QQQ over past 60 days: cumulative return +3.9%, annualized vol 19.0%. Market regime: sideways.

Question:
Asset: QQQ
Historical prices (past 60 trading days): start=501.59, end=521.17, cumulative_return=+3.9%, annualized_volatility=19.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.679, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.31, 't10y3m_spread': 0.19, 'breakeven_10y': 2.44, 'hy_oas': 2.71, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.95, 'vix': 17.209999084472656}
Market regime: sideways
Recent filing/news:
[SEC 10-K BA 2025-02-03] ba-20241231 FALSE 2024 FY BOEING CO 0000012927 http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LiabilitiesCurrent http://fasb.org/us-gaap/2024#LiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure ba:segment ba:extension_period ba:aircraft ba:tanker ba:lot ba:simulator ba:fund 0000012927 2024-01-01 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0000012927 ba:DepositarySharesMember 2024-01-01 2024-12-31 0000012927 2024-06-30 0000012927 2025-01-27 0000012927 ba:T7AProductionMember 2024-01-01 2024-12-31 0000012927 us-gaap:ProductMember 2024-01-01 2024-12-31 0000012927 us-gaap:ProductMember 2023-01-01 2023-12-31 0000012927 us-gaap:ProductMember 2022-01-01 2022-12-31 0000012927 us-gaap:ServiceMember 2024-01-01 2024-12-31 0000012927 us-gaap:ServiceMember 2023-01-01 2023-12-31 0000012927 us-gaap:ServiceMember 2022-01-01 2022-12-31 0000012927 2023-01-01 2023-12-31 0000012927 2022-01-01 2022-12-31 0000012927 2024-12-31 0000012927 2023-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2023-12-31 0000012927 2022-12-31 0000012927 2021-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2021-12-31 0000012927 us-gaap:CommonStockMember 2021-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2021-12-31 0000012927 us-gaap:RetainedEarningsMember 2021-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2021-12-31 0000012927 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2022-12-31 0000012927 us-gaap:CommonStockMember 2022-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2022-12-31 0000012927 us-gaap:RetainedEarningsMember 2022-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2022-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2023-12-31 0000012927 us-gaap:CommonStockMember 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2022-01-01 2022-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2022-01-01 2022-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2022-01-01 2022-12-31 0000012927 ba:CorporateReconcilingItemsAndEliminationsMember 2024-01-01 2024-12-31 0000012927 ba:CorporateReconcilingItemsAndEliminationsMember 2023-01-01 2 [...TRUNCATED...] ation of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 135 Table of Contents 97 The Boeing Company Clawback Policy (Exhibit 97 to the Company ’ s Form 1 0-K for the year ended December 31, 2023) 99.1 Commercial Program Method of Accounting (Exhibit (99)(i) to the Company’s Form 10-K for the year ended December 31, 1997) 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Extension Label Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101      † Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will provide a copy of omitted schedule to the SEC upon request. * Management contract or compensatory plan In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt of the Company are not filed herewith. Pursuant to this regulation, we hereby agree to furnish a copy of any such instrument to the SEC upon request. Item 16. Form 10-K Summary None. 136 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. Date: February 3, 2025 THE BOEING COMPANY (Registrant) By:   /s/ Michael J. Cleary   Michael J. Cleary – Senior Vice President and Controller 137 Table of Contents 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 February 3, 2025. /s/ Robert K. Ortberg /s/ Lynn J. Good Robert K. Ortberg – President and Chief Executive Officer and Director Lynn J. Good – Director (Principal Executive Officer) /s/ Brian J. West /s/ Stayce D. Harris Brian J. West – Executive Vice President and Chief Financial Officer Stayce D. Harris – Director (Principal Financial Officer) /s/ Michael J. Cleary /s/ Akhil Johri Michael J. Cleary – Senior Vice President and Controller Akhil Johri – Director (Principal Accounting Officer) /s/ Robert A. Bradway /s/ David L. Joyce Robert A. Bradway – Director David L. Joyce – Director /s/ Mortimer J. Buckley III /s/ Steven M. Mollenkopf Mortimer J. Buckley – Director Steven M. Mollenkopf – Chair of the Board /s/ Lynne M. Doughtie /s/ John M. Richardson Lynne M. Doughtie – Director John M. Richardson – Director /s/ David L. Gitlin /s/ Sabrina Soussan David L. Gitlin – Director Sabrina Soussan – Director 138

Predict whether the return of QQQ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for QQQ starting 2025-02-05 was -6.65%, which classifies as 'negative'.


SOL-USD over past 60 days: cumulative return +30.7%, annualized vol 68.2%. Market regime: sideways.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=157.75, end=206.25, cumulative_return=+30.7%, annualized_volatility=68.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.32, 't10y3m_spread': 0.21, 'breakeven_10y': 2.34, 'hy_oas': 2.88, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.91, 'vix': 17.93000030517578}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for SOL-USD starting 2025-01-03 was +0.00%, which classifies as 'flat'.


