EFA: 60-day history, VaR(99%)=-0.0153, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0001, std=0.0067, worst_day=-0.0186
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0153 (i.e., a 1.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0153 = 6.5151, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 60-day history, VaR(99%)=-0.0268, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 60 days): mean=0.0020, std=0.0131, worst_day=-0.0273
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-14] ["1 Small-Cap Stock on Our Buy List and 2 to Turn Down Small-cap stocks can be incredibly lucrative investments because their lack of analyst coverage leads to frequent mispricings. However, these businesses (and their stock prices) often stay small because their subscale operations make it harder to expand their competitive moats. These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here is one small-cap stock that could amplify your portfolio\u2019s returns and two best left ignored. Market Cap: $3.30 billion Co-founded by former Apple CEO John Sculley, Zeta Global (NYSE:ZETA) provides software and data analytics tools that help companies market their products to billions of customers. Why Does ZETA Give Us Pause? Zeta\u2019s stock price of $13.92 implies a valuation ratio of 2.3x forward price-to-sales. To fully understand why you should be careful with ZETA, check out our full research report (it\u2019s free). Market Cap: $2.85 billion Constructing electrical and phone lines in the American Midwest dating back to the 1890s, MYR Group (NASDAQ:MYRG) is a specialty contractor in the electrical construction industry. Why Is MYRG Risky? At $183.66 per share, MYR Group trades at 29.3x forward P/E. Read our free research report to see why you should think twice about including MYRG in your portfolio, it\u2019s free. Market Cap: $1.53 billion Pioneering the intersection of traditional banking and financial technology in the Pacific Northwest, Coastal Financial (NASDAQ:CCB) operates as a bank holding company that provides traditional banking services and Banking-as-a-Service (BaaS) solutions to consumers and businesses. Why Are We Bullish on CCB? Coastal Financial is trading at $101.56 per share, or 3.1x forward P/B. Is now the time to initiate a position? Find out in our full research report, it\u2019s free. The market surged in 2024 and reached record highs after Donald Trump\u2019s presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we\u2019re homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver\u2019s seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today StockStory is growing and hi

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 = 0.0268 (i.e., a 2.68% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0268 = 3.7274, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0607, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0060, std=0.0325, worst_day=-0.0737
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0607 (i.e., a 6.07% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0607 = 1.6466, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EFA: 60-day history, VaR(99%)=-0.0143, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0008, std=0.0078, worst_day=-0.0162
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-K PG 2025-08-04] pg-20250630 0000080424 2025 FY False http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#SellingGeneralAndAdministrativeExpense http://fasb.org/us-gaap/2025#SellingGeneralAndAdministrativeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#PrepaidExpenseAndOtherAssetsCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#AccountsPayableCurrent http://fasb.org/us-gaap/2025#AccountsPayableCurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares pg:country pg:segment xbrli:pure pg:audit 0000080424 2024-07-01 2025-06-30 0000080424 us-gaap:CommonStockMember 2024-07-01 2025-06-30 0000080424 pg:A0.110NotesDue2026Member 2024-07-01 2025-06-30 0000080424 pg:A3.250EURNotesDue2026Member 2024-07-01 2025-06-30 0000080424 pg:A4.875EURNotesDueMay2027Member 2024-07-01 2025-06-30 0000080424 pg:A1.200NotesDue2028Member 2024-07-01 2025-06-30 0000080424 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0000080424 us-gaap:PreferredStockMember 2024-07-01 2025-06-30  [...TRUNCATED...]    (99-1)  - Summary of Directors and Officers Insurance Program . + 101.INS (1) Inline XBRL Instance Document 101.SCH (1)    Inline XBRL Taxonomy Extension Schema Document 101.CAL (1)    Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF (1)    Inline XBRL Taxonomy Definition Linkbase Document 101.LAB (1)    Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE (1)    Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) (1) Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. * Compensatory plan or arrangement. + Filed herewith. Item 16. Form 10-K Summary. Not applicable. The Procter & Gamble Company 71 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 in the city of Cincinnati, State of Ohio. THE PROCTER & GAMBLE COMPANY By /s/ JON R. MOELLER (Jon R. Moeller) Chairman of the Board, President and Chief Executive Officer August 04, 2025 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates indicated. Signature Title Date /s/ JON R. MOELLER (Jon R. Moeller) Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) August 04, 2025 /s/ ANDRE SCHULTEN (Andre Schulten) Chief Financial Officer (Principal Financial Officer) August 04, 2025 /s/ MATTHEW W. JANZARUK (Matthew W. Janzaruk) Senior Vice President - Chief Accounting Officer (Principal Accounting Officer) August 04, 2025 /s/ B. MARC ALLEN (B. Marc Allen) Director August 04, 2025 /s/ CRAIG ARNOLD (Craig Arnold) Director August 04, 2025 /s/ BRETT BIGGS (Brett Biggs) Director August 04, 2025 /s/ SHEILA BONINI (Sheila Bonini) Director August 04, 2025 /s/ AMY L. CHANG (Amy L. Chang) Director August 04, 2025 /s/ JOSEPH JIMENEZ (Joseph Jimenez) Director August 04, 2025 /s/ CHRISTOPHER J. KEMPCZINSKI (Christopher J. Kempczinski) Director August 04, 2025 /s/ DEBRA L. LEE (Debra L. Lee) Director August 04, 2025 /s/ TERRY J. LUNDGREN (Terry J. Lundgren) Director August 04, 2025 /s/ CHRISTINE M. MCCARTHY (Christine M. McCarthy) Director August 04, 2025 /s/ ASHLEY MCEVOY (Ashley McEvoy) Director August 04, 2025 /s/ ROBERT J. PORTMAN (Robert J. Portman) Director August 04, 2025 /s/ RAJESH SUBRAMANIAM (Rajesh Subramaniam) Director August 04, 2025 /s/ PATRICIA A. WOERTZ (Patricia A. Woertz) Director August 04, 2025

