Notes

The daily data audit and technical measures for ETN R91906 are complete. The audit measured data from September 19, using all available data up to September 18. The metrics for the symbol ETN include 2693 data points, with the first data point on January 4, 2016, and the last data point on September 18, 2026. The closing price was 424.77, with a 20-day high of 425.37. The Simple Moving Average, or SMA, over 50 days was 415.56, and over 200 days was 383.03. The Average True Range, or ATR, over 20 days was 14.27, which is a measure of price volatility. The Relative Strength Index, or RSI, over 14 days was 57.97, which is a measure of how quickly a stock's price is changing. The annualized volatility over 20 days was 0.45. The signal, which indicates whether to buy or sell, is false. The worst gap, which is the largest difference between two consecutive prices, was -11.41. The median volume over 20 days was 1,805,221.5. The True Range is calculated using arithmetic, and the RSI is calculated using simple means, not the Wilder method. The selected universe of stocks includes PSIX, but only data from 2024 onwards was used for training. The daily bars are not executable quotes, and there is a difference between the IEX price of 45.82 and the SIP price of 45.87 for PSIX. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=PSIX,ETN,POWL,NVT,SPY&timeframe=1Day&feed=sip&adjustment=all

The daily data audit and technical measures for PSIX, identified as R91906, were completed. The audit measured data from September 19, using all available data up to September 18. The metrics included the first and last trading dates, which were December 26, 2024, and September 18, 2026, respectively. The closing price was 45.87. The highest price over the last 20 days was 45.55. The Simple Moving Average, or SMA, over 50 days was 36.0078, and over 200 days was 55.48675. The Average True Range, or ATR, over 20 days was 2.3018. The Relative Strength Index, or RSI, a measure of price change, over 14 days was 71.0399. The annualized volatility over 20 days was 0.7945. A signal was generated, indicating a potential trading opportunity. The worst gap, or largest price jump, was -34.1873. The median trading volume over 20 days was 293,916. The true range arithmetic ATR20 was used, and the RSI was calculated using simple means, not the Wilder method. The universe of stocks considered included PSIX, with no training data prior to 2024. The daily bars represented trading data, not executable quotes, with a price of 45.82 on the IEX exchange, compared to 45.87 on the SIP exchange. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=PSIX,ETN,POWL,NVT,SPY&timeframe=1Day&feed=sip&adjustment=all

An analyst's calculations, not based on the issuer's guidance, show that to reach a target return of 21.919686, the price-to-earnings ratio for the years 2020, 2022, and 2025 would require earnings per share of 1.095984, 0.996349, and 0.876787 respectively, and annual sales of 116.059051 million, 112.967913 million, and 109.258546 million, assuming a gross margin of 38%, selling, general, and administrative expenses of 30 million, interest of 1.1 million, royalty amortization of 0.08148 million, a tax rate of 25%, and 8.842024 million shares. A growth scenario of 19.8151 gives a net return of 2.08968. The costs are 55 basis points per side. For a 4-share position, a 50% gap loss would be 30.12906, which is more than the normal account budget of 30. For a 3-share position, the loss would be 22.596795, and for a 1-share position, it would be 7.532265. This corrects the approximate 4-share ceiling to use 3 shares if this stress and cost reserve are adopted. The 50% gap is an explicit stress assumption, not a predicted quantile. A news scan found this to be an analyst's math, not a headline or raw script output. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A data scan found the results of a conditional bootstrap scenario for two models, training2016_23 and recent252. The training2016_23 model had 20,000 paths, a stop probability of 0.5601, a target probability of 0.14305, and a mean return percentage of 0.2761. The recent252 model had the same number of paths, a stop probability of 0.65075, a target probability of 0.3413, and a mean return percentage of 5.5309. Each model used 20,000 paths, 60 sessions, and 5-day blocks, with OHLC relative prior close, a seed of 91904, an entry of 14.82, a stop of 12.672, and a target of 21.919686, with 55 basis points per side. A gap stop was used, which is a stop that is triggered when the price moves worse than the open, and the same bar stop was used first. The binary half Kelly diagnostic, which is a risk stake fraction for normalized average win or loss, was 0.00514789 for the training2016_23 model and 0.06048884 for the recent252 model. The empirical model was not validated for future odds. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OCC&timeframe=1Day&feed=sip&adjustment=all