BTC-USD over past 60 days: cumulative return +0.0%, annualized vol 24.5%. Market regime: bull.

Question:
Asset: BTC-USD
Historical prices (past 60 trading days): start=103998.57, end=103998.57, cumulative_return=+0.0%, annualized_volatility=24.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.52, 't10y3m_spread': -0.06, 'breakeven_10y': 2.39, 'hy_oas': 2.9, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.75, 'vix': 16.5}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of BTC-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for BTC-USD starting 2025-07-23 was +0.00%, which classifies as 'flat'.


XRP-USD over past 60 days: cumulative return +0.1%, annualized vol 75.8%. Market regime: sideways.

Question:
Asset: XRP-USD
Historical prices (past 60 trading days): start=2.42, end=2.42, cumulative_return=+0.1%, annualized_volatility=75.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.679, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.23, 't10y3m_spread': 0.16, 'breakeven_10y': 2.44, 'hy_oas': 2.66, 'ig_oas': 0.84, 'ted_spread': 0.09, 'mortgage_30y': 6.89, 'vix': 15.8100004196167}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of XRP-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XRP-USD starting 2025-02-11 was +1.06%, which classifies as 'positive'.


XLF over past 60 days: cumulative return +2.8%, annualized vol 17.1%. Market regime: sideways.

Question:
Asset: XLF
Historical prices (past 60 trading days): start=47.40, end=48.71, cumulative_return=+2.8%, annualized_volatility=17.1%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.29, 't10y3m_spread': -0.09, 'breakeven_10y': 2.31, 'hy_oas': 3.17, 'ig_oas': 0.91, 'ted_spread': 0.09, 'mortgage_30y': 6.67, 'vix': 19.799999237060547}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-20] Asset Management & Auction Services Stocks Q4 Highlights: OPENLANE (NYSE:KAR) As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the asset management & auction services industry, including OPENLANE (NYSE:KAR) and its peers. Like in other industries, the shift to online platforms can lower transaction costs and improve liquidity for sellers. Increasing digitization, AI-driven pricing analytics, and automation in logistics can enhance efficiency for operators who invest in technology and software. On the other hand, challenges include potential regulatory scrutiny on auction transparency, data privacy concerns with AI-driven valuation models, and shifting environmental policies that could impact the resale market for internal combustion vehicles. Additionally, supply chain volatility in new car production may create unpredictable swings in used vehicle supply, impacting auction volumes. The 4 asset management & auction services stocks we track reported an exceptional Q4. As a group, revenues beat analysts’ consensus estimates by 9.1%. While some asset management & auction services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results. Facilitating the sale of approximately 1.3 million used vehicles in 2023, OPENLANE (NYSE:KAR) operates digital marketplaces that connect sellers and buyers of used vehicles across North America and Europe, facilitating wholesale transactions. OPENLANE reported revenues of $455 million, up 12% year on year. This print exceeded analysts’ expectations by 8.2%. Overall, it was a satisfactory quarter for the company with a decent beat of analysts’ EPS estimates but a slight miss of analysts’ full-year EPS guidance estimates. The stock is up 6% since reporting and currently trades at $21.25. Is now the time to buy OPENLANE? Access our full analysis of the earnings results here, it’s free. Powering what it calls the "circular economy" with over 5.5 million registered buyers across its platforms, Liquidity Services (NASDAQ:LQDT) operates online marketplaces that connect buyers and sellers of surplus assets, from consumer returns to industrial equipment to government property. Liquidity Services reported revenues of $122.3 million, up 71.5% year on year, outperforming analysts’ expectations by 16.1%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates. Liquidity Services scored the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 7% since reporting. It currently trades at $30.47. Is now the time to buy Liquidity Services? Access our full analysis of the earnings results here, it’s free. Starting as a single salvage yard in California in 1982, Copart (NASDAQ:CPRT) operates an online auction platform that connects se

Predict whether the return of XLF over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for XLF starting 2025-03-21 was -7.37%, which classifies as 'negative'.


XLV over past 60 days: cumulative return -8.8%, annualized vol 11.9%. Market regime: sideways.

Question:
Asset: XLV
Historical prices (past 60 trading days): start=150.76, end=137.44, cumulative_return=-8.8%, annualized_volatility=11.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.41, 't10y3m_spread': 0.33, 'breakeven_10y': 2.39, 'hy_oas': 2.82, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.93, 'vix': 17.700000762939453}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLV starting 2025-01-10 was +4.77%, which classifies as 'positive'.


BTC-USD over past 60 days: cumulative return +0.0%, annualized vol 24.6%. Market regime: bull.

Question:
Asset: BTC-USD
Historical prices (past 60 trading days): start=103998.57, end=103998.57, cumulative_return=+0.0%, annualized_volatility=24.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.49, 't10y3m_spread': -0.02, 'breakeven_10y': 2.44, 'hy_oas': 2.84, 'ig_oas': 0.78, 'ted_spread': 0.09, 'mortgage_30y': 6.74, 'vix': 14.93000030517578}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of BTC-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for BTC-USD starting 2025-07-28 was +0.00%, which classifies as 'flat'.