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0143 (i.e., a 1.43% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0143 = 7.0075, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0265, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0017, std=0.0103, worst_day=-0.0286
Maximum acceptable portfolio drawdown: 10%
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 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2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 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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

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0265 (i.e., a 2.65% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0265 = 3.7800, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


PPLT: 60-day history, VaR(99%)=-0.0301, max drawdown threshold=10%.

Question:
Asset: PPLT
Daily returns (past 60 days): mean=-0.0003, std=0.0135, worst_day=-0.0337
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to PPLT, 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 = 0.0301 (i.e., a 3.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0301 = 3.3236, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EEM: 60-day history, VaR(99%)=-0.0249, max drawdown threshold=10%.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0006, std=0.0098, worst_day=-0.0341
Maximum acceptable portfolio drawdown: 10%
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

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0249 (i.e., a 2.49% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0249 = 4.0159, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0071, std=0.0419, worst_day=-0.1171
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

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


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

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0086, std=0.0442, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.7770

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


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

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=-0.0004, std=0.0308, worst_day=-0.0767
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0708 (i.e., a 7.08% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0708 = 1.4116, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SHV: 60-day history, VaR(99%)=-0.0001, max drawdown threshold=10%.

Question:
Asset: SHV
Daily returns (past 60 days): mean=0.0002, std=0.0002, worst_day=-0.0001
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to SHV, 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 = 0.0001 (i.e., a 0.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0001 = 1101.4218, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0649, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0030, std=0.0359, worst_day=-0.0785
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 SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0649 (i.e., a 6.49% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0649 = 1.5415, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0090, std=0.0443, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.7770


BTC-USD: 60-day history, VaR(99%)=-0.0382, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0006, std=0.0163, worst_day=-0.0404
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 BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0382 (i.e., a 3.82% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0382 = 2.6150, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0810, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0067, std=0.0456, worst_day=-0.0912
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 = 0.0810 (i.e., a 8.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0810 = 1.2346, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QQQ: 60-day history, VaR(99%)=-0.0399, max drawdown threshold=10%.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0004, std=0.0161, worst_day=-0.0399
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-20] ["Alibaba\u2019s (BABA) New Qwen3 AI Models Now Compatible With Apple Devices Alibaba Group Holding Limited (NYSE:BABA) is one of the 10 AI Stocks Getting Wall Street\u2019s Attention. On June 17, South China Morning Post reported that the company updated its Qwen3 family of artificial intelligence (AI) models that could signal the potential roll-out in China of machine-learning technology on a range of Apple devices, including iPhones, iPads, and MacBooks. Alibaba announced the launch of new Qwen3 artificial intelligence models for Apple\u2019s MLX architecture, announcing in a post on Wechat that the models will be able to run on a range of Apple devices, including iPhone, iPad, MacBook, and Mac. A busy sidewalk filled with people using Apple devices like iPhones, iPads and Apple Watches. The MLX framework is designed to be user-friendly and efficient in training and deploying AI models on Apple\u2019s silicon hardware. Through this development, Apple is aiming to expand the availability of its Apple Intelligence suite to China. Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. While we acknowledge the potential of BABA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you\u2019re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 AI Stocks on Wall Street\u2019s Radar and 15 AI Stocks Making Waves on Wall Street. Disclosure: None.", "Trump Hints He\u2019ll Hold Off Iran Strike, Give Diplomacy Time (Bloomberg) -- US President Donald Trump signaled he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent. Most Read from Bloomberg Security Concerns Hit Some of the World\u2019s \u2018Most Livable Cities\u2019 One Architect\u2019s Quest to Save Mumbai\u2019s Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown \u201cBased on the fact that there\u2019s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,\u201d Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. Iran maintained Friday it won\u2019t negotiate with the US while an Israeli assault continues. The only way to end the imposed war is to \u201cunconditionally stop\u201d the enemy\u2019s aggression, Iranian President Masoud Pezeshkian said Friday in a post on X. Oil prices fell following a report from Reuters that Ir

