’s free. Donald Trump’s 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 regar

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

Answer: -0.0139

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0139 (i.e., on a bad day with 5% probability, the loss exceeds 1.39%). CVaR(95%) = -0.0200.


SOL-USD: 60-day return history, mean=0.0045, std=0.0368.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0045, std=0.0368, min=-0.0785, max=0.1005
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 SOL-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0471

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0471 (i.e., on a bad day with 5% probability, the loss exceeds 4.71%). CVaR(95%) = -0.0615.


LINK-USD: 60-day return history, mean=0.0098, std=0.0529.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0098, std=0.0529, min=-0.0939, max=0.1341
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 LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0697

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0697 (i.e., on a bad day with 5% probability, the loss exceeds 6.97%). CVaR(95%) = -0.0854.


ACWI: 60-day return history, mean=-0.0017, std=0.0120.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=-0.0017, std=0.0120, min=-0.0309, max=0.0250
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-17] Trump Trade: Nvidia sees Q1 charges of $5.5B due to H20 restrictions Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. RESTRICTIONS: In a regulatory filing, Nvidia (NVDA) stated, “On April 9, 2025, the U.S. government, or USG, informed NVIDIA Corporation, or the company, that the USG requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of the Company’s H20 integrated circuits and any other circuits achieving the H20’s memory bandwidth, interconnect bandwidth, or combination thereof. The USG indicated that the license requirement addresses the risk that the covered products may be used in, or diverted to, a supercomputer in China. On April 14, 2025, the USG informed the company that the license requirement will be in effect for the indefinite future. The company’s first quarter of fiscal year 2026 ends on April 27, 2025. First quarter results are expected to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments, and related reserves.” Wells Fargo notes that following Nvidia’s 8K announcement last night, AMD (AMD) has filed an 8K this morning announcing that it too expects new U.S. Government license controls on GPU sales into China to impact the company’s MI308X. AMD says that while it expects to apply for licenses, there are no assurances that licenses will be granted. Therefore, the company is announcing that it expects to take up to an $800M inventory, purchase commitment, and related reserve charge, likely in Q2, says Wells. The firm has an Overweight rating on AMD with a price target of $140. PARTS FROM CHINA: Tesla’s (TSLA) plans to ship parts from China for the Cybercab and Semi electric trucks in the U.S. were suspended after President Donald Trump raised tariffs on Chinese goods, Reuters reports, citing a person with direct knowledge. The move may disrupt the company’s plans to begin mass production of the models. Tesla was prepared to absorb the costs when Trump imposed the 34% tariff on Chinese goods but could not do so when the tariffs were increased, leaving shipping plans suspended, the person told Reuters. DELISTING: Officials in President Donald Trump’s administration and the president’s supporters are “leaning further into the prospect of delisting the nearly 300 Chinese companies that trade on U.S. exchanges,” according to a recap from Politico. On April 10, Fox Business Network’s Charles Gasparino previously reported, citing sources, that the Trump administration was proceeding toward a possible delisting of Chinese public company share

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: -0.0264

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0264 (i.e., on a bad day with 5% probability, the loss exceeds 2.64%). CVaR(95%) = -0.0309.


LINK-USD: 60-day return history, mean=0.0000, std=0.0419.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0000, std=0.0419, min=-0.0759, max=0.1469
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 LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0597

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0597 (i.e., on a bad day with 5% probability, the loss exceeds 5.97%). CVaR(95%) = -0.0718.


BNB-USD: 60-day return history, mean=0.0073, std=0.0285.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=0.0073, std=0.0285, min=-0.0718, max=0.0910
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 BNB-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0349

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0349 (i.e., on a bad day with 5% probability, the loss exceeds 3.49%). CVaR(95%) = -0.0553.


XLB: 59-day return history, mean=-0.0010, std=0.0091.