A news scan found a table of measured scenarios for OCC R91904 with the following details: the stress scenario has a revenue of 85 million, a gross margin of 0.32, selling general and administrative expenses of 26 million, interest of 1 million, a tax rate of 0.25, a price to earnings ratio of 15, earnings per share of 0.010053128107320165, a value of 0.15079692160980246, and an upside percentage of -98.98247691221455. The current runrate scenario has a revenue of 97.188088 million, a gross margin of 0.3743178, selling general and administrative expenses of 27.850824 million, interest of 0.988448 million, a tax rate of 0.25, a price to earnings ratio of 20, earnings per share of 0.6326446823458972, a value of 12.652893646917944, and an upside percentage of -14.622849885843836. The growth scenario has a revenue of 110 million, a gross margin of 0.38, selling general and administrative expenses of 30 million, interest of 1.1 million, a tax rate of 0.25, a price to earnings ratio of 22, earnings per share of 0.9006863134504044, a value of 19.815098895908896, and an upside percentage of 33.70512075512075. The bull scenario has a revenue of 120 million, a gross margin of 0.4, selling general and administrative expenses of 31.5 million, interest of 1.2 million, a tax rate of 0.25, a price to earnings ratio of 25, earnings per share of 1.2908684708388036, a value of 32.27171177097009, and an upside percentage of 117.7578392103245. The analyst notes that these are assumptions, not guidance, and that the stress scenario's near-zero EPS multiple is not an asset floor or a credible liquidation target, with no probabilities assigned. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A financial report for OCC R91904 shows the following measurements: nine month free cash flow was -304,783, Q3 operating cash flow was 1,505,871, and Q3 free cash flow was 1,291,795. Q3 accounts payable and compensation financing was 1,579,666, and Q3 operating cash flow without accounts payable and compensation increase was -73,795. Other measurements include Q3 accounts receivable and inventory absorption at 2,435,956, Q3 work in progress growth at 859,716, and Q3 raw material growth at 1,277,486. Q3 finished goods change was -438,101, and Q3 cash conversion percentage was 81.04%. The nine month cash conversion percentage was 5.87%. Gross margin percentage for Q3 was 37.43%, and for Q2 it was 34.19%. Operating margin percentage for Q3 was 8.69%, and for Q2 it was 5.87%. Q3 sequential revenue growth percentage was 9.38%, and Q3 incremental gross margin percentage was 72.01%. Q3 backlog growth percentage was 1.50%, and backlog to quarter revenue percentage was 55.56%. The market capitalization was 131,038,795.68. Q3 annualized reported earnings per share was 0.84, and Q3 annualized 25% tax earnings per share was 0.63. Q3 annualized normalized price to earnings was 23.38. Net bank debt was 8,671,795, and days sales outstanding ending proxy was 44.84. Days inventory outstanding ending proxy was 138.82, and customer advances to inventory percentage was 1.10%. The derived Q3 flow is 9 months ending July 31 minus 6 months ending April 30, according to the SEC filing https://www.sec.gov/Archives/edgar/data/1000230/000143774926019811/occ20260430_10q.htm. The ending days sales outstanding and days inventory outstanding proxies are not aging. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A statistical table for OCC R91904 was measured. The table shows the following results: the number of observations is 179, the correlation between OCC and GLW is 0.48171780410609866, and the correlation between OCC and SPY is 0.199248205258496. The Ordinary Least Squares, or OLS, beta is 2.0594354672696915, the OLS daily intercept percentage is 0.8690581218212, and the OLS R-squared, which measures how well a model fits the data, is 0.03969984729873166. The daily quantiles percentage, which shows the range of daily returns, are as follows: the 1st percentile is -13.270537040967955, the 5th percentile is -10.470924219091184, the 50th percentile, also known as the median, is -0.2845399936768911, the 95th percentile is 14.801801997612479, and the 99th percentile is 28.674204708069023. These results were computed on September 19 from 2693 adjusted daily bars from 2016 to September 18, with a correlation number of 179. The OLS results do not imply causation, and the alpha value is not causal. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OCC,GLW,SPY&timeframe=1Day&feed=sip&adjustment=all

A news scan found the technical table for OCC R91904 with the following data: on September 18, 2026, at 04:00:00Z, the close price was 14.82. The prior 20-day high was 14.92. The Simple Moving Average, or SMA, over 50 days was 14.7242, and over 200 days was 11.0202. The Average True Range, or ATR, over 20 days was 1.074, which is 7.247 percent of the price. The stop price is 12.672. The net 3R target price is 21.9197, which is an upside of 47.906 percent. The highest price in the last 252 days was 27.9799. The drawdown from this high is 47.033 percent. The median volume over 20 days is 197,561. The worst gap down in the last 252 days was 18.854 percent, and the best gap up was 59.4309 percent. The potential loss per share if the stop price is reached is 2.2992, and the potential loss per share if the price falls by 50 percent is 7.41. This data was computed on September 19 from 2693 adjusted daily bars from 2016 to September 18, 2026, with a correlation of N179, and an Ordinary Least Squares, or OLS, analysis that is not causal, meaning it does not imply cause and effect, and has an alpha value. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=OCC,GLW,SPY&timeframe=1Day&feed=sip&adjustment=all

