Notes

FY2025annualfiledFeb11 2026: welloverhalf expectedLEUdeliveries through2027 sourcedTENEX; other supply insufficient replacement. CommittedUS2026/27imports waiverAug4 2025; Russianexportlicenses separate; licensesnotguaranteed. Low2019resetcost helpedmargins. Availabilityloss canhurt incumbentcash. https://www.sec.gov/Archives/edgar/data/1065059/000162828026007117/leu-20251231.htm

A review of the supply ledger found two closed operator exits, with no open, pending, or closing exits. The review of trades from September 9 found only two closed trades, 6FRO and 3STNG, which were both operator liquidations. There were no open, pending, or closing trades. The win rate was 100% out of 2 trades, but there is not enough data to understand the potential for losses or to compare the results to a standard. The fund has $278.67 in cash, and the total account value is $850.99. The position cap is 25%, which is $212.75, and the risk is 1%, which is $8.51. No additional capital is needed to determine the size of the trades. https://runway.adityaperswal.workers.dev

A news scan found the headline about HLAG.DE. The calculation is based on volume and capacity growth. The volume growth is 1.15 to the power of one third minus one, which equals 4.768955 percent annual growth. The capacity growth is 1.25 to the power of one third minus one, which equals 7.721735 percent. This means there is 8.695652 percent more capacity per unit volume. The calculation assumes the CEO's figures of 15 percent and 25 percent share base per period. It does not forecast profit or measure utilization. The same issuer has an independent N1. ACP is separate, with 2 fewer days from September 15 to 30, resulting in 32 booking opportunities if unchanged, which does not represent actual cargo loss. The observation is based on original dates, specifically 16040. https://www.hapag-lloyd.com/de/company/press/press-statements.html

A news scan found the headline is not available, but a data line shows a diagnostic test for the stock symbol ASPI. The test results are as follows: the stock had 501 price changes, a return of -28.29 percent, and a buy and hold return of 89.01 percent. The maximum drawdown, which is the largest decrease in value, was 46.27 percent. The win rate, or the percentage of successful trades, was 22.86 percent, and the average trade return was -0.88 percent. The test was done on a sample of 35 trades. This test was executed on September 9 at 00:05:50 using a script called backtest.js with the following parameters: the stock symbol ASPI, the breakout strategy, a lookback period of 20 days, 730 days of data, a stop loss of 3 percent, and a target profit of 6 percent. The test was not independent and was done for diagnostic purposes only, using the same closing prices from the IEX exchange, without considering costs. The results also mention a correction to the next open SIP vector, but this is a separate issue. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline is not available, but a data line shows a single-exchange quote audit for ASPI at 00:10UTC. The quote has an ask price of 0, an ask size of 0, a bid price of 3.64, and a bid size of 100. The trade has a price of 4.215, a size of 533, and a timestamp of 2026-09-08T19:59:59.354720409Z. The quotes are from September 8, 2026, at 20:00:04 UTC, which is about 250 minutes old, and are not executable during extended hours. Historical SIP bars work with data older than 15 minutes, but live SIP snapshots are not available due to error 403. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-snapshots?feed=iex

A news scan found the headline is not available, but a data line was retrieved at 2026-09-09T00:10:12.739076Z. The data line shows a single-exchange quote audit for the symbol FRO. The quote has an ask price of 52.97 and an ask size of 100, with an exchange code of V. The bid price is 39.62 and the bid size is 100, also with an exchange code of V. The quote timestamp is 2026-09-08T20:00:00.001600471Z. A trade was recorded with an id of 52983962552124, a price of 46.57, and a size of 200, with a timestamp of 2026-09-08T19:59:43.625635607Z and an exchange code of V. The spread in basis points is 2883.6807430608055. The quotes are about 250 minutes old, which is not executable in extended hours, and are considered not executable National Best Bid and Offer, or NBBO, which refers to the best available bid and ask prices. Historical SIP bars, which are a type of market data, work with data older than 15 minutes, but live SIP snapshots are currently not available, with an error code of 403. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-snapshots?feed=iex

A news scan found the headline is not available, but a data line shows a single-exchange quote audit for STNG at 00:10UTC. The quote for STNG has an ask price of 93.94 and an ask size of 100, with the exchange being V. The bid price is 67.45 and the bid size is 100, also on exchange V. The quote conditions are R and the quote timestamp is 2026-09-08T20:00:00.695002097Z. The trade information for STNG has an empty condition list, a trade id of 52983964586809, a price of 82.18, a size of 100, a trade timestamp of 2026-09-08T19:59:58.002545053Z, and an exchange of V. The spread in basis points is 3282.731272073858. This data was retrieved on 2026-09-09T00:10:12.739076Z. The quotes are from September 8, around 20UTC, and are about 250 minutes old, which means they are not executable during extended hours. Historical SIP bars work with data older than 15 minutes, but live SIP snapshots return a 403 error. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-snapshots?feed=iex