Question:
Asset: XLB
Daily returns (past 59 days): mean=-0.0010, std=0.0091, min=-0.0288, max=0.0221
Market regime: sideways
Recent filing/news:
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us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealized [...TRUNCATED...] Power of Attorney for certain directors of Chevron Corporation, authorizing the signing of the Annual Report on Form 10-K on their behalf. 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer (page E-3). 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer (page E-4).   32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer (page E-5).   32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer (page E-6). 97.1+ Chevron Corporation Dodd-Frank Clawback Policy , filed as Exh i bit 97.1 to Ch ev ron Corporation ’ s Annual Report on Form 10-K for the year ended December 31, 2023, and incorporated herein by r eference . 99.1* Definitions of Selected Energy and Financial Terms (pages E-7 through E-10). 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. Pursuant to Item 601(b)(4) of Regulation S-K, certain instruments with respect to the company’s long-term debt are not filed with this Annual Report on Form 10-K. A copy of any such instrument will be furnished to the Securities and Exchange Commission upon request. 120 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, on the 21st day of February, 2025.  Chevron Corporation   By: /s/ MICHAEL K. WIRTH Michael K. Wirth, Chairman of the Board 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 on the 21st day of February, 2025.   Principal Executive Officer (and Director) /s/ MICHAEL K. WIRTH Michael K. Wirth, Chairman of the Board and Chief Executive Officer Principal Financial Officer /s/ EIMEAR P. BONNER Eimear P. Bonner, Vice President and Chief Financial Officer Principal Accounting Officer /s/ ALANA K. KNOWLES Alana K. Knowles, Vice President and Controller * By:  /s/ MARY A. FRANCIS Mary A. Francis, Attorney-in-Fact Directors WANDA M. AUSTIN * Wanda M. Austin JOHN B. FRANK * John B. Frank ALICE P. GAST * Alice P. Gast ENRIQUE HERNANDEZ, JR. * Enrique Hernandez, Jr. MARILLYN A. HEWSON * Marillyn A. Hewson JON M. HUNTSMAN JR. * Jon M. Huntsman Jr. CHARLES W. MOORMAN * Charles W. Moorman DAMBISA F. MOYO * Dambisa F. Moyo DEBRA REED-KLAGES * Debra Reed-Klages D. JAMES UMPLEBY III * D. James Umpleby III CYNTHIA J. WARNER * Cynthia J. Warner 121

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

Answer: -0.0133

Explanation: Historical simulation VaR at 95%: sort the 59 daily returns and take the 5th percentile. VaR(95%) = -0.0133 (i.e., on a bad day with 5% probability, the loss exceeds 1.33%). CVaR(95%) = -0.0203.


PALL: 60-day return history, mean=0.0020, std=0.0168.

Question:
Asset: PALL
Daily returns (past 60 days): mean=0.0020, std=0.0168, min=-0.0359, max=0.0580
Market regime: sideways

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

Answer: -0.0256

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0256 (i.e., on a bad day with 5% probability, the loss exceeds 2.56%). CVaR(95%) = -0.0310.


LINK-USD: 60-day return history, mean=0.0115, std=0.0649.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0115, std=0.0649, min=-0.1453, max=0.1799
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 LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0732

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0732 (i.e., on a bad day with 5% probability, the loss exceeds 7.32%). CVaR(95%) = -0.1103.


XLB: 60-day return history, mean=0.0017, std=0.0094.

