Notes

{"weekly_n":261,"weekly_mean_pct":-0.23752764594570666,"weekly_ci95_pct":[-0.4479643099726352,-0.03386100478476183],"MC4week_pnl_p05_p50_p95":[-15.629880763202664,-2.296366310796202,9.99697495933924],"MC_loss_pct":61.1,"MC_gain_hurdle_pct":0,"beta_EFA":0.2651754885662921,"zero_rf_annual_intercept_pct":-15.052023225034509,"intercept_ci95_pct":[-26.43156170739684,-3.6724847426721796],"correlation":0.3089289594345319,"exit_counts":{"stop":65,"target":54,"time":36,"gapstop":34,"samebarBE":25},"mean_sessions":3.032710280373832,"partial_count":100,"minimum_trade_pct":-6.2768277565527715,"maximum_trade_pct":3.9119788984662396,"matched_EFA_gross_mean_pct":0.1786813869888102,"trade_minus_matched_EFA_mean_pct":-0.4681440011975426} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"EWA":{"count":3,"mean":0.018047498758572294,"sum":0.05414249627571688},"EWC":{"count":18,"mean":0.001344234911031651,"sum":0.02419622839856972},"EWG":{"count":9,"mean":0.011781377927838597,"sum":0.10603240135054737},"EWH":{"count":6,"mean":0.007902326095940585,"sum":0.04741395657564351},"EWJ":{"count":3,"mean":0.0007332039158021164,"sum":0.0021996117474063492},"EWL":{"count":10,"mean":0.005815701897277892,"sum":0.05815701897277892},"EWT":{"count":15,"mean":-0.008124510355156283,"sum":-0.12186765532734423},"EWU":{"count":1,"mean":0.034828640512106546,"sum":0.034828640512106546},"EWW":{"count":41,"mean":-0.007111747364250624,"sum":-0.2915816419342756},"EWY":{"count":11,"mean":0.0026734522887287182,"sum":0.0294079751760159},"EWZ":{"count":45,"mean":0.0036023226568670037,"sum":0.16210451955901517},"FXI":{"count":30,"mean":0.009524447577437289,"sum":0.2857334273231187}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"2021":{"return_pct":15.30541445059157,"n":39,"mean_pct":0.39514494937596784},"2022":{"return_pct":42.23295496394797,"n":42,"mean_pct":0.9447069249877574},"2023":{"return_pct":2.47792517696257,"n":38,"mean_pct":0.12333442837852981},"2024":{"return_pct":-32.52572078382998,"n":38,"mean_pct":-0.97254073688789},"2025":{"return_pct":16.106280019354546,"n":35,"mean_pct":0.4645198203182013}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"weekly_n":261,"weekly_mean_pct":0.1502842596032507,"weekly_ci95_pct":[-0.1563263602159485,0.4685417656168944],"MC4week_pnl_p05_p50_p95":[-16.65266540480843,0.6095512822026876,18.779890186803755],"MC_loss_pct":44.81,"MC_gain_hurdle_pct":0,"beta_EFA":0.7530528592614689,"zero_rf_annual_intercept_pct":0.7974929567334992,"intercept_ci95_pct":[-14.90919622058002,16.504182134047017],"correlation":0.5101211220543166,"exit_counts":{"time":192},"mean_sessions":5,"partial_count":0,"minimum_trade_pct":-12.492828745494233,"maximum_trade_pct":19.203585318964002,"matched_EFA_gross_mean_pct":0.23642382240671567,"trade_minus_matched_EFA_mean_pct":-0.032899354370622316} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"EWA":{"count":7,"mean":-0.009946934010420128,"sum":-0.0696285380729409},"EWC":{"count":6,"mean":-0.008005063837107954,"sum":-0.04803038302264773},"EWG":{"count":8,"mean":-0.008381088048275892,"sum":-0.06704870438620714},"EWH":{"count":17,"mean":-0.004508050872256175,"sum":-0.07663686482835497},"EWJ":{"count":14,"mean":-0.002346216257018038,"sum":-0