DOT-USD over past 60 days: cumulative return +15.5%, annualized vol 60.5%. Market regime: sideways.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=3.71, end=4.29, cumulative_return=+15.5%, annualized_volatility=60.5%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.46, 't10y3m_spread': 0.02, 'breakeven_10y': 2.29, 'hy_oas': 3.12, 'ig_oas': 0.87, 'ted_spread': 0.09, 'mortgage_30y': 6.85, 'vix': 16.950000762939453}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of DOT-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for DOT-USD starting 2025-06-11 was -15.51%, which classifies as 'negative'.


LQD over past 60 days: cumulative return +3.4%, annualized vol 5.4%. Market regime: bull.

Question:
Asset: LQD
Historical prices (past 60 trading days): start=105.11, end=108.70, cumulative_return=+3.4%, annualized_volatility=5.4%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.52, 't10y3m_spread': 0.11, 'breakeven_10y': 2.35, 'hy_oas': 2.74, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.3, 'vix': 16.1200008392334}
Market regime: bull

Predict whether the return of LQD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for LQD starting 2025-09-30 was +1.09%, which classifies as 'positive'.


XLE over past 60 days: cumulative return -10.3%, annualized vol 29.2%. Market regime: sideways.

Question:
Asset: XLE
Historical prices (past 60 trading days): start=43.51, end=39.01, cumulative_return=-10.3%, annualized_volatility=29.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.52, 't10y3m_spread': -0.03, 'breakeven_10y': 2.26, 'hy_oas': 3.66, 'ig_oas': 1.05, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 24.76000022888184}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-06] ["ADP Announces Pricing of its Senior Notes Due 2032 ROSELAND, N.J., May 6, 2025 /PRNewswire/ -- ADP (Nasdaq: ADP), a leading global technology company providing comprehensive cloud-based human capital management (HCM) solutions, yesterday announced the pricing of a public offering of $1.0 billion aggregate principal amount of its 4.750% senior notes due 2032. ADP expects to receive the net offering proceeds upon closing on or about May 8, 2025. The intended use of proceeds from the offering is to refinance existing debt, and any remainder for general corporate purposes. ADP has filed a registration statement (including a prospectus and preliminary prospectus supplement) with the Securities and Exchange Commission (\"SEC\") for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the applicable preliminary prospectus supplement and the other documents ADP has filed with the SEC for more complete information about ADP and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, ADP, any underwriter or any dealer participating in the offering will arrange to send investors the prospectus and preliminary prospectus supplement upon request by contacting BofA Securities, Inc. by telephone at 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com, J.P. Morgan Securities LLC by telephone (collect) at (212) 834-4533 or Morgan Stanley & Co. LLC by telephone at (866) 718-1649. This press release does not constitute an offer to sell or a solicitation of an offer to buy the debt securities or any other securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of the prospectus supplement and the accompanying prospectus. This press release also does not constitute an offer to purchase, a solicitation of an offer to sell, or notice of redemption with respect to any securities of ADP. About ADP (NASDAQ \u2013 ADP)Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Forward-Looking Statements This document and other written or oral statements made from time to time by ADP may contain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like \"outlook,\" \"expects,\" \"assumes,\" \"projects,\" \"anticipates,\" \"estimates,\" \"we believe,\" \"could,\" \"is designed to\" and other words of similar meaning, are forward-looking statements. These st

Predict whether the return of XLE over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLE starting 2025-05-07 was +3.55%, which classifies as 'positive'.


XLF over past 60 days: cumulative return +2.7%, annualized vol 17.3%. Market regime: sideways.

