id	sid	tid	token	lemma	pos
fsr-3407	1	1	risk	risk	NOUN
fsr-3407	1	2	and	and	CCONJ
fsr-3407	1	3	reward	reward	NOUN
fsr-3407	1	4	of	of	ADP
fsr-3407	1	5	fractionally	fractionally	ADV
fsr-3407	1	6	leveraged	leverage	VERB
fsr-3407	1	7	etfs	etfs	NOUN
fsr-3407	1	8	in	in	ADP
fsr-3407	1	9	a	a	DET
fsr-3407	1	10	stock	stock	NOUN
fsr-3407	1	11	/	/	SYM
fsr-3407	1	12	bond	bond	NOUN
fsr-3407	1	13	portfolio	portfolio	NOUN
fsr-3407	1	14	james	james	PROPN
fsr-3407	1	15	dilellioa	dilellioa	PROPN
fsr-3407	1	16	,	,	PUNCT
fsr-3407	1	17	*	*	PUNCT
fsr-3407	1	18	adepartment	adepartment	NOUN
fsr-3407	1	19	of	of	ADP
fsr-3407	1	20	decision	decision	NOUN
fsr-3407	1	21	sciences	science	NOUN
fsr-3407	1	22	,	,	PUNCT
fsr-3407	1	23	information	information	NOUN
fsr-3407	1	24	systems	system	NOUN
fsr-3407	1	25	and	and	CCONJ
fsr-3407	1	26	strategy	strategy	NOUN
fsr-3407	1	27	,	,	PUNCT
fsr-3407	1	28	pepperdine	pepperdine	PROPN
fsr-3407	1	29	graziadio	graziadio	PROPN
fsr-3407	1	30	business	business	NOUN
fsr-3407	1	31	school	school	NOUN
fsr-3407	1	32	,	,	PUNCT
fsr-3407	1	33	24255	24255	NUM
fsr-3407	1	34	pacific	pacific	PROPN
fsr-3407	1	35	coast	coast	PROPN
fsr-3407	1	36	highway	highway	PROPN
fsr-3407	1	37	,	,	PUNCT
fsr-3407	1	38	malibu	malibu	NOUN
fsr-3407	1	39	,	,	PUNCT
fsr-3407	1	40	ca	ca	NOUN
fsr-3407	1	41	90263	90263	NUM
fsr-3407	1	42	,	,	PUNCT
fsr-3407	1	43	usa	usa	PROPN
fsr-3407	1	44	abstract	abstract	PROPN
fsr-3407	1	45	this	this	DET
fsr-3407	1	46	article	article	NOUN
fsr-3407	1	47	investigates	investigate	VERB
fsr-3407	1	48	using	use	VERB
fsr-3407	1	49	1.25x	1.25x	NUM
fsr-3407	1	50	leveraged	leveraged	ADJ
fsr-3407	1	51	stock	stock	NOUN
fsr-3407	1	52	and	and	CCONJ
fsr-3407	1	53	bond	bond	NOUN
fsr-3407	1	54	exchange	exchange	NOUN
fsr-3407	1	55	-	-	PUNCT
fsr-3407	1	56	traded	trade	VERB
fsr-3407	1	57	funds	fund	NOUN
fsr-3407	1	58	(	(	PUNCT
fsr-3407	1	59	etfs	etfs	PROPN
fsr-3407	1	60	)	)	PUNCT
fsr-3407	1	61	as	as	ADP
fsr-3407	1	62	an	an	DET
fsr-3407	1	63	asset	asset	NOUN
fsr-3407	1	64	allocation	allocation	NOUN
fsr-3407	1	65	strategy	strategy	NOUN
fsr-3407	1	66	.	.	PUNCT
fsr-3407	2	1	performance	performance	NOUN
fsr-3407	2	2	is	be	AUX
fsr-3407	2	3	analyzed	analyze	VERB
fsr-3407	2	4	by	by	ADP
fsr-3407	2	5	replicating	replicate	VERB
fsr-3407	2	6	funds	fund	NOUN
fsr-3407	2	7	from	from	ADP
fsr-3407	2	8	1989	1989	NUM
fsr-3407	2	9	to	to	ADP
fsr-3407	2	10	2017	2017	NUM
fsr-3407	2	11	,	,	PUNCT
fsr-3407	2	12	including	include	VERB
fsr-3407	2	13	all	all	DET
fsr-3407	2	14	relevant	relevant	ADJ
fsr-3407	2	15	costs	cost	NOUN
fsr-3407	2	16	.	.	PUNCT
fsr-3407	3	1	conditions	condition	NOUN
fsr-3407	3	2	for	for	ADP
fsr-3407	3	3	excess	excess	ADJ
fsr-3407	3	4	returns	return	NOUN
fsr-3407	3	5	are	be	AUX
fsr-3407	3	6	derived	derive	VERB
fsr-3407	3	7	analytically	analytically	ADV
fsr-3407	3	8	and	and	CCONJ
fsr-3407	3	9	confirmed	confirm	VERB
fsr-3407	3	10	empirically	empirically	ADV
fsr-3407	3	11	.	.	PUNCT
fsr-3407	4	1	simulations	simulation	NOUN
fsr-3407	4	2	are	be	AUX
fsr-3407	4	3	conducted	conduct	VERB
fsr-3407	4	4	to	to	PART
fsr-3407	4	5	assess	assess	VERB
fsr-3407	4	6	performance	performance	NOUN
fsr-3407	4	7	under	under	ADP
fsr-3407	4	8	a	a	DET
fsr-3407	4	9	variety	variety	NOUN
fsr-3407	4	10	of	of	ADP
fsr-3407	4	11	market	market	NOUN
fsr-3407	4	12	conditions	condition	NOUN
fsr-3407	4	13	,	,	PUNCT
fsr-3407	4	14	and	and	CCONJ
fsr-3407	4	15	demonstrate	demonstrate	VERB
fsr-3407	4	16	opportunities	opportunity	NOUN
fsr-3407	4	17	for	for	ADP
fsr-3407	4	18	excess	excess	ADJ
fsr-3407	4	19	returns	return	NOUN
fsr-3407	4	20	over	over	ADP
fsr-3407	4	21	unlevered	unlevered	ADJ
fsr-3407	4	22	funds	fund	NOUN
fsr-3407	4	23	in	in	ADP
fsr-3407	4	24	a	a	DET
fsr-3407	4	25	60/40	60/40	NUM
fsr-3407	4	26	stock/	stock/	NUM
fsr-3407	4	27	bond	bond	NOUN
fsr-3407	4	28	allocation	allocation	NOUN
fsr-3407	4	29	.	.	PUNCT
fsr-3407	5	1	these	these	DET
fsr-3407	5	2	results	result	NOUN
fsr-3407	5	3	are	be	AUX
fsr-3407	5	4	accomplished	accomplish	VERB
fsr-3407	5	5	with	with	ADP
fsr-3407	5	6	a	a	DET
fsr-3407	5	7	small	small	ADJ
fsr-3407	5	8	reduction	reduction	NOUN
fsr-3407	5	9	in	in	ADP
fsr-3407	5	10	the	the	DET
fsr-3407	5	11	sharpe	sharpe	NOUN
fsr-3407	5	12	ratio	ratio	NOUN
fsr-3407	5	13	and	and	CCONJ
fsr-3407	5	14	no	no	DET
fsr-3407	5	15	need	need	NOUN
fsr-3407	5	16	to	to	PART
fsr-3407	5	17	access	access	VERB
fsr-3407	5	18	margin	margin	NOUN
fsr-3407	5	19	.	.	PUNCT
fsr-3407	6	1	we	we	PRON
fsr-3407	6	2	conclude	conclude	VERB
fsr-3407	6	3	that	that	SCONJ
fsr-3407	6	4	this	this	DET
fsr-3407	6	5	asset	asset	NOUN
fsr-3407	6	6	allocation	allocation	NOUN
fsr-3407	6	7	strategy	strategy	NOUN
fsr-3407	6	8	could	could	AUX
fsr-3407	6	9	be	be	AUX
fsr-3407	6	10	well	well	ADV
fsr-3407	6	11	suited	suited	ADJ
fsr-3407	6	12	for	for	ADP
fsr-3407	6	13	investors	investor	NOUN
fsr-3407	6	14	more	more	ADV
fsr-3407	6	15	interested	interested	ADJ
fsr-3407	6	16	in	in	ADP
fsr-3407	6	17	total	total	ADJ
fsr-3407	6	18	returns	return	NOUN
fsr-3407	6	19	during	during	ADP
fsr-3407	6	20	upward	upward	ADJ
fsr-3407	6	21	trending	trend	VERB
fsr-3407	6	22	markets	market	NOUN
fsr-3407	6	23	.	.	PUNCT
fsr-3407	7	1	©	©	PROPN
fsr-3407	7	2	2018	2018	NUM
fsr-3407	7	3	academy	academy	NOUN
fsr-3407	7	4	of	of	ADP
fsr-3407	7	5	financial	financial	ADJ
fsr-3407	7	6	services	service	NOUN
fsr-3407	7	7	.	.	PUNCT
fsr-3407	8	1	all	all	DET
fsr-3407	8	2	rights	right	NOUN
fsr-3407	8	3	reserved	reserve	VERB
fsr-3407	8	4	.	.	PUNCT
fsr-3407	9	1	jel	jel	PROPN
fsr-3407	9	2	classification	classification	NOUN
fsr-3407	9	3	:	:	PUNCT
fsr-3407	9	4	g11	g11	NOUN
fsr-3407	9	5	;	;	PUNCT
fsr-3407	9	6	c53	c53	NOUN
fsr-3407	9	7	keywords	keyword	NOUN
fsr-3407	9	8	:	:	PUNCT
fsr-3407	9	9	leveraged	leveraged	ADJ
fsr-3407	9	10	etfs	etfs	NOUN
fsr-3407	9	11	;	;	PUNCT
fsr-3407	9	12	simulation	simulation	NOUN
fsr-3407	9	13	;	;	PUNCT
fsr-3407	9	14	geometric	geometric	ADJ
fsr-3407	9	15	brownian	brownian	ADJ
fsr-3407	9	16	motion	motion	NOUN
fsr-3407	9	17	;	;	PUNCT
fsr-3407	9	18	bootstrapping	bootstrappe	VERB
fsr-3407	9	19	1	1	NUM
fsr-3407	9	20	.	.	PUNCT
fsr-3407	10	1	introduction	introduction	NOUN
fsr-3407	10	2	individual	individual	ADJ
fsr-3407	10	3	use	use	NOUN
fsr-3407	10	4	of	of	ADP
fsr-3407	10	5	financial	financial	ADJ
fsr-3407	10	6	leverage	leverage	NOUN
fsr-3407	10	7	is	be	AUX
fsr-3407	10	8	fairly	fairly	ADV
fsr-3407	10	9	common	common	ADJ
fsr-3407	10	10	by	by	ADP
fsr-3407	10	11	individual	individual	ADJ
fsr-3407	10	12	investors	investor	NOUN
fsr-3407	10	13	.	.	PUNCT
fsr-3407	11	1	many	many	ADJ
fsr-3407	11	2	first	first	ADJ
fsr-3407	11	3	-	-	PUNCT
fsr-3407	11	4	time	time	NOUN
fsr-3407	11	5	home	home	NOUN
fsr-3407	11	6	buyers	buyer	NOUN
fsr-3407	11	7	use	use	VERB
fsr-3407	11	8	a	a	DET
fsr-3407	11	9	mortgage	mortgage	NOUN
fsr-3407	11	10	where	where	SCONJ
fsr-3407	11	11	the	the	DET
fsr-3407	11	12	buyer	buyer	NOUN
fsr-3407	11	13	provides	provide	VERB
fsr-3407	11	14	20	20	NUM
fsr-3407	11	15	%	%	NOUN
fsr-3407	11	16	of	of	ADP
fsr-3407	11	17	the	the	DET
fsr-3407	11	18	closing	closing	NOUN
fsr-3407	11	19	price	price	NOUN
fsr-3407	11	20	of	of	ADP
fsr-3407	11	21	a	a	DET
fsr-3407	11	22	home	home	NOUN
fsr-3407	11	23	,	,	PUNCT
fsr-3407	11	24	and	and	CCONJ
fsr-3407	11	25	finance	finance	VERB
fsr-3407	11	26	the	the	DET
fsr-3407	11	27	remaining	remain	VERB
fsr-3407	11	28	80	80	NUM
fsr-3407	11	29	%	%	NOUN
fsr-3407	11	30	.	.	PUNCT
fsr-3407	12	1	the	the	DET
fsr-3407	12	2	use	use	NOUN
fsr-3407	12	3	of	of	ADP
fsr-3407	12	4	leverage	leverage	NOUN
fsr-3407	12	5	in	in	ADP
fsr-3407	12	6	the	the	DET
fsr-3407	12	7	stock	stock	NOUN
fsr-3407	12	8	market	market	NOUN
fsr-3407	12	9	is	be	AUX
fsr-3407	12	10	also	also	ADV
fsr-3407	12	11	common	common	ADJ
fsr-3407	12	12	,	,	PUNCT
fsr-3407	12	13	where	where	SCONJ
fsr-3407	12	14	most	most	ADJ
fsr-3407	12	15	brokers	broker	NOUN
fsr-3407	12	16	offer	offer	VERB
fsr-3407	12	17	margin	margin	NOUN
fsr-3407	12	18	accounts	account	NOUN
fsr-3407	12	19	to	to	PART
fsr-3407	12	20	support	support	VERB
fsr-3407	12	21	individual	individual	ADJ
fsr-3407	12	22	investors	investor	NOUN
fsr-3407	12	23	purchasing	purchase	VERB
fsr-3407	12	24	securities	security	NOUN
fsr-3407	12	25	above	above	ADP
fsr-3407	12	26	their	their	PRON
fsr-3407	12	27	cash	cash	NOUN
fsr-3407	12	28	balance	balance	NOUN
fsr-3407	12	29	,	,	PUNCT
fsr-3407	12	30	shorting	short	VERB
fsr-3407	12	31	a	a	DET
fsr-3407	12	32	stock	stock	NOUN
fsr-3407	12	33	,	,	PUNCT
fsr-3407	12	34	or	or	CCONJ
fsr-3407	12	35	investing	invest	VERB
fsr-3407	12	36	in	in	ADP
fsr-3407	12	37	financial	financial	ADJ
fsr-3407	12	38	derivatives	derivative	NOUN
fsr-3407	12	39	.	.	PUNCT
fsr-3407	13	1	*	*	PUNCT
fsr-3407	13	2	corresponding	correspond	VERB
fsr-3407	13	3	author	author	NOUN
fsr-3407	13	4	.	.	PUNCT
fsr-3407	14	1	tel	tel	PROPN
fsr-3407	14	2	.	.	PUNCT
fsr-3407	14	3	:	:	PUNCT
fsr-3407	15	1	�	�	PROPN
fsr-3407	15	2	1	1	NUM
fsr-3407	15	3	-	-	SYM
fsr-3407	15	4	714	714	NUM
fsr-3407	15	5	-	-	NUM
fsr-3407	15	6	403	403	NUM
fsr-3407	15	7	-	-	SYM
fsr-3407	15	8	0085	0085	NUM