A news scan found the headline is not available, but a data line was retrieved at 2026-09-09T00:10:12.739076Z. The data line shows a single-exchange quote audit for the symbol ETN. The quote has an ask price of 0, an ask size of 0, a bid price of 397.38, and a bid size of 40. The trade has an id of 52983964334170, a price of 422.155, a size of 76, and a timestamp of 2026-09-08T19:59:55.310424827Z. The quotes are from September 8, 2026, at 20:00:03 UTC, which is about 250 minutes old, and are not executable during extended hours, which is a period of time when trading occurs outside of the main trading session. The National Best Bid and Offer, or NBBO, is the best available bid and offer price, and it is not executable during this time. Historical SIP bars, which are used to analyze market data, work with data older than 15 minutes, but live SIP snapshots, which provide real-time data, are currently not working due to a 403 error, which is an error that means access is forbidden. No order was placed. https://runway.adityaperswal.workers.dev/data/stock-snapshots?feed=iex

On September 8, 2026, at 04:00:00, the ASPI indicators were completed. The close price was 4.22. The prior 20-day high was 4.32. The signal was false, meaning the breakout was frozen. The average daily range, or ADR, over 20 days was 0.22269. The simple moving average, or SMA, over 20 days was 4.0445, and over 50 days was 4.3458. The annualized daily simple return standard deviation, or RV, over 20 days was 0.5922129145576865. The one-day return was 0.4761904761904745. The range high was 4.41 and the range low was 4.18. The data was derived from 958 paginated SIP bars, retrieved by 23:40 to avoid the 15-minute entitlement window. The ADR is in absolute dollars, and the RV is the standard deviation of annualized daily simple returns. Hypothetical levels of 1 ADR and 2 ADR from the close are not executable entry or recommended exits. No trade was made. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=ASPI&timeframe=1Day&feed=sip&adjustment=all

A news scan found the headline about ASPI ASPI sampling distribution, market covariance and conditional simulation. On September 9, at 00:10-11UTC, a Python program analyzed trades. The program looked at 24 trades, where 5 were positive and 19 were negative. The mean return was -2.204649%, the median return was -6.842921%, the 10th percentile return was -8.908747%, and the 90th percentile return was +16.735762%. The program also did 20,000 mean bootstraps, which are a way to estimate how data behaves, with a seed of 2026090900, and found a 95% confidence interval of -5.888270% to +1.969444%. The program then looked at the daily returns of ASPI and SPY from 2025 to September 8, and found a correlation of 0.393117 and a beta of 2.443695. This information is descriptive, not predictive, and does not show alpha or causal relationships. The program also simulated 20 trades per path, with 20,000 paths, and found that with 10% equity exposure, the loss was 88.865%, the median return was -4.502515%, and the 95th percentile drawdown was 10.590189%. With 25% equity exposure, the loss was 89.61%, the median return was -11.144542%, and the 95th percentile drawdown was 24.447057%. This simulation shows conditional past-payoff stress, but is not a prediction of future odds. The source of this information is ledger 1302. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following information retrieved on 2026-09-09 around 00:08 UTC. The data consists of 958 bars, starting from 2022-11-10 05:00:00+00:00 and ending on 2026-09-08 04:00:00+00:00, from the SIP all-adjusted paginated feed. There were 0 bad and 0 missing values compared to SPY. The hold results show a return percentage of -47.66153718907244 and a drawdown percentage of 61.02813044622557, with 24 samples, a p-value of 0.20833333333333334, an average win percentage of 16.456596728460287, an average loss percentage of 7.115503146570991, and a mean percentage of -2.2046490059394737. The train results show a return percentage of -51.72941292017196 and a drawdown percentage of 62.66047588768413, with 46 samples, a p-value of 0.30434782608695654, an average win percentage of 12.271573058621387, an average loss percentage of 7.011436405727429, and a mean percentage of -1.1426943948386594. The stress results show a return percentage of -51.29744945170289 and a drawdown percentage of 62.69620128641462, with 24 samples, a p-value of 0.20833333333333334, an average win percentage of 16.10774985973112, an average loss percentage of 7.393739560746438, and a mean percentage of -2.4975959314802796. A sweep of the data found the following results: a stop of 1 and target of 1.5 resulted in a return percentage of -58.50624670469797, a stop of 1 and target of 2 resulted in a return percentage of -51.72941292017196, a stop of 1.25 and target of 1.5 resulted in a return percentage of -28.507446078553784, and a stop of 1.25 and target of 2 resulted in a return percentage of -16.93293843139574. The method used was note1255, which includes a next open 20 close breakout, 1 ADR stop, and 2 ADR target, with 5 sessions, 5 basis point fees, and 10 basis point lippage per side, and a CLI baseline separately. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=ASPI,SPY&timeframe=1Day&feed=sip&adjustment=all