Question:
Asset: XLF
Historical prices (past 60 trading days): start=48.07, end=49.39, cumulative_return=+2.7%, annualized_volatility=17.3%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.3, 't10y3m_spread': 0.01, 'breakeven_10y': 2.36, 'hy_oas': 3.05, 'ig_oas': 0.9, 'ted_spread': 0.09, 'mortgage_30y': 6.67, 'vix': 17.479999542236328}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-24] ["Nvidia\u2019s Support Boosts Stereotaxis (STXS) in Advancing Robotic Surgery We recently compiled a list of the Top 8 AI News Updates Investors Shouldn\u2019t Miss. In this article, we are going to take a look at where Stereotaxis, Inc. (NYSEAMERICAN:STXS) stands against the other AI stocks. On March 19th, the stock market bounced back after the US Federal Reserve kept interest rates unchanged at 4.25% to 4.5%. The Fed also anticipated two rate cuts this year despite elevated inflation. The S&P 500 index was up over 1%, while the Nasdaq Composite jumped by well over 200 points. The rally was led by the magnificent seven stocks after weeks of market declines amid trade wars and disappointing economic data. Elsewhere, AI continues to transform industries and individual lives, from AI nurses reshaping hospital care to schools reporting that students are learning faster and more effectively with AI. Furthermore, AngelList CEO Avlok Kohli claimed that all software companies are AI companies now. Meanwhile, security risks surrounding AI continue to loom. Computer scientist and AI pioneer Fei-Fei Li co-authored a report suggesting that lawmakers should consider AI risks that \u201chave not yet been observed in the world\u201d when devising AI regulations. The report highlighted that the novel risks posed by AI could require legislation that compels AI developers to publicly report their safety tests and security protocols. We selected AI stocks by reviewing news articles, stock analysis, and press releases. We listed the stocks in ascending order of their hedge fund sentiment taken from Insider Monkey\u2019s Q4 2024 database of over 1000 hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter\u2019s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A robotic arm assembling delicate surgical tools in a clean room environment. Stereotaxis, Inc. (NYSEAMERICAN:STXS) engages in discovering, designing, and delivering innovative surgical robotic systems, instruments, and information systems for minimally invasive endovascular surgeries. Its robotic systems help physicians operate with precision and safety, boosting productivity and connectivity in the operating room. The company is focusing on enhancing its robotic systems and the operating room environments using AI, automation, and data integration. On March 19th, Stereotaxis (NYSEAMERICAN:STXS) announced that Nvidia Corp. (NASDAQ:NVDA) accepted the company into the Nvidia Connect program. The program assists members with Nvidia\u2019s software development resources and frameworks. Overall, STXS ranks 8th on our list of top AI news updates investors shouldn\u2019t miss. While we acknowledge the potenti

Predict whether the return of XLF over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for XLF starting 2025-03-25 was -4.32%, which classifies as 'negative'.


AVAX-USD over past 60 days: cumulative return -19.3%, annualized vol 80.6%. Market regime: bull.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=25.24, end=20.36, cumulative_return=-19.3%, annualized_volatility=80.6%
Macro context: {'fed_funds_rate': 4.11, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.54, 't10y3m_spread': 0.03, 'breakeven_10y': 2.26, 'hy_oas': 2.99, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.27, 'vix': 18.229999542236328}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for AVAX-USD starting 2025-10-21 was -13.01%, which classifies as 'negative'.


SOL-USD: 60-day return history, mean=-0.0078, std=0.0370.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0078, std=0.0370, min=-0.1157, max=0.0944
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: -0.0538

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0538 (i.e., on a bad day with 5% probability, the loss exceeds 5.38%). CVaR(95%) = -0.0855.


HAUZ: 60-day return history, mean=0.0011, std=0.0069.

Question:
Asset: HAUZ
Daily returns (past 60 days): mean=0.0011, std=0.0069, min=-0.0153, max=0.0167
Market regime: bull

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

Answer: -0.0108

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0108 (i.e., on a bad day with 5% probability, the loss exceeds 1.08%). CVaR(95%) = -0.0126.


EFA: 60-day return history, mean=0.0004, std=0.0070.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0004, 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 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for 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.


SOL-USD: 60-day return history, mean=0.0002, std=0.0319.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0002, std=0.0319, min=-0.0622, 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: -0.0505

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0505 (i.e., on a bad day with 5% probability, the loss exceeds 5.05%). CVaR(95%) = -0.0570.


MATIC-USD: 60-day return history, mean=-0.0097, std=0.0451.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=-0.0097, std=0.0451, min=-0.1586, max=0.0741
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 MATIC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0998

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0998 (i.e., on a bad day with 5% probability, the loss exceeds 9.98%). CVaR(95%) = -0.1253.