fsr-3407	15	9	;	;	PUNCT
fsr-3407	15	10	fax	fax	NOUN
fsr-3407	15	11	:	:	PUNCT
fsr-3407	15	12	�	�	PROPN
fsr-3407	15	13	1	1	NUM
fsr-3407	15	14	-	-	SYM
fsr-3407	15	15	714	714	NUM
fsr-3407	15	16	-	-	PUNCT
fsr-3407	15	17	832	832	NUM
fsr-3407	15	18	-	-	PUNCT
fsr-3407	15	19	3654	3654	NUM
fsr-3407	15	20	.	.	PUNCT
fsr-3407	16	1	e	e	X
fsr-3407	16	2	-	-	NOUN
fsr-3407	16	3	mail	mail	NOUN
fsr-3407	16	4	address	address	NOUN
fsr-3407	16	5	:	:	PUNCT
fsr-3407	16	6	james.dilellio@pepperdine.edu	james.dilellio@pepperdine.edu	VERB
fsr-3407	16	7	financial	financial	ADJ
fsr-3407	16	8	services	service	NOUN
fsr-3407	16	9	review	review	VERB
fsr-3407	16	10	27	27	NUM
fsr-3407	16	11	(	(	PUNCT
fsr-3407	16	12	2018	2018	NUM
fsr-3407	16	13	)	)	PUNCT
fsr-3407	16	14	413	413	NUM
fsr-3407	16	15	-	-	SYM
fsr-3407	16	16	432	432	NUM
fsr-3407	16	17	1057	1057	NUM
fsr-3407	16	18	-	-	SYM
fsr-3407	16	19	0810/18/$	0810/18/$	NUM
fsr-3407	16	20	–	–	PUNCT
fsr-3407	16	21	see	see	VERB
fsr-3407	16	22	front	front	ADJ
fsr-3407	16	23	matter	matter	NOUN
fsr-3407	16	24	©	©	PROPN
fsr-3407	16	25	2018	2018	NUM
fsr-3407	16	26	academy	academy	NOUN
fsr-3407	16	27	of	of	ADP
fsr-3407	16	28	financial	financial	ADJ
fsr-3407	16	29	services	service	NOUN
fsr-3407	16	30	.	.	PUNCT
fsr-3407	17	1	all	all	DET
fsr-3407	17	2	rights	right	NOUN
fsr-3407	17	3	reserved	reserve	VERB
fsr-3407	17	4	.	.	PUNCT
fsr-3407	18	1	these	these	DET
fsr-3407	18	2	margin	margin	NOUN
fsr-3407	18	3	accounts	account	NOUN
fsr-3407	18	4	can	can	AUX
fsr-3407	18	5	amplify	amplify	VERB
fsr-3407	18	6	gains	gain	NOUN
fsr-3407	18	7	and	and	CCONJ
fsr-3407	18	8	losses	loss	NOUN
fsr-3407	18	9	.	.	PUNCT
fsr-3407	19	1	however	however	ADV
fsr-3407	19	2	,	,	PUNCT
fsr-3407	19	3	retirement	retirement	NOUN
fsr-3407	19	4	accounts	account	NOUN
fsr-3407	19	5	do	do	AUX
fsr-3407	19	6	not	not	PART
fsr-3407	19	7	permit	permit	VERB
fsr-3407	19	8	this	this	DET
fsr-3407	19	9	use	use	NOUN
fsr-3407	19	10	of	of	ADP
fsr-3407	19	11	leverage	leverage	NOUN
fsr-3407	19	12	,	,	PUNCT
fsr-3407	19	13	because	because	SCONJ
fsr-3407	19	14	of	of	ADP
fsr-3407	19	15	the	the	DET
fsr-3407	19	16	need	need	NOUN
fsr-3407	19	17	to	to	PART
fsr-3407	19	18	provide	provide	VERB
fsr-3407	19	19	collateral	collateral	NOUN
fsr-3407	19	20	and	and	CCONJ
fsr-3407	19	21	their	their	PRON
fsr-3407	19	22	tax	tax	NOUN
fsr-3407	19	23	exempt	exempt	ADJ
fsr-3407	19	24	status.1	status.1	PROPN
fsr-3407	19	25	nevertheless	nevertheless	ADV
fsr-3407	19	26	,	,	PUNCT
fsr-3407	19	27	individual	individual	ADJ
fsr-3407	19	28	investors	investor	NOUN
fsr-3407	19	29	and	and	CCONJ
fsr-3407	19	30	financial	financial	ADJ
fsr-3407	19	31	planners	planner	NOUN
fsr-3407	19	32	seeking	seek	VERB
fsr-3407	19	33	to	to	PART
fsr-3407	19	34	boost	boost	VERB
fsr-3407	19	35	returns	return	NOUN
fsr-3407	19	36	in	in	ADP
fsr-3407	19	37	retirement	retirement	NOUN
fsr-3407	19	38	accounts	account	NOUN
fsr-3407	19	39	can	can	AUX
fsr-3407	19	40	invest	invest	VERB
fsr-3407	19	41	in	in	ADP
fsr-3407	19	42	leveraged	leveraged	ADJ
fsr-3407	19	43	funds	fund	NOUN
fsr-3407	19	44	.	.	PUNCT
fsr-3407	20	1	because	because	SCONJ
fsr-3407	20	2	of	of	ADP
fsr-3407	20	3	the	the	DET
fsr-3407	20	4	effect	effect	NOUN
fsr-3407	20	5	of	of	ADP
fsr-3407	20	6	daily	daily	ADJ
fsr-3407	20	7	rebalancing	rebalancing	NOUN
fsr-3407	20	8	,	,	PUNCT
fsr-3407	20	9	most	most	ADV
fsr-3407	20	10	leveraged	leverage	VERB
fsr-3407	20	11	exchange	exchange	NOUN
fsr-3407	20	12	-	-	PUNCT
fsr-3407	20	13	traded	trade	VERB
fsr-3407	20	14	funds	fund	NOUN
fsr-3407	20	15	(	(	PUNCT
fsr-3407	20	16	etfs	etfs	PROPN
fsr-3407	20	17	)	)	PUNCT
fsr-3407	20	18	have	have	AUX
fsr-3407	20	19	largely	largely	ADV
fsr-3407	20	20	remained	remain	VERB
fsr-3407	20	21	in	in	ADP
fsr-3407	20	22	the	the	DET
fsr-3407	20	23	hands	hand	NOUN
fsr-3407	20	24	of	of	ADP
fsr-3407	20	25	short	short	ADJ
fsr-3407	20	26	-	-	PUNCT
fsr-3407	20	27	term	term	NOUN
fsr-3407	20	28	traders	trader	NOUN
fsr-3407	20	29	.	.	PUNCT
fsr-3407	21	1	many	many	ADJ
fsr-3407	21	2	academic	academic	ADJ
fsr-3407	21	3	articles	article	NOUN
fsr-3407	21	4	have	have	AUX
fsr-3407	21	5	discussed	discuss	VERB
fsr-3407	21	6	the	the	DET
fsr-3407	21	7	technicalities	technicality	NOUN
fsr-3407	21	8	behind	behind	ADP
fsr-3407	21	9	why	why	SCONJ
fsr-3407	21	10	leveraged	leveraged	ADJ
fsr-3407	21	11	etfs	etfs	NOUN
fsr-3407	21	12	are	be	AUX
fsr-3407	21	13	not	not	PART
fsr-3407	21	14	intended	intend	VERB
fsr-3407	21	15	for	for	ADP
fsr-3407	21	16	passive	passive	ADJ
fsr-3407	21	17	buyand	buyand	NOUN
fsr-3407	21	18	-	-	PUNCT
fsr-3407	21	19	hold	hold	NOUN
fsr-3407	21	20	investors	investor	NOUN
fsr-3407	21	21	.	.	PUNCT
fsr-3407	22	1	cheng	cheng	PROPN
fsr-3407	22	2	and	and	CCONJ
fsr-3407	22	3	madhavan	madhavan	PROPN
fsr-3407	22	4	(	(	PUNCT
fsr-3407	22	5	2009	2009	NUM
fsr-3407	22	6	)	)	PUNCT
fsr-3407	22	7	and	and	CCONJ
fsr-3407	22	8	guedj	guedj	NOUN
fsr-3407	22	9	et	et	PROPN
fsr-3407	22	10	al	al	PROPN
fsr-3407	22	11	.	.	PROPN
fsr-3407	23	1	(	(	PUNCT
fsr-3407	23	2	2010	2010	NUM
fsr-3407	23	3	)	)	PUNCT
fsr-3407	23	4	show	show	VERB
fsr-3407	23	5	that	that	SCONJ
fsr-3407	23	6	,	,	PUNCT
fsr-3407	23	7	because	because	SCONJ
fsr-3407	23	8	of	of	ADP
fsr-3407	23	9	the	the	DET
fsr-3407	23	10	path	path	NOUN
fsr-3407	23	11	dependency	dependency	NOUN
fsr-3407	23	12	of	of	ADP
fsr-3407	23	13	leveraged	leveraged	ADJ
fsr-3407	23	14	etfs	etfs	NOUN
fsr-3407	23	15	,	,	PUNCT
fsr-3407	23	16	longer	long	ADV
fsr-3407	23	17	holding	hold	VERB
fsr-3407	23	18	periods	period	NOUN
fsr-3407	23	19	reduce	reduce	VERB
fsr-3407	23	20	the	the	DET
fsr-3407	23	21	value	value	NOUN
fsr-3407	23	22	of	of	ADP
fsr-3407	23	23	the	the	DET
fsr-3407	23	24	leverage	leverage	NOUN
fsr-3407	23	25	.	.	PUNCT
fsr-3407	24	1	lu	lu	PROPN
fsr-3407	24	2	et	et	PROPN
fsr-3407	24	3	al	al	PROPN
fsr-3407	24	4	.	.	PROPN
fsr-3407	25	1	(	(	PUNCT
fsr-3407	25	2	2012	2012	NUM
fsr-3407	25	3	)	)	PUNCT
fsr-3407	25	4	show	show	VERB
fsr-3407	25	5	that	that	SCONJ
fsr-3407	25	6	,	,	PUNCT
fsr-3407	25	7	for	for	ADP
fsr-3407	25	8	holding	hold	VERB
fsr-3407	25	9	periods	period	NOUN
fsr-3407	25	10	up	up	ADP
fsr-3407	25	11	to	to	ADP
fsr-3407	25	12	one	one	NUM
fsr-3407	25	13	month	month	NOUN
fsr-3407	25	14	,	,	PUNCT
fsr-3407	25	15	a	a	DET
fsr-3407	25	16	2x	2x	NUM
fsr-3407	25	17	leveraged	leveraged	ADJ
fsr-3407	25	18	etf	etf	NOUN
fsr-3407	25	19	produces	produce	VERB
fsr-3407	25	20	approximately	approximately	ADV
fsr-3407	25	21	twice	twice	DET
fsr-3407	25	22	the	the	DET
fsr-3407	25	23	return	return	NOUN
fsr-3407	25	24	of	of	ADP
fsr-3407	25	25	its	its	PRON
fsr-3407	25	26	underlying	underlying	NOUN
fsr-3407	25	27	.	.	PUNCT
fsr-3407	26	1	however	however	ADV
fsr-3407	26	2	,	,	PUNCT
fsr-3407	26	3	for	for	ADP
fsr-3407	26	4	longer	long	ADV
fsr-3407	26	5	holding	hold	VERB
fsr-3407	26	6	periods	period	NOUN
fsr-3407	26	7	,	,	PUNCT
fsr-3407	26	8	the	the	DET
fsr-3407	26	9	ability	ability	NOUN
fsr-3407	26	10	of	of	ADP
fsr-3407	26	11	the	the	DET
fsr-3407	26	12	2x	2x	NUM
fsr-3407	26	13	fund	fund	NOUN
fsr-3407	26	14	providing	provide	VERB
fsr-3407	26	15	twice	twice	DET
fsr-3407	26	16	the	the	DET
fsr-3407	26	17	return	return	NOUN
fsr-3407	26	18	of	of	ADP
fsr-3407	26	19	its	its	PRON
fsr-3407	26	20	underlying	underlie	VERB
fsr-3407	26	21	diminishes	diminishe	NOUN
fsr-3407	26	22	.	.	PUNCT
fsr-3407	27	1	somewhat	somewhat	ADV
fsr-3407	27	2	surprisingly	surprisingly	ADV
fsr-3407	27	3	,	,	PUNCT
fsr-3407	27	4	some	some	DET
fsr-3407	27	5	authors	author	NOUN
fsr-3407	27	6	indicate	indicate	VERB
fsr-3407	27	7	that	that	SCONJ
fsr-3407	27	8	there	there	PRON
fsr-3407	27	9	are	be	VERB
fsr-3407	27	10	potential	potential	ADJ
fsr-3407	27	11	opportunities	opportunity	NOUN
fsr-3407	27	12	.	.	PUNCT
fsr-3407	28	1	in	in	ADP
fsr-3407	28	2	trainor	trainor	NOUN
fsr-3407	28	3	and	and	CCONJ
fsr-3407	28	4	carroll	carroll	PROPN
fsr-3407	28	5	(	(	PUNCT
fsr-3407	28	6	2013	2013	NUM
fsr-3407	28	7	)	)	PUNCT
fsr-3407	28	8	,	,	PUNCT
fsr-3407	28	9	the	the	DET
fsr-3407	28	10	term	term	NOUN
fsr-3407	28	11	“	"	PUNCT
fsr-3407	28	12	decay	decay	NOUN
fsr-3407	28	13	”	"	PUNCT
fsr-3407	28	14	is	be	AUX
fsr-3407	28	15	defined	define	VERB
fsr-3407	28	16	when	when	SCONJ
fsr-3407	28	17	the	the	DET
fsr-3407	28	18	difference	difference	NOUN
fsr-3407	28	19	between	between	ADP
fsr-3407	28	20	a	a	DET
fsr-3407	28	21	leveraged	leverage	VERB
fsr-3407	28	22	etf	etf	NOUN
fsr-3407	28	23	’s	’s	PART
fsr-3407	28	24	return	return	NOUN
fsr-3407	28	25	and	and	CCONJ
fsr-3407	28	26	the	the	DET
fsr-3407	28	27	leverage	leverage	NOUN
fsr-3407	28	28	factor	factor	NOUN
fsr-3407	28	29	multiplied	multiply	VERB
fsr-3407	28	30	by	by	ADP
fsr-3407	28	31	underlying	underlie	VERB
fsr-3407	28	32	index	index	NOUN
fsr-3407	28	33	is	be	AUX
fsr-3407	28	34	negative	negative	ADJ
fsr-3407	28	35	.	.	PUNCT
fsr-3407	29	1	this	this	DET
fsr-3407	29	2	article	article	NOUN
fsr-3407	29	3	showed	show	VERB
fsr-3407	29	4	that	that	SCONJ
fsr-3407	29	5	low	low	ADJ
fsr-3407	29	6	volatility	volatility	NOUN
fsr-3407	29	7	coupled	couple	VERB
