XLU: 60-day history, VaR(99%)=-0.0195, max drawdown threshold=10%.

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0005, std=0.0082, worst_day=-0.0237
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0195 (i.e., a 1.95% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0195 = 5.1263, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.1252, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0081, std=0.0435, worst_day=-0.1485
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.7989

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1252 (i.e., a 12.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1252 = 0.7989, capped at 1.0.
Maximum position size = 0.7989 (79.9% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0210, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0009, std=0.0099, worst_day=-0.0241
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0210 (i.e., a 2.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0210 = 4.7625, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0079, std=0.0583, worst_day=-0.1606
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.6655

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


USMV: 60-day history, VaR(99%)=-0.0176, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0004, std=0.0062, worst_day=-0.0215
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K CAT 2025-02-14] cat-20241231 0000018230 FALSE 2024 FY 50 33.33 33.33 33.33 33.33 33.33 33.33 http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrent http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherAssetsNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues 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cat:StockOptionsandShareAppreciationRightsSARsMember 2023-01-01 2023-12-31 0000018230 cat:StockOptionsandShareApprecia [...TRUNCATED...] ulation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101) _________________________________________ *Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this report. The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. Item 16.  Form 10-K Summary. None. 129 Table of Contents Form 10-K   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.     CATERPILLAR INC.   Registrant     February 14, 2025 By: /s/ Derek Owens     Derek Owens Chief Legal Officer and General Counsel   Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.       Chairman of the Board  and Chief Executive Officer February 14, 2025 /s/ D. James Umpleby III   D. James Umpleby III       February 14, 2025 /s/ Andrew R.J. Bonfield Chief Financial Officer Andrew R.J. Bonfield     February 14, 2025 /s/ William E. Schaupp Vice President and Chief Accounting Officer   William E. Schaupp             February 14, 2025 /s/ Daniel M. Dickinson Director   Daniel M. Dickinson   February 14, 2025 /s/ James C. Fish, Jr. Director James C. Fish, Jr.       130 Table of Contents February 14, 2025 /s/ Gerald Johnson Director   Gerald Johnson   February 14, 2025 /s/ Nazzic S. Keene Director Nazzic S. Keene       February 14, 2025 /s/ David W. MacLennan Director   David W. MacLennan   February 14, 2025 /s/ Judith F. Marks Director Judith F. Marks February 14, 2025 /s/ Debra L. Reed-Klages Presiding Director Debra L. Reed-Klages       February 14, 2025 /s/ Susan C. Schwab Director   Susan C. Schwab             February 14, 2025 /s/ Rayford Wilkins, Jr. Director   Rayford Wilkins, Jr.   131

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0176 (i.e., a 1.76% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0176 = 5.6783, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0154, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=0.0018, std=0.0082, worst_day=-0.0167
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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us-gaap:FairValueInputsLevel2Member 2024-09-28 0000320193 us-gaap:ForeignGovernmentDebtSecurities [...TRUNCATED...] overy Policy 10-K 97.1 9/28/24 Apple Inc. | 2025 Form 10-K | 56 Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 101** Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. 104** Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set. * Indicates management contract or compensatory plan or arrangement. ** Filed herewith. *** Furnished herewith. (1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. Item 16.    Form 10-K Summary None. Apple Inc. | 2025 Form 10-K | 57 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: October 31, 2025 Apple Inc. By: /s/ Kevan Parekh Kevan Parekh Senior Vice President, Chief Financial Officer Power of Attorney KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Timothy D. Cook and Kevan Parekh, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated: Name Title Date /s/ Timothy D. Cook Chief Executive Officer and Director (Principal Executive Officer) October 31, 2025 TIMOTHY D. COOK /s/ Kevan Parekh Senior Vice President, Chief Financial Officer (Principal Financial Officer) October 31, 2025 KEVAN PAREKH /s/ Chris Kondo Senior Director of Corporate Accounting (Principal Accounting Officer) October 31, 2025 CHRIS KONDO /s/ Wanda Austin Director October 31, 2025 WANDA AUSTIN /s/ Alex Gorsky Director October 31, 2025 ALEX GORSKY /s/ Andrea Jung Director October 31, 2025 ANDREA JUNG /s/ Arthur D. Levinson Director and Chair of the Board October 31, 2025 ARTHUR D. LEVINSON /s/ Monica Lozano Director October 31, 2025 MONICA LOZANO /s/ Ronald D. Sugar Director October 31, 2025 RONALD D. SUGAR /s/ Susan L. Wagner Director October 31, 2025 SUSAN L. WAGNER Apple Inc. | 2025 Form 10-K | 58