ACWI: 60-day return history, mean=0.0027, std=0.0081.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=0.0027, std=0.0081, min=-0.0163, max=0.0241
Market regime: sideways
Recent filing/news:
[Kaggle 2025-07-10] ["Photos: Tim Cook, Sam Altman and Silicon Valley\u2019s elite arrive at the \u2018summer camp for billionaires\u2019 Within the resort town of Sun Valley, Idaho, a small group of the world\u2019s richest people are beginning to gather for Allen & Company\u2019s annual Sun Valley Conference. The four-day retreat, known informally as \u201csummer camp for billionaires,\u201d is full of opportunities for powerful figures to schmooze, network, and make deals. Among this year\u2019s cohort are tech tycoons Tim Cook of Apple, Sam Altman of OpenAI, and Andy Jassy of Amazon. Bob Iger and Michael Eisner, the current and former CEOs of Disney, respectively, are also in attendance, as well as General Motors CEO Mary Barra. The conference has no shortage of political presence, too: Ivanka Trump and Jared Kushner are both present at the conference this year. Some of the camp\u2019s usual suspects, including Meta\u2019s Mark Zuckerberg, Microsoft\u2019s Bill Gates, and Amazon\u2019s Jeff Bezos (who had his Venetian \u201cWedding of the Century\u201d not too long ago) have not yet been spotted, though they were reported to have been invited to this year\u2019s conference, according to Variety. Additionally, Tesla\u2019s Elon Musk wasn\u2019t on the invite list, and Berkshire Hathaway\u2019s Warren Buffett, who announced his retirement earlier this year, won\u2019t be in attendance. This story was originally featured on Fortune.com", "The world\u2019s 10 richest people: The wealthiest have $100 billion or more The world\u2019s wealthiest people have several things in common, but one of the most prominent is that the 10 richest have more than $100 billion to their name. The very top have $200 billion or more. These amounts don\u2019t consist of cash sitting in a bank but are mainly investments, often of some of the largest publicly traded companies, which even the general public can invest in. These billionaires reached their lofty heights through hard work, great ideas, serendipity and plenty of careful planning along the way. Here are the world\u2019s 10 richest people and some of their key investments, according to the Bloomberg Billionaires Index, as of July 9, 2025. Elon Musk is one of the most controversial business figures, but what\u2019s not under dispute is his wealth. Born in South Africa, Musk built Tesla into a leading player in the electric vehicle market, and is pushing space travel with his SpaceX venture. Musk made a small fortune as an early shareholder of PayPal, and more recently purchased Twitter, which he renamed X. Musk has courted controversy in recent years, becoming politically aligned with President Donald Trump during the 2024 presidential election before becoming the face of the Department of Government Efficiency (DOGE), as well as using drugs during a broadcast interview with top podcaster Joe Rogan. Get started: Match with an advisor who can help you achieve your financial goals Mark Zuckerberg is the founder of Meta Platforms, th

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: -0.0116

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0116 (i.e., on a bad day with 5% probability, the loss exceeds 1.16%). CVaR(95%) = -0.0149.


CORN: 60-day return history, mean=-0.0004, std=0.0099.

Question:
Asset: CORN
Daily returns (past 60 days): mean=-0.0004, std=0.0099, min=-0.0221, max=0.0209
Market regime: bear

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

Answer: -0.0185

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0185 (i.e., on a bad day with 5% probability, the loss exceeds 1.85%). CVaR(95%) = -0.0199.


IEF: 60-day return history, mean=0.0006, std=0.0044.

Question:
Asset: IEF
Daily returns (past 60 days): mean=0.0006, std=0.0044, min=-0.0103, max=0.0103
Market regime: bear

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

Answer: -0.0058

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0058 (i.e., on a bad day with 5% probability, the loss exceeds 0.58%). CVaR(95%) = -0.0078.


ETH-USD: 60-day return history, mean=0.0043, std=0.0456.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0043, std=0.0456, min=-0.1269, max=0.1560
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: -0.0536

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


LINK-USD: 60-day return history, mean=0.0037, std=0.0615.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0037, std=0.0615, 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: -0.0814

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0814 (i.e., on a bad day with 5% probability, the loss exceeds 8.14%). CVaR(95%) = -0.1175.


DOT-USD: 60-day return history, mean=-0.0044, std=0.0461.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0044, std=0.0461, min=-0.1306, max=0.0874
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 DOT-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0974

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0974 (i.e., on a bad day with 5% probability, the loss exceeds 9.74%). CVaR(95%) = -0.1186.


DOT-USD: 60-day return history, mean=-0.0039, std=0.0458.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0039, std=0.0458, min=-0.1391, max=0.1146
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 DOT-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0853

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0853 (i.e., on a bad day with 5% probability, the loss exceeds 8.53%). CVaR(95%) = -0.1266.


XLP: 59-day return history, mean=0.0001, std=0.0071.

Question:
Asset: XLP
Daily returns (past 59 days): mean=0.0001, std=0.0071, min=-0.0157, max=0.0211
Market regime: sideways
Recent filing/news:
[SEC 10-K CVX 2025-02-21] cvx-20241231 0000093410 false 2024 FY 367 http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#ShortTermBorrowings http://fasb.org/us-gaap/2024#ShortTermBorrowings http://fasb.org/us-gaap/2024#DeferredIncomeTaxLiabilitiesNet http://fasb.org/us-gaap/2024#DeferredIncomeTaxLiabilitiesNet http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://www.chevron.com/20241231#ContractWithCustomerLiabilityAndOtherNoncurrentLiability iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish cvx:project cvx:well cvx:guarantee 0000093410 2024-01-01 2024-12-31 0000093410 2024-06-28 0000093410 2025-02-07 0000093410 cvx:MichaelKWirthMember 2024-10-01 2024-12-31 0000093410 2024-10-01 2024-12-31 0000093410 cvx:MichaelKWirthMember 2024-01-01 2024-12-31 0000093410 cvx:MichaelKWirthMember 2024-12-31 0000093410 2023-01-01 2023-12-31 0000093410 2022-01-01 2022-12-31 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2022-12-31 0000093410 2021-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2021-12-31 0000093410 us-gaap:RetainedEarningsMember 2021-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2021-12-31 0000093410 us-gaap:ParentMember 2021-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2021-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000093410 us-gaap:ParentMember 2022-01-01 2022-12-31 0000093410 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-12-31 0000093410 us-gaap:RetainedEarningsMember 2022-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2022-12-31 0000093410 us-gaap:ParentMember 2022-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2022-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000093410 us-gaap:ParentMember 2023-01-01 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-12-31 0000093410 us-gaap:ParentMember 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000093410 us-gaap:ParentMember 2024-01-01 2024-12-31 0000093410 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000093410 us-gaap:RetainedEarningsMember 2024-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-12-31 0000093410 us-gaap:ParentMember 2024-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2021-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2022-01-01 2022-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-01-01 2022-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-01-01 2022-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-01-01 2022-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-01-01 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-01 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-01-01 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 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 XLP. Express as a decimal (e.g., -0.02).