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0017, std=0.0094, min=-0.0208, max=0.0255
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-22] ["CoreWeave, Opendoor, Apple: Trending Tickers CoreWeave (CRWV) stock pops after announcing a $1.5 billion bond sale to fund its debt payments. Opendoor (OPEN) stock skyrockets after more than doubling the week prior. Apple (AAPL) is reportedly working on a foldable phone, according to TF International Securities analysts and Bloomberg. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here.", "CTL Expands Leadership Team with New Sales Executive West Interian brings 30+ years of EdTech sales experience; will help CTL expand into education and commercial markets BEAVERTON, Ore., July 22, 2025 /PRNewswire/ -- CTL Corporation, a global cloud-computing solution leader for education and enterprise, announced today the appointment of West Interian as senior vice president of sales. Interian brings decades of B2B technology sales experience to CTL, including a strong background in EdTech, a proven record of penetrating new commercial markets, and sales leadership roles at Apple, Xerox, and Cisco. \"As CTL continues to grow and evolve, West will help us build on our existing foundation of sales as well as implement a unified and coordinated sales strategy across our education and commercial markets both here and abroad,\" said Jason Mendenhall, CEO of CTL. \"We are excited to welcome him to the team and look forward to the continued growth trajectory ahead.\" \"CTL is well-positioned within the EdTech community as a provider of ChromeOS products and services, and I'm looking forward to scaling this solution set both within the EdTech market and beyond to enterprise markets such as healthcare, retail, hospitality, and others,\" said West Interian, senior vice president of sales at CTL. \"Cloud computing has never been more pertinent to more industries, and I look forward to bringing CTL's solutions to additional markets.\" Interian joins the CTL leadership team with a distinguished background in sales. Particularly in the K-12 education market. His career includes sales leadership roles at Apple Education, where he helped launch the iPad in schools, as well as senior roles at Cisco and Xerox. A passionate advocate for educational technology, he has also served as senior vice president of sales at EdTech innovators including VEX Robotics and Ozobot. He also serves on the board of the PS I Love You Foundation, supporting at-risk youth. Mr. Interian assumed his role at CTL on July 14, 2025, and is currently working with the existing sales teams. About CTL CTL is a global computing solutions manufacturer empowering success at school and in the workplace with award-winning technology products and comprehensive lifecycle services. For more than 35 years, customers in more than 65 countries have relied on CTL's award-winning offerings of Chromebooks, Chromeboxes, and video collaboration tools, as well as ITAD, solution configuration, and maintenance services. As a technology partner, CTL serves as a solution

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

Answer: -0.0118

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0118 (i.e., on a bad day with 5% probability, the loss exceeds 1.18%). CVaR(95%) = -0.0160.


ADA-USD: 60-day return history, mean=-0.0065, std=0.0475.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0065, std=0.0475, min=-0.1071, max=0.1342
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 ADA-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0860

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0860 (i.e., on a bad day with 5% probability, the loss exceeds 8.60%). CVaR(95%) = -0.1004.


AVAX-USD: 60-day return history, mean=-0.0091, std=0.0555.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0091, std=0.0555, min=-0.1606, max=0.1404
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: -0.1208

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.1208 (i.e., on a bad day with 5% probability, the loss exceeds 12.08%). CVaR(95%) = -0.1421.


AVAX-USD: 60-day return history, mean=0.0039, std=0.0623.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0039, std=0.0623, min=-0.1614, max=0.2028
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: -0.0917

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0917 (i.e., on a bad day with 5% probability, the loss exceeds 9.17%). CVaR(95%) = -0.1254.


XLU: 60-day return history, mean=0.0012, std=0.0085.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0012, std=0.0085, min=-0.0184, max=0.0211
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-25] ["Warren Buffett's Favorite Stock Is Up Over 4,470,000% Since 1965, but You Won't Find It in His Portfolio Warren Buffett's simple investment strategy has propelled Berkshire Hathaway to market-beating returns since 1965. Buffett has invested in over 100 different companies, including giants like Apple, Coca-Cola, GEICO Insurance, and American Express. But Buffett has plowed more money into one particular company than any other, and investors won't find it listed in Berkshire's portfolio. 10 stocks we like better than Berkshire Hathaway \u203a In 1965, Warren Buffett took a controlling stake in a struggling textiles company called Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). After realizing its operations were no longer viable, he converted it into a holding company for his various investments. Berkshire now manages numerous wholly owned subsidiaries and a $292 billion portfolio of publicly traded stocks and securities. Despite owning a stake in more than a hundred different companies during the past 60 years, Buffett has never expressly named a favorite. But if we follow the money, it's clear he likes some much more than others. For example, he bought about $38 billion worth of Apple (NASDAQ: AAPL) stock on Berkshire's behalf between 2016 and 2023, which is the most he has ever invested in a single company. With that said, Buffett has spent more than twice that much buying shares in another name that has soared by more than 4,470,000% since 1965 -- except you won't find it in Berkshire's portfolio. Buffett likes to invest in companies with steady growth, reliable profits, and strong management teams. He especially likes those with shareholder-friendly initiatives like dividend plans and stock buyback programs, because they compound his money significantly faster. But his most important weapon is time -- when he buys a stake in a company, his preferred holding period is forever. Berkshire's Coca-Cola (NYSE: KO) investment is a great example of Buffett's strategy in action. He bought 400 million shares of the soft-drink giant between 1988 and 1994, for a total cost of $1.3 billion. He has never sold a single share, and today that position is worth a whopping $27.8 billion. Plus, it paid Berkshire $776 million in dividends in 2024, so the conglomerate now recoups its original investment every two years or so. Apple is another company that ticks all of Buffett's boxes, and it has netted Berkshire an enormous profit to date. Heading into 2024, Berkshire's $38 billion investment was worth more than $170 billion and accounted for half of the value of the conglomerate's entire portfolio of stocks and securities. Buffett and his team have since sold two-thirds of Berkshire's Apple stake to cash in some of those gains and to reduce risk. Kraft Heinz, Visa, Bank of America, and American Express are just a few of Berkshire's other long-term holdings that continue to match Buffett's criteria. While Buffett's $38 billion Apple investment remains his biggest