Determine the maximum fraction of total portfolio capital that should be allocated to QQQ, 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 = 0.0399 (i.e., a 3.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0399 = 2.5054, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0818, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0038, std=0.0338, worst_day=-0.0860
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 ETH-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0818 (i.e., a 8.18% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0818 = 1.2221, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLE: 59-day history, VaR(99%)=-0.0290, max drawdown threshold=10%.

Question:
Asset: XLE
Daily returns (past 59 days): mean=-0.0010, std=0.0124, worst_day=-0.0300
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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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

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 = 0.0290 (i.e., a 2.90% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0290 = 3.4431, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IEF: 60-day history, VaR(99%)=-0.0079, max drawdown threshold=10%.

Question:
Asset: IEF
Daily returns (past 60 days): mean=0.0002, std=0.0038, worst_day=-0.0080
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to IEF, 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 = 0.0079 (i.e., a 0.79% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0079 = 12.7275, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0094, std=0.0475, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.7770


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

Question:
Asset: JNK
Daily returns (past 60 days): mean=0.0001, std=0.0051, worst_day=-0.0142
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to JNK, 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 = 7.0283, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLY: 60-day history, VaR(99%)=-0.0249, max drawdown threshold=10%.

Question:
Asset: XLY
Daily returns (past 60 days): mean=0.0009, std=0.0109, worst_day=-0.0255
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-13] ["Meet the Monster Stock That Continues to Crush the Market Dutch Bros is developing products and creating a consumer experience that's generating loyalty. It reported outstanding second-quarter earnings. It sees the opportunity to increase its store count sevenfold. 10 stocks we like better than Dutch Bros \u203a The market has been getting plenty of good news lately, and stocks are starting to climb again. President Donald Trump met with Apple CEO Tim Cook last week, with Apple announcing a $600 billion investment in U.S. operations, while Nvidia and Advanced Micro Devices agreed to give 15% of revenue from Chinese goods to the U.S. government in exchange for the ability to sell chips to China. But coffee chain Dutch Bros' (NYSE: BROS) stock soared last week on its own news, and after middling performance for most of the year, it's up more than 26%, beating the S&P 500's 9% rise. Here's why the market is loving Dutch Bros. Investors love to get into a detailed earnings report or 10-K filing to see how a company's finances are doing. But the beginning of any great company is a great product. Dutch Bros sells coffee through its chain of just over 1,000 stores today, but its concept was built on innovative products, and that vibrant approach to coffee still drives the business. Don't get me wrong; the economics here are excellent, which furthers the investment thesis. But it starts with great coffee that customers love, and the high sales follow. CEO Christine Barone detailed the company's three-part plan to generate higher transaction growth. It involves menu innovation, paid advertising to enhance brand awareness as it rolls out in new regions, and leaning into the loyalty program. Dutch Bros has always differentiated itself by launching its own branded beverages, and that's one way it stands out. Barone called it a mix of art and science, understanding what's trending in the coffee world and translating it into products that its customers want to drink. Some of the innovation is in the customized beverages, such as protein coffee and flavors like lavender, and some of that is in the menu itself. One of the initiatives it's working on is a pilot of a morning food menu, which is driving higher engagement and sales in the morning coffee run. Part of the product is the experience, and making its stores a positive experience involves rigorous systems and technology to ensure speed and effective customer service. The company takes things slow in that respect to ensure it has its systems in check before opening new stores or making any changes. Barone said that the food menu will roll out slowly through 2026 even though it's already demonstrating positive metrics, to ensure that stores are ready to handle it. This fresh approach is driving incredible growth. Revenue increased 28% year over year in the 2025 second quarter, with a 6.1% increase in same-shop sales and a 3.7% increase in transactions. Company-operated shop contribution margin was 31.1%, 0

