Management’s discussion and analysis 80 JPMorgan Chase & Co. /2016 Annual Report The Firm’s Fully Phased-In GSIB surcharge for 2016 was calculated to be 2.5% under Method 1 and 4.5% under Method 2.
Accordingly, the Firm’s minimum capital ratios applicable in 2016 include a GSIB surcharge of 1.125%, resulting from the application of the transition provisions to the 4.5% fully phased-in GSIB surcharge.
For 2017, the Firm has calculated its Fully Phased-In GSIB surcharge to be 2.5% under Method 1 and 3.5% under Method 2 resulting in the inclusion of a GSIB surcharge of 1.75% in the Firm’s minimum capital ratios after application of the transition provisions.
The countercyclical capital buffer takes into account the macro financial environment in which large, internationally active banks function.
On September 8, 2016 the Federal Reserve published the framework that will apply to the setting of the countercyclical capital buffer.
As of October 24, 2016 the Federal Reserve reaffirmed setting the U. S.  countercyclical capital buffer at 0%, and stated that it will review the amount at least annually.
The countercyclical capital buffer can be increased if the Federal Reserve, FDIC and OCC determine that credit growth in the economy has become excessive and can be set at up to an additional 2.5% of RWA subject to a 12-month implementation period.
Based on the Firm’s most recent estimate of its GSIB surcharge and the current countercyclical buffer being set at 0%, the Firm estimates its Fully Phased-In CET1 capital requirement, at January 1, 2019, would be 10.5% (reflecting the 4.5% CET1 capital requirement, the Fully Phased-In 2.5% capital conservation buffer and the GSIB surcharge of 3.5%).
As well as meeting the capital ratio requirements of Basel III, the Firm must, in order to be “well-capitalized”, maintain a minimum 6% Tier 1 capital and a 10% Total capital requirement.
At December 31, 2016 and 2015, JPMorgan Chase maintained Basel III Standardized Transitional and Basel III Advanced Transitional ratios in excess of the well-capitalized standards established by the Federal Reserve.
The Firm continues to believe that over the next several years, it will operate with a Basel III CET1 capital ratio between 11% and 12.5%.
It is the Firm’s intention that the Firm’s capital ratios continue to meet regulatory minimums as they are fully implemented in 2019 and thereafter.
Each of the Firm’s IDI subsidiaries must maintain a minimum 6.5% CET1, 8% Tier 1 capital, 10% Total capital and 5% Tier 1 leverage requirement to meet the definition of “well-capitalized” under the Prompt Corrective Action (“PCA”) requirements of the FDIC Improvement Act (“FDICIA”) for IDI subsidiaries.
Capital A reconciliation of total stockholders’ equity to Basel III Fully Phased-In CET1 capital, Tier 1 capital and Basel III Advanced and Standardized Fully Phased-In Total capital is presented in the table below.
For additional information on the components of regulatory capital, see Note 28.
## Table 0 ##
(a) Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
(b) Includes the deduction associated with the permissible holdings of covered funds (as defined by the Volcker Rule) acquired after December 31, 2013.
The deduction was not material as of December 31, 2016.
risk in the derivatives portfolio.
In addition, the Firm’s risk management process takes into consideration the potential impact of wrong-way risk, which is broadly defined as the potential for increased correlation between the Firm’s exposure to a counterparty (AVG) and the counterparty’s credit quality.
Many factors may influence the nature and magnitude of these correlations over time.
To the extent that these correlations are identified, the Firm may adjust the CVA associated with that counterparty’s AVG.
The Firm risk manages exposure to changes in CVA by entering into credit derivative transactions, as well as interest rate, foreign exchange, equity and commodity derivative transactions.
The accompanying graph shows exposure profiles to the Firm’s current derivatives portfolio over the next 10 years as calculated by the Peak, DRE and AVG metrics.
The three measures generally show that exposure will decline after the first year, if no new trades are added to the portfolio.
Exposure profile of derivatives measures December 31, 2016 (in billions)
## Table 1 ##
The following table summarizes the ratings profile by derivative counterparty of the Firm’s derivative receivables, including credit derivatives, net of all collateral, at the dates indicated.
The ratings scale is based on the Firm’s internal ratings, which generally correspond to the ratings as defined by S&P and Moody’s.
Ratings profile of derivative receivables
(a) Prior period amounts have been revised to conform with the current period presentation.