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0154 (i.e., a 1.54% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0154 = 6.4836, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0323, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=-0.0005, std=0.0130, worst_day=-0.0356
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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us-gaap:OtherCurrentLiabilitiesMember 2023-12-31 0 [...TRUNCATED...] my Extension Presentation Linkbase *101.DEF Inline XBRL Taxonomy Extension Definition Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ITEM 16. FORM 10-K SUMMARY None. SIGNATURES Under the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this report was signed on behalf of the Registrant by the authorized person named below. Pfizer Inc. Dated: February 27, 2025 By: /S/    MARGARET M. MADDEN Margaret M. Madden Senior Vice President and Corporate Secretary Chief Governance Counsel We, the undersigned directors and officers of Pfizer Inc., hereby severally constitute Douglas M. Lankler and Margaret M. Madden, and each of them singly, our true and lawful attorneys with full power to them and each of them to sign for us, in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K filed with the Securities and Exchange Commission. Under the requirements of the Securities Exchange Act of 1934, this report was signed by the following persons on behalf of the Registrant and in the capacities and on the date indicated . Pfizer Inc. 2024 Form 10-K 113 Signature Title Date /S/    ALBERT BOURLA Albert Bourla Chairman, Chief Executive Officer and Director (Principal Executive Officer) February 27, 2025 /S/    DAVID M. DENTON David M. Denton Chief Financial Officer, Executive Vice President (Principal Financial Officer) February 27, 2025 /S/    JENNIFER B. DAMICO Jennifer B. Damico Senior Vice President and Controller (Principal Accounting Officer) February 27, 2025 /S/    RONALD E. BLAYLOCK Ronald E. Blaylock Director February 27, 2025 /S/    MORTIMER J. BUCKLEY Mortimer J. Buckley Director February 27, 2025 /S/    SUSAN DESMOND-HELLMANN Susan Desmond-Hellmann Director February 27, 2025 /S/    JOSEPH J. ECHEVARRIA Joseph J. Echevarria Director February 27, 2025 /S/    SCOTT GOTTLIEB Scott Gottlieb Director February 27, 2025 /S/    HELEN H. HOBBS Helen H. Hobbs Director February 27, 2025 /S/    SUSAN HOCKFIELD Susan Hockfield Director February 27, 2025 /S/    DAN R. LITTMAN Dan R. Littman Director February 27, 2025 /S/    SHANTANU NARAYEN Shantanu Narayen Director February 27, 2025 /S/    SUZANNE NORA JOHNSON Suzanne Nora Johnson Director February 27, 2025 /S/    JAMES QUINCEY James Quincey Director February 27, 2025 /S/    JAMES C. SMITH James C. Smith Director February 27, 2025 /S/    CYRUS TARAPOREVALA Cyrus Taraporevala Director February 27, 2025 Pfizer Inc. 2024 Form 10-K 114