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.


SOL-USD: 60-day return history, mean=0.0044, std=0.0418.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0044, std=0.0418, min=-0.0915, max=0.1130
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 SOL-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0560

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0560 (i.e., on a bad day with 5% probability, the loss exceeds 5.60%). CVaR(95%) = -0.0832.


XRP-USD: 60-day return history, mean=-0.0009, std=0.0408.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0009, std=0.0408, min=-0.1053, max=0.1433
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 XRP-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0546

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0546 (i.e., on a bad day with 5% probability, the loss exceeds 5.46%). CVaR(95%) = -0.0813.


INDS: 60-day return history, mean=0.0007, std=0.0109.

Question:
Asset: INDS
Daily returns (past 60 days): mean=0.0007, std=0.0109, min=-0.0231, max=0.0249
Market regime: sideways

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

Answer: -0.0162

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0162 (i.e., on a bad day with 5% probability, the loss exceeds 1.62%). CVaR(95%) = -0.0192.


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.


DBC: 60-day history, VaR(99%)=-0.0161, max drawdown threshold=10%.

Question:
Asset: DBC
Daily returns (past 60 days): mean=0.0011, std=0.0083, worst_day=-0.0213
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to DBC, 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 = 0.0161 (i.e., a 1.61% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0161 = 6.2262, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0899, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0008, std=0.0332, worst_day=-0.1204
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ETH-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 = 0.0899 (i.e., a 8.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0899 = 1.1126, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1287, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0085, std=0.0476, worst_day=-0.1761
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 ADA-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: 0.7770