Determine the maximum fraction of total portfolio capital that should be allocated to XLY, 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 = 0.0249 (i.e., a 2.49% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0249 = 4.0197, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


QUAL: 60-day history, VaR(99%)=-0.0339, max drawdown threshold=10%.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0002, std=0.0132, worst_day=-0.0339
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-17] ["Life360 Stock Rises On Upbeat Report For Family Tracker Service Life360 stock rose Monday after a Wall Street analyst raised his price target on the family connection and safety company.", "Herbal Medicine Stock With No Sales Rallies 64,000% (Bloomberg) \u2014 A biotech stock focused on herbal medicine has surged by more than 46,000% so far this year and yet, the company itself has made zero revenue \u2014 much less turned a profit. Most Read from Bloomberg As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage The unbelievable rally has transformed Regencell Bioscience Holdings Limited, a penny stock as recently as April, to one worth nearly $30 billion in market value. A year ago, the stock had a market capitalization of just $53 million. This is despite the company having a net loss of $4.4 million for its fiscal year that ended June 2024, a 28% decrease from the previous year. Earlier this month the company said its board approved a 38-for-1 stock split. When the split took effect Monday, shares rose 283% \u2014 their biggest one-day jump in nearly a year on a closing basis \u2014 to a record high, triggering more than 10 volatility halts. Shares of the company have been on a bizarre, 460-fold tear in 2025, with little to no news from the firm. The Hong Kong-based firm, which debuted on the Nasdaq Capital Market in 2021, is in the research and development stage and has not generated any revenue since inception, according to its most-recent annual filing with the US Securities and Exchange Commission. A representative for Regencell didn\u2019t respond to a Bloomberg News request for comment. Incorporated in the Cayman Islands, the firm aims to treat neurological disorders like ADHD and autism spectrum disorder through traditional herb-based medicines, according to its website. Its traditional Chinese medicine (TCM) formula, which forms the basis of its product candidates, \u201ccontains only natural ingredients without any synthetic components.\u201d \u201cWe have not generated revenue from any TCM formulae candidates or applied for any regulatory approvals, nor have distribution capabilities or experience or any granted patents or pending patent applications and may never be profitable,\u201d the company said in an October filing. The company also made its foray into treatments for Covid-19, conducting trials in 2022 for an \u201cholistic approach\u201d with its experimental therapy. Regencell said data from a 2022 trial showed the treatment was effective in reducing and eliminating Covid symptoms within six days, although the results were yet to be peer-reviewed. The firm has funded its operations so far, primarily from shareholder loans and proceeds from its initial public offering, the SEC filing showed. It said its gross proceeds from its IPO were $21.85 million, with additional net proceeds of $2.85 million from the issue of the over allotm

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0339 (i.e., a 3.39% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0339 = 2.9513, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ICSH: 60-day history, VaR(99%)=-0.0006, max drawdown threshold=10%.

Question:
Asset: ICSH
Daily returns (past 60 days): mean=0.0003, std=0.0004, worst_day=-0.0006
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0006 (i.e., a 0.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0006 = 168.4027, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SCHP: 60-day history, VaR(99%)=-0.0090, max drawdown threshold=10%.

Question:
Asset: SCHP
Daily returns (past 60 days): mean=0.0005, std=0.0034, worst_day=-0.0090
Maximum acceptable portfolio drawdown: 10%
Market regime: bear

Determine the maximum fraction of total portfolio capital that should be allocated to SCHP, 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 = 0.0090 (i.e., a 0.90% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0090 = 11.0906, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MORT: 60-day history, VaR(99%)=-0.0156, max drawdown threshold=10%.

Question:
Asset: MORT
Daily returns (past 60 days): mean=0.0012, std=0.0092, worst_day=-0.0167
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to MORT, 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 = 0.0156 (i.e., a 1.56% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0156 = 6.4078, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=0.0053, std=0.0239, worst_day=-0.0410
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 BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0372 (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).