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0323 (i.e., a 3.23% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0323 = 3.0973, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.0653, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0000, std=0.0365, worst_day=-0.0764
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0653 (i.e., a 6.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0653 = 1.5318, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0004, std=0.0128, worst_day=-0.0325
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-18] ["AI Could Create the First $10 Trillion Company. This Stock Pro Lays Out How. A conversation with Ulrike Hoffmann-Burchardi of UBS Global Wealth Management. Where she sees the next \u201ctransformational innovations.\u201d", "Streaming Finally Outpaces Traditional TV. The Leading Platform Might Surprise You. YouTube represented 12.5% of all television viewing in May\u2014the highest share of TV for any streamer to date.", "Texas Instruments plans to invest more than $60 billion to manufacture billions of foundational semiconductors in the U.S. Leading U.S. companies Apple, Ford, Medtronic, NVIDIA and SpaceX strengthen partnerships with TI to unleash the next era of American innovation NEWS HIGHLIGHTS: More than $60 billion investment includes seven U.S. semiconductor fabs across three manufacturing mega-sites in Texas and Utah supporting more than 60,000 new U.S. jobs Largest investment in foundational semiconductor manufacturing in U.S. history, building on TI's almost-100-year legacy TI's largest mega-site in Sherman, Texas includes investment of up to $40 billion dollars for four fabs: SM1 and SM2 \u2013 already underway \u2013 and two additional fabs, SM3 and SM4 Leverages TI's strengths as a global technology and manufacturing leader to advance critical innovations from vehicles to smartphones to data centers DALLAS, June 18, 2025 /PRNewswire/ -- Texas Instruments (TI) (Nasdaq: TXN) today announced its plans to invest more than $60 billion across seven U.S. semiconductor fabs, making this the largest investment in foundational semiconductor manufacturing in U.S. history. Working with the Trump administration and building on the company's nearly 100-year legacy, TI is expanding its U.S. manufacturing capacity to supply the growing need for semiconductors that will advance critical innovations from vehicles to smartphones to data centers. Combined, TI's new manufacturing mega-sites in Texas and Utah will support more than 60,000 U.S. jobs. \"TI is building dependable, low-cost 300mm capacity at scale to deliver the analog and embedded processing chips that are vital for nearly every type of electronic system,\" said Haviv Ilan, president and CEO of Texas Instruments. \"Leading U.S. companies such as Apple, Ford, Medtronic, NVIDIA and SpaceX rely on TI's world-class technology and manufacturing expertise, and we are honored to work alongside them and the U.S. government to unleash what's next in American innovation.\" \"For nearly a century, Texas Instruments has been a bedrock American company driving innovation in technology and manufacturing,\" said U.S. Secretary of Commerce, Howard Lutnick. \"President Trump has made it a priority to increase semiconductor manufacturing in America \u2013 including these foundational semiconductors that go into the electronics that people use every day. Our partnership with TI will support U.S. chip manufacturing for decades to come.\" Unleashing what's next in American innovation Today, TI is the largest

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

Answer: 1.0000

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


INDS: 60-day history, VaR(99%)=-0.0197, max drawdown threshold=10%.

Question:
Asset: INDS
Daily returns (past 60 days): mean=0.0010, std=0.0100, worst_day=-0.0223
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0197 (i.e., a 1.97% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0197 = 5.0685, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0004, std=0.0150, worst_day=-0.0372
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-05-16] ["Elite CEOs Don\u2019t Need Earnings Guidance Avoiding the short-termism of Wall Street\u2019s expectations game might be a good thing for more companies.", "How Apple, Consumer Tech Companies Got Ahead Of The Trump Tariffs The Trump tariffs may have surprised the general public but makers of consumer electronics and computer hardware had prepared for them.", "Trump Trade: Trump asks Apple to stop building iPhone plants in India Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly: Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter IPHONE PLANTS: President Donald Trump is asking Apple (AAPL) CEO Tim Cook to stop building plants in India to make devices for the U.S., and is pushing for the iPhone maker to add domestic production, Bloomberg\u2019s Jordan Fabian and Sankalp Phartiyal report. Apple plans to import most of the iPhones it sells in the U.S. from India by the end of next year, as Apple currently makes most of its iPhones in China. \u201cI had a little problem with Tim Cook yesterday,\u201d Trump said of his conversation with the Apple CEO in Qatar, where he\u2019s on a state visit. \u201cHe is building all over India. I don\u2019t want you building in India.\u201d As a result of their discussion, Trump said Apple will be \u201cupping their production in the United States.\u201d CHINESE PARTS: Tesla (TSLA) plans to resume shipping components from China to the U.S. for the production of Cybercab and Semi trucks at the end of May after the U.S. and China reached a truce over tariffs, Reuters\u2019 reports, citing a person with direct knowledge of the matter. Tesla previously suspended plans to ship the components after U.S. President Donald Trump raised tariffs on Chinese goods to 145%, potentially disrupting Tesla\u2019s plan to start mass production of the much-anticipated models. NUCLEAR DEAL: President Donald Trump said the U.S. may be getting closer to an agreement with Iran to curb the Islamic Republic\u2019s nuclear program, Bloomberg\u2019s Patrick Sykes reports. Trump referred to an NBC interview with Ali Shamkhani, an adviser to Iran\u2019s Supreme Leader Ali Khamenei, in which Shamkhani reiterated Tehran\u2019s position that it\u2019s willing to limit uranium enrichment in exchange for sanctions relief. The U.S. and Iran have held four rounds of talks about the Islamic Republic\u2019s atomic activities, mediated by Oman, with Trump seeking a deal that would prevent Iran from potentially building a nuclear weapon, and Tehran seeking a reprieve from U.S. sanctions. LAWSUIT SETTLEMENT: Paramount Global (PARA) executive George Cheeks is helping negotiate a settlement of President Trump\u2019s $20B lawsuit against Paramount\u20