.03284702759825253},"EWL":{"count":14,"mean":-0.0022215442420969018,"sum":-0.031101619389356627},"EWT":{"count":14,"mean":0.004801198615706096,"sum":0.06721678061988534},"EWU":{"count":5,"mean":-0.0062193095306920295,"sum":-0.03109654765346015},"EWW":{"count":21,"mean":0.003299665000483282,"sum":0.06929296501014892},"EWY":{"count":24,"mean":-0.0022018361154110128,"sum":-0.052844066769864306},"EWZ":{"count":35,"mean":-0.00729055114804191,"sum":-0.25516929018146683},"FXI":{"count":51,"mean":-0.00039458921833464955,"sum":-0.02012405013506713}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"2021":{"return_pct":-15.447763273864512,"n":41,"mean_pct":-0.38175926760668744},"2022":{"return_pct":-12.589187248193824,"n":44,"mean_pct":-0.2694051049318557},"2023":{"return_pct":8.217407595067105,"n":46,"mean_pct":0.19259256421705412},"2024":{"return_pct":-20.482464099977125,"n":44,"mean_pct":-0.5007904401373745},"2025":{"return_pct":-13.637354492411092,"n":41,"mean_pct":-0.3443965521907946}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"weekly_n":261,"weekly_mean_pct":-0.2099191593850692,"weekly_ci95_pct":[-0.42214635406271095,-0.0011141016728033737],"MC4week_pnl_p05_p50_p95":[-14.280032483980563,-1.930133128103762,10.879990657955318],"MC_loss_pct":58.595,"MC_gain_hurdle_pct":0,"beta_EFA":0.263032122331724,"zero_rf_annual_intercept_pct":-13.656251345001106,"intercept_ci95_pct":[-25.775216085128115,-1.5372866048740952],"correlation":0.301134924110955,"exit_counts":{"stop":64,"target":53,"time":42,"gapstop":41,"samebarBE":16},"mean_sessions":3.1944444444444446,"partial_count":94,"minimum_trade_pct":-6.276827756552783,"maximum_trade_pct":5.299609042170861,"matched_EFA_gross_mean_pct":0.15078847573563375,"trade_minus_matched_EFA_mean_pct":-0.4045002101835894} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"EWA":{"count":6,"mean":-0.02427636064280427,"sum":-0.14565816385682562},"EWC":{"count":6,"mean":-0.0024272773969052364,"sum":-0.014563664381431418},"EWG":{"count":7,"mean":-0.0041920439104273,"sum":-0.029344307372991096},"EWH":{"count":15,"mean":-0.003917589025967624,"sum":-0.05876383538951435},"EWJ":{"count":13,"mean":0.0072097363465661694,"sum":0.0937265725053602},"EWL":{"count":12,"mean":-0.0004730903135623891,"sum":-0.005677083762748669},"EWT":{"count":13,"mean":0.0022062903808333515,"sum":0.028681774950833572},"EWU":{"count":5,"mean":0.010533692647540427,"sum":0.052668463237702134},"EWW":{"count":17,"mean":0.002996015344557551,"sum":0.05093226085747837},"EWY":{"count":23,"mean":0.006589898216213499,"sum":0.15156765897291047},"EWZ":{"count":32,"mean":-0.0030314761510570505,"sum":-0.09700723683382562},"FXI":{"count":43,"mean":0.01000114976105809,"sum":0.4300494397254979}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"2021":{"return_pct":10.911407350058088,"n":37,"mean_pct":0.3222465177222812},"2022":{"return_pct":40.59492120025254,"n":39,"mean_pct":0.9977129803998444},"2023":{"return_pct":8.00501177485513,"n":40,"mean_pct":0.2318304815457889},"2024":{"return_pct":-15.915858286311535,"n":39,"mean_pct":-0.407484071220229},"2025":{"return_pct":0.00019474140640074467,"n":37,"mean_pct":0.039078918640098124}} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

