Notes

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":52.54237288135594,"mean":0.17829139115395584,"avgwin":1.2495795730904196,"avgloss":1.0077776674185575,"quarterkelly":0.03567027562578738,"worst":-1.972956833861772,"return":10.374412542857295,"drawdown":8.241784315062517,"exit_counts":{"stop":22,"time":16,"target":15,"target_gap":4,"stop_gap":2},"ambiguous":0,"mean_ci_pct":[-0.2222175864848456,0.591736637228405]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":50.847457627118644,"mean":0.04093358323754212,"avgwin":1.1525030667898526,"avgloss":1.1089658825062272,"quarterkelly":0.008879278593062076,"worst":-4.171492022395695,"return":1.8595108628467072,"drawdown":10.451863276705964,"exit_counts":{"stop":22,"target":16,"time":10,"target_gap":8,"stop_gap":3},"ambiguous":0,"mean_ci_pct":[-0.3631626083826725,0.4487965594567154]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":57.6271186440678,"mean":0.001057137169988715,"avgwin":1.3653685233624469,"avgloss":1.8544063480517545,"quarterkelly":0.00019356260817141036,"worst":-8.458431887366691,"return":-1.4379678985001987,"drawdown":22.273741829048767,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.5608584410831037,0.5206462461924163]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":52.54237288135594,"mean":0.002812140933277913,"avgwin":1.075106565137639,"avgloss":1.1843709715786934,"quarterkelly":0.000653921440084887,"worst":-6.9997120290290145,"return":-0.6771652215738414,"drawdown":11.948003013596221,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.5153457124369941,0.49396807355953243]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":54.23728813559322,"mean":0.007574724655873747,"avgwin":1.113858259784166,"avgloss":1.3035761317924726,"quarterkelly":0.0017001096390265868,"worst":-7.0282918592846855,"return":-0.45708372766780486,"drawdown":12.154064220826378,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.5270745993656989,0.5309018875091991]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":61.016949152542374,"mean":0.20125960406308388,"avgwin":1.4885191577571142,"avgloss":1.8135814365014853,"quarterkelly":0.033801984175726024,"worst":-8.275165347151303,"return":10.906360404161205,"drawdown":19.263304699390115,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.3601065362262955,0.723339175229596]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":62.71186440677966,"mean":0.20301812135006014,"avgwin":1.088689550220283,"avgloss":1.286520190840769,"quarterkelly":0.04661983788422097,"worst":-6.813525126544395,"return":11.762449245721553,"drawdown":10.160487883635405,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.30195934883714354,0.698477377887694]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":59.32203389830508,"mean":0.20779023978195924,"avgwin":1.2104754543682132,"avgloss":1.254459031489661,"quarterkelly":0.042915004809083834,"worst":-6.842162173720389,"return":12.01009468241774,"drawdown":10.305758798506147,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.3159360742897621,0.726903990927297]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":59.32203389830508,"mean":-0.07365534043905375,"avgwin":1.5630669539436655,"avgloss":2.4605420197471863,"quarterkelly":0,"worst":-15.806115492151973,"return":-6.961994128693356,"drawdown":32.64990061241362,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.8938948748282268,0.6452435223648141]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":54.23728813559322,"mean":-0.12860583137905834,"avgwin":1.127011784947462,"avgloss":1.616745228506786,"quarterkelly":0,"worst":-14.874106212911254,"return":-9.138412618595567,"drawdown":21.61888736747911,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.8443207825777838,0.46662368191948317]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":50.847457627118644,"mean":-0.13214521831909753,"avgwin":1.2178800436687414,"avgloss":1.5287230755478962,"quarterkelly":0,"worst":-14.275632056372423,"return":-9.283466188331976,"drawdown":20.18628000371119,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.8456281509808884,0.4762410797408535]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":61.016949152542374,"mean":0.1263975518120015,"avgwin":1.7221834468632167,"avgloss":2.3713542839203354,"quarterkelly":0.01834844482482717,"worst":-15.637559040267057,"return":4.690481622999698,"drawdown":30.041345348674298,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.7112879271731101,0.8506902042904401]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":59.32203389830508,"mean":0.07133704979652992,"avgwin":1.2192402458778797,"avgloss":1.602688444488772,"quarterkelly":0.014627357085224335,"worst":-14.703683875182582,"return":2.241479220301619,"drawdown":17.628140646134728,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.6583171186963258,0.6645397273794538]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9; frozen1388–1389; all figures {"sample":59,"win_rate":61.016949152542374,"mean":0.06779057699143257,"avgwin":1.20825654469243,"avgloss":1.7172865898449117,"quarterkelly":0.014026527993831223,"worst":-14.10401157128469,"return":2.078258524257899,"drawdown":16.115003694023134,"exit_counts":{"time":59},"ambiguous":0,"mean_ci_pct":[-0.6696163947388115,0.6729817518899115]}. Return/drawdown/mean/win sizes in percent; quarterkelly fraction. Mean CI10,000 quarter-block resamples; dependent months retained within quarter. Daily modeled fills, no live execution claim. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&feed=sip&adjustment=all