fsr-3407	29	8	with	with	ADP
fsr-3407	29	9	a	a	DET
fsr-3407	29	10	significant	significant	ADJ
fsr-3407	29	11	upward	upward	ADJ
fsr-3407	29	12	price	price	NOUN
fsr-3407	29	13	trend	trend	NOUN
fsr-3407	29	14	can	can	AUX
fsr-3407	29	15	substantially	substantially	ADV
fsr-3407	29	16	offset	offset	VERB
fsr-3407	29	17	decay	decay	NOUN
fsr-3407	29	18	.	.	PUNCT
fsr-3407	30	1	avellaneda	avellaneda	PROPN
fsr-3407	30	2	and	and	CCONJ
fsr-3407	30	3	zhang	zhang	PROPN
fsr-3407	30	4	(	(	PUNCT
fsr-3407	30	5	2010	2010	NUM
fsr-3407	30	6	)	)	PUNCT
fsr-3407	30	7	show	show	VERB
fsr-3407	30	8	that	that	SCONJ
fsr-3407	30	9	with	with	ADP
fsr-3407	30	10	a	a	DET
fsr-3407	30	11	dynamic	dynamic	ADJ
fsr-3407	30	12	hedging	hedging	NOUN
fsr-3407	30	13	strategy	strategy	NOUN
fsr-3407	30	14	,	,	PUNCT
fsr-3407	30	15	it	it	PRON
fsr-3407	30	16	is	be	AUX
fsr-3407	30	17	possible	possible	ADJ
fsr-3407	30	18	for	for	SCONJ
fsr-3407	30	19	active	active	ADJ
fsr-3407	30	20	traders	trader	NOUN
fsr-3407	30	21	to	to	PART
fsr-3407	30	22	manage	manage	VERB
fsr-3407	30	23	leveraged	leveraged	ADJ
fsr-3407	30	24	etfs	etfs	NOUN
fsr-3407	30	25	over	over	ADP
fsr-3407	30	26	longer	long	ADJ
fsr-3407	30	27	time	time	NOUN
fsr-3407	30	28	horizons	horizon	NOUN
fsr-3407	30	29	.	.	PUNCT
fsr-3407	31	1	however	however	ADV
fsr-3407	31	2	,	,	PUNCT
fsr-3407	31	3	the	the	DET
fsr-3407	31	4	complexity	complexity	NOUN
fsr-3407	31	5	of	of	ADP
fsr-3407	31	6	employing	employ	VERB
fsr-3407	31	7	such	such	DET
fsr-3407	31	8	an	an	DET
fsr-3407	31	9	active	active	ADJ
fsr-3407	31	10	strategy	strategy	NOUN
fsr-3407	31	11	is	be	AUX
fsr-3407	31	12	likely	likely	ADJ
fsr-3407	31	13	beyond	beyond	ADP
fsr-3407	31	14	the	the	DET
fsr-3407	31	15	skill	skill	NOUN
fsr-3407	31	16	of	of	ADP
fsr-3407	31	17	many	many	ADJ
fsr-3407	31	18	individual	individual	ADJ
fsr-3407	31	19	investors	investor	NOUN
fsr-3407	31	20	.	.	PUNCT
fsr-3407	32	1	dilellio	dilellio	PROPN
fsr-3407	32	2	et	et	PROPN
fsr-3407	32	3	al	al	PROPN
fsr-3407	32	4	.	.	PROPN
fsr-3407	33	1	(	(	PUNCT
fsr-3407	33	2	2014	2014	NUM
fsr-3407	33	3	)	)	PUNCT
fsr-3407	33	4	find	find	VERB
fsr-3407	33	5	potential	potential	ADJ
fsr-3407	33	6	portfolio	portfolio	NOUN
fsr-3407	33	7	diversification	diversification	NOUN
fsr-3407	33	8	exists	exist	VERB
fsr-3407	33	9	with	with	ADP
fsr-3407	33	10	inverse	inverse	NOUN
fsr-3407	33	11	and	and	CCONJ
fsr-3407	33	12	leveraged	leveraged	ADJ
fsr-3407	33	13	etfs	etfs	NOUN
fsr-3407	33	14	used	use	VERB
fsr-3407	33	15	as	as	ADP
fsr-3407	33	16	an	an	DET
fsr-3407	33	17	alternative	alternative	ADJ
fsr-3407	33	18	asset	asset	NOUN
fsr-3407	33	19	class	class	NOUN
fsr-3407	33	20	in	in	ADP
fsr-3407	33	21	a	a	DET
fsr-3407	33	22	long	long	ADJ
fsr-3407	33	23	-	-	PUNCT
fsr-3407	33	24	term	term	NOUN
fsr-3407	33	25	passive	passive	ADJ
fsr-3407	33	26	investment	investment	NOUN
fsr-3407	33	27	strategy	strategy	NOUN
fsr-3407	33	28	.	.	PUNCT
fsr-3407	34	1	diversification	diversification	NOUN
fsr-3407	34	2	benefits	benefit	NOUN
fsr-3407	34	3	were	be	AUX
fsr-3407	34	4	shown	show	VERB
fsr-3407	34	5	to	to	PART
fsr-3407	34	6	exist	exist	VERB
fsr-3407	34	7	,	,	PUNCT
fsr-3407	34	8	dependent	dependent	ADJ
fsr-3407	34	9	on	on	ADP
fsr-3407	34	10	the	the	DET
fsr-3407	34	11	behavior	behavior	NOUN
fsr-3407	34	12	of	of	ADP
fsr-3407	34	13	equity	equity	NOUN
fsr-3407	34	14	and	and	CCONJ
fsr-3407	34	15	debt	debt	NOUN
fsr-3407	34	16	markets	market	NOUN
fsr-3407	34	17	,	,	PUNCT
fsr-3407	34	18	and	and	CCONJ
fsr-3407	34	19	were	be	AUX
fsr-3407	34	20	shown	show	VERB
fsr-3407	34	21	to	to	PART
fsr-3407	34	22	be	be	AUX
fsr-3407	34	23	generalizable	generalizable	ADJ
fsr-3407	34	24	to	to	ADP
fsr-3407	34	25	a	a	DET
fsr-3407	34	26	variety	variety	NOUN
fsr-3407	34	27	of	of	ADP
fsr-3407	34	28	core	core	NOUN
fsr-3407	34	29	stock	stock	NOUN
fsr-3407	34	30	and	and	CCONJ
fsr-3407	34	31	bond	bond	NOUN
fsr-3407	34	32	funds	fund	NOUN
fsr-3407	34	33	often	often	ADV
fsr-3407	34	34	utilized	utilize	VERB
fsr-3407	34	35	by	by	ADP
fsr-3407	34	36	individual	individual	ADJ
fsr-3407	34	37	investors	investor	NOUN
fsr-3407	34	38	and	and	CCONJ
fsr-3407	34	39	financial	financial	ADJ
fsr-3407	34	40	planners	planner	NOUN
fsr-3407	34	41	.	.	PUNCT
fsr-3407	35	1	trainor	trainor	NOUN
fsr-3407	35	2	and	and	CCONJ
fsr-3407	35	3	baryla	baryla	NOUN
fsr-3407	35	4	(	(	PUNCT
fsr-3407	35	5	2008	2008	NUM
fsr-3407	35	6	)	)	PUNCT
fsr-3407	35	7	point	point	VERB
fsr-3407	35	8	out	out	ADP
fsr-3407	35	9	that	that	SCONJ
fsr-3407	35	10	,	,	PUNCT
fsr-3407	35	11	for	for	ADP
fsr-3407	35	12	individual	individual	ADJ
fsr-3407	35	13	investors	investor	NOUN
fsr-3407	35	14	interested	interested	ADJ
fsr-3407	35	15	in	in	ADP
fsr-3407	35	16	leverage	leverage	NOUN
fsr-3407	35	17	,	,	PUNCT
fsr-3407	35	18	the	the	DET
fsr-3407	35	19	cost	cost	NOUN
fsr-3407	35	20	of	of	ADP
fsr-3407	35	21	obtaining	obtain	VERB
fsr-3407	35	22	it	it	PRON
fsr-3407	35	23	via	via	ADP
fsr-3407	35	24	a	a	DET
fsr-3407	35	25	leveraged	leverage	VERB
fsr-3407	35	26	etf	etf	NOUN
fsr-3407	35	27	can	can	AUX
fsr-3407	35	28	often	often	ADV
fsr-3407	35	29	be	be	AUX
fsr-3407	35	30	less	less	ADJ
fsr-3407	35	31	than	than	ADP
fsr-3407	35	32	a	a	DET
fsr-3407	35	33	typical	typical	ADJ
fsr-3407	35	34	margin	margin	NOUN
fsr-3407	35	35	account	account	NOUN
fsr-3407	35	36	.	.	PUNCT
fsr-3407	36	1	barnhorst	barnhorst	ADV
fsr-3407	36	2	and	and	CCONJ
fsr-3407	36	3	copcozza	copcozza	NOUN
fsr-3407	36	4	(	(	PUNCT
fsr-3407	36	5	2010	2010	NUM
fsr-3407	36	6	)	)	PUNCT
fsr-3407	36	7	discuss	discuss	VERB
fsr-3407	36	8	investors	investor	NOUN
fsr-3407	36	9	taking	take	VERB
fsr-3407	36	10	“	"	PUNCT
fsr-3407	36	11	volatility	volatility	NOUN
fsr-3407	36	12	risk	risk	NOUN
fsr-3407	36	13	,	,	PUNCT
fsr-3407	36	14	”	"	PUNCT
fsr-3407	36	15	and	and	CCONJ
fsr-3407	36	16	show	show	VERB
fsr-3407	36	17	how	how	SCONJ
fsr-3407	36	18	a	a	DET
fsr-3407	36	19	2x	2x	NUM
fsr-3407	36	20	leveraged	leveraged	ADJ
fsr-3407	36	21	fund	fund	NOUN
fsr-3407	36	22	can	can	AUX
fsr-3407	36	23	under	under	VERB
fsr-3407	36	24	(	(	PUNCT
fsr-3407	36	25	over	over	ADV
fsr-3407	36	26	)	)	PUNCT
fsr-3407	36	27	perform	perform	VERB
fsr-3407	36	28	its	its	PRON
fsr-3407	36	29	underlying	underlie	VERB
fsr-3407	36	30	benchmark	benchmark	NOUN
fsr-3407	36	31	because	because	SCONJ
fsr-3407	36	32	of	of	ADP
fsr-3407	36	33	higher	high	ADJ
fsr-3407	36	34	(	(	PUNCT
fsr-3407	36	35	lower	low	ADJ
fsr-3407	36	36	)	)	PUNCT
fsr-3407	36	37	price	price	NOUN
fsr-3407	36	38	volatility	volatility	NOUN
fsr-3407	36	39	.	.	PUNCT
fsr-3407	37	1	giese	giese	NOUN
fsr-3407	37	2	(	(	PUNCT
fsr-3407	37	3	2010	2010	NUM
fsr-3407	37	4	)	)	PUNCT
fsr-3407	37	5	summarizes	summarize	VERB
fsr-3407	37	6	the	the	DET
fsr-3407	37	7	positive	positive	ADJ
fsr-3407	37	8	benefits	benefit	NOUN
fsr-3407	37	9	of	of	ADP
fsr-3407	37	10	holding	hold	VERB
fsr-3407	37	11	leveraged	leveraged	ADJ
fsr-3407	37	12	funds	fund	NOUN
fsr-3407	37	13	in	in	ADP
fsr-3407	37	14	bullish	bullish	ADJ
fsr-3407	37	15	markets	market	NOUN
fsr-3407	37	16	,	,	PUNCT
fsr-3407	37	17	but	but	CCONJ
fsr-3407	37	18	recognizes	recognize	VERB
fsr-3407	37	19	that	that	SCONJ
fsr-3407	37	20	these	these	DET
fsr-3407	37	21	benefits	benefit	NOUN
fsr-3407	37	22	can	can	AUX
fsr-3407	37	23	be	be	AUX
fsr-3407	37	24	offset	offset	VERB
fsr-3407	37	25	by	by	ADP
fsr-3407	37	26	increased	increase	VERB
fsr-3407	37	27	volatility	volatility	NOUN
fsr-3407	37	28	.	.	PUNCT
fsr-3407	38	1	given	give	VERB
fsr-3407	38	2	the	the	DET
fsr-3407	38	3	general	general	ADJ
fsr-3407	38	4	downward	downward	ADJ
fsr-3407	38	5	trend	trend	NOUN
fsr-3407	38	6	in	in	ADP
fsr-3407	38	7	volatility	volatility	NOUN
fsr-3407	38	8	in	in	ADP
fsr-3407	38	9	the	the	DET
fsr-3407	38	10	equity	equity	NOUN
fsr-3407	38	11	markets	market	NOUN
fsr-3407	38	12	since	since	SCONJ
fsr-3407	38	13	the	the	DET
fsr-3407	38	14	2008	2008	NUM
fsr-3407	38	15	financial	financial	ADJ
fsr-3407	38	16	crises	crisis	NOUN
fsr-3407	38	17	,	,	PUNCT
fsr-3407	38	18	there	there	PRON
fsr-3407	38	19	may	may	AUX
fsr-3407	38	20	be	be	AUX
fsr-3407	38	21	future	future	ADJ
fsr-3407	38	22	opportunities	opportunity	NOUN
fsr-3407	38	23	for	for	SCONJ
fsr-3407	38	24	individual	individual	ADJ
fsr-3407	38	25	investors	investor	NOUN
fsr-3407	38	26	to	to	PART
fsr-3407	38	27	take	take	VERB
fsr-3407	38	28	this	this	DET
fsr-3407	38	29	so	so	ADV
fsr-3407	38	30	-	-	PUNCT
fsr-3407	38	31	called	call	VERB
fsr-3407	38	32	volatility	volatility	NOUN
fsr-3407	38	33	risk	risk	NOUN
fsr-3407	38	34	.	.	PUNCT
fsr-3407	39	1	as	as	SCONJ
fsr-3407	39	2	noted	note	VERB
fsr-3407	39	3	above	above	ADV
fsr-3407	39	4	,	,	PUNCT
fsr-3407	39	5	the	the	DET
fsr-3407	39	6	speed	speed	NOUN
fsr-3407	39	7	at	at	ADP
fsr-3407	39	8	which	which	PRON
fsr-3407	39	9	the	the	DET
fsr-3407	39	10	leveraged	leveraged	ADJ
fsr-3407	39	11	etf	etf	NOUN
fsr-3407	39	12	can	can	AUX
fsr-3407	39	13	diverge	diverge	VERB
fsr-3407	39	14	from	from	ADP
fsr-3407	39	15	its	its	PRON
fsr-3407	39	16	underlying	underlying	ADJ
fsr-3407	39	17	index	index	NOUN
fsr-3407	39	18	is	be	AUX
fsr-3407	39	19	proportional	proportional	ADJ