{"weekly_n":261,"weekly_mean_pct":0.17610129387119586,"weekly_ci95_pct":[-0.0840901258347425,0.47405414634056353],"MC4week_pnl_p05_p50_p95":[-14.160695541468044,-0.023202773482012162,18.9943374814967],"MC_loss_pct":50.745,"MC_gain_hurdle_pct":0,"beta_EFA":0.7330532595899417,"zero_rf_annual_intercept_pct":2.336558236035725,"intercept_ci95_pct":[-13.397885065881221,18.071001537952665],"correlation":0.5067913346579292,"exit_counts":{"time":192},"mean_sessions":5,"partial_count":0,"minimum_trade_pct":-8.142661416320351,"maximum_trade_pct":19.203585318964002,"matched_EFA_gross_mean_pct":0.2124566239427856,"trade_minus_matched_EFA_mean_pct":0.02536206285536329} https://runway.adityaperswal.workers.dev/data/stock-bars ; QREV90804 primary_diagnostics.py

Sep8~04:03UTC request14fixedsymbols EWA EWC EWG EWH EWJ EWL EWT EWU EWW EWY EWZ FXI EFA SPY;1Day,SIP,adjustmentall,start2007-01-01,end2026-09-05,ascending,10000pagination. All14return2684identicaltradingdates2016-01-04..2026-09-04;37576bars,0duplicates/0OHLCfailures,noimputedbars. Actualtrain2016-2020;pre2016missing. APIall includescorporateactionadjustment; adjustedOHLCnotexplicitcashdividendaccounting. FixedsurvivingETFpaneldoesnotprovehistoricaluniversecompleteness. Rawfileslocalresearch/<symbol>.json;fetch.pyreproducible,providerlaterrevisionspossible. https://runway.adityaperswal.workers.dev/data/stock-bars ; https://docs.alpaca.markets/us/v1.1/reference/stockbars

Miwa2019 primary journal abstract retrievedsearchSep8 reports subsequent-week stock reversal concentrated after intraday returns rather than overnight returns, stronger illiquid/volatile conditions. Fullpaperopen403; onlyabstractverified,noeffectsizeborrowed. Motivates frozenUS-sessionETFsignaldiagnostic, not established transfer acrossforeignmarketclocks. This is third independent research team, not independent confirmationofAQR'scostestimates. https://doi.org/10.1142/S2010139219500022

Issuer Sep4 2026 snapshot retrievedSep8:close98.28,NAV98.07,nonFV NAV97.62,premium.22%,30daymedianbidask.01%,assets23.506bnUSD,shares239.7m,holdings167;expense.49%,P/E19.26,P/B2.08;industrials24.08%,financials19.63%,IT18.06%. Foreignprice/FXvaluation clocks differ, and fairvaluation may explain benchmark divergence. Issuer markets fund; figures are current descriptive exposure, not point-in-time historical valuation signals. Atcap212.7475fits2shares. NarrowETFspread does not establish reboundalpha. https://www.ishares.com/us/products/239665/ishares-msci-japan-etf

December2012 author draft. Live1998-2011 cost sample19developed markets, monthly priorreturn longshortSTR and1day skip; optimized1980-2011 tradable-universe test starting100mUSD stillfails, annualcost6.17%vs10.82%unoptimized. Other samples show positive finite STR capacity, so this is not proof a245.69USD ETF book cannot work. Different universe/horizon/cost construction reconciles apparent disagreement with2011deGroot. Primary institutional research, one-manager cost sample. https://pages.stern.nyu.edu/~afrazzin/pdf/Trading%20Cost%20of%20Asset%20Pricing%20Anomalies%20-%20Frazzini,%20Israel%20and%20Moskowitz.pdf