Measured Sep9. {"n":2685,"start":"2016-01-04 00:00:00","end":"2026-09-08 00:00:00","sha256":"2f90d828fc507e666659c1ac0a853560c87e3595355e3d2ae4c9b1b387671253","last":{"o":295.34,"h":296.1,"l":294.26,"c":294.67,"v":17327777,"adr":2.468524999999994,"mom":0.0008791208791207872,"rv":0.007646841471003916,"trend":true}}. All2685 expected NYSE sessions present, no duplicates/nonpositiveOHLCV or OHLCbound violations. Full calendar check includes GoodFriday,Juneteenthfrom2022 and presidential mourning closures. ADR,momentum,RV,trend are lagged through Sep4 on final Sep8 row; prices/volume Sep8. Adjustment=all is not explicit cash-dividend accounting. No2010–15data returned; no pagination. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&start=2010-01-01T00:00:00Z&end=2026-09-08T23:00:00Z&feed=sip&adjustment=all&limit=10000&sort=asc

Measured Sep9. {"n":2685,"start":"2016-01-04 00:00:00","end":"2026-09-08 00:00:00","sha256":"2c6b836de6379f9537f849a9a579183bde12b51044efc7c57a3890a357fb494f","last":{"o":769.07,"h":769.7,"l":765.14,"c":765.96,"v":44820585,"adr":4.4095599999999875,"mom":0.0010918307662313165,"rv":0.005106358438008192,"trend":true}}. All2685 expected NYSE sessions present, no duplicates/nonpositiveOHLCV or OHLCbound violations. Full calendar check includes GoodFriday,Juneteenthfrom2022 and presidential mourning closures. ADR,momentum,RV,trend are lagged through Sep4 on final Sep8 row; prices/volume Sep8. Adjustment=all is not explicit cash-dividend accounting. No2010–15data returned; no pagination. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&start=2010-01-01T00:00:00Z&end=2026-09-08T23:00:00Z&feed=sip&adjustment=all&limit=10000&sort=asc

Measured Sep9. {"n":2685,"start":"2016-01-04 00:00:00","end":"2026-09-08 00:00:00","sha256":"6bb06482731c1e9af5d4eaab090c7205a089cc5d297ead421ffdb4125877406e","last":{"o":381.75,"h":382.015,"l":379.68,"c":380.53,"v":214153,"adr":2.6217050000000084,"mom":0.0033603738415897144,"rv":0.0055516474527038655,"trend":true}}. All2685 expected NYSE sessions present, no duplicates/nonpositiveOHLCV or OHLCbound violations. Full calendar check includes GoodFriday,Juneteenthfrom2022 and presidential mourning closures. ADR,momentum,RV,trend are lagged through Sep4 on final Sep8 row; prices/volume Sep8. Adjustment=all is not explicit cash-dividend accounting. No2010–15data returned; no pagination. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OEF,SPY,IWM&timeframe=1Day&start=2010-01-01T00:00:00Z&end=2026-09-08T23:00:00Z&feed=sip&adjustment=all&limit=10000&sort=asc

Read original Stivers/Sun March15 2010 manuscript reproduced on Scribd, not host AI summary. Section5.1 pp15–16 explicitly Friday-to-Friday index prices; if Friday closed use Thursday or earlier. Table7 July1983–Dec2008 S&P500 thirdweekmean.3702%,other-weekpremium.2838%,HACt1.94. Table7 notes conditional prior3weekreturns, but no new filter added after frozenprotocol. Earlier manuscript differs from final2013 S&P100 sample; not independent corroboration. Parent endpoints now verified for earlier SPY index study, not confirmation final2013tables. Search access to finalSSRNPDF remains blocked. https://www.scribd.com/document/243434976/Options-Stock-Returns-during-Option-Expiration-Weeks-and-the-Option-Stock-Volume-Ratio-pdf

Direct~06:03UTC Sep9both200PDFs. Hexagon1465627bytesSHA4b465a1d2d8b78ada0ee20f6e6d0399cd93628dc7fdd27b72afdccbcea38d425; corporate2342296bytesSHAd68a840041399e3e7557665760b1c203d3061d1c82754b25f00851e7971ff3fd. Matchactual05:45job119note1380and04UTCbaseline. Actual05:45job84note1379containsall3INBX/TYRA/IRDlistings; no newmatchedclinicalrelease. Metadatahashunchangedonlyfortwodocuments,notclaimnonewnewsanywhere. Previouslyreadgrade>=3relatedevents15/31vs4/34/discontinuation11/31vs5/34remainunchangedsourcefacts. https://inhibrx.com/hexagon-slides/ ; https://inhibrx.com/investor-deck/