fsr-3407	39	20	to	to	ADP
fsr-3407	39	21	the	the	DET
fsr-3407	39	22	amount	amount	NOUN
fsr-3407	39	23	of	of	ADP
fsr-3407	39	24	leverage	leverage	NOUN
fsr-3407	39	25	.	.	PUNCT
fsr-3407	40	1	therefore	therefore	ADV
fsr-3407	40	2	,	,	PUNCT
fsr-3407	40	3	individual	individual	ADJ
fsr-3407	40	4	investors	investor	NOUN
fsr-3407	40	5	may	may	AUX
fsr-3407	40	6	have	have	VERB
fsr-3407	40	7	interest	interest	NOUN
fsr-3407	40	8	in	in	ADP
fsr-3407	40	9	using	use	VERB
fsr-3407	40	10	etfs	etfs	NOUN
fsr-3407	40	11	with	with	ADP
fsr-3407	40	12	smaller	small	ADJ
fsr-3407	40	13	amounts	amount	NOUN
fsr-3407	40	14	of	of	ADP
fsr-3407	40	15	leverage	leverage	NOUN
fsr-3407	40	16	than	than	ADP
fsr-3407	40	17	the	the	DET
fsr-3407	40	18	2x	2x	NUM
fsr-3407	40	19	and	and	CCONJ
fsr-3407	40	20	3x	3x	NUM
fsr-3407	40	21	etfs	etfs	NOUN
fsr-3407	40	22	that	that	PRON
fsr-3407	40	23	have	have	AUX
fsr-3407	40	24	dominated	dominate	VERB
fsr-3407	40	25	the	the	DET
fsr-3407	40	26	leveraged	leverage	VERB
fsr-3407	40	27	etf	etf	NOUN
fsr-3407	40	28	marketplace	marketplace	NOUN
fsr-3407	40	29	.	.	PUNCT
fsr-3407	41	1	to	to	ADP
fsr-3407	41	2	this	this	DET
fsr-3407	41	3	end	end	NOUN
fsr-3407	41	4	,	,	PUNCT
fsr-3407	41	5	this	this	DET
fsr-3407	41	6	article	article	NOUN
fsr-3407	41	7	investigates	investigate	VERB
fsr-3407	41	8	whether	whether	SCONJ
fsr-3407	41	9	less	less	ADJ
fsr-3407	41	10	leverage	leverage	NOUN
fsr-3407	41	11	,	,	PUNCT
fsr-3407	41	12	at	at	ADP
fsr-3407	41	13	1.25x	1.25x	NUM
fsr-3407	41	14	,	,	PUNCT
fsr-3407	41	15	provides	provide	VERB
fsr-3407	41	16	a	a	DET
fsr-3407	41	17	viable	viable	ADJ
fsr-3407	41	18	investment	investment	NOUN
fsr-3407	41	19	opportunity	opportunity	NOUN
fsr-3407	41	20	for	for	ADP
fsr-3407	41	21	a	a	DET
fsr-3407	41	22	passively	passively	ADV
fsr-3407	41	23	managed	manage	VERB
fsr-3407	41	24	portfolio	portfolio	NOUN
fsr-3407	41	25	of	of	ADP
fsr-3407	41	26	stocks	stock	NOUN
fsr-3407	41	27	and	and	CCONJ
fsr-3407	41	28	bonds	bond	NOUN
fsr-3407	41	29	without	without	ADP
fsr-3407	41	30	taking	take	VERB
fsr-3407	41	31	on	on	ADP
fsr-3407	41	32	excessive	excessive	ADJ
fsr-3407	41	33	risks	risk	NOUN
fsr-3407	41	34	.	.	PUNCT
fsr-3407	42	1	this	this	DET
fsr-3407	42	2	article	article	NOUN
fsr-3407	42	3	also	also	ADV
fsr-3407	42	4	contributes	contribute	VERB
fsr-3407	42	5	to	to	ADP
fsr-3407	42	6	work	work	NOUN
fsr-3407	42	7	by	by	ADP
fsr-3407	42	8	ott	ott	PROPN
fsr-3407	42	9	and	and	CCONJ
fsr-3407	42	10	zimmer	zimmer	PROPN
fsr-3407	42	11	(	(	PUNCT
fsr-3407	42	12	2016	2016	NUM
fsr-3407	42	13	)	)	PUNCT
fsr-3407	42	14	,	,	PUNCT
fsr-3407	42	15	where	where	SCONJ
fsr-3407	42	16	theoretical	theoretical	ADJ
fsr-3407	42	17	and	and	CCONJ
fsr-3407	42	18	empirical	empirical	ADJ
fsr-3407	42	19	results	result	NOUN
fsr-3407	42	20	support	support	VERB
fsr-3407	42	21	the	the	DET
fsr-3407	42	22	use	use	NOUN
fsr-3407	42	23	of	of	ADP
fsr-3407	42	24	fractional	fractional	ADJ
fsr-3407	42	25	leverage	leverage	NOUN
fsr-3407	42	26	on	on	ADP
fsr-3407	42	27	return	return	NOUN
fsr-3407	42	28	maximizing	maximize	VERB
fsr-3407	42	29	a	a	DET
fsr-3407	42	30	portfolio	portfolio	NOUN
fsr-3407	42	31	of	of	ADP
fsr-3407	42	32	risky	risky	ADJ
fsr-3407	42	33	and	and	CCONJ
fsr-3407	42	34	risk	risk	VERB
fsr-3407	42	35	free	free	ADJ
fsr-3407	42	36	assets	asset	NOUN
fsr-3407	42	37	.	.	PUNCT
fsr-3407	43	1	while	while	SCONJ
fsr-3407	43	2	their	their	PRON
fsr-3407	43	3	work	work	NOUN
fsr-3407	43	4	determined	determine	VERB
fsr-3407	43	5	optimal	optimal	ADJ
fsr-3407	43	6	leverage	leverage	NOUN
fsr-3407	43	7	at	at	ADP
fsr-3407	43	8	1.77–1.85	1.77–1.85	NUM
fsr-3407	43	9	,	,	PUNCT
fsr-3407	43	10	we	we	PRON
fsr-3407	43	11	chose	choose	VERB
fsr-3407	43	12	to	to	PART
fsr-3407	43	13	focus	focus	VERB
fsr-3407	43	14	on	on	ADP
fsr-3407	43	15	a	a	DET
fsr-3407	43	16	value	value	NOUN
fsr-3407	43	17	of	of	ADP
fsr-3407	43	18	1.25	1.25	NUM
fsr-3407	43	19	,	,	PUNCT
fsr-3407	43	20	which	which	PRON
fsr-3407	43	21	was	be	AUX
fsr-3407	43	22	the	the	DET
fsr-3407	43	23	level	level	NOUN
fsr-3407	43	24	available	available	ADJ
fsr-3407	43	25	in	in	ADP
fsr-3407	43	26	the	the	DET
fsr-3407	43	27	financial	financial	ADJ
fsr-3407	43	28	markets	market	NOUN
fsr-3407	43	29	at	at	ADP
fsr-3407	43	30	the	the	DET
fsr-3407	43	31	time	time	NOUN
fsr-3407	43	32	this	this	DET
fsr-3407	43	33	paper	paper	NOUN
fsr-3407	43	34	was	be	AUX
fsr-3407	43	35	written	write	VERB
fsr-3407	43	36	.	.	PUNCT
fsr-3407	44	1	a	a	DET
fsr-3407	44	2	summary	summary	NOUN
fsr-3407	44	3	of	of	ADP
fsr-3407	44	4	current	current	ADJ
fsr-3407	44	5	stock	stock	NOUN
fsr-3407	44	6	and	and	CCONJ
fsr-3407	44	7	bond	bond	NOUN
fsr-3407	44	8	etfs	etfs	NOUN
fsr-3407	44	9	offering	offer	VERB
fsr-3407	44	10	1.25x	1.25x	PROPN
fsr-3407	44	11	leverage	leverage	NOUN
fsr-3407	44	12	appear	appear	VERB
fsr-3407	44	13	in	in	ADP
fsr-3407	44	14	table	table	NOUN
fsr-3407	44	15	1	1	NUM
fsr-3407	44	16	below	below	ADV
fsr-3407	44	17	,	,	PUNCT
fsr-3407	44	18	along	along	ADP
fsr-3407	44	19	with	with	ADP
fsr-3407	44	20	their	their	PRON
fsr-3407	44	21	unleveraged	unleveraged	ADJ
fsr-3407	44	22	counterparts	counterpart	NOUN
fsr-3407	44	23	.	.	PUNCT
fsr-3407	45	1	414	414	NUM
fsr-3407	45	2	j.	j.	PROPN
fsr-3407	45	3	dilellio	dilellio	PROPN
fsr-3407	45	4	/	/	SYM
fsr-3407	45	5	financial	financial	ADJ
fsr-3407	45	6	services	service	NOUN
fsr-3407	45	7	review	review	VERB
fsr-3407	45	8	27	27	NUM
fsr-3407	45	9	(	(	PUNCT
fsr-3407	45	10	2018	2018	NUM
fsr-3407	45	11	)	)	PUNCT
fsr-3407	45	12	413	413	NUM
fsr-3407	45	13	-	-	SYM
fsr-3407	45	14	432	432	NUM
fsr-3407	45	15	table	table	NOUN
fsr-3407	45	16	1	1	NUM
fsr-3407	45	17	illustrates	illustrate	VERB
fsr-3407	45	18	that	that	SCONJ
fsr-3407	45	19	the	the	DET
fsr-3407	45	20	assets	asset	NOUN
fsr-3407	45	21	under	under	ADP
fsr-3407	45	22	management	management	NOUN
fsr-3407	45	23	for	for	ADP
fsr-3407	45	24	the	the	DET
fsr-3407	45	25	1.25x	1.25x	NUM
fsr-3407	45	26	leveraged	leveraged	ADJ
fsr-3407	45	27	etf	etf	NOUN
fsr-3407	45	28	tracking	track	VERB
fsr-3407	45	29	the	the	DET
fsr-3407	45	30	stock	stock	NOUN
fsr-3407	45	31	and	and	CCONJ
fsr-3407	45	32	bond	bond	NOUN
fsr-3407	45	33	indices	index	NOUN
fsr-3407	45	34	are	be	AUX
fsr-3407	45	35	extremely	extremely	ADV
fsr-3407	45	36	small	small	ADJ
fsr-3407	45	37	,	,	PUNCT
fsr-3407	45	38	compared	compare	VERB
fsr-3407	45	39	with	with	ADP
fsr-3407	45	40	the	the	DET
fsr-3407	45	41	unleveraged	unleveraged	ADJ
fsr-3407	45	42	etfs	etfs	NOUN
fsr-3407	45	43	with	with	ADP
fsr-3407	45	44	the	the	DET
fsr-3407	45	45	same	same	ADJ
fsr-3407	45	46	underlying	underlying	ADJ
fsr-3407	45	47	index	index	NOUN
fsr-3407	45	48	,	,	PUNCT
fsr-3407	45	49	and	and	CCONJ
fsr-3407	45	50	have	have	AUX
fsr-3407	45	51	only	only	ADV
fsr-3407	45	52	existed	exist	VERB
fsr-3407	45	53	for	for	ADP
fsr-3407	45	54	a	a	DET
fsr-3407	45	55	few	few	ADJ
fsr-3407	45	56	years	year	NOUN
fsr-3407	45	57	.	.	PUNCT
fsr-3407	46	1	similar	similar	ADJ
fsr-3407	46	2	to	to	ADP
fsr-3407	46	3	other	other	ADJ
fsr-3407	46	4	leveraged	leverage	VERB
fsr-3407	46	5	etfs	etfs	NOUN
fsr-3407	46	6	,	,	PUNCT
fsr-3407	46	7	the	the	DET
fsr-3407	46	8	1.25x	1.25x	NUM
fsr-3407	46	9	leveraged	leveraged	ADJ
fsr-3407	46	10	etfs	etfs	NOUN
fsr-3407	46	11	also	also	ADV
fsr-3407	46	12	have	have	VERB
fsr-3407	46	13	a	a	DET
fsr-3407	46	14	higher	high	ADJ
fsr-3407	46	15	expense	expense	NOUN
fsr-3407	46	16	ratio	ratio	NOUN
fsr-3407	46	17	.	.	PUNCT
fsr-3407	47	1	however	however	ADV
fsr-3407	47	2	,	,	PUNCT
fsr-3407	47	3	despite	despite	SCONJ
fsr-3407	47	4	the	the	DET
fsr-3407	47	5	1.25x	1.25x	NUM
fsr-3407	47	6	leveraged	leveraged	ADJ
fsr-3407	47	7	etf	etf	NOUN
fsr-3407	47	8	’s	’s	PART
fsr-3407	47	9	median	median	ADJ
fsr-3407	47	10	daily	daily	ADJ
fsr-3407	47	11	share	share	NOUN
fsr-3407	47	12	volume	volume	NOUN
fsr-3407	47	13	being	be	AUX
fsr-3407	47	14	hundreds	hundred	NOUN
fsr-3407	47	15	of	of	ADP
fsr-3407	47	16	times	time	NOUN
fsr-3407	47	17	smaller	small	ADJ
fsr-3407	47	18	than	than	ADP
fsr-3407	47	19	the	the	DET
fsr-3407	47	20	unleveraged	unleveraged	ADJ
fsr-3407	47	21	version	version	NOUN
fsr-3407	47	22	,	,	PUNCT
fsr-3407	47	23	the	the	DET
fsr-3407	47	24	average	average	ADJ
fsr-3407	47	25	spread	spread	NOUN
fsr-3407	47	26	is	be	AUX
fsr-3407	47	27	less	less	ADJ
fsr-3407	47	28	than	than	ADP
fsr-3407	47	29	ten	ten	NUM
fsr-3407	47	30	times	time	NOUN
fsr-3407	47	31	larger	large	ADJ
fsr-3407	47	32	,	,	PUNCT
fsr-3407	47	33	thanks	thank	NOUN
fsr-3407	47	34	to	to	ADP
fsr-3407	47	35	the	the	DET
fsr-3407	47	36	liquidity	liquidity	NOUN
fsr-3407	47	37	of	of	ADP
fsr-3407	47	38	underlying	underlie	VERB
fsr-3407	47	39	index	index	NOUN
fsr-3407	47	40	.	.	PUNCT
fsr-3407	48	1	this	this	DET
fsr-3407	48	2	low	low	ADJ
fsr-3407	48	3	volume	volume	NOUN
fsr-3407	48	4	and	and	CCONJ
fsr-3407	48	5	low	low	ADJ
fsr-3407	48	6	spread	spread	NOUN
fsr-3407	48	7	outcome	outcome	NOUN
fsr-3407	48	8	differs	differ	VERB
fsr-3407	48	9	from	from	ADP
fsr-3407	48	10	what	what	PRON
fsr-3407	48	11	occurs	occur	VERB
fsr-3407	48	12	for	for	ADP