Answer: -0.0120

Explanation: Historical simulation VaR at 95%: sort the 59 daily returns and take the 5th percentile. VaR(95%) = -0.0120 (i.e., on a bad day with 5% probability, the loss exceeds 1.20%). CVaR(95%) = -0.0149.


VTI: 60-day return history, mean=-0.0005, std=0.0147.

Question:
Asset: VTI
Daily returns (past 60 days): mean=-0.0005, std=0.0147, min=-0.0335, max=0.0264
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

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

Answer: -0.0279

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0279 (i.e., on a bad day with 5% probability, the loss exceeds 2.79%). CVaR(95%) = -0.0335.


AVAX-USD: 60-day return history, mean=0.0009, std=0.0383.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0009, std=0.0383, min=-0.0760, max=0.0970
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 AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0578

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0578 (i.e., on a bad day with 5% probability, the loss exceeds 5.78%). CVaR(95%) = -0.0723.


ETH-USD: 60-day return history, mean=0.0047, std=0.0377.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0047, std=0.0377, 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.


DOT-USD: 60-day return history, mean=-0.0040, std=0.0457.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0040, std=0.0457, min=-0.1306, max=0.0874
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 DOT-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0846

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0846 (i.e., on a bad day with 5% probability, the loss exceeds 8.46%). CVaR(95%) = -0.1142.


ADA-USD: 60-day return history, mean=-0.0095, std=0.0602.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0095, std=0.0602, min=-0.1761, max=0.2212
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: -0.1052

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.1052 (i.e., on a bad day with 5% probability, the loss exceeds 10.52%). CVaR(95%) = -0.1324.


USMV: 60-day return history, mean=0.0006, std=0.0066.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0006, std=0.0066, min=-0.0149, max=0.0136
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

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: -0.0107

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0107 (i.e., on a bad day with 5% probability, the loss exceeds 1.07%). CVaR(95%) = -0.0135.


USO: 60-day return history, mean=0.0011, std=0.0146.

Question:
Asset: USO
Daily returns (past 60 days): mean=0.0011, std=0.0146, min=-0.0290, max=0.0432
Market regime: sideways

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

Answer: -0.0185

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0185 (i.e., on a bad day with 5% probability, the loss exceeds 1.85%). CVaR(95%) = -0.0238.


HYG: 60-day return history, mean=0.0002, std=0.0024.

Question:
Asset: HYG
Daily returns (past 60 days): mean=0.0002, std=0.0024, min=-0.0058, max=0.0081
Market regime: bull

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

Answer: -0.0031

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0031 (i.e., on a bad day with 5% probability, the loss exceeds 0.31%). CVaR(95%) = -0.0042.


FXI: 60-day return history, mean=0.0001, std=0.0185.

