Item 1A Delta

What This Is

This bulletin monitors the Risk Factors section (Item 1A) of annual 10-K filings for companies in major U.S. equity benchmarks. It flags risk categories that a company has introduced for the first time in the past five reporting years. If a risk topic has appeared in any of the company's prior filings during that window, it is not shown here.

The filtering is deliberately conservative. The system is biased toward silence: it would rather miss a borderline change than surface a false signal. Many companies will have no entries. Some filing days will produce no rows at all. That is expected behavior, not a gap in coverage.

Who It's For

• Equity analysts reviewing annual filings during reporting season
• Credit and risk analysts tracking changes in corporate disclosures
• Compliance professionals monitoring regulatory risk language
• Portfolio managers who want a pre-filtered view of new admissions

What This Is Not

This product does not score, rank, or rate risks. It does not predict outcomes. It does not offer opinions, recommendations, or investment advice. It does not provide comprehensive coverage of all filing changes. It reports what changed in the disclosure language. It does not interpret why.

How It Works

• Compares the current 10-K Risk Factors section to the same company's prior filings
• Looks back five reporting years for each company
• Flags only risk categories that have never appeared in that company's prior filings
• Applies conservative filters to exclude routine boilerplate language
• Many companies and many days may have no entries at all

Bulletins

Item 1A Delta is published as separate bulletins by benchmark. Each bulletin applies identical methodology and filtering rules.

• S&P 500 — Large-cap U.S. issuers
• NASDAQ-100 — Technology-tilted issuers
• Dow Jones Industrial Average — Blue-chip U.S. issuers
• S&P 400 MidCap — Mid-cap U.S. issuers

Sample Output — Illustrative Only

This sample is illustrative and not live data.