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1287 (i.e., a 12.87% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1287 = 0.7770, capped at 1.0.
Maximum position size = 0.7770 (77.7% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0190, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0025, std=0.0095, worst_day=-0.0210
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-15] ["Jamf Announces Strategic Reinvestment Plan Q2 2025 Financial Results Expected to Exceed High End of Guidance Ranges MINNEAPOLIS, July 15, 2025 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced a strategic reinvestment plan to help drive long-term growth, improve operational efficiency and enhance shareholder value. Jamf\u2019s recent comprehensive systems update, spanning both front- and back-office operations, has provided enhanced insights into Jamf\u2019s business and growth opportunities. As a result, Jamf is embarking on a strategic reinvestment plan to support the continued success of the business. This plan includes strategic reallocation of resources to allow for investment in areas with the highest potential to fuel growth and drive additional operational leverage in the business. Two key focus areas are: 1. Go-To-Market Enhancement Jamf is taking steps to realign its go-to-market organization to allow for investment in areas that have the greatest opportunity for growth and align with our platform strategy via the Jamf for Mac, Jamf for Mobile, Jamf for K-12, and Jamf for SMB solutions. Enhance growth in Enterprise: increasing investment and resources to support Enterprise customers, which deliver higher growth, stronger retention, and greater return on investment. Simplify approach to SMB: scaling through the channel while also developing a more automated customer solution and experience to deliver greater customer value and improve operational efficiency. 2. AI Investments In addition to the efficiencies experienced over the last year from deploying AI within the sales, product and customer success groups, Jamf is further accelerating investments in AI capabilities that improve the customer experience in the Jamf product platform and drive further productivity enhancements by accelerating delivery of AI- and automation-driven solutions across the entire organization. In order to facilitate the strategic reinvestment plan, the Company will reduce its workforce by approximately 6.4%. The Company will reduce roles across its go-to-market and other functions to align with the strategic reinvestment plan, as well as reducing spans and layers throughout the organization. Jamf currently estimates that it will incur charges of approximately $11.0 to $12.5 million in connection with the workforce reduction, consisting of cash expenditures for notice period and severance payments, employee benefits, and related costs. The Company expects that most of the charges will be incurred in the third quarter of 2025 and that the execution of the Plan will be substantially complete by the end of the fourth quarter of 2025. The Company intends to exclude the charges associated with the workforce reduction from certain of its non-GAAP financial measures. Q2 2025 Financial Results Expected to Exceed High End of Guidance Ranges Jamf expects to exceed the high end of the guidance ranges previously

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 = 0.0190 (i.e., a 1.90% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0190 = 5.2674, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EFA: 60-day history, VaR(99%)=-0.0263, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0006, std=0.0118, worst_day=-0.0289
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
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us-gaap:EmployeeStockOptionMember ba:AntidilutiveOrPerformanceConditionNotMetMember 2025-01-01 2025-03-31 0000012927 us-gaap:Employee [...TRUNCATED...] 160;Yet be Purchased Under the Plans or Programs 1/1/2025 thru 1/31/2025 33,204  $171.87  2/1/2025 thru 2/28/2025 46,784  183.15  3/1/2025 thru 3/31/2025 842  158.96  Total 80,830  $178.26  (1) A total of 80,830 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. 51 Table of Contents Item 5. Other Information During the three months ended March 31, 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. 52 Table of Contents Item 6. Exhibits 10.1 Form of U.S. Notice of Terms of Long-Term Incentive Non-Qualified Premium-Priced Stock Option* 10.2 Form of Non-U.S. Notice of Terms of Long-Term Incentive Non-Qualified Premium-Priced Stock Option* 10.3 Form of U.S. Notice of Terms of Long-Term Incentive Restricted Stock Units* 10.4 Form of Non-U.S. Notice of Terms of Long-Term Incentive Restricted Stock Units* 10.5 Form of U.S. Notice of Terms of Supplemental Restricted Stock Units* 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) * Management contract or compensatory plan 53 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) April 23, 2025 /s/ Michael J. Cleary (Date) Michael J. Cleary Senior Vice President and Controller 54