fsr-3407	48	13	the	the	DET
fsr-3407	48	14	majority	majority	NOUN
fsr-3407	48	15	of	of	ADP
fsr-3407	48	16	etfs	etfs	PROPN
fsr-3407	48	17	,	,	PUNCT
fsr-3407	48	18	and	and	CCONJ
fsr-3407	48	19	as	as	SCONJ
fsr-3407	48	20	shown	show	VERB
fsr-3407	48	21	in	in	ADP
fsr-3407	48	22	agrrawal	agrrawal	NOUN
fsr-3407	48	23	and	and	CCONJ
fsr-3407	48	24	clark	clark	PROPN
fsr-3407	48	25	(	(	PUNCT
fsr-3407	48	26	2009	2009	NUM
fsr-3407	48	27	)	)	PUNCT
fsr-3407	48	28	,	,	PUNCT
fsr-3407	48	29	who	who	PRON
fsr-3407	48	30	show	show	VERB
fsr-3407	48	31	low	low	ADJ
fsr-3407	48	32	volume	volume	NOUN
fsr-3407	48	33	more	more	ADV
fsr-3407	48	34	often	often	ADV
fsr-3407	48	35	leads	lead	VERB
fsr-3407	48	36	to	to	ADP
fsr-3407	48	37	exponentially	exponentially	ADV
fsr-3407	48	38	higher	high	ADJ
fsr-3407	48	39	spreads	spread	NOUN
fsr-3407	48	40	.	.	PUNCT
fsr-3407	49	1	consequently	consequently	ADV
fsr-3407	49	2	,	,	PUNCT
fsr-3407	49	3	transaction	transaction	NOUN
fsr-3407	49	4	costs	cost	NOUN
fsr-3407	49	5	of	of	ADP
fsr-3407	49	6	rebalancing	rebalance	VERB
fsr-3407	49	7	these	these	DET
fsr-3407	49	8	leveraged	leveraged	ADJ
fsr-3407	49	9	etfs	etfs	NOUN
fsr-3407	49	10	may	may	AUX
fsr-3407	49	11	not	not	PART
fsr-3407	49	12	significantly	significantly	ADV
fsr-3407	49	13	reduce	reduce	VERB
fsr-3407	49	14	returns	return	NOUN
fsr-3407	49	15	,	,	PUNCT
fsr-3407	49	16	so	so	ADV
fsr-3407	49	17	will	will	AUX
fsr-3407	49	18	be	be	AUX
fsr-3407	49	19	investigated	investigate	VERB
fsr-3407	49	20	in	in	ADP
fsr-3407	49	21	more	more	ADJ
fsr-3407	49	22	detail	detail	NOUN
fsr-3407	49	23	in	in	ADP
fsr-3407	49	24	this	this	DET
fsr-3407	49	25	article	article	NOUN
fsr-3407	49	26	.	.	PUNCT
fsr-3407	50	1	the	the	DET
fsr-3407	50	2	1.25x	1.25x	NUM
fsr-3407	50	3	leveraged	leveraged	ADJ
fsr-3407	50	4	stock	stock	NOUN
fsr-3407	50	5	and	and	CCONJ
fsr-3407	50	6	bond	bond	NOUN
fsr-3407	50	7	etfs	etfs	NOUN
fsr-3407	50	8	also	also	ADV
fsr-3407	50	9	exhibit	exhibit	VERB
fsr-3407	50	10	larger	large	ADJ
fsr-3407	50	11	premium	premium	NOUN
fsr-3407	50	12	/	/	SYM
fsr-3407	50	13	discounts	discount	NOUN
fsr-3407	50	14	.	.	PUNCT
fsr-3407	51	1	therefore	therefore	ADV
fsr-3407	51	2	,	,	PUNCT
fsr-3407	51	3	it	it	PRON
fsr-3407	51	4	is	be	AUX
fsr-3407	51	5	possible	possible	ADJ
fsr-3407	51	6	that	that	SCONJ
fsr-3407	51	7	during	during	ADP
fsr-3407	51	8	times	time	NOUN
fsr-3407	51	9	of	of	ADP
fsr-3407	51	10	market	market	NOUN
fsr-3407	51	11	stress	stress	NOUN
fsr-3407	51	12	,	,	PUNCT
fsr-3407	51	13	these	these	DET
fsr-3407	51	14	etfs	etfs	NOUN
fsr-3407	51	15	may	may	AUX
fsr-3407	51	16	be	be	AUX
fsr-3407	51	17	trading	trade	VERB
fsr-3407	51	18	in	in	ADP
fsr-3407	51	19	the	the	DET
fsr-3407	51	20	lower	low	ADJ
fsr-3407	51	21	or	or	CCONJ
fsr-3407	51	22	higher	high	ADJ
fsr-3407	51	23	price	price	NOUN
fsr-3407	51	24	range	range	NOUN
fsr-3407	51	25	,	,	PUNCT
fsr-3407	51	26	producing	produce	VERB
fsr-3407	51	27	a	a	DET
fsr-3407	51	28	difference	difference	NOUN
fsr-3407	51	29	in	in	ADP
fsr-3407	51	30	holding	hold	VERB
fsr-3407	51	31	period	period	NOUN
fsr-3407	51	32	performance	performance	NOUN
fsr-3407	51	33	.	.	PUNCT
fsr-3407	52	1	for	for	ADP
fsr-3407	52	2	purposes	purpose	NOUN
fsr-3407	52	3	of	of	ADP
fsr-3407	52	4	the	the	DET
fsr-3407	52	5	analysis	analysis	NOUN
fsr-3407	52	6	that	that	PRON
fsr-3407	52	7	follows	follow	VERB
fsr-3407	52	8	,	,	PUNCT
fsr-3407	52	9	we	we	PRON
fsr-3407	52	10	assume	assume	VERB
fsr-3407	52	11	the	the	DET
fsr-3407	52	12	net	net	ADJ
fsr-3407	52	13	effect	effect	NOUN
fsr-3407	52	14	of	of	ADP
fsr-3407	52	15	this	this	DET
fsr-3407	52	16	premium	premium	NOUN
fsr-3407	52	17	/	/	SYM
fsr-3407	52	18	discount	discount	NOUN
fsr-3407	52	19	to	to	PART
fsr-3407	52	20	be	be	AUX
fsr-3407	52	21	negligible	negligible	ADJ
fsr-3407	52	22	.	.	PUNCT
fsr-3407	53	1	as	as	ADP
fsr-3407	53	2	a	a	DET
fsr-3407	53	3	final	final	ADJ
fsr-3407	53	4	note	note	NOUN
fsr-3407	53	5	about	about	ADP
fsr-3407	53	6	1.25x	1.25x	NUM
fsr-3407	53	7	leveraged	leveraged	ADJ
fsr-3407	53	8	funds	fund	NOUN
fsr-3407	53	9	,	,	PUNCT
fsr-3407	53	10	there	there	PRON
fsr-3407	53	11	are	be	VERB
fsr-3407	53	12	currently	currently	ADV
fsr-3407	53	13	two	two	NUM
fsr-3407	53	14	mutual	mutual	ADJ
fsr-3407	53	15	funds	fund	NOUN
fsr-3407	53	16	available	available	ADJ
fsr-3407	53	17	to	to	ADP
fsr-3407	53	18	individual	individual	ADJ
fsr-3407	53	19	investors	investor	NOUN
fsr-3407	53	20	that	that	PRON
fsr-3407	53	21	offer	offer	VERB
fsr-3407	53	22	this	this	DET
fsr-3407	53	23	fractional	fractional	ADJ
fsr-3407	53	24	leverage	leverage	NOUN
fsr-3407	53	25	,	,	PUNCT
fsr-3407	53	26	but	but	CCONJ
fsr-3407	53	27	on	on	ADP
fsr-3407	53	28	a	a	DET
fsr-3407	53	29	monthly	monthly	ADJ
fsr-3407	53	30	rather	rather	ADV
fsr-3407	53	31	than	than	ADP
fsr-3407	53	32	daily	daily	ADJ
fsr-3407	53	33	basis	basis	NOUN
fsr-3407	53	34	.	.	PUNCT
fsr-3407	54	1	the	the	DET
fsr-3407	54	2	target	target	NOUN
fsr-3407	54	3	index	index	NOUN
fsr-3407	54	4	for	for	ADP
fsr-3407	54	5	these	these	DET
fsr-3407	54	6	mutual	mutual	ADJ
fsr-3407	54	7	funds	fund	NOUN
fsr-3407	54	8	is	be	AUX
fsr-3407	54	9	the	the	DET
fsr-3407	54	10	nasdaq-100	nasdaq-100	ADJ
fsr-3407	54	11	total	total	ADJ
fsr-3407	54	12	return	return	NOUN
fsr-3407	54	13	index	index	NOUN
fsr-3407	54	14	,	,	PUNCT
fsr-3407	54	15	and	and	CCONJ
fsr-3407	54	16	tickers	ticker	VERB
fsr-3407	54	17	dxnlx	dxnlx	PROPN
fsr-3407	54	18	and	and	CCONJ
fsr-3407	54	19	dxnsx	dxnsx	PROPN
fsr-3407	54	20	provide	provide	VERB
fsr-3407	54	21	positive	positive	ADJ
fsr-3407	54	22	and	and	CCONJ
fsr-3407	54	23	inverse	inverse	NOUN
fsr-3407	54	24	leverage	leverage	NOUN
fsr-3407	54	25	.	.	PUNCT
fsr-3407	55	1	in	in	ADP
fsr-3407	55	2	the	the	DET
fsr-3407	55	3	analysis	analysis	NOUN
fsr-3407	55	4	that	that	PRON
fsr-3407	55	5	follows	follow	VERB
fsr-3407	55	6	,	,	PUNCT
fsr-3407	55	7	we	we	PRON
fsr-3407	55	8	include	include	VERB
fsr-3407	55	9	the	the	DET
fsr-3407	55	10	bull	bull	NOUN
fsr-3407	55	11	1.25	1.25	NUM
fsr-3407	55	12	monthly	monthly	ADJ
fsr-3407	55	13	fund	fund	NOUN
fsr-3407	55	14	as	as	ADP
fsr-3407	55	15	part	part	NOUN
fsr-3407	55	16	of	of	ADP
fsr-3407	55	17	a	a	DET
fsr-3407	55	18	sensitivity	sensitivity	NOUN
fsr-3407	55	19	analysis	analysis	NOUN
fsr-3407	55	20	to	to	PART
fsr-3407	55	21	highlight	highlight	VERB
fsr-3407	55	22	the	the	DET
fsr-3407	55	23	effect	effect	NOUN
fsr-3407	55	24	of	of	ADP
fsr-3407	55	25	a	a	DET
fsr-3407	55	26	monthly	monthly	ADJ
fsr-3407	55	27	versus	versus	ADP
fsr-3407	55	28	daily	daily	ADJ
fsr-3407	55	29	return	return	NOUN
fsr-3407	55	30	matching	match	VERB
fsr-3407	55	31	125	125	NUM
fsr-3407	55	32	%	%	NOUN
fsr-3407	55	33	of	of	ADP
fsr-3407	55	34	the	the	DET
fsr-3407	55	35	underlying	underlying	ADJ
fsr-3407	55	36	.	.	PUNCT
fsr-3407	56	1	2	2	X
fsr-3407	56	2	.	.	X
fsr-3407	56	3	data	datum	NOUN
fsr-3407	56	4	source	source	NOUN
fsr-3407	56	5	and	and	CCONJ
fsr-3407	56	6	replication	replication	NOUN
fsr-3407	56	7	technique	technique	NOUN
fsr-3407	56	8	as	as	SCONJ
fsr-3407	56	9	shown	show	VERB
fsr-3407	56	10	and	and	CCONJ
fsr-3407	56	11	discussed	discuss	VERB
fsr-3407	56	12	in	in	ADP
fsr-3407	56	13	the	the	DET
fsr-3407	56	14	previous	previous	ADJ
fsr-3407	56	15	section	section	NOUN
fsr-3407	56	16	,	,	PUNCT
fsr-3407	56	17	there	there	PRON
fsr-3407	56	18	is	be	VERB
fsr-3407	56	19	very	very	ADV
fsr-3407	56	20	limited	limited	ADJ
fsr-3407	56	21	historical	historical	ADJ
fsr-3407	56	22	data	datum	NOUN
fsr-3407	56	23	available	available	ADJ
fsr-3407	56	24	on	on	ADP
fsr-3407	56	25	fractionally	fractionally	ADV
fsr-3407	56	26	leveraged	leverage	VERB
fsr-3407	56	27	etfs	etfs	NOUN
fsr-3407	56	28	.	.	PUNCT
fsr-3407	57	1	so	so	ADV
fsr-3407	57	2	,	,	PUNCT
fsr-3407	57	3	to	to	PART
fsr-3407	57	4	study	study	VERB
fsr-3407	57	5	long	long	ADJ
fsr-3407	57	6	-	-	PUNCT
fsr-3407	57	7	term	term	NOUN
fsr-3407	57	8	investment	investment	NOUN
fsr-3407	57	9	performance	performance	NOUN
fsr-3407	57	10	under	under	ADP
fsr-3407	57	11	a	a	DET
fsr-3407	57	12	variety	variety	NOUN
fsr-3407	57	13	of	of	ADP
fsr-3407	57	14	market	market	NOUN
fsr-3407	57	15	conditions	condition	NOUN
fsr-3407	57	16	,	,	PUNCT
fsr-3407	57	17	we	we	PRON
fsr-3407	57	18	replicated	replicate	VERB
fsr-3407	57	19	returns	return	NOUN
fsr-3407	57	20	of	of	ADP
fsr-3407	57	21	two	two	NUM
fsr-3407	57	22	equity	equity	NOUN
fsr-3407	57	23	index	index	NOUN
fsr-3407	57	24	etfs	etfs	PROPN
fsr-3407	57	25	in	in	ADP
fsr-3407	57	26	table	table	NOUN
fsr-3407	57	27	1	1	NUM
fsr-3407	57	28	using	use	VERB
fsr-3407	57	29	the	the	DET
fsr-3407	57	30	s&p	s&p	PROPN
fsr-3407	57	31	500	500	NUM
fsr-3407	57	32	total	total	ADJ
fsr-3407	57	33	return	return	NOUN
fsr-3407	57	34	index	index	NOUN
fsr-3407	57	35	(	(	PUNCT
fsr-3407	57	36	bloomberg	bloomberg	PROPN
fsr-3407	57	37	index	index	NOUN
fsr-3407	57	38	code	code	NOUN
fsr-3407	57	39	spxt	spxt	NOUN
fsr-3407	57	40	)	)	PUNCT
fsr-3407	57	41	.	.	PUNCT
fsr-3407	58	1	the	the	DET
fsr-3407	58	2	first	first	ADJ
fsr-3407	58	3	fund	fund	NOUN
fsr-3407	58	4	was	be	AUX
fsr-3407	58	5	an	an	DET