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0372 (i.e., a 3.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0372 = 2.6872, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLV: 60-day history, VaR(99%)=-0.0288, max drawdown threshold=10%.

Question:
Asset: XLV
Daily returns (past 60 days): mean=-0.0009, std=0.0112, worst_day=-0.0294
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q AAPL 2025-05-02] aapl-20250329 false 2025 Q2 0000320193 --09-27 P1Y P1Y P1Y P1Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure aapl:Vendor 0000320193 2024-09-29 2025-03-29 0000320193 us-gaap:CommonStockMember 2024-09-29 2025-03-29 0000320193 aapl:A0.000Notesdue2025Member 2024-09-29 2025-03-29 0000320193 aapl:A0.875NotesDue2025Member 2024-09-29 2025-03-29 0000320193 aapl:A1.625NotesDue2026Member 2024-09-29 2025-03-29 0000320193 aapl:A2.000NotesDue2027Member 2024-09-29 2025-03-29 0000320193 aapl:A1.375NotesDue2029Member 2024-09-29 2025-03-29 0000320193 aapl:A3.050NotesDue2029Member 2024-09-29 2025-03-29 0000320193 aapl:A0.500Notesdue2031Member 2024-09-29 2025-03-29 0000320193 aapl:A3.600NotesDue2042Member 2024-09-29 2025-03-29 0000320193 2025-04-18 0000320193 us-gaap:ProductMember 2024-12-29 2025-03-29 0000320193 us-gaap:ProductMember 2023-12-31 2024-03-30 0000320193 us-gaap:ProductMember 2024-09-29 2025-03-29 0000320193 us-gaap:ProductMember 2023-10-01 2024-03-30 0000320193 us-gaap:ServiceMember 2024-12-29 2025-03-29 0000320193 us-gaap:ServiceMember 2023-12-31 2024-03-30 0000320193 us-gaap:ServiceMember 2024-09-29 2025-03-29 0000320193 us-gaap:ServiceMember 2023-10-01 2024-03-30 0000320193 2024-12-29 2025-03-29 0000320193 2023-12-31 2024-03-30 0000320193 2023-10-01 2024-03-30 0000320193 2025-03-29 0000320193 2024-09-28 0000320193 2024-12-28 0000320193 2023-12-30 0000320193 2023-09-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-28 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-28 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-09-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-29 2025-03-29 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 2024-03-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-29 2025-03-29 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-10-01 2024-03-30 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-03-29 0000320193 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-03-30 0000320193 us-gaap:RetainedEarningsMember 2024-12-28 0000320193 us-gaap:RetainedEarningsMember 2023-12-30 0000320193 us-gaap:RetainedEarningsMember 2024-09-28 0000320193 us-gaap:RetainedEarningsMember 2023-09-30 0000320193 us-gaap:RetainedEarningsMember 2024-12-29 2025-03-29 0000320193 us-gaap:RetainedEarningsMember 2023-12-31 2024-03-30 0000320193 us-gaap:RetainedEarningsMember 2024-09-29 2025-03-29 0000320193 us-gaap:RetainedEarningsMember 2023-10-01 2024-03-30 0000320193 us-gaap:RetainedEarningsMember 2025-03-29 0000320193 us-gaap:RetainedEarningsMember 2024-03-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-28 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-28 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-29 2025-03-29 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 2024-03-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-29 2025-03-29 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-10-01 2024-03-30 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-29 0000320193 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-30 0000320193 2024-03-30 0000320193 aapl:IPhoneMember 2024-12-29 2025-03-29 0000320193 aapl:IPhoneMember 2023-12-31 2024-03-30 0000320193 aapl:IPhoneMember 2024-09-29 2025-03-29 0000320193 aapl:IPhoneMember 2023-10-01 2024-03-30 0000320193 aapl:MacMember 2024-12-29 2025-03-29 0000320193 aapl:MacMember 