July2011 accepted author manuscript, US1990-2009/Europe1995-2009. Daily quintiles use lagged5day returns, skip1day, equalweight longlosers/shortwinners. Large-cap and buffer-to-middle-rank portfolios report up to30-50bp/week net US,20bp Europe; Nomura cost estimates differ from older Keim-Madhavan extrapolations. Institution-affiliated authors, original research not independent live ETF execution. This is counterevidence to categorical reversal rejection, not expected ETF return. https://repub.eur.nl/pub/25718/AnotherLook_2011.pdf

The issuer's pages, retrieved on September 8, 2026, state that 1 PAXG is backed by 1 fine troy ounce of London Good Delivery gold, with a physical bar redemption minimum of 430 PAXG plus a fee. At the close of the venue on September 7, 2026, with a price of 4424.4795, 430 tokens would be worth 1902526.185 USD, which vastly exceeds the book value of 245.69. This physical bar floor is not the minimum price for a secondary market purchase. The venue's 63-day volatility is 25.07651%, and the momentum is 6.62253%. The 20-day median volume is 12186.771 USD, with 7 zero-volume observations in 208 returned bars. The gold beta and illiquidity are not related to cash arbitrage, and direct fees are not the same as venue fees. https://www.paxos.com/pax-gold ; https://www.paxos.com/terms-and-conditions/pax-gold-terms-conditions

The issuer terms for USDC/USD QLV90802 were retrieved on September 8, 2026, and describe the current contract, which is not a quantitative forecast. The USDC stablecoin itself does not generate any interest or return for the holder, and to redeem it directly, the holder must have an eligible Circle Mint registration. Therefore, the interest earned on the reserve assets is not automatically the same as the yield on USDC. Over a 63-day period, the venue volatility was 0.109402%, with 0% momentum, and the 20-day median price multiplied by volume was 1206524.41 USD. A low volatility screen would mechanically select a peg without positive price drift. https://www.circle.com/legal/usdc-terms

The QLV90802 automated trading fund manager has reported the following trade calibration and cash constraints. The fund has 3 closed trades and 0 open trades, with returns of -5.392364480519829, 7.939941307427634, and -5.130499047026326 percent. The win probability is 0.3333333333333333, the average win percentage is 7.939941307427634, and the average loss percentage is 5.261431763773078. The quarter Kelly is 0. The fund has a quant cash value of 245.69, an account equity of 850.99, a risk budget of 8.5099, and a position cap of 212.7475. The account gain hurdle percentage is 41.01223281119637 and the required daily percentage is 1.4422872667282594. A caveat notes that all operator liquidations are intended for 4-6 week exits, but no arrival quotes are available, so intended stop and target rates and slippage cannot be estimated. query_trades fund=quant 2026-09-08T02:24UTC ; supplied account snapshot 2026-09-08T02:00:39UTC

A news scan found the headline 'SPLV QLV90802 archive exact readback verification'. This refers to a verification process for an archive of data related to the SPLV, which is a type of investment fund. The process involved checking 478 parts with IDs ranging from 11129 to 12190, which are not in order, using a sorting metric called QLV90802. The data was decoded, decompressed, and verified to be exactly the same as the local archive, which was confirmed on September 8 at 02:23 UTC. The archive contains 17 files, including 6 scripts, 18788 study input bars, and 12682 measured census rows. Other contents include 600 screen ranks, initial partial ranks, 28 world ranks plus 1 error, 36 crypto ranks, 252 metrics, and 21 parent metrics. The data also includes diagnostics, a manifest, and 384 excluded formats. The raw data for 600 panels of crypto and world bars remains local, along with their hashes. The measurements derived from this data are durable and reproducible, but may be subject to revisions by the provider at a later time. Additionally, 84 variant trade ledgers can be regenerated from the archived code and study bars. No copyrighted PDF source was copied into the journal. QLV90802 archive readback via query_research fundquant symbolSPLV limit500 ; NasdaqTrader, SIP, Yahoo, Alpaca primary-source URLs in manifest