fsr-3407	58	6	unleveraged	unleveraged	ADJ
fsr-3407	58	7	etf	etf	NOUN
fsr-3407	58	8	,	,	PUNCT
fsr-3407	58	9	and	and	CCONJ
fsr-3407	58	10	the	the	DET
fsr-3407	58	11	second	second	ADJ
fsr-3407	58	12	was	be	AUX
fsr-3407	58	13	a	a	DET
fsr-3407	58	14	1.25x	1.25x	NUM
fsr-3407	58	15	leveraged	leveraged	ADJ
fsr-3407	58	16	etf	etf	NOUN
fsr-3407	58	17	.	.	PUNCT
fsr-3407	59	1	because	because	SCONJ
fsr-3407	59	2	we	we	PRON
fsr-3407	59	3	are	be	AUX
fsr-3407	59	4	also	also	ADV
fsr-3407	59	5	table	table	NOUN
fsr-3407	59	6	1	1	NUM
fsr-3407	59	7	1.25x	1.25x	NUM
fsr-3407	59	8	leveraged	leveraged	ADJ
fsr-3407	59	9	stock	stock	NOUN
fsr-3407	59	10	and	and	CCONJ
fsr-3407	59	11	bond	bond	NOUN
fsr-3407	59	12	exchange	exchange	NOUN
fsr-3407	59	13	-	-	PUNCT
fsr-3407	59	14	traded	trade	VERB
fsr-3407	59	15	funds	fund	NOUN
fsr-3407	59	16	(	(	PUNCT
fsr-3407	59	17	etfs	etfs	PROPN
fsr-3407	59	18	)	)	PUNCT
fsr-3407	59	19	and	and	CCONJ
fsr-3407	59	20	their	their	PRON
fsr-3407	59	21	unleveraged	unleveraged	ADJ
fsr-3407	59	22	counterparts	counterpart	NOUN
fsr-3407	59	23	*	*	VERB
fsr-3407	59	24	etf	etf	NOUN
fsr-3407	59	25	symbol	symbol	NOUN
fsr-3407	59	26	underlying	underlie	VERB
fsr-3407	59	27	index	index	NOUN
fsr-3407	59	28	assets	asset	NOUN
fsr-3407	59	29	under	under	ADP
fsr-3407	59	30	management	management	NOUN
fsr-3407	59	31	expense	expense	NOUN
fsr-3407	59	32	ratio	ratio	NOUN
fsr-3407	59	33	median	median	PROPN
fsr-3407	59	34	daily	daily	ADJ
fsr-3407	59	35	share	share	NOUN
fsr-3407	59	36	volume	volume	NOUN
fsr-3407	59	37	average	average	ADJ
fsr-3407	59	38	spread	spread	VERB
fsr-3407	59	39	premium	premium	NOUN
fsr-3407	59	40	/	/	SYM
fsr-3407	59	41	discount	discount	NOUN
fsr-3407	59	42	median	median	NOUN
fsr-3407	59	43	(	(	PUNCT
fsr-3407	59	44	range	range	NOUN
fsr-3407	59	45	)	)	PUNCT
fsr-3407	59	46	issue	issue	NOUN
fsr-3407	59	47	date	date	NOUN
fsr-3407	59	48	pplc	pplc	PROPN
fsr-3407	59	49	s&p500	s&p500	VERB
fsr-3407	59	50	$	$	SYM
fsr-3407	59	51	81.11	81.11	NUM
fsr-3407	59	52	m	m	NUM
fsr-3407	59	53	0.34	0.34	NUM
fsr-3407	59	54	%	%	NOUN
fsr-3407	59	55	25,223	25,223	NUM
fsr-3407	59	56	0.04	0.04	NUM
fsr-3407	59	57	%	%	NOUN
fsr-3407	59	58	�	�	NOUN
fsr-3407	59	59	0.03	0.03	NUM
fsr-3407	59	60	%	%	NOUN
fsr-3407	59	61	(	(	PUNCT
fsr-3407	59	62	�	�	PROPN
fsr-3407	59	63	2.28	2.28	NUM
fsr-3407	59	64	%	%	NOUN
fsr-3407	59	65	to	to	PART
fsr-3407	59	66	2.25	2.25	NUM
fsr-3407	59	67	%	%	NOUN
fsr-3407	59	68	)	)	PUNCT
fsr-3407	59	69	january	january	PROPN
fsr-3407	59	70	7	7	NUM
fsr-3407	59	71	,	,	PUNCT
fsr-3407	59	72	2015	2015	NUM
fsr-3407	59	73	ivv†	ivv†	PROPN
fsr-3407	59	74	$	$	SYM
fsr-3407	59	75	144.83b	144.83b	NUM
fsr-3407	59	76	0.04	0.04	NUM
fsr-3407	59	77	%	%	NOUN
fsr-3407	59	78	3,870,076	3,870,076	NUM
fsr-3407	59	79	0.01	0.01	NUM
fsr-3407	59	80	%	%	NOUN
fsr-3407	59	81	0.00	0.00	NUM
fsr-3407	59	82	%	%	NOUN
fsr-3407	59	83	(	(	PUNCT
fsr-3407	59	84	�	�	NOUN
fsr-3407	59	85	0.11	0.11	NUM
fsr-3407	59	86	%	%	NOUN
fsr-3407	59	87	to	to	PART
fsr-3407	59	88	0.13	0.13	NUM
fsr-3407	59	89	%	%	NOUN
fsr-3407	59	90	)	)	PUNCT
fsr-3407	60	1	may	may	AUX
fsr-3407	60	2	15	15	NUM
fsr-3407	60	3	,	,	PUNCT
fsr-3407	60	4	2000	2000	NUM
fsr-3407	60	5	pptb	pptb	PROPN
fsr-3407	60	6	barclay	barclay	PROPN
fsr-3407	60	7	’s	’s	PART
fsr-3407	60	8	us	us	PROPN
fsr-3407	60	9	aggregate	aggregate	ADJ
fsr-3407	60	10	bond	bond	NOUN
fsr-3407	60	11	$	$	SYM
fsr-3407	60	12	25.05	25.05	NUM
fsr-3407	60	13	m	m	NUM
fsr-3407	60	14	0.34	0.34	NUM
fsr-3407	60	15	%	%	NOUN
fsr-3407	60	16	15,100	15,100	NUM
fsr-3407	60	17	0.04	0.04	NUM
fsr-3407	60	18	%	%	NOUN
fsr-3407	60	19	0.01	0.01	NUM
fsr-3407	60	20	%	%	NOUN
fsr-3407	60	21	(	(	PUNCT
fsr-3407	60	22	�	�	NOUN
fsr-3407	60	23	0.39	0.39	NUM
fsr-3407	60	24	%	%	NOUN
fsr-3407	60	25	to	to	PART
fsr-3407	60	26	0.17	0.17	NUM
fsr-3407	60	27	%	%	NOUN
fsr-3407	60	28	)	)	PUNCT
fsr-3407	60	29	february	february	PROPN
fsr-3407	60	30	15,2018	15,2018	NUM
fsr-3407	60	31	agg	agg	PROPN
fsr-3407	60	32	$	$	SYM
fsr-3407	60	33	53.62b	53.62b	PROPN
fsr-3407	60	34	0.05	0.05	NUM
fsr-3407	60	35	%	%	NOUN
fsr-3407	60	36	3,627,118	3,627,118	NUM
fsr-3407	60	37	0.01	0.01	NUM
fsr-3407	60	38	%	%	NOUN
fsr-3407	60	39	0.07	0.07	NUM
fsr-3407	60	40	%	%	NOUN
fsr-3407	60	41	(	(	PUNCT
fsr-3407	60	42	�	�	PROPN
fsr-3407	60	43	0.16	0.16	NUM
fsr-3407	60	44	%	%	NOUN
fsr-3407	60	45	to	to	PART
fsr-3407	60	46	0.26	0.26	NUM
fsr-3407	60	47	%	%	NOUN
fsr-3407	60	48	)	)	PUNCT
fsr-3407	60	49	september	september	PROPN
fsr-3407	60	50	22	22	NUM
fsr-3407	60	51	,	,	PUNCT
fsr-3407	60	52	2003	2003	NUM
fsr-3407	60	53	note	note	NOUN
fsr-3407	60	54	:	:	PUNCT
fsr-3407	60	55	*	*	PUNCT
fsr-3407	60	56	obtained	obtain	VERB
fsr-3407	60	57	from	from	ADP
fsr-3407	60	58	www.etf.com	www.etf.com	PROPN
fsr-3407	60	59	in	in	ADP
fsr-3407	60	60	january	january	PROPN
fsr-3407	60	61	2018	2018	NUM
fsr-3407	60	62	.	.	PUNCT
fsr-3407	61	1	†ivv	†ivv	X
fsr-3407	61	2	was	be	AUX
fsr-3407	61	3	selected	select	VERB
fsr-3407	61	4	as	as	ADP
fsr-3407	61	5	one	one	NUM
fsr-3407	61	6	of	of	ADP
fsr-3407	61	7	three	three	NUM
fsr-3407	61	8	exchange	exchange	NOUN
fsr-3407	61	9	-	-	PUNCT
fsr-3407	61	10	traded	trade	VERB
fsr-3407	61	11	funds	fund	NOUN
fsr-3407	61	12	(	(	PUNCT
fsr-3407	61	13	etfs	etfs	PROPN
fsr-3407	61	14	)	)	PUNCT
fsr-3407	61	15	that	that	PRON
fsr-3407	61	16	track	track	VERB
fsr-3407	61	17	the	the	DET
fsr-3407	61	18	s&p	s&p	PROPN
fsr-3407	61	19	500	500	NUM
fsr-3407	61	20	index	index	NOUN
fsr-3407	61	21	,	,	PUNCT
fsr-3407	61	22	and	and	CCONJ
fsr-3407	61	23	is	be	AUX
fsr-3407	61	24	issued	issue	VERB
fsr-3407	61	25	by	by	ADP
fsr-3407	61	26	blackrock	blackrock	NOUN
fsr-3407	61	27	.	.	PUNCT
fsr-3407	62	1	the	the	DET
fsr-3407	62	2	other	other	ADJ
fsr-3407	62	3	two	two	NUM
fsr-3407	62	4	,	,	PUNCT
fsr-3407	62	5	voo	voo	NOUN
fsr-3407	62	6	and	and	CCONJ
fsr-3407	62	7	spy	spy	NOUN
fsr-3407	62	8	,	,	PUNCT
fsr-3407	62	9	issued	issue	VERB
fsr-3407	62	10	by	by	ADP
fsr-3407	62	11	vanguard	vanguard	NOUN
fsr-3407	62	12	and	and	CCONJ
fsr-3407	62	13	state	state	PROPN
fsr-3407	62	14	street	street	NOUN
fsr-3407	62	15	global	global	ADJ
fsr-3407	62	16	advisors	advisor	NOUN
fsr-3407	62	17	,	,	PUNCT
fsr-3407	62	18	have	have	VERB
fsr-3407	62	19	similar	similar	ADJ
fsr-3407	62	20	expense	expense	NOUN
fsr-3407	62	21	ratios	ratio	NOUN
fsr-3407	62	22	and	and	CCONJ
fsr-3407	62	23	spreads	spread	NOUN
fsr-3407	62	24	,	,	PUNCT
fsr-3407	62	25	and	and	CCONJ
fsr-3407	62	26	could	could	AUX
fsr-3407	62	27	have	have	AUX
fsr-3407	62	28	also	also	ADV
fsr-3407	62	29	been	be	AUX
fsr-3407	62	30	chosen	choose	VERB
fsr-3407	62	31	.	.	PUNCT
fsr-3407	63	1	the	the	DET
fsr-3407	63	2	results	result	NOUN
fsr-3407	63	3	that	that	PRON
fsr-3407	63	4	follow	follow	VERB
fsr-3407	63	5	are	be	AUX
fsr-3407	63	6	generalizable	generalizable	ADJ
fsr-3407	63	7	to	to	ADP
fsr-3407	63	8	using	use	VERB
fsr-3407	63	9	any	any	PRON
fsr-3407	63	10	of	of	ADP
fsr-3407	63	11	these	these	DET
fsr-3407	63	12	s&p	s&p	PROPN
fsr-3407	63	13	500	500	NUM
fsr-3407	63	14	index	index	NOUN
fsr-3407	63	15	etfs	etfs	NOUN
fsr-3407	63	16	.	.	PUNCT
fsr-3407	64	1	415j	415j	PROPN
fsr-3407	64	2	.	.	PUNCT
fsr-3407	65	1	dilellio	dilellio	PROPN
fsr-3407	65	2	/	/	SYM
fsr-3407	65	3	financial	financial	ADJ
fsr-3407	65	4	services	service	NOUN
fsr-3407	65	5	review	review	VERB
fsr-3407	65	6	27	27	NUM
fsr-3407	65	7	(	(	PUNCT
fsr-3407	65	8	2018	2018	NUM
fsr-3407	65	9	)	)	PUNCT
fsr-3407	65	10	413	413	NUM
fsr-3407	65	11	-	-	SYM
fsr-3407	65	12	432	432	NUM
fsr-3407	65	13	interested	interested	ADJ
fsr-3407	65	14	in	in	ADP
fsr-3407	65	15	a	a	DET
fsr-3407	65	16	mixed	mixed	ADJ
fsr-3407	65	17	stock	stock	NOUN
fsr-3407	65	18	/	/	SYM
fsr-3407	65	19	bond	bond	NOUN
fsr-3407	65	20	portfolio	portfolio	NOUN
fsr-3407	65	21	,	,	PUNCT
fsr-3407	65	22	we	we	PRON
fsr-3407	65	23	similarly	similarly	ADV
fsr-3407	65	24	replicated	replicate	VERB
fsr-3407	65	25	returns	return	NOUN
fsr-3407	65	26	for	for	ADP
fsr-3407	65	27	a	a	DET
fsr-3407	65	28	1.25x	1.25x	NUM
fsr-3407	65	29	leveraged	leveraged	ADJ
fsr-3407	65	30	and	and	CCONJ
fsr-3407	65	31	unleveraged	unleveraged	ADJ
fsr-3407	65	32	bond	bond	NOUN
fsr-3407	65	33	etf	etf	NOUN
fsr-3407	65	34	,	,	PUNCT
fsr-3407	65	35	which	which	PRON
fsr-3407	65	36	are	be	AUX
fsr-3407	65	37	based	base	VERB
fsr-3407	65	38	on	on	ADP
fsr-3407	65	39	the	the	DET
fsr-3407	65	40	barclay	barclay	NOUN
fsr-3407	65	41	’s	’s	PART
fsr-3407	65	42	aggregate	aggregate	ADJ
fsr-3407	65	43	total	total	ADJ
fsr-3407	65	44	return	return	NOUN
fsr-3407	65	45	bond	bond	NOUN
fsr-3407	65	46	index	index	NOUN
fsr-3407	65	47	(	(	PUNCT
fsr-3407	65	48	bloomberg	bloomberg	PROPN
fsr-3407	65	49	index	index	NOUN
fsr-3407	65	50	code	code	NOUN
fsr-3407	65	51	lbustruu	lbustruu	PROPN
fsr-3407	65	52	)	)	PUNCT
fsr-3407	65	53	.	.	PUNCT
fsr-3407	66	1	we	we	PRON
fsr-3407	66	2	will	will	AUX
fsr-3407	66	3	refer	refer	VERB
fsr-3407	66	4	to	to	ADP
fsr-3407	66	5	these	these	DET
fsr-3407	66	6	funds	fund	NOUN
fsr-3407	66	7	simply	simply	ADV
fsr-3407	66	8	as	as	ADP
fsr-3407	66	9	our	our	PRON
fsr-3407	66	10	leveraged	leveraged	ADJ