A news scan found the text 'Retrieved Sep 19; filepath Feb 2026, exact publication unverified.' The issuer claims to have a strong on-hand inventory and lead time better than the market, with next-day delivery for qualifying orders, specifically for MTDC enterprise rollable ribbon trunks. However, the fill rate and lead time for all SKUs were not measured. The text also mentions reconciling fiber constraints by product, scope, and date as of September 9, but this does not establish a guaranteed upstream supply or paid margin. https://www.occfiber.com/wp-content/uploads/2026/02/OCC-Lightera-Pre-Terminated-Trunks-Next-Gen-Fiber-26_FINAL.pdf

On March 16, 2026, a jointly authored statement by AFL, Corning, Lightera, and Prysmian claimed that the US has a fiber production capacity of $135 million, with a peak domestic capacity utilization of less than 5% for BEAD, and sufficient BABA compliant supply. However, this statement is a result of supplier policy advocacy incentives and represents only one joint statement, rather than four independent observations. The broadband capacity in March does not disprove the specific input bottleneck mentioned in the September OCC report, as designs, delivery schedules, and allocation differ. https://lightera.com/n/a-commitment-to-bead-u-s-fiber-and-cable-makers-are-each-ready-to-deliver/

As of September 2, 2026, there were 8,842,024 outstanding shares, including 6,421,999 that are redeemable. For the third quarter, the weighted average number of shares was 8,834,543. On July 31, the inventory consisted of 10,082,391 in raw materials, 6,834,989 in work-in-progress, and 5,713,569 in finished goods, with 3,075,180 in supplies. Customer advances were 252,841, compared to 68,386 on October 31. For the third quarter, the pretax income was 1,866,680, with a tax expense of 85,063, which is near zero current tax and cannot be permanent, based on a normalized assumption. It is assumed that the future tax rate will be 25%, which is an analyst assumption and not guidance. The redeemable balance of 9,543,077 is not current cash due. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

The issuer's report for the period ending April 30, 2026, and June 8, 2026, shows the following financial information: operating cash flow was -1358236, capital expenditures for property, plant, and equipment were 210524, and intangibles were 27818. Accounts receivable absorption was 807449, inventory was 1468807, and accounts payable accrual change was -242457, with a compensation change of -54984. In the second quarter, sales were 22213646, gross profit was 7594448, selling, general, and administrative expenses were 6270197, earnings before interest and taxes were 1303866, and net income was 1054817. The company had raw materials worth 8804905, work in progress worth 5975273, and finished goods worth 6151670. The credit available was 4.6 million and the revolver was 7.3 million. This report will be compared to the July 31 filing for the third quarter cash flow, and it should not be assumed that a negative 9 million free cash flow means the third quarter will be negative. https://www.sec.gov/Archives/edgar/data/1000230/000143774926019811/occ20260430_10q.htm

A document from the Options Clearing Corporation, retrieved on September 19, 2026, outlines standard terms for contracts, which apply unless otherwise agreed in writing. Section 2 of the document permits pricing adjustments for changes in raw material or supplier prices and market changes, with quotes being valid for 30 days. Section 4 states that cancellation is not allowed without consent, and a minimum charge of 25% applies to standard stock cancellations when consent is given. Section 9 specifies that the default payment term is 30 days, with actual terms generally ranging from 30 to 90 days, although customer exceptions may apply. This document upgrades the potential for passing on costs, but it does not measure the actual share of repricing, accepted prices, or the enforceability of individual contracts, and it serves as a primary issuer contract template, not applicable to all customer contracts. https://www.occfiber.com/terms/

On September 9, 2026, the company's 10Q Management's Discussion and Analysis, or MD&A, mentioned forward-looking risks that are specifically related to suppliers for certain components, customized equipment, material price and availability, and the ability to pass increased costs to customers. This is also stated in the company's FY25 Exhibit 13.1, which can be found at https://www.sec.gov/Archives/edgar/data/1000230/000143774925038228/ex_897382.htm. The company did not disclose the share of procurement or enforceable allocation in the reviewed sections. Just because there is no dedicated Item 1A, it does not mean that there is no supplier risk. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