A news scan found the following data line for EEMV QLV90802 zero-risk-free benchmark regression: symbol is EEMV, benchmark is EEM, n is 1255, beta is 0.5763983476724958, annual intercept zero risk-free percentage is 1.2155664888441367, alpha confidence interval low is -2.1805477418489825, alpha confidence interval high is 4.611680719537255, correlation is 0.9323166640717129, and r-squared is 0.869214362105807. QLV90802 diagnostics.py Newey-West lag5 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A zero-risk-free benchmark regression analysis of EFAV found the following results: the symbol is EFAV, the benchmark is EFA, the number of observations is 1255, the beta is 0.6555381017839154, the annual intercept zero risk-free percentage is 0.3240734047519524, the low confidence interval for alpha is -4.101763675012537, the high confidence interval for alpha is 4.749910484516441, the correlation is 0.9052556639597488, and the r-squared value is 0.8194878171312047. QLV90802 diagnostics.py Newey-West lag5 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A zero-risk-free benchmark regression analysis of the USMV stock was performed. The stock was compared to the SPY benchmark over 1255 data points. The beta value was calculated to be 0.6206442506728523. The annual intercept with a zero risk-free rate was -0.2514370078255819 percent. The alpha confidence interval ranged from -5.9454856857312475 to 5.442611670080084. The correlation between USMV and SPY was 0.8464619029954159, with an r-squared value of 0.7164977532226211, which is a statistical measure of how well the data fits the model, also known as coefficient of determination. QLV90802 diagnostics.py Newey-West lag5 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the following data line for SPLV: symbol SPLV, benchmark SPY, n 1255, beta 0.49376669446025195, annual intercept zero risk-free benchmark regression percentage 0.3007818108971465, alpha confidence interval low -7.594128223171645, alpha confidence interval high 8.195691844965937, correlation 0.6735006582984764, and r-squared 0.4536031367284814. QLV90802 diagnostics.py Newey-West lag5 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the data line for EEMV QLV90802 simulation, which includes the block interval and current indicators. The block mean confidence interval percentage is between -0.29728727155797635 and 0.07314602774647383. The simulated 12-month profit and loss is -11.406859748662596, -2.629555011795105, and 5.538357547097565. The simulated loss percentage is 69.21000000000001. The holdout exit reasons are stop 13 times, target 13 times, gap stop 7 times, and same bar breakeven 3 times. The current close price is 76.865. The average true range over 14 periods, or atr14, is 0.6781428571428572. The atr percentage, or atr_pct, is 0.8822518144055906. The moving average over 100 periods, or ma100, is 72.961. The momentum over 63 periods, or mom63, is 8.352128559345928. The maximum whole number, or maxwhole, is 2. The risk per share based on the average true range, or riskper_share_atr, is 0.6781428571428572. The nominal target price is 77.88221428571428 and the nominal stop price is 76.18685714285714. QLV90802 diagnostics.py seed90803 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the following data line for EFAV QLV90802 simulation: block interval and current indicators are given. The block mean confidence interval percentage is -0.35240526858858257 and -0.03836687781005466. The 12 month simulated profit and loss is -13.295645959770054, -4.8968366890622, and 3.2564752488672783. The simulated loss percentage is 83.78999999999999. The holdout exit reasons are stop 18 times, target 12 times, gapstop 6 times, and samebar breakeven 3 times. The close price is 94.78. The average true range over 14 periods, or atr14, is 0.6557142857142841. The atr percentage, or atr_pct, is 0.6918276911946446. The moving average over 100 periods, or ma100, is 90.57130000000001. The momentum over 63 periods, or mom63, is 8.555720994158733. The maxwhole is 2. The risk per share as measured by atr is 0.6557142857142841. The nominal target price is 95.76357142857142 and the nominal stop price is 94.12428571428572. QLV90802 diagnostics.py seed90803 ; https://runway.adityaperswal.workers.dev/data/stock-bars