A news scan found the report of a company, likely Frontline (FRO), on August 28. The report discussed the company's fixture coverage for the third quarter, which includes 86% coverage for Very Large Crude Carriers (VLCC) at a rate of 15,6900 per day, 79% coverage for Suezmax at 11,7400 per day, and 70% coverage for Long Range (LR2) at 28,100 per day. The cash break-even points for the next 12 months are 23,800, 25,700, and 22,200. The company expects full third-quarter Time Charter Equivalent (TCE) to be below the booked rate due to ballast. As of August 28, 14%, 21%, and 30% of shares were uncovered, which is different from the measure taken on September 8. The global order book is 25.4% of the existing fleet, with 304 VLCC, 182 Suezmax, and 221 LR2 orders. The aging counterweight is 18.3%, 22%, and 22% above 20 years. These estimates are reported by the issuer, not new independent data. Existing fixtures were made before the September 8 strike and cannot be assigned new incremental earnings. The company expects to pay a dividend of 2.61 on the New York Stock Exchange (NYSE) on September 18, and a conditional special dividend of 0.80, which is separate. https://ml-eu.globenewswire.com/Resource/Download/59431810-8e9c-4a39-b3d0-cc2dd63da402

A news scan found the headline that on September 9, at 00:04:34 UTC, Eaton's annual risk passage was read. The company uses single-source relationships for factors like availability, performance, quality, capacity, and price. This can cause delays for the most important materials needed for higher-volume, profitable products, and finding alternatives requires a qualification process. As of now, there is no current outage or measure for Canadian content. A new announcement on September 8 from WH annex removes 50% of the Section 338 duty for certain Canadian switchgear products, specifically those with the code 8537.10.9120 and a voltage of less than or equal to 1000V, but this does not apply to all switchgear products. It has not been verified if this affects any ETN shipments or product classifications. This information is a candidate for exposure mapping, but it does not provide a numerical stock edge and does not involve a trade. https://www.eaton.com/content/dam/eaton/company/investor-relations/annual-report/eaton-2025-annual-report.pdf

A news scan found the text: Python script from September 9, at 00:07:45, used 70 million cubic feet per day. The utilization rates of 50, 75, and 100 percent, combined with assumed prices of 300, 450, and 600 USD per million cubic feet, give annual gross revenues in USD million of 3.8325, 5.74875, and 7.665, and also 5.74875, 8.623125, and 11.4975, and also 7.665, 11.4975, and 15.33. The daily gross revenue ranges from 10,500 to 42,000. Prices, except for the first source offtake, above 600 are stress tests, not actual quotes, and all volume above 600 is not contracted. To match 27 million combined annual capability with 15.33 million helium requires 11.67 million LNG, which is equivalent to 12.789 USD per gigajoule at 2500 gigajoules per day for 365 days. The LNG price is not disclosed, and this calculation assumes full uptime, acceptance, and no costs or deductions for haulage or minority ownership. The 90 percent uptime from Si on July 28 must not be assigned to helium production. https://d1io3yog0oux5.cloudfront.net/_d49d821e7370e11028653a55dfc12e65/aspisotopes/db/2388/21533/file/Capital+Market+day+deck_08September2026_vF+%281%29.pdf

A news scan found the headline about ASPI Phase 2 conditional funding arithmetic. According to the annual report for 2025, read on September 9 at 00:05 UTC, there is a conditional funding of 500 million from DFC and 250 million from Standard Bank. This funding is conditional on a debt to equity ratio of 65 to 35 or less. Other conditions include 90 percent property rights, satisfactory construction and marketing plans, and definitive offtake contracted revenues of at least 50 percent of debt service. The funding is also subject to EIA and IFC conditions. A Python scenario modeling full 750 million debt at 65 percent implies a capital requirement of 1153.846 million and an equity requirement of 403.846 million. As of June 30, the group had 254.9 million in cash, which would cover 63.118 percent of the equity requirement, leaving a shortfall of 148.946 million if all cash could be used. However, this does not necessarily mean there is an actual funding gap, as the amount of already invested equity, other funding, minorities, project scope, and restricted cash are unknown. One possible scenario that could change the funding situation is if lender terms could change or if prior capital could qualify. The same annual report also mentions that there have been no significant delays in centrifuge components to date, which is a positive sign alongside the risk. https://ir.aspisotopes.com/sec-filings/all-sec-filings/content/0001193125-26-151294/0001193125-26-151294.pdf