fsr-3407	66	11	or	or	CCONJ
fsr-3407	66	12	unleveraged	unleveraged	ADJ
fsr-3407	66	13	“	"	PUNCT
fsr-3407	66	14	stock	stock	NOUN
fsr-3407	66	15	etf	etf	NOUN
fsr-3407	66	16	”	"	PUNCT
fsr-3407	66	17	and	and	CCONJ
fsr-3407	66	18	“	"	PUNCT
fsr-3407	66	19	bond	bond	NOUN
fsr-3407	66	20	etf	etf	NOUN
fsr-3407	66	21	”	"	PUNCT
fsr-3407	66	22	for	for	ADP
fsr-3407	66	23	the	the	DET
fsr-3407	66	24	remainder	remainder	NOUN
fsr-3407	66	25	of	of	ADP
fsr-3407	66	26	the	the	DET
fsr-3407	66	27	paper	paper	NOUN
fsr-3407	66	28	.	.	PUNCT
fsr-3407	67	1	because	because	SCONJ
fsr-3407	67	2	we	we	PRON
fsr-3407	67	3	will	will	AUX
fsr-3407	67	4	be	be	AUX
fsr-3407	67	5	replicating	replicate	VERB
fsr-3407	67	6	the	the	DET
fsr-3407	67	7	effect	effect	NOUN
fsr-3407	67	8	of	of	ADP
fsr-3407	67	9	constant	constant	ADJ
fsr-3407	67	10	daily	daily	ADJ
fsr-3407	67	11	leverage	leverage	NOUN
fsr-3407	67	12	,	,	PUNCT
fsr-3407	67	13	we	we	PRON
fsr-3407	67	14	obtained	obtain	VERB
fsr-3407	67	15	our	our	PRON
fsr-3407	67	16	stock	stock	NOUN
fsr-3407	67	17	and	and	CCONJ
fsr-3407	67	18	bond	bond	NOUN
fsr-3407	67	19	index	index	NOUN
fsr-3407	67	20	data	datum	NOUN
fsr-3407	67	21	on	on	ADP
fsr-3407	67	22	a	a	DET
fsr-3407	67	23	daily	daily	ADJ
fsr-3407	67	24	basis	basis	NOUN
fsr-3407	67	25	.	.	PUNCT
fsr-3407	68	1	the	the	DET
fsr-3407	68	2	total	total	ADJ
fsr-3407	68	3	return	return	NOUN
fsr-3407	68	4	data	datum	NOUN
fsr-3407	68	5	from	from	ADP
fsr-3407	68	6	bloomberg	bloomberg	PROPN
fsr-3407	68	7	provided	provide	VERB
fsr-3407	68	8	full	full	ADJ
fsr-3407	68	9	years	year	NOUN
fsr-3407	68	10	of	of	ADP
fsr-3407	68	11	daily	daily	ADJ
fsr-3407	68	12	returns	return	NOUN
fsr-3407	68	13	from	from	ADP
fsr-3407	68	14	1989	1989	NUM
fsr-3407	68	15	through	through	ADP
fsr-3407	68	16	2017	2017	NUM
fsr-3407	68	17	.	.	PUNCT
fsr-3407	69	1	we	we	PRON
fsr-3407	69	2	began	begin	VERB
fsr-3407	69	3	by	by	ADP
fsr-3407	69	4	replicating	replicate	VERB
fsr-3407	69	5	the	the	DET
fsr-3407	69	6	unleveraged	unleveraged	ADJ
fsr-3407	69	7	stock	stock	NOUN
fsr-3407	69	8	and	and	CCONJ
fsr-3407	69	9	bond	bond	NOUN
fsr-3407	69	10	etf	etf	NOUN
fsr-3407	69	11	daily	daily	ADJ
fsr-3407	69	12	returns	return	NOUN
fsr-3407	69	13	.	.	PUNCT
fsr-3407	70	1	let	let	VERB
fsr-3407	70	2	ri	ri	PRON
fsr-3407	70	3	be	be	AUX
fsr-3407	70	4	the	the	DET
fsr-3407	70	5	ith	ith	PROPN
fsr-3407	70	6	day	day	NOUN
fsr-3407	70	7	’s	’s	PART
fsr-3407	70	8	total	total	ADJ
fsr-3407	70	9	return	return	NOUN
fsr-3407	70	10	(	(	PUNCT
fsr-3407	70	11	including	include	VERB
fsr-3407	70	12	dividends	dividend	NOUN
fsr-3407	70	13	)	)	PUNCT
fsr-3407	70	14	of	of	ADP
fsr-3407	70	15	the	the	DET
fsr-3407	70	16	underlying	underlie	VERB
fsr-3407	70	17	stock	stock	NOUN
fsr-3407	70	18	or	or	CCONJ
fsr-3407	70	19	bond	bond	NOUN
fsr-3407	70	20	index	index	NOUN
fsr-3407	70	21	.	.	PUNCT
fsr-3407	71	1	to	to	PART
fsr-3407	71	2	construct	construct	VERB
fsr-3407	71	3	the	the	DET
fsr-3407	71	4	unleveraged	unleveraged	ADJ
fsr-3407	71	5	etf	etf	NOUN
fsr-3407	71	6	,	,	PUNCT
fsr-3407	71	7	we	we	PRON
fsr-3407	71	8	impose	impose	VERB
fsr-3407	71	9	an	an	DET
fsr-3407	71	10	expense	expense	NOUN
fsr-3407	71	11	ratio	ratio	NOUN
fsr-3407	71	12	e	e	NOUN
fsr-3407	71	13	,	,	PUNCT
fsr-3407	71	14	so	so	SCONJ
fsr-3407	71	15	that	that	SCONJ
fsr-3407	71	16	the	the	DET
fsr-3407	71	17	yearly	yearly	ADJ
fsr-3407	71	18	return	return	NOUN
fsr-3407	71	19	r	r	NOUN
fsr-3407	71	20	can	can	AUX
fsr-3407	71	21	be	be	AUX
fsr-3407	71	22	expressed	express	VERB
fsr-3407	71	23	as	as	ADP
fsr-3407	71	24	r	r	PROPN
fsr-3407	71	25	�	�	PROPN
fsr-3407	71	26	�	�	PROPN
fsr-3407	71	27	1	1	NUM
fsr-3407	71	28	�	�	PROPN
fsr-3407	71	29	�	�	PROPN
fsr-3407	71	30	i	i	PRON
fsr-3407	71	31	�	�	PROPN
fsr-3407	71	32	1	1	NUM
fsr-3407	71	33	n	n	PRON
fsr-3407	71	34	�	�	PROPN
fsr-3407	71	35	1	1	NUM
fsr-3407	71	36	�	�	PROPN
fsr-3407	71	37	ri	ri	PROPN
fsr-3407	71	38	�	�	PROPN
fsr-3407	71	39	e	e	PROPN
fsr-3407	71	40	n	n	CCONJ
fsr-3407	71	41	�	�	PROPN
fsr-3407	71	42	(	(	PUNCT
fsr-3407	71	43	1	1	NUM
fsr-3407	71	44	)	)	PUNCT
fsr-3407	71	45	where	where	SCONJ
fsr-3407	71	46	�	�	NOUN
fsr-3407	71	47	i	i	PRON
fsr-3407	71	48	�	�	PROPN
fsr-3407	71	49	1	1	NUM
fsr-3407	71	50	n	n	PRON
fsr-3407	71	51	represents	represent	VERB
fsr-3407	71	52	the	the	DET
fsr-3407	71	53	product	product	NOUN
fsr-3407	71	54	over	over	ADP
fsr-3407	71	55	each	each	DET
fsr-3407	71	56	ith	ith	NOUN
fsr-3407	71	57	day	day	NOUN
fsr-3407	71	58	of	of	ADP
fsr-3407	71	59	a	a	DET
fsr-3407	71	60	year	year	NOUN
fsr-3407	71	61	with	with	ADP
fsr-3407	71	62	n	n	CCONJ
fsr-3407	71	63	total	total	ADJ
fsr-3407	71	64	days	day	NOUN
fsr-3407	71	65	.	.	PUNCT
fsr-3407	72	1	typically	typically	ADV
fsr-3407	72	2	,	,	PUNCT
fsr-3407	72	3	n	n	X
fsr-3407	72	4	�	�	PROPN
fsr-3407	72	5	252	252	NUM
fsr-3407	72	6	,	,	PUNCT
fsr-3407	72	7	corresponding	correspond	VERB
fsr-3407	72	8	to	to	ADP
fsr-3407	72	9	an	an	DET
fsr-3407	72	10	average	average	NOUN
fsr-3407	72	11	of	of	ADP
fsr-3407	72	12	21	21	NUM
fsr-3407	72	13	trading	trading	NOUN
fsr-3407	72	14	days	day	NOUN
fsr-3407	72	15	per	per	ADP
fsr-3407	72	16	month	month	NOUN
fsr-3407	72	17	.	.	PUNCT
fsr-3407	73	1	we	we	PRON
fsr-3407	73	2	similarly	similarly	ADV
fsr-3407	73	3	constructed	construct	VERB
fsr-3407	73	4	leveraged	leveraged	ADJ
fsr-3407	73	5	stock	stock	NOUN
fsr-3407	73	6	and	and	CCONJ
fsr-3407	73	7	bond	bond	NOUN
fsr-3407	73	8	etf	etf	NOUN
fsr-3407	73	9	daily	daily	ADJ
fsr-3407	73	10	returns	return	NOUN
fsr-3407	73	11	.	.	PUNCT
fsr-3407	74	1	let	let	VERB
fsr-3407	74	2	r̃i	r̃i	NOUN
fsr-3407	74	3	be	be	AUX
fsr-3407	74	4	the	the	DET
fsr-3407	74	5	leveraged	leveraged	ADJ
fsr-3407	74	6	etf	etf	NOUN
fsr-3407	74	7	daily	daily	ADJ
fsr-3407	74	8	return	return	NOUN
fsr-3407	74	9	(	(	PUNCT
fsr-3407	74	10	including	include	VERB
fsr-3407	74	11	dividends	dividend	NOUN
fsr-3407	74	12	)	)	PUNCT
fsr-3407	74	13	so	so	SCONJ
fsr-3407	74	14	that	that	SCONJ
fsr-3407	74	15	,	,	PUNCT
fsr-3407	74	16	before	before	ADP
fsr-3407	74	17	imposing	impose	VERB
fsr-3407	74	18	any	any	DET
fsr-3407	74	19	expenses	expense	NOUN
fsr-3407	74	20	or	or	CCONJ
fsr-3407	74	21	fees	fee	NOUN
fsr-3407	74	22	,	,	PUNCT
fsr-3407	74	23	r̃i	r̃i	VERB
fsr-3407	74	24	�	�	PROPN
fsr-3407	74	25	f	f	PROPN
fsr-3407	74	26	*	*	PUNCT
fsr-3407	74	27	ri	ri	PROPN
fsr-3407	74	28	(	(	PUNCT
fsr-3407	74	29	2	2	NUM
fsr-3407	74	30	)	)	PUNCT
fsr-3407	74	31	where	where	SCONJ
fsr-3407	74	32	f	f	PROPN
fsr-3407	74	33	is	be	AUX
fsr-3407	74	34	the	the	DET
fsr-3407	74	35	leverage	leverage	NOUN
fsr-3407	74	36	factor	factor	NOUN
fsr-3407	74	37	.	.	PUNCT
fsr-3407	75	1	for	for	ADP
fsr-3407	75	2	a	a	DET
fsr-3407	75	3	1.25x	1.25x	NUM
fsr-3407	75	4	leveraged	leverage	VERB
fsr-3407	75	5	etf	etf	NOUN
fsr-3407	75	6	,	,	PUNCT
fsr-3407	75	7	we	we	PRON
fsr-3407	75	8	set	set	VERB
fsr-3407	75	9	f	f	PROPN
fsr-3407	75	10	�	�	PROPN
fsr-3407	75	11	1.25	1.25	NUM
fsr-3407	75	12	.	.	PUNCT
fsr-3407	76	1	then	then	ADV
fsr-3407	76	2	,	,	PUNCT
fsr-3407	76	3	the	the	DET
fsr-3407	76	4	annual	annual	ADJ
fsr-3407	76	5	return	return	NOUN
fsr-3407	76	6	r̃	r̃	NOUN
fsr-3407	76	7	of	of	ADP
fsr-3407	76	8	the	the	DET
fsr-3407	76	9	leveraged	leverage	VERB
fsr-3407	76	10	etf	etf	NOUN
fsr-3407	76	11	is	be	AUX
fsr-3407	76	12	r̃	r̃	PROPN
fsr-3407	76	13	�	�	SYM
fsr-3407	76	14	�	�	PROPN
fsr-3407	76	15	1	1	NUM
fsr-3407	76	16	�	�	PROPN
fsr-3407	76	17	�	�	PROPN
fsr-3407	76	18	i	i	PRON
fsr-3407	76	19	�	�	PROPN
fsr-3407	76	20	1	1	NUM
fsr-3407	76	21	n	n	PRON
fsr-3407	76	22	�	�	PROPN
fsr-3407	76	23	1	1	NUM
fsr-3407	76	24	�	�	PROPN
fsr-3407	76	25	r̃i	r̃i	NOUN
fsr-3407	76	26	�	�	PROPN
fsr-3407	76	27	ẽ	ẽ	PROPN
fsr-3407	76	28	n	n	DET
fsr-3407	76	29	�	�	PROPN
fsr-3407	76	30	�	�	PROPN
fsr-3407	76	31	libori	libori	PROPN
fsr-3407	76	32	�	�	PROPN
fsr-3407	76	33	x	x	SYM
fsr-3407	76	34	n	n	CCONJ
fsr-3407	76	35	�	�	PROPN
fsr-3407	76	36	�	�	PROPN
fsr-3407	76	37	f	f	PROPN
fsr-3407	76	38	�	�	PROPN
fsr-3407	76	39	1	1	NUM
fsr-3407	76	40	�	�	PROPN
fsr-3407	76	41	�	�	PROPN
fsr-3407	76	42	,	,	PUNCT
fsr-3407	76	43	(	(	PUNCT
fsr-3407	76	44	3	3	X
fsr-3407	76	45	)	)	PUNCT
fsr-3407	76	46	where	where	SCONJ
fsr-3407	76	47	ẽ	ẽ	PROPN
fsr-3407	76	48	is	be	AUX
fsr-3407	76	49	the	the	DET
fsr-3407	76	50	expense	expense	NOUN
fsr-3407	76	51	ratio	ratio	NOUN
fsr-3407	76	52	of	of	ADP
fsr-3407	76	53	the	the	DET
fsr-3407	76	54	leveraged	leverage	VERB
fsr-3407	76	55	fund	fund	NOUN
fsr-3407	76	56	,	,	PUNCT
fsr-3407	76	57	libori	libori	X
fsr-3407	76	58	is	be	AUX
fsr-3407	76	59	the	the	DET
fsr-3407	76	60	annual	annual	ADJ
fsr-3407	76	61	rate	rate	NOUN
fsr-3407	76	62	for	for	ADP
fsr-3407	76	63	the	the	DET
fsr-3407	76	64	1	1	NUM
fsr-3407	76	65	-	-	PUNCT
fsr-3407	76	66	month	month	NOUN
fsr-3407	76	67	libor,2	libor,2	NOUN
fsr-3407	76	68	and	and	CCONJ
fsr-3407	76	69	x	x	X
fsr-3407	76	70	is	be	AUX
fsr-3407	76	71	an	an	DET
fsr-3407	76	72	additional	additional	ADJ
fsr-3407	76	73	financing	financing	NOUN
fsr-3407	76	74	cost	cost	NOUN
fsr-3407	76	75	imposed	impose	VERB
fsr-3407	76	76	on	on	ADP
fsr-3407	76	77	the	the	DET