On August 13, 2026, a supplier announced an expansion into the US, Brazil, Japan, and India, which is backed by long-term purchase commitments and will have progressive capacity from the second half of FY2028. There is no quantified allocation for OCC. On March 12, a separate high-count cable plant in Mie began operating in February 2026 and has more than 2 times the capacity of FY2023. This information can be found at https://www.furukawaelectric.com/en/release/2026/comm_20260312.html. The cable capacity is distinct from the availability of upstream draw, which refers to the process of shaping and pulling metal to create wire. https://lightera.com/n/lightera-announces-global-manufacturing-expansion-to-support-growing-ai-infrastructure-demand/

On July 7, 2025, an agreement was made, which includes a put option with a price of 5.9, for 642,199 shares over 2 months. The put option is normally set to expire on July 7, 2027, but it is possible for it to be triggered early. The cash purchase obligation is generally capped at the total original investment, with the remainder to be covered by cooperation, registration, or note alternatives. There are provisions in place for cash or note shortfall per share, which are subject to lender objection. This agreement does not guarantee an unconditional cash repurchase of all shares at the current price, nor does it mean there is no obligation above 2 million. Additionally, it does not guarantee a liberal allocation of funds, a term which refers to a generous or flexible distribution of resources. https://www.sec.gov/Archives/edgar/data/1000230/000143774925022531/ex_837294.htm

On December 18, 2025, a 10K report for the fiscal year ending October 31 showed that about 50% of equipment capacity is available, assuming the company is fully staffed 24 hours a day, 7 days a week, and 365 days a year. However, the mix of specific equipment and labor constraints means that this capacity is not immediately available. As a smaller reporting company, Item 1A is exempt, and the risk discussion is included in Exhibit 13.1. The report did not quantify the percentage of supplier purchases, but it is not zero. In the fiscal year 2025, the company had 348 employees, with insider employee ownership of at least 33.5%, and a total of 8,870,070 shares. https://www.sec.gov/Archives/edgar/data/1000230/000143774925038228/occ20251031_10k.htm

A news scan found the headline 'OCC R91904 Sep 9 direct operator supply and backlog statements'. The company's backlog as of July 31 was 13.5 million, compared to 13.3 million on April 30 and 10.4 million on January 31, and 7.3 million on October 31. Most of the backlog is expected to be shipped in 2 to 3 quarters, but there is no typical duration. The primary reason for delayed shipments is a fiber shortage, which has resulted in longer lead times for raw materials. The company has recently added staff in Roanoke and Dallas. The company has started selling Lightera products, but the sales amount is not disclosed. The main focus is on selling to MTDC and enterprise customers, with the Google campus being the only major opportunity. There is no guaranteed allocation or passthrough percentage disclosed. The issuer's management has promotional incentives, which are the same as those announced in the financial release, and there is no independent confirmation. https://www.sec.gov/Archives/edgar/data/1000230/000143774926030174/ex_1014929.htm

As of July 31, the issuer had cash of $297,193, accounts receivable of $118,426,211, and inventory of $22,938,467. The current assets were $35,569,097 and the current liabilities were $16,408,881. The issuer also had a revolver of $6,329,173 and term debt of $2,639,815. The available credit was $6.6 million, which is higher than the $4.7 million available on October 31. The company uses a lockbox daily cash sweep, with a borrowing base of 85% of eligible accounts receivable plus the minimum of 35% of eligible inventory, $7 million, or the accounts receivable loan value, minus $1.15 million. The credit has an $18 million cap, an 8.25% interest rate, and a maturity date of July 24, 2027. The loan has a subjective acceleration clause, but no default is advised. In the third quarter, the top distributors were 12.3% and 10.7%, with the largest nine distributors making up 14.8%. The cash balance is not a standalone measure of solvency. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