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, 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 = 0.0263 (i.e., a 2.63% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0263 = 3.8082, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0808, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0022, std=0.0408, worst_day=-0.0876
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 = 0.0808 (i.e., a 8.08% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0808 = 1.2381, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0372, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=-0.0010, std=0.0137, worst_day=-0.0372
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-17] Trump Trade: Nvidia sees Q1 charges of $5.5B due to H20 restrictions Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly: Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. RESTRICTIONS: In a regulatory filing, Nvidia (NVDA) stated, “On April 9, 2025, the U.S. government, or USG, informed NVIDIA Corporation, or the company, that the USG requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of the Company’s H20 integrated circuits and any other circuits achieving the H20’s memory bandwidth, interconnect bandwidth, or combination thereof. The USG indicated that the license requirement addresses the risk that the covered products may be used in, or diverted to, a supercomputer in China. On April 14, 2025, the USG informed the company that the license requirement will be in effect for the indefinite future. The company’s first quarter of fiscal year 2026 ends on April 27, 2025. First quarter results are expected to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments, and related reserves.” Wells Fargo notes that following Nvidia’s 8K announcement last night, AMD (AMD) has filed an 8K this morning announcing that it too expects new U.S. Government license controls on GPU sales into China to impact the company’s MI308X. AMD says that while it expects to apply for licenses, there are no assurances that licenses will be granted. Therefore, the company is announcing that it expects to take up to an $800M inventory, purchase commitment, and related reserve charge, likely in Q2, says Wells. The firm has an Overweight rating on AMD with a price target of $140. PARTS FROM CHINA: Tesla’s (TSLA) plans to ship parts from China for the Cybercab and Semi electric trucks in the U.S. were suspended after President Donald Trump raised tariffs on Chinese goods, Reuters reports, citing a person with direct knowledge. The move may disrupt the company’s plans to begin mass production of the models. Tesla was prepared to absorb the costs when Trump imposed the 34% tariff on Chinese goods but could not do so when the tariffs were increased, leaving shipping plans suspended, the person told Reuters. DELISTING: Officials in President Donald Trump’s administration and the president’s supporters are “leaning further into the prospect of delisting the nearly 300 Chinese companies that trade on U.S. exchanges,” according to a recap from Politico. On April 10, Fox Business Network’s Charles Gasparino previously reported, citing sources, that the Trump administration was proceeding toward a possible delisting of Chinese public company share

Determine the maximum fraction of total portfolio capital that should be allocated to XLF, 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 = 0.0372 (i.e., a 3.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0372 = 2.6872, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0708, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0011, std=0.0277, worst_day=-0.0767
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 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 = 0.0708 (i.e., a 7.08% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0708 = 1.4116, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TLH: 60-day history, VaR(99%)=-0.0119, max drawdown threshold=10%.

Question:
Asset: TLH
Daily returns (past 60 days): mean=0.0002, std=0.0063, worst_day=-0.0129
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to TLH, 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 = 0.0119 (i.e., a 1.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0119 = 8.3912, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EMB: 60-day history, VaR(99%)=-0.0093, max drawdown threshold=10%.

Question:
Asset: EMB
Daily returns (past 60 days): mean=0.0003, std=0.0041, worst_day=-0.0150
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to EMB, 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 = 0.0093 (i.e., a 0.93% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0093 = 10.7228, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VCIT: 60-day history, VaR(99%)=-0.0054, max drawdown threshold=10%.

Question:
Asset: VCIT
Daily returns (past 60 days): mean=0.0004, std=0.0030, worst_day=-0.0059
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to VCIT, 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 = 0.0054 (i.e., a 0.54% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0054 = 18.5936, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DBC: 60-day history, VaR(99%)=-0.0145, max drawdown threshold=10%.

Question:
Asset: DBC
Daily returns (past 60 days): mean=0.0013, std=0.0075, worst_day=-0.0153
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to DBC, 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 = 0.0145 (i.e., a 1.45% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0145 = 6.9083, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0336, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0012, std=0.0141, worst_day=-0.0336
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-19] ["Zacks Investment Ideas feature highlights: Arista Networks, Apple and Applied Industrial Technologies Chicago, IL \u2013 May 19, 2025\u2013 Today, Zacks Investment Ideas feature highlights Arista Networks ANET, Apple AAPL and Applied Industrial Technologies AIT. There are many ways that companies can keep shareholders happy, whether that be through robust financial performance or consistent dividend payouts, just for a few simple examples. Companies can also demonstrate a shareholder-friendly nature through share repurchase programs, also commonly known as stock buybacks. Several companies, including Arista Networks, Apple and Applied Industrial Technologies, recently unveiled fresh buybacks. Let's take a closer look at the benefits and the announcements of each. Stock buybacks, also known as share repurchase programs, are commonly deployed by companies to boost shareholder value. A stock buyback occurs when a company purchases outstanding shares of its stock. In its simplest form, buybacks represent companies essentially re-investing in themselves. Reducing the number of outstanding shares can boost earnings per share (EPS), also helping to put a floor under shares, reflective of consistent buying pressure. Still, it's worth mentioning that buybacks can sometimes bring out critics, as some believe the cash could be better deployed elsewhere, such as R&D. Nonetheless, buybacks are generally a net positive for shareholders, particularly those of mature companies with a much smaller growth runway. Arista Networks' latest set of quarterly results beat our consensus EPS and sales estimates handily, with revenue of $2.0 billion showing nearly 30% growth year-over-year. The company's sales growth has been fueled by the AI frenzy, as the company is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus, and routing environments. The stock also sports a favorable Zacks Rank #2 (Buy), with EPS expectations increasing across the board. Arista Networks unveiled an additional $1.5 billion repurchase program in the release. Down 15% year-to-date, Apple shares have struggled in 2025, underperforming relative to the S&P 500 in a big way and driven lower by initial tariff headlines. Shares faced pressure as a result, but the recent de-escalation announcement between the US and China has brought back positivity. Apple unveiled a massive $100 billion additional repurchase program in its latest quarterly report, putting some of its cash to work. The earnings outlook for the tech titan remains under pressure, with analysts taking their EPS expectations lower across the board over recent months. The evolving EPS outlook of Apple is certainly going to be interesting, particularly so amid all the back-and-forth news we've received concerning tariffs and other economic developments. It's worth remembering that the company is no longer the growth machine it used to be, with EPS forecasted to climb 6% on 3% higher sales in its cu