DirectissuerreadSep9:Sep8close380.53USD,NAV380.19,assets20,320,888,609USD,shares53,450,000,volume214,217,premium.09%; Sep4median30daybidask.02%,avgvolume195,881,holdings101,PE32.28,PB6.90; annualexpense.20%. ObjectiveS&P100mega-captracker. Datedissuermeasurementsnotfreshquote; valuationscannotforecastoneweekflow. 380.53>212.7475accountpositioncap,soOEFwholelotunaffordable. Brokerfeesseparatefromfundexpensealreadyembeddedinprices. https://www.blackrock.com/us/individual/products/239723/ishares-sp-100-etf

CboeMay2 2025 analysisestimatesnetmarketmakergammahedgingatbest0.2%SPXdailyliquidity, citingbalancedcustomeractivity. Primaryexchangeanalysis,methodnotindependentlyreplicatedhere andcommerciallyinterested. Different2025SPX0DTEpopulationfrom2013paperstockmonthlyoptions; notacontradiction. NoactualcurrentOEFconstituentdealerinventoryobserved. https://www.cboe.com/insights/posts/0-dt-es-decoded-positioning-trends-and-market-impact

CboeJanuary22 2026 reportfor2025:SPX0DTE2.3millioncontractsdaily,59%SPXvolume; totalUSoptions61million/day. Exchangeprimaryvolumeaggregator benefitsfromtradinggrowth. This establishesstructuraldifferencefrom1988–2010,notmonthlypremiumdecayorcertainhedgedirection; SPX indexoptionsarenotS&P100individualstockoptions. https://www.cboe.com/insights/posts/the-state-of-the-options-industry-2025

Stivers/Sun November2013 JournalofBankingFinance,1988–2010 S&P100 sample: publisherindexedintroduction reports third-Friday-week annualizedSharpe1.29 versus .06otherweeks. Authorssuggest dealer-call-delta reductions and decliningIV aspartialmechanisms, notcausalproof. Closestsource authors'publisherabstract/introduction; originalSSRNPDF403 andpublisherfullpage403 so fulltables/endpointsnotverified. Index/individualstocks differfromOEF; noimportedwinrate. MeasuredSep9 2026. Onepaperlineage; SSRN/reproductionsnotindependentcorroboration. https://www.sciencedirect.com/science/article/pii/S0378426613003051

The fund had 3 stock trades that were closed by the operator, which cannot be compared to the usual calendar-based exits. The trades involved the stocks SNOW, which lost 5.39236448%, DELL, which gained 7.93994131%, and GTLB, which lost 5.13049905%. The win percentage was 33.3333%, the average win was 7.93994131%, and the average loss was 5.26143176%, with a mean of -0.86097407%. This is called the Kelly criterion, which is a way to measure the performance of a trading strategy. Because there were too few trades and they were different from usual, it is not possible to determine the probability of winning based on the calendar. There are 0 open trades, 0 pending trades, and 0 closing trades that have been verified independently. Since there are no benchmark quotes available at the same time, it is not possible to estimate the effect of the type of order or the trading session on the results, or how often the stop or target prices were hit. A news scan found the data line, which is a raw output of trading results. query_trades fund=quant all and separate status=open,pending,closing; measured2026-09-09~04:08UTC

The QTR9090400 benchmark results from September 9 are based on derived data. This data includes benchmarks such as buy and hold strategies with different costs, and mid-month strategies. A buy and hold strategy is a type of investment approach where assets are held for a long time, and the costs are measured in basis points, which are units of measurement for interest rates and percentages. The return percentage and drawdown percentage are also measured. Drawdown percentage refers to the decrease in value of an investment. The sample size and win rate are also considered. The win rate is the percentage of times an investment strategy is successful. The mean return is also calculated. The simulation results are based on 20,000 paths and a 12-month horizon. The profit quantiles show the range of possible profits, and the probability of loss is 0.63785. The cross-asset correlation shows how different assets, such as EEM, EFA, IWM, and SPY, which are stock market indexes, move in relation to each other. The post-T1 results show the mean return and win rate after a certain point. The exit counts show how many times the strategy exited a trade due to a stop, target, time, target gap, or stop gap. The worst trade percentage is -6.75242744962471. The simulation used 20,000 paths and 12 monthly windows, sampled with replacement across assets from 83 holdout months, preserving contemporaneous correlation but assuming stationarity and independent months. The hypothetical full deployment of 245.69 is not approved for a venue feasible allocation, and fixed costs are excluded. The probability of not hitting 349 USD is not true zero probability. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=SPY,IWM,EFA,EEM&timeframe=1Day&feed=sip&adjustment=all ; finish_stats.py