2023-12-31 2024-03-30 0000320193 aapl:MacMember 2024-09-29 2025-03-29 0000320193 aapl:MacMember 2023-10-01 2024-03-30 0000320193 aapl:IPadMember 2024-12-29 2025-03-29 0000320193 aapl:IPadMember 2023-12-31 2024-03-30 0000320193 aapl:IPadMember 2024-09-29 2025-03-29 0000320193 aapl:IPadMember 2023-10-01 2024-03-30 0000320193 aapl:WearablesHomeandAccessoriesMember 2024-12-29 2025-03-29 0000320193 aapl:WearablesHomeandAccessoriesMember 2023-12-31 2024-03-30 0000320193 aapl:WearablesHomeandAccessoriesMember 2024-09-29 2025-03-29 0000320193 aapl:WearablesHomeandAccessoriesMember 2023-10-01 2024-03-30 0000320193 2025-03-30 2025-03-29 0000320193 2026-03-29 2025-03-29 0000320193 2027-03-28 2025-03-29 0000320193 2028-04-02 2025-03-29 0000320193 us-gaap:CashMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel1Member 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtSecuritiesMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:BankTimeDepositsMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CommercialPaperMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member us-gaap:AssetBackedSecuritiesMember 2025-03-29 0000320193 us-gaap:FairValueInputsLevel2Member 2025-03-29 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 00003 [...TRUNCATED...] f Proceeds Purchases of Equity Securities by the Issuer and Affiliated Purchasers Share repurchase activity during the three months ended March 29, 2025 was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts): Periods Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) December 29, 2024 to February 1, 2025: Open market and privately negotiated purchases 36,809  $ 235.43  36,809  February 2, 2025 to March 1, 2025: Open market and privately negotiated purchases 31,856  $ 238.07  31,856  March 2, 2025 to March 29, 2025: Open market and privately negotiated purchases 39,455  $ 221.77  39,455  Total 108,120  $ 40,779  (1) As of March 29, 2025, the Company was authorized by the Board of Directors to purchase up to $110 billion of the Company’s common stock under a share repurchase program announced on May 2, 2024, of which $69.2 billion had been utilized. On May 1, 2025, the Company announced the Board of Directors had authorized an additional program to repurchase up to $100 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Item 3.    Defaults Upon Senior Securities None. Item 4.    Mine Safety Disclosures Not applicable. Item 5.    Other Information Insider Trading Arrangements None. Item 6.    Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. 31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. 32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer. 101* Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q. 104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. *    Filed herewith. **    Furnished herewith. Apple Inc. | Q2 2025 Form 10-Q | 22 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 2, 2025 Apple Inc. By: /s/ Kevan Parekh Kevan Parekh Senior Vice President, Chief Financial Officer Apple Inc. | Q2 2025 Form 10-Q | 23

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0288 (i.e., a 2.88% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0288 = 3.4777, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SPY: 60-day history, VaR(99%)=-0.0229, max drawdown threshold=10%.

Question:
Asset: SPY
Daily returns (past 60 days): mean=-0.0001, std=0.0079, worst_day=-0.0274
Maximum acceptable portfolio drawdown: 10%
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

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0229 (i.e., a 2.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0229 = 4.3640, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


CSHI: 60-day history, VaR(99%)=-0.0115, max drawdown threshold=10%.