Question:
Asset: FXI
Daily returns (past 60 days): mean=0.0001, std=0.0185, min=-0.0438, max=0.0476
Market regime: sideways
Recent filing/news:
[SEC 10-Q AAPL 2025-01-31] aapl-20241228 false 2025 Q1 0000320193 --09-27 P1Y P1Y P1Y P1Y P421D P342D xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure aapl:Customer aapl:Vendor 0000320193 2024-09-29 2024-12-28 0000320193 us-gaap:CommonStockMember 2024-09-29 2024-12-28 0000320193 aapl:A0.000Notesdue2025Member 2024-09-29 2024-12-28 0000320193 aapl:A0.875NotesDue2025Member 2024-09-29 2024-12-28 0000320193 aapl:A1.625NotesDue2026Member 2024-09-29 2024-12-28 0000320193 aapl:A2.000NotesDue2027Member 2024-09-29 2024-12-28 0000320193 aapl:A1.375NotesDue2029Member 2024-09-29 2024-12-28 0000320193 aapl:A3.050NotesDue2029Member 2024-09-29 2024-12-28 0000320193 aapl:A0.500Notesdue2031Member 2024-09-29 2024-12-28 0000320193 aapl:A3.600NotesDue2042Member 2024-09-29 2024-12-28 0000320193 2025-01-17 0000320193 us-gaap:ProductMember 2024-09-29 2024-12-28 0000320193 us-gaap:ProductMember 2023-10-01 2023-12-30 0000320193 us-gaap:ServiceMember 2024-09-29 2024-12-28 0000320193 us-gaap:ServiceMember 2023-10-01 2023-12-30 0000320193 2023-10-01 2023-12-30 0000320193 2024-12-28 0000320193 2024-09-28 0000320193 2023-09-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-28 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-09-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-29 2024-12-28 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-10-01 2023-12-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-28 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-30 0000320193 us-gaap:RetainedEarningsMember 2024-09-28 0000320193 us-gaap:RetainedEarningsMember 2023-09-30 0000320193 us-gaap:RetainedEarningsMember 2024-09-29 2024-12-28 0000320193 us-gaap:RetainedEarningsMember 2023-10-01 2023-12-30 0000320193 us-gaap:RetainedEarningsMember 2024-12-28 0000320193 us-gaap:RetainedEarningsMember 2023-12-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-28 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-29 2024-12-28 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-10-01 2023-12-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-28 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-30 0000320193 2023-12-30 0000320193 aapl:IPhoneMember 2024-09-29 2024-12-28 0000320193 aapl:IPhoneMember 2023-10-01 2023-12-30 0000320193 aapl:MacMember 2024-09-29 2024-12-28 0000320193 aapl:MacMember 2023-10-01 2023-12-30 0000320193 aapl:IPadMember 2024-09-29 2024-12-28 0000320193 aapl:IPadMember 2023-10-01 2023-12-30 0000320193 aapl:WearablesHomeandAccessoriesMember 2024-09-29 2024-12-28 0000320193 aapl:WearablesHomeandAccessoriesMember 2023-10-01 2023-12-30 0000320193 2024-12-29 2024-12-28 0000320193 2025-12-28 2024-12-28 0000320193 2026-12-27 2024-12-28 0000320193 2027-12-26 2024-12-28 0000320193 us-gaap:CashMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel1Member 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:BankTimeDepositsMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:AssetBackedSecuritiesMember 2024-12-28 0000320193 us-gaap:FairValueInputsLevel2Member 2024-12-28 0000320193 us-gaap:CashMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel1Member 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:BankTimeDepositsMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:AssetBackedSecuritiesMember 2024-09-28 0000320193 us-gaap:FairValueInputsLevel2Member 2024-09-28 0000320193 aapl:UnfavorableInvestigationOutcomeEUStateAidRulesMember 2024-12-28 0000320193 aapl:UnfavorableInvestigationOutcomeEUStateAidRulesMember 2024-09-28 0000320193 aapl:MarketableDebtSecuritiesOtherThanAssetBackedSecuritiesMember 2024-12-28 0000320193 us-gaap:AssetBackedSecuritiesMember 2024-12-28 0000320193 us-gaap:ForeignExchangeContractMember 2024-09-29 2024-12-28 0000320193 us-gaap:CrossCurrencyInterestRateContractMember 2024-09-29 2024-12-28 0000320193 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000320193 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-09-28 0000320193 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000320193 us-gaap:InterestRateCon [...TRUNCATED...] .    Defaults Upon Senior Securities None. Item 4.    Mine Safety Disclosures Not applicable. Item 5.    Other Information Insider Trading Arrangements On November 6, 2024 , Luca Maestri , the Company’s former Senior Vice President and Chief Financial Officer, and current Vice President, Corporate Services , entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares vesting between April 1, 2025 and October 15, 2025, pursuant to certain equity awards granted to Mr. Maestri, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Mr. Maestri’s plan will expire on December 31, 2025 , subject to early termination in accordance with the terms of the plan. On November 25, 2024 , Kate Adams , the Company’s Senior Vice President, General Counsel and Secretary , entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of shares vesting between April 1, 2025 and October 1, 2025, pursuant to certain equity awards granted to Ms. Adams, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. Adam’s plan will expire on November 1, 2025 , subject to early termination in accordance with the terms of the plan. Item 6.    Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 10.1*, ** A pple Inc. Employee Sto ck Purchase Plan, as am ended as of November 6, 2024. 10.2*, ** A pple Inc. Non-Employee Director Stock Plan, as amended Novembe r 6, 2024. 31.1** Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. 31.2** Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. 32.1*** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer. 101** Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q. 104** Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. *    Indicates management contract or compensatory plan or arrangement. **    Filed herewith. ***    Furnished herewith. Apple Inc. | Q1 2025 Form 10-Q | 21 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: January 31, 2025 Apple Inc. By: /s/ Kevan Parekh Kevan Parekh Senior Vice President, Chief Financial Officer Apple Inc. | Q1 2025 Form 10-Q | 22

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

Answer: -0.0302

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0302 (i.e., on a bad day with 5% probability, the loss exceeds 3.02%). CVaR(95%) = -0.0417.