The issuer reported on September 9 that from July 31, the operating cash flow, or OCF, was 147,635, which is compared to 616,745 previously. The company spent 424,600 on property, plant, and equipment, also known as capital expenditures or capex, and 27,818 on intangibles, which are assets that are not physical, and had 976 in disposals, which are sales of assets. The accounts receivable, or AR, absorbed 1,575,499 in cash, and the inventory level was 3,136,713. The accounts payable and accruals, or AP, were a source of 399,837, and compensation was a source of 882,388. The depreciation and amortization, or D&A, was 584,792, and the stock-based compensation, or SBC, was 387,546. It was noted that not all of the working capital consumption is due to upstream pricing, which refers to the practice of increasing prices in response to higher costs from suppliers. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A news scan found the headline 'OCC R91904 FY26 Q3 and nine-month operating results'. The issuer filed this information on September 9, 2026, for the period ending July 31. The exact results for the third quarter are as follows: revenue was 24,297,022; cost of goods sold, or COGS, which is the cost of producing the goods sold, was 15,202,314; gross profit, or GP, which is the difference between revenue and COGS, was 9,094,708; selling, general, and administrative expenses, or SG&A, which are operating expenses, were 6,962,706; operating income, which is the income from operations, was 2,111,632; net income, which is the total earnings, was 1,858,117; interest was 247,112; and tax was 8,563. For the nine-month period, revenue was 62,941,623; gross profit was 22,058,920; SG&A were 18,790,608; earnings before interest and tax, or EBIT, which is a measure of profitability, was 3,207,203; and net income was 2,515,405. In the third quarter of the previous fiscal year, FY25, the results were: revenue was 19,916,919; gross profit was 6,319,311; EBIT was 562,474; and net income was 301,886. These financial results are the primary, unaudited results. https://www.sec.gov/Archives/edgar/data/1000230/000143774926029950/occ20260731_10q.htm

A news scan found the following data: an analysis of the stock MU, also known as Micron Technology, was done using a statistical method called ordinary least squares, or OLS for short, which is a way to find the best fit line for a set of data. The analysis used 155 days of data from February 6, 2026, to September 18, 2026. The results showed that the daily intercept, or starting point, was 0.5021143881319039 percent and the beta, or measure of volatility, of the SPY, or Standard and Poor's 500 index, was 3.3744659322278827. The r-squared value, which measures how well the data fits the line, was 0.26431984177910817. The analysis also looked at the correlation, or how closely the data moves together, between MU and other stocks, including GLW, OCC, FPS, BTDR, FEAM, and SPY. The correlations were 0.5976360223292179 for GLW, 0.24288308816085302 for OCC, 0.5375039320722294 for FPS, 0.4487265663734316 for BTDR, 0.17788434620369736 for FEAM, 1 for MU, and 0.5141204545426181 for SPY. The analysis used daily simple returns, which is the percentage change in the stock price each day, and the intercept plus the SPY OLS, which is a way to predict the stock price based on the SPY index. The analysis was constrained by the FPS initial public offering, or IPO, and the intercept is not a measure of causal alpha, which is a measure of the stock's performance, and no claim of significance is made. https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

A news scan found the following data: an analysis of the stock FEAM, also known as FEAM, was done using a statistical method called ordinary least squares, or OLS for short, which is a way to find the best fit line for a set of data. The results showed that for 155 days from February 6, 2026, to September 18, 2026, the daily intercept, or starting point, was 0.125411807952771 percent. The SPY beta, which measures how much FEAM moves compared to the SPY stock, was 2.825415855173939. The r2, or coefficient of determination, which measures how well the model fits the data, was 0.09749564179877601. The analysis also looked at the correlation, or how closely the stocks move together, between FEAM and other stocks, including GLW with a correlation of 0.23379279822008095, OCC with a correlation of 0.14996844378848825, FPS with a correlation of 0.3336493500913188, BTDR with a correlation of 0.20299140027575713, MU with a correlation of 0.17788434620369736, and SPY with a correlation of 0.31224292113477264. The analysis used 155 common returns and was limited by the FPS initial public offering, or IPO. The intercept is not a measure of causal alpha, which is a measure of a stock's performance, and no claim of significance is made. The analysis used daily simple returns, which is a measure of the return on investment, and the intercept plus SPY OLS, which is a statistical model. https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all

A news scan found the following data: an analysis of BTDR R91902 from February 6 to September 18, 2026, showed daily correlation and SPY Ordinary Least Squares, or OLS, regression results. The OLS results for BTDR are: the symbol is BTDR, the number of observations is 155, the daily intercept percentage is -0.03549076123007406, the SPY beta is 4.41246265248803, and the r-squared value is 0.3054157171027576. The correlations with other stocks are: GLW is 0.4179187491289695, OCC is 0.257273734352025, FPS is 0.5052304481454998, BTDR is 1, FEAM is 0.20299140027575713, MU is 0.4487265663734316, and SPY is 0.552644295277494. This analysis is based on 155 common returns from February 6 to September 18, 2026, and is constrained by the FPS initial public offering, or IPO. The intercept is not causal alpha and no significance claim is made. The analysis uses daily simple returns, which are the intercept plus SPY OLS. https://runway.adityaperswal.workers.dev/data/stock-bars?feed=sip&adjustment=all