BTC-USD: 60-day history, VaR(99%)=-0.0600, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0049, std=0.0243, worst_day=-0.0698
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0600 (i.e., a 6.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0600 = 1.6675, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USMV: 60-day history, VaR(99%)=-0.0103, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0004, std=0.0056, worst_day=-0.0114
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 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 = 0.0103 (i.e., a 1.03% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0103 = 9.7234, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0382, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0007, std=0.0151, worst_day=-0.0404
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 BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000


LINK-USD: 60-day history, VaR(99%)=-0.1217, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0061, std=0.0631, worst_day=-0.1453
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

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

Answer: 0.8214

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1217 (i.e., a 12.17% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1217 = 0.8214, capped at 1.0.
Maximum position size = 0.8214 (82.1% of portfolio).


IVV: 60-day history, VaR(99%)=-0.0116, max drawdown threshold=10%.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0015, std=0.0059, worst_day=-0.0163
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 IVV, 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 = 0.0116 (i.e., a 1.16% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0116 = 8.6359, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: XLB
Daily returns (past 60 days): mean=0.0004, std=0.0141, worst_day=-0.0337
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-04] ["Qualcomm CEO: We're diversifying beyond declining Apple business Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube or wherever you find your favorite podcasts. Qualcomm's (QCOM) next 40 years will look different than its past four decades as it seeks to diversify into data centers and cash in on the AI gold rush. But that also likely means going at things other than its lucrative business with Apple's (AAPL) iPhone. Qualcomm has been Apple's largest cellular modem provider, but the tech giant is transitioning to its own in-house C1 modem in a bid to boost margins. \"That's our contract, you know, and if we don't get a new contract, that's what it is,\" Qualcomm CEO Cristiano Amon said on Yahoo Finance's Opening Bid podcast (see video above; listen below). \"And there's so much drama and association about the Apple relationship, which I think it's not warranted, to be honest.\" The tech duo's licensing agreement ends in 2027. Research firm Futurum estimates that Qualcomm's annual modem revenue from Apple is between $5.7 billion and $5.9 billion. Analysts estimate Qualcomm will pull in about $43.5 billion in sales this year. Qualcomm has said publicly it expects to have a 70% share in iPhones launching this fall. That will drop to 20% for iPhones next fall, and then stand to be zero for iPhones debuting in fall 2027. Yahoo Finance caught up with the globe-trotting Amon \u2014 fresh off a visit to Saudi Arabia with other top execs and the Trump administration \u2014 at the Nasdaq. Amon began his career at Qualcomm as an engineer in 1995. \"We're planning our business assuming that they [Apple] are going to use their own modem,\" Amon said. \"And what's exciting about the company is all of this growth that we're creating, all of those other markets, including on Android. Like, if you look at our Android business, it has continued to grow.\" To offset the lost Apple sales, Qualcomm continues to invest in the connected car cockpit and the internet of things domain. The company thinks it can grow its business from these two segments to $22 billion by 2030, up from $8.3 billion in fiscal year 2024. \"Qualcomm's diversified growth across these specific verticals is credibly expected to significantly exceed the revenue scale of modem-only handset customers well into the era of 6G,\" Futurum researchers wrote in a note. The company also announced in mid-May that it plans to launch processors designed for data centers to power artificial intelligence, which will connect to Nvidia (NVDA) chips. Qualcomm failed to successfully expand into data centers years ago and returns to the field with formidable rivals in AMD (AMD), Intel (INTC), and soon ARM (ARM). \"It's a massive TAM [total addressable market] and will continue to grow at very high growth rates for decades. If we can build something unique and disruptive, there's room for Qualcomm,\" Amon said of the data center push. The Street has taken a wait-and-see approach t

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).


DOT-USD: 60-day history, VaR(99%)=-0.0925, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0015, std=0.0393, worst_day=-0.0949
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 DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0925 (i.e., a 9.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0925 = 1.0809, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNDX: 60-day history, VaR(99%)=-0.0046, max drawdown threshold=10%.

Question:
Asset: BNDX
Daily returns (past 60 days): mean=0.0001, std=0.0023, worst_day=-0.0049
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to BNDX, 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 = 0.0046 (i.e., a 0.46% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0046 = 21.8853, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XHB: 60-day history, VaR(99%)=-0.0353, max drawdown threshold=10%.

Question:
Asset: XHB
Daily returns (past 60 days): mean=-0.0020, std=0.0150, worst_day=-0.0411
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to XHB, 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 = 0.0353 (i.e., a 3.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0353 = 2.8312, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).