As previously noted, the Firm uses collateral agreements to mitigate counterparty credit risk.
The percentage of the Firm’s derivatives transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity — was 90% as of December 31, 2016, largely unchanged compared with 87% as of December 31, 2015.  Credit derivatives The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user to manage the Firm’s own credit risk associated with various exposures.
For a detailed description of credit derivatives, see Credit derivatives in Note 6.  Credit portfolio management activities Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and unfunded commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management” activities).
Information on credit portfolio management activities is provided in the table below.
For further information on derivatives used in credit portfolio management activities, see Credit derivatives in Note 6.
The Firm also uses credit derivatives as an end-user to manage other exposures, including credit risk arising from certain securities held in the Firm’s market-making businesses.
These credit derivatives are not included in credit portfolio management activities; for further information on these credit derivatives as well as credit derivatives used in the Firm’s capacity as a market-maker in credit derivatives, see Credit derivatives in Note 6.
The following table summarizes short-term and long-term funding, excluding deposits, as of December 31, 2016 and 2015, and average balances for the years ended December 31, 2016 and 2015.
For additional information, see the Consolidated Balance Sheet Analysis on pages 43–44 and Note 21.
Sources of funds (excluding deposits)
## Table 2 ##
(a) Included in beneficial interest issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(b) Prior period amounts have been revised to conform with current period presentation.
(c) Excludes federal funds purchased.
(d) Excludes long-term structured repurchase agreements of $1.8 billion and $4.2 billion as of December 31, 2016 and 2015, respectively, and average balances of $2.9 billion and $3.9 billion for the years ended December 31, 2016 and 2015, respectively.
(e) Excludes long-term securities loaned of $1.2 billion and $1.3 billion as of December 31, 2016, and December 31, 2015, respectively, and average balances of $1.3 billion and $0.9 billion for the years ended December 31, 2016 and 2015, respectively.
(f) Other securitizations includes securitizations of student loans.
The Firm’s wholesale businesses also securitize loans for client-driven transactions, which are not considered to be a source of funding for the Firm and are not included in the table.
(g) Includes long-term structured notes which are secured.
(h) For additional information on preferred stock and common stockholders’ equity see Capital Risk Management on pages 76–85, Consolidated statements of changes in stockholders’ equity, Note 22 and Note 23.
(i) During 2015 the Firm discontinued its commercial paper customer sweep cash management program.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(in millions)</td><td>December 31, 2016</td></tr><tr><td>Total stockholders’ equity</td><td>$254,190</td></tr><tr><td>Less: Preferred stock</td><td>26,068</td></tr><tr><td>Common stockholders’ equity</td><td>228,122</td></tr><tr><td>Less:</td><td></td></tr><tr><td>Goodwill</td><td>47,288</td></tr><tr><td>Other intangible assets</td><td>862</td></tr><tr><td>Add:</td><td></td></tr><tr><td>Deferred tax liabilities<sup>(a)</sup></td><td>3,230</td></tr><tr><td>Less: Other CET1 capital adjustments</td><td>1,468</td></tr><tr><td>Standardized/Advanced CET1 capital</td><td>181,734</td></tr><tr><td>Preferred stock</td><td>26,068</td></tr><tr><td>Less:</td><td></td></tr><tr><td>Other Tier 1 adjustments<sup>(b)</sup></td><td>328</td></tr><tr><td>Standardized/Advanced Tier 1 capital</td><td>$207,474</td></tr><tr><td>Long-term debt and other instruments qualifying asTier 2 capital</td><td>$15,253</td></tr><tr><td>Qualifying allowance for credit losses</td><td>14,854</td></tr><tr><td>Other</td><td>-94</td></tr><tr><td>Standardized Fully Phased-In Tier 2 capital</td><td>$30,013</td></tr><tr><td>Standardized Fully Phased-in Total capital</td><td>$237,487</td></tr><tr><td>Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital</td><td>-10,961</td></tr><tr><td>Advanced Fully Phased-In Tier 2 capital</td><td>$19,052</td></tr><tr><td>Advanced Fully Phased-In Total capital</td><td>$226,526</td></tr></table>