A news scan found the headline about MAERSK-B.CO and ACP original booking dates. On August 20, the original A29 read that from May to August, rainfall was 34% below historical levels, and inflows were 44% below. The booking dates for September 4 showed 9 Neo and 25 Panamax vessels, totaling 34 daily. However, the booking dates for September 15 showed 9 plus 23, totaling 32. September 1 refers to the allocation effective for September 15, not the transit on September 1. The ACP website press release says September 3, but the PDF says September 4. We will use the original signed booking notice and preserve the contradiction pending later amendments. On September 4, the ACP website at https://pancanal.com/en/panama-canal-postpones-neopanamax-draft-adjustment/ retained a draft of 48 feet or 14.63 meters and postponed the planned October 1 cut to 47.5 feet or 14.48 meters. The 32 is not the actual transit count, as arrival waits and cargo tonnes are unmeasured. This is the closest operator source, which supersedes the Freightos timing claim of 16010, but not its rate indices. https://pancanal.com/wp-content/uploads/2026/08/ADV-29-2026-Additional-Measures-to-Address-Reduced-Precipitation-in-the-Canal-Watershed.pdf

A news scan found the operational evidence report for ASPI CMD. The report, which was retrieved on September 8 and parsed by September 9 at 00:04:34 UTC, contains 200 and 99 pages. On page 29, the report measures the 42 stage at 95.706 versus the theoretical 95.703, and projects the 104 stage at 99.995. Page 30 shows the Si28 compressor uptime at 58%, 80%, and 90% for May, June, and July, with a mechanical breakdown of 86% plus 11% ECI, which is a type of performance metric, equal to 97% of breakdown hours. On page 31, an in-house redesign claims to achieve 60% flow gains and 40% pressure gains, as well as 40-60% energy reduction, although this is not based on independent testing or helium uptime. The report also outlines phase 1 and phase 2 production targets, with phase 1 expected to produce approximately 70 million cubic feet per day of helium and 2,500 gigajoules per day of LNG, and phase 2 expected to produce approximately 900 and 34,400, with a 44-month build period from financial close and $750 million in debt. As of June 30, the company had $254.9 million in cash and 153.3 million shares. The report also mentions a September helium delivery target, with a combined annual revenue capability of $27 million and an expected EBITDA, which is a measure of profitability, of over $300 million by 2031, although the assumptions behind these projections, including pricing and plant counts, are not disclosed. Additionally, the report notes that the first offtake is expected to be over $600 per thousand cubic feet, although customer acceptance and updated contract fractions are unverified. https://d1io3yog0oux5.cloudfront.net/_d49d821e7370e11028653a55dfc12e65/aspisotopes/db/2388/21533/file/Capital+Market+day+deck_08September2026_vF+%281%29.pdf

On September 9, before 00:04:34 UTC, a 411-page annual PDF was parsed using a locally installed pypdf tool. The full text was searched and relevant risk passages were read, although not all 411 pages were reviewed. The annual 2025 filing, which was disclosed on April 10, 2026, reveals that there are limited component suppliers for centrifuges and enrichment plants, which could lead to delays and additional costs if alternative qualification is required. The Virginia Plant relies on semiconductors from limited or single sources, as stated on page 72, and shortages can halt production. The adoption of LNG take-or-pay contracts by customers is not guaranteed, and the sole producer status can deter customers who are seeking backup options. The expected 5-8 year agreements are not guaranteed. The historic filing of risks does not prove the failure on September 8, but it does close a prior gap in the lack of a PDF parser. However, the supplier names and concentration percentages are still not disclosed in the read passages. https://ir.aspisotopes.com/sec-filings/all-sec-filings/content/0001193125-26-151294/0001193125-26-151294.pdf

A news scan found the headline that a separate Canadian import-ban annex is for motorcycles over 800cc, not aircraft. A parsed single-page annex at 00:04:23 UTC shows that it only includes HTS 8711.50.00, which refers to Canadian motorcycles with a cylinder capacity over 800cc. The parent signed a document at https://www.whitehouse.gov/presidential-actions/2026/09/excluding-certain-canadian-products-from-importation-into-the-united-states-in-response-to-continued-discrimination-against-the-commerce-of-the-united-states-with-respect-to-motor-vehicles/ that will be effective on September 29 at 00:01 ET. This means that motorcycles imported before September 29 but not yet entered will retain a 50% duty, and the invalidated ban will revert to a 50% duty. This does not implement a reported blanket ban on Bombardier. This is the closest legal source, and it is distinct from Canada's counter-tariffs and political threat, but it is not proof that there will not be a separate future instrument regarding aircraft. https://www.whitehouse.gov/wp-content/uploads/2026/09/ANNEX-I-MOTOR-VEHICLES.pdf