XLF: 60-day return history, mean=0.0004, std=0.0075.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0004, std=0.0075, min=-0.0187, 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 XLF. Express as a decimal (e.g., -0.02).

Answer: -0.0115

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0115 (i.e., on a bad day with 5% probability, the loss exceeds 1.15%). CVaR(95%) = -0.0182.


AVAX-USD: 60-day return history, mean=0.0071, std=0.0624.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0071, std=0.0624, 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.


BNO: 60-day return history, mean=0.0012, std=0.0128.

Question:
Asset: BNO
Daily returns (past 60 days): mean=0.0012, std=0.0128, min=-0.0252, max=0.0461
Market regime: sideways

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

Answer: -0.0163

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0163 (i.e., on a bad day with 5% probability, the loss exceeds 1.63%). CVaR(95%) = -0.0198.


FXI: 60-day return history, mean=0.0010, std=0.0135.

Question:
Asset: FXI
Daily returns (past 60 days): mean=0.0010, std=0.0135, min=-0.0438, max=0.0308
Market regime: sideways
Recent filing/news:
[SEC 10-Q JPM 2025-11-04] jpm-20250930 0000019617 FALSE 2025 Q3 12/31 true false http://fasb.org/us-gaap/2025#NoninterestIncomeOther http://fasb.org/us-gaap/2025#NoninterestIncomeOther http://fasb.org/us-gaap/2025#NoninterestIncomeOther http://fasb.org/us-gaap/2025#NoninterestIncomeOther March 31, 2026 235 March 31, 2026 237 March 31, 2026 235 March 31, 2026 242 March 31, 2026 229 March 31, 2026 230 March 31, 2026 235 March 31, 2026 232 March 31, 2026 249 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:USD utr:bbl iso4217:USD utr:MMBTU jpm:loan_segment jpm:loan_payment jpm:fund jpm:segment 0000019617 2025-01-01 2025-09-30 0000019617 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestinaShareof5.75NonCumulativePreferredStockSeriesDDMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestinaShareof6.00NonCumulativePreferredStockSeriesEEMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestinaShareof4.75NonCumulativePreferredStockSeriesGGMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestInAShareOf455NonCumulativePreferredStockSeriesJJMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestInAShareOf4625NonCumulativePreferredStockSeriesLLMember 2025-01-01 2025-09-30 0000019617 jpm:DepositarySharesOneFourHundredthInterestInAShareOf420NonCumulativePreferredStockSeriesMMMember 2025-01-01 2025-09-30 0000019617 jpm:GuaranteeOfCallableFixedRateNotesDueJune102032OfJPMorganChaseFinancialCompanyLLCMember 2025-01-01 2025-09-30 0000019617 jpm:GuaranteeOfAlerianMLPIndexETNsDueJanuary282044OfJPMorganChaseFinancialCompanyLLCMember 2025-01-01 2025-09-30 0000019617 jpm:GuaranteeOfInverseVIXShortTermFuturesETNsDueMarch222045OfJPMorganChaseFinancialCompanyLLCMember 2025-01-01 2025-09-30 0000019617 2025-09-30 0000019617 2025-07-01 2025-09-30 0000019617 2024-07-01 2024-09-30 0000019617 2024-01-01 2024-09-30 0000019617 2024-12-31 0000019617 us-gaap:FairValueMeasurementsRecurringMember 2025-09-30 0000019617 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000019617 us-gaap:AssetPledgedAsCollateralWithRightMember 2025-09-30 0000019617 us-gaap:AssetPledgedAsCollateralWithRightMember 2024-12-31 0000019617 us-gaap:OtherAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-30 0000019617 us-gaap:OtherAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0000019617 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-09-30 0000019617 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-12-31 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2025-06-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2025-09-30 0000019617 us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember 2024-09-30 0000019617 us-gaap:CommonStockMember 2025-09-30 0000019617 us-gaap:CommonStockMember 2025-06-30 0000019617 us-gaap:CommonStockMember 2024-06-30 0000019617 us-gaap:CommonStockMember 2024-09-30 0000019617 us-gaap:CommonStockMember 2024-12-31 0000019617 us-gaap:CommonStockMember 2023-12-31 0000019617 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000019617 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000019617 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0000019617 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0000019617 us-gaap:RetainedEarningsMember 2025-06-30 0000019617 us-gaap:RetainedEarningsMember 2024-06-30 0000019617 us-gaap:RetainedEarningsMember 2024-12-31 0000019617 us-gaap:RetainedEarningsMember 2023-12-31 0000019617 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2023-12-31 0000019617 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000019617 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000019617 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000019617 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0000019617 us-gaap:RetainedEarningsMember 2025-09-30 0000019617 us-gaap:RetainedEarningsMember 2024-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0000019617 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000019617 us-gaap:TreasuryStockCommonMember 2025-06-30 0000019617 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

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

Answer: -0.0194

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0194 (i.e., on a bad day with 5% probability, the loss exceeds 1.94%). CVaR(95%) = -0.0300.