<table><tr><td>Rating equivalent</td><td>2016</td><td>2015<sup>(a)</sup></td></tr><tr><td>December 31,(in millions, except ratios)</td><td>Exposure net of all collateral</td><td>% of exposure netof all collateral</td><td>Exposure net of all collateral</td><td>% of exposure netof all collateral</td></tr><tr><td>AAA/Aaa to AA-/Aa3</td><td>$11,449</td><td>28%</td><td>$10,371</td><td>24%</td></tr><tr><td>A+/A1 to A-/A3</td><td>8,505</td><td>20</td><td>10,595</td><td>25</td></tr><tr><td>BBB+/Baa1 to BBB-/Baa3</td><td>13,127</td><td>32</td><td>13,807</td><td>32</td></tr><tr><td>BB+/Ba1 to B-/B3</td><td>7,308</td><td>18</td><td>7,500</td><td>17</td></tr><tr><td>CCC+/Caa1 and below</td><td>984</td><td>2</td><td>824</td><td>2</td></tr><tr><td>Total</td><td>$41,373</td><td>100%</td><td>$43,097</td><td>100%</td></tr></table>
<table><tr><td>As of or for the year ended December 31,</td><td></td><td></td><td colspan="2">Average</td><td></td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td><td></td></tr><tr><td>Commercial paper:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholesale funding</td><td>$11,738</td><td>$15,562</td><td>$15,001</td><td>$19,340</td><td></td></tr><tr><td>Client cash management</td><td>—</td><td>—</td><td>—</td><td>18,800</td><td><sub>(i)</sub></td></tr><tr><td>Total commercial paper</td><td>$11,738</td><td>$15,562</td><td>$15,001</td><td>$38,140</td><td></td></tr><tr><td>Obligations of Firm-administered multi-seller conduits<sup>(a)</sup></td><td>$2,719</td><td>$8,724</td><td>$5,153</td><td>$11,961</td><td></td></tr><tr><td>Other borrowed funds</td><td>$22,705</td><td>$21,105</td><td>$21,139</td><td>$28,816</td><td></td></tr><tr><td>Securities loaned or sold under agreements to repurchase:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities sold under agreements to repurchase</td><td>$149,826</td><td>$129,598</td><td>$160,458</td><td>$168,163</td><td></td></tr><tr><td>Securities loaned<sup>(b)</sup></td><td>12,137</td><td>16,877</td><td>13,195</td><td>18,633</td><td></td></tr><tr><td>Total securities loaned or sold under agreements to repurchase<sup>(b)(c)(d)(e)</sup></td><td>$161,963</td><td>$146,475</td><td>$173,653</td><td>$186,796</td><td></td></tr><tr><td>Senior notes</td><td>$151,042</td><td>$149,964</td><td>$153,768</td><td>$147,498</td><td></td></tr><tr><td>Trust preferred securities</td><td>2,345</td><td>3,969</td><td>3,724</td><td>4,341</td><td></td></tr><tr><td>Subordinated debt</td><td>21,940</td><td>25,027</td><td>24,224</td><td>27,310</td><td></td></tr><tr><td>Structured notes</td><td>37,292</td><td>32,813</td><td>35,978</td><td>31,309</td><td></td></tr><tr><td>Total long-term unsecured funding</td><td>$212,619</td><td>$211,773</td><td>$217,694</td><td>$210,458</td><td></td></tr><tr><td>Credit card securitization<sup>(a)</sup></td><td>31,181</td><td>27,906</td><td>29,428</td><td>30,382</td><td></td></tr><tr><td>Other securitizations<sup>((a)(f)</sup></td><td>1,527</td><td>1,760</td><td>1,669</td><td>1,909</td><td></td></tr><tr><td>FHLB advances</td><td>79,519</td><td>71,581</td><td>73,260</td><td>70,150</td><td></td></tr><tr><td>Other long-term secured funding<sup>(g)</sup></td><td>3,107</td><td>5,297</td><td>4,619</td><td>4,332</td><td></td></tr><tr><td>Total long-term secured funding</td><td>$115,334</td><td>$106,544</td><td>$108,976</td><td>$106,773</td><td></td></tr><tr><td>Preferred stock<sup>(h)</sup></td><td>$26,068</td><td>$26,068</td><td>26,068</td><td>$24,040</td><td></td></tr><tr><td>Common stockholders’ equity<sup>(h)</sup></td><td>$228,122</td><td>$221,505</td><td>224,631</td><td>$215,690</td><td></td></tr></table>

Question: How many element exceed the average of Total long-term unsecured funding and Structured notes in 2016?
Answer: 5