Question:
Asset: CSHI
Daily returns (past 60 days): mean=-0.0002, std=0.0032, worst_day=-0.0115
Maximum acceptable portfolio drawdown: 10%
Market regime: bear

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0115 (i.e., a 1.15% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0115 = 8.6981, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: XLU
Daily returns (past 60 days): mean=0.0014, std=0.0078, worst_day=-0.0184
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

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

Answer: 1.0000

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


AVAX-USD: 60-day history, VaR(99%)=-0.0606, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0047, std=0.0383, worst_day=-0.0739
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0606 (i.e., a 6.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0606 = 1.6493, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.1235, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=-0.0006, std=0.0522, worst_day=-0.1493
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.8095

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1235 (i.e., a 12.35% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1235 = 0.8095, capped at 1.0.
Maximum position size = 0.8095 (81.0% of portfolio).


XLB: 60-day history, VaR(99%)=-0.0337, max drawdown threshold=10%.

Question:
Asset: XLB
Daily returns (past 60 days): mean=-0.0015, std=0.0143, worst_day=-0.0337
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-22] Is This Fast-Growing Chain the Next Costco? You might not be familiar with BBB Foods (NYSE: TBBB). And that's OK. Most stateside investors aren't familiar with the rapidly expanding chain providing deeply discounted groceries and other household essentials to a widening audience with 2,772 locations at the start of this year. It's North America's fastest growing player in its space, but you have to travel to Mexico to see it in action. BBB is the parent company of Tiendas 3B, a small-box supermarket concept with big-time aspirations. The three Bs stand for Bueno, Bonito, and Barato in Spanish, translating to "good, pretty, and cheap." The concept is a cross between Aldi and Costco, wedged into a smaller convenience store frame. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » It's not a household name, but that's more an opportunity than a problem. With a business model far removed from the intersection of headwinds holding back most retail concepts, it's a good time to look at BBB before it begins pinging on more growth investors' radars. Let's travel south to see why this stock could be headed north. When BBB went public 14 months ago, it became the first Mexican company to go public on a U.S. exchange in six years. It's fair to say that it's been a hit. Underwriters priced the offering at $17.50, and the hard discounter is currently trading nearly 50% higher. It's no broken IPO. BBB is earnings its upticks. Revenue soared 30% last year to reach the U.S. equivalent of nearly $2.8 billion, accelerating in its latest quarter with a 33% jump. Expansion is a big part of the growth story. BBB opened 484 net new stores last year. However, momentum is building at the store level. Comps climbed 13.3% last year, and that's stacked on top of a 17.6% same-store sales surge in 2023. It just turned profitable last year, breaking through with operating free cash the year before that. It's still cranking out negative working capital given the current opportunity for rapid expansion, but that deficit narrowed substantially last year. Supermarket chains historically crank out low net margins. They're in the business of providing modest markups to their goods, making that back by turning over its inventory as much as possible. Costco is a rock star in this realm, but its net margin has failed to break the 3% ceiling in any single year in more than three decades of public trading. Its annual membership fees account for 2% of the revenue mix, and -- like most grocers -- Tiendas 3B does not require paid memberships. BBB pales in comparison with its 0.6% net margin last year, but give it time. It just became profitable last year, and the benefits of scalability should fine the bottom line outpacing the still impressive forecast for top-line jumps. If you think Costco's selling a lot of its own Kirkland products, consider that private label sales account for just a little more than

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0337 (i.e., a 3.37% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0337 = 2.9659, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1460, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0056, std=0.0598, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.6849

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1460 (i.e., a 14.60% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1460 = 0.6849, capped at 1.0.
Maximum position size = 0.6849 (68.5% of portfolio).


XLK: 60-day history, VaR(99%)=-0.0369, max drawdown threshold=10%.

Question:
Asset: XLK
Daily returns (past 60 days): mean=0.0004, std=0.0137, worst_day=-0.0427
Maximum acceptable portfolio drawdown: 10%
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 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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 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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

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0369 (i.e., a 3.69% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0369 = 2.7132, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).