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 = 0.0336 (i.e., a 3.36% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0336 = 2.9791, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QUAL: 60-day history, VaR(99%)=-0.0161, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0017, std=0.0076, worst_day=-0.0162
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q GOOGL 2025-07-24] goog-20250630 FALSE 2025 Q2 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 469 1024 xbrli:shares iso4217:USD iso4217:USD xbrli:shares 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goog:SubscriptionsPlatformsAndDevicesRevenueMember goog:GoogleServicesMember 2025-04-01 [...TRUNCATED...]  2.500% notes due 2029 Current Report on Form 8-K (File No. 001-37580) May 06, 2025 4.03 Form of Global Note representing the Registrant’s 3.000% notes due 2033 Current Report on Form 8-K (File No. 001-37580) May 06, 2025 4.04 Form of Global Note representing the Registrant’s 3.375% notes due 2037 Current Report on Form 8-K (File No. 001-37580) May 06, 2025 4.05 Form of Global Note representing the Registrant’s 3.875% notes due 2045 Current Report on Form 8-K (File No. 001-37580) May 06, 2025 4.06 Form of Global Note representing the Registrant’s 4.000% notes due 2054 Current Report on Form 8-K (File No. 001-37580) May 06, 2025 4.07 Form of Global Note representing the Registrant’s 4.000% notes due 2030 Current Report on Form 8-K (File No. 001-37580) May 01, 2025 4.08 Form of Global Note representing the Registrant’s 4.500% notes due 2035 Current Report on Form 8-K (File No. 001-37580) May 01, 2025 4.09 Form of Global Note representing the Registrant’s 5.250% notes due 2055 Current Report on Form 8-K (File No. 001-37580) May 01, 2025 4.10 Form of Global Note representing the Registrant’s 5.300% notes due 2065 Current Report on Form 8-K (File No. 001-37580) May 01, 2025 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 54 101.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. 55 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. July 23, 2025 By: /s/ ANAT ASHKENAZI Anat Ashkenazi Senior Vice President, Chief Financial Officer ALPHABET INC. July 23, 2025 By: /s/    AMIE THUENER O'TOOLE         Amie Thuener O'Toole Vice President, Corporate Controller and Principal Accounting Officer 56

Determine the maximum fraction of total portfolio capital that should be allocated to QUAL, 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 = 0.0161 (i.e., a 1.61% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0161 = 6.2203, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0898, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0059, std=0.0516, worst_day=-0.0939
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0898 (i.e., a 8.98% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0898 = 1.1130, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.1067, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=-0.0020, std=0.0478, worst_day=-0.1137
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: 0.9374

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1067 (i.e., a 10.67% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1067 = 0.9374, capped at 1.0.
Maximum position size = 0.9374 (93.7% of portfolio).