fsr-3407	76	78	etf	etf	NOUN
fsr-3407	76	79	provider	provider	NOUN
fsr-3407	76	80	to	to	PART
fsr-3407	76	81	borrow	borrow	VERB
fsr-3407	76	82	the	the	DET
fsr-3407	76	83	money	money	NOUN
fsr-3407	76	84	and	and	CCONJ
fsr-3407	76	85	leverage	leverage	VERB
fsr-3407	76	86	the	the	DET
fsr-3407	76	87	underlying	underlying	ADJ
fsr-3407	76	88	index	index	NOUN
fsr-3407	76	89	’s	’s	PART
fsr-3407	76	90	assets	asset	NOUN
fsr-3407	76	91	.	.	PUNCT
fsr-3407	77	1	note	note	VERB
fsr-3407	77	2	that	that	SCONJ
fsr-3407	77	3	,	,	PUNCT
fsr-3407	77	4	with	with	ADP
fsr-3407	77	5	the	the	DET
fsr-3407	77	6	exception	exception	NOUN
fsr-3407	77	7	of	of	ADP
fsr-3407	77	8	the	the	DET
fsr-3407	77	9	potentially	potentially	ADV
fsr-3407	77	10	different	different	ADJ
fsr-3407	77	11	expense	expense	NOUN
fsr-3407	77	12	ratios	ratio	NOUN
fsr-3407	77	13	,	,	PUNCT
fsr-3407	77	14	eq	eq	NOUN
fsr-3407	77	15	.	.	PUNCT
fsr-3407	78	1	(	(	PUNCT
fsr-3407	78	2	3	3	X
fsr-3407	78	3	)	)	PUNCT
fsr-3407	78	4	reduces	reduce	VERB
fsr-3407	78	5	to	to	ADP
fsr-3407	78	6	(	(	PUNCT
fsr-3407	78	7	1	1	NUM
fsr-3407	78	8	)	)	PUNCT
fsr-3407	78	9	when	when	SCONJ
fsr-3407	78	10	f	f	PROPN
fsr-3407	78	11	3	3	NUM
fsr-3407	78	12	1	1	NUM
fsr-3407	78	13	.	.	PUNCT
fsr-3407	78	14	table	table	NOUN
fsr-3407	78	15	2	2	NUM
fsr-3407	78	16	lists	list	NOUN
fsr-3407	78	17	values	value	NOUN
fsr-3407	78	18	that	that	PRON
fsr-3407	78	19	will	will	AUX
fsr-3407	78	20	be	be	AUX
fsr-3407	78	21	used	use	VERB
fsr-3407	78	22	for	for	ADP
fsr-3407	78	23	the	the	DET
fsr-3407	78	24	analysis	analysis	NOUN
fsr-3407	78	25	that	that	PRON
fsr-3407	78	26	follows	follow	VERB
fsr-3407	78	27	.	.	PUNCT
fsr-3407	79	1	it	it	PRON
fsr-3407	79	2	is	be	AUX
fsr-3407	79	3	also	also	ADV
fsr-3407	79	4	important	important	ADJ
fsr-3407	79	5	to	to	PART
fsr-3407	79	6	note	note	VERB
fsr-3407	79	7	that	that	SCONJ
fsr-3407	79	8	no	no	DET
fsr-3407	79	9	attempt	attempt	NOUN
fsr-3407	79	10	to	to	PART
fsr-3407	79	11	model	model	VERB
fsr-3407	79	12	divergence	divergence	NOUN
fsr-3407	79	13	from	from	ADP
fsr-3407	79	14	the	the	DET
fsr-3407	79	15	daily	daily	ADJ
fsr-3407	79	16	benchmark	benchmark	NOUN
fsr-3407	79	17	will	will	AUX
fsr-3407	79	18	be	be	AUX
fsr-3407	79	19	made	make	VERB
fsr-3407	79	20	,	,	PUNCT
fsr-3407	79	21	which	which	PRON
fsr-3407	79	22	can	can	AUX
fsr-3407	79	23	occur	occur	VERB
fsr-3407	79	24	when	when	SCONJ
fsr-3407	79	25	such	such	DET
fsr-3407	79	26	a	a	DET
fsr-3407	79	27	fund	fund	NOUN
fsr-3407	79	28	trades	trade	NOUN
fsr-3407	79	29	at	at	ADP
fsr-3407	79	30	either	either	CCONJ
fsr-3407	79	31	a	a	DET
fsr-3407	79	32	discount	discount	NOUN
fsr-3407	79	33	or	or	CCONJ
fsr-3407	79	34	premium	premium	NOUN
fsr-3407	79	35	.	.	PUNCT
fsr-3407	80	1	we	we	PRON
fsr-3407	80	2	also	also	ADV
fsr-3407	80	3	assume	assume	VERB
fsr-3407	80	4	that	that	SCONJ
fsr-3407	80	5	these	these	DET
fsr-3407	80	6	investments	investment	NOUN
fsr-3407	80	7	are	be	AUX
fsr-3407	80	8	held	hold	VERB
fsr-3407	80	9	in	in	ADP
fsr-3407	80	10	a	a	DET
fsr-3407	80	11	tax	tax	NOUN
fsr-3407	80	12	deferred	defer	VERB
fsr-3407	80	13	or	or	CCONJ
fsr-3407	80	14	exempt	exempt	ADJ
fsr-3407	80	15	retirement	retirement	NOUN
fsr-3407	80	16	account	account	NOUN
fsr-3407	80	17	.	.	PUNCT
fsr-3407	81	1	lastly	lastly	ADV
fsr-3407	81	2	,	,	PUNCT
fsr-3407	81	3	we	we	PRON
fsr-3407	81	4	assume	assume	VERB
fsr-3407	81	5	that	that	SCONJ
fsr-3407	81	6	slippage	slippage	NOUN
fsr-3407	81	7	from	from	ADP
fsr-3407	81	8	incomplete	incomplete	ADJ
fsr-3407	81	9	baskets	basket	NOUN
fsr-3407	81	10	and	and	CCONJ
fsr-3407	81	11	managing	manage	VERB
fsr-3407	81	12	leverage	leverage	NOUN
fsr-3407	81	13	has	have	VERB
fsr-3407	81	14	a	a	DET
fsr-3407	81	15	negligible	negligible	ADJ
fsr-3407	81	16	long	long	ADJ
fsr-3407	81	17	-	-	PUNCT
fsr-3407	81	18	term	term	NOUN
fsr-3407	81	19	effect	effect	NOUN
fsr-3407	81	20	on	on	ADP
fsr-3407	81	21	returns	return	NOUN
fsr-3407	81	22	.	.	PUNCT
fsr-3407	82	1	in	in	ADP
fsr-3407	82	2	the	the	DET
fsr-3407	82	3	case	case	NOUN
fsr-3407	82	4	of	of	ADP
fsr-3407	82	5	table	table	NOUN
fsr-3407	82	6	2	2	NUM
fsr-3407	82	7	parameters	parameter	NOUN
fsr-3407	82	8	to	to	PART
fsr-3407	82	9	replicate	replicate	VERB
fsr-3407	82	10	unleveraged	unleveraged	ADJ
fsr-3407	82	11	and	and	CCONJ
fsr-3407	82	12	leveraged	leveraged	ADJ
fsr-3407	82	13	etfs	etfs	NOUN
fsr-3407	82	14	expense	expense	NOUN
fsr-3407	82	15	ratio	ratio	NOUN
fsr-3407	82	16	,	,	PUNCT
fsr-3407	82	17	unleveraged	unleveraged	ADJ
fsr-3407	82	18	fund	fund	NOUN
fsr-3407	82	19	(	(	PUNCT
fsr-3407	82	20	stock	stock	NOUN
fsr-3407	82	21	,	,	PUNCT
fsr-3407	82	22	bond	bond	NOUN
fsr-3407	82	23	)	)	PUNCT
fsr-3407	82	24	leverage	leverage	NOUN
fsr-3407	82	25	factor	factor	NOUN
fsr-3407	82	26	expense	expense	NOUN
fsr-3407	82	27	ratio	ratio	NOUN
fsr-3407	82	28	,	,	PUNCT
fsr-3407	82	29	leveraged	leveraged	ADJ
fsr-3407	82	30	fund	fund	NOUN
fsr-3407	82	31	(	(	PUNCT
fsr-3407	82	32	stock	stock	NOUN
fsr-3407	82	33	,	,	PUNCT
fsr-3407	82	34	bond	bond	NOUN
fsr-3407	82	35	)	)	PUNCT
fsr-3407	82	36	additional	additional	ADJ
fsr-3407	82	37	financing	financing	NOUN
fsr-3407	82	38	cost	cost	NOUN
fsr-3407	82	39	e	e	NOUN
fsr-3407	82	40	f	f	X
fsr-3407	82	41	ẽ	ẽ	PROPN
fsr-3407	82	42	x	x	SYM
fsr-3407	82	43	0.04	0.04	NUM
fsr-3407	82	44	%	%	NOUN
fsr-3407	82	45	,	,	PUNCT
fsr-3407	82	46	0.05	0.05	NUM
fsr-3407	82	47	%	%	NOUN
fsr-3407	82	48	1.25	1.25	NUM
fsr-3407	82	49	0.32	0.32	NUM
fsr-3407	82	50	%	%	NOUN
fsr-3407	82	51	,	,	PUNCT
fsr-3407	82	52	0.32	0.32	NUM
fsr-3407	82	53	%	%	NOUN
fsr-3407	82	54	0.25	0.25	NUM
fsr-3407	82	55	%	%	NOUN
fsr-3407	82	56	note	note	NOUN
fsr-3407	82	57	:	:	PUNCT
fsr-3407	82	58	etf	etf	PROPN
fsr-3407	82	59	�	�	PROPN
fsr-3407	82	60	exchange	exchange	NOUN
fsr-3407	82	61	-	-	PUNCT
fsr-3407	82	62	traded	trade	VERB
fsr-3407	82	63	funds	fund	NOUN
fsr-3407	82	64	.	.	PUNCT
fsr-3407	83	1	416	416	NUM
fsr-3407	83	2	j.	j.	PROPN
fsr-3407	83	3	dilellio	dilellio	PROPN
fsr-3407	83	4	/	/	SYM
fsr-3407	83	5	financial	financial	ADJ
fsr-3407	83	6	services	service	NOUN
fsr-3407	83	7	review	review	VERB
fsr-3407	83	8	27	27	NUM
fsr-3407	83	9	(	(	PUNCT
fsr-3407	83	10	2018	2018	NUM
fsr-3407	83	11	)	)	PUNCT
fsr-3407	83	12	413	413	NUM
fsr-3407	83	13	-	-	SYM
fsr-3407	83	14	432	432	NUM
fsr-3407	83	15	pplc	pplc	NOUN
fsr-3407	83	16	,	,	PUNCT
fsr-3407	83	17	the	the	DET
fsr-3407	83	18	fund	fund	NOUN
fsr-3407	83	19	holds	hold	VERB
fsr-3407	83	20	ivv	ivv	PROPN
fsr-3407	83	21	(	(	PUNCT
fsr-3407	83	22	ishares	ishare	NOUN
fsr-3407	83	23	s&p	s&p	PROPN
fsr-3407	83	24	500	500	NUM
fsr-3407	83	25	index	index	NOUN
fsr-3407	83	26	etf	etf	NOUN
fsr-3407	83	27	)	)	PUNCT
fsr-3407	83	28	instead	instead	ADV
fsr-3407	83	29	of	of	ADP
fsr-3407	83	30	individual	individual	ADJ
fsr-3407	83	31	securities	security	NOUN
fsr-3407	83	32	included	include	VERB
fsr-3407	83	33	in	in	ADP
fsr-3407	83	34	the	the	DET
fsr-3407	83	35	underlying	underlying	ADJ
fsr-3407	83	36	index	index	NOUN
fsr-3407	83	37	.	.	PUNCT
fsr-3407	84	1	we	we	PRON
fsr-3407	84	2	believe	believe	VERB
fsr-3407	84	3	that	that	SCONJ
fsr-3407	84	4	ivv	ivv	PROPN
fsr-3407	84	5	is	be	AUX
fsr-3407	84	6	well	well	ADV
fsr-3407	84	7	known	known	ADJ
fsr-3407	84	8	to	to	PART
fsr-3407	84	9	track	track	VERB
fsr-3407	84	10	the	the	DET
fsr-3407	84	11	s&p	s&p	PROPN
fsr-3407	84	12	500	500	NUM
fsr-3407	84	13	index	index	NOUN
fsr-3407	84	14	very	very	ADV
fsr-3407	84	15	well	well	ADV
fsr-3407	84	16	.	.	PUNCT
fsr-3407	85	1	leverage	leverage	NOUN
fsr-3407	85	2	is	be	AUX
fsr-3407	85	3	obtained	obtain	VERB
fsr-3407	85	4	by	by	ADP
fsr-3407	85	5	the	the	DET
fsr-3407	85	6	fund	fund	NOUN
fsr-3407	85	7	investing	invest	VERB
fsr-3407	85	8	in	in	ADP
fsr-3407	85	9	total	total	ADJ
fsr-3407	85	10	return	return	NOUN
fsr-3407	85	11	swaps	swap	NOUN
fsr-3407	85	12	on	on	ADP
fsr-3407	85	13	the	the	DET
fsr-3407	85	14	s&p	s&p	PROPN
fsr-3407	85	15	500	500	NUM
fsr-3407	85	16	.	.	PUNCT
fsr-3407	86	1	data	datum	NOUN
fsr-3407	86	2	provided	provide	VERB
fsr-3407	86	3	by	by	ADP
fsr-3407	86	4	direxion	direxion	NOUN
fsr-3407	86	5	investments	investment	NOUN
fsr-3407	86	6	on	on	ADP
fsr-3407	86	7	pplc	pplc	NOUN
fsr-3407	86	8	show	show	VERB
fsr-3407	86	9	that	that	SCONJ
fsr-3407	86	10	from	from	ADP
fsr-3407	86	11	the	the	DET
fsr-3407	86	12	fund	fund	NOUN
fsr-3407	86	13	’s	’s	PART
fsr-3407	86	14	inception	inception	NOUN
fsr-3407	86	15	at	at	ADP
fsr-3407	86	16	the	the	DET
fsr-3407	86	17	end	end	NOUN
fsr-3407	86	18	of	of	ADP
fsr-3407	86	19	2016	2016	NUM
fsr-3407	86	20	,	,	PUNCT
fsr-3407	86	21	the	the	DET
fsr-3407	86	22	tracking	tracking	NOUN
fsr-3407	86	23	error	error	NOUN
fsr-3407	86	24	because	because	SCONJ
fsr-3407	86	25	of	of	ADP
fsr-3407	86	26	managing	manage	VERB
fsr-3407	86	27	this	this	DET
fsr-3407	86	28	leverage	leverage	NOUN
fsr-3407	86	29	was	be	AUX
fsr-3407	86	30	less	less	ADJ
fsr-3407	86	31	than	than	ADP
fsr-3407	86	32	0.001	0.001	NUM
fsr-3407	86	33	%	%	NOUN
fsr-3407	86	34	on	on	ADP
fsr-3407	86	35	an	an	DET
fsr-3407	86	36	annualized	annualize	VERB
fsr-3407	86	37	basis	basis	NOUN
fsr-3407	86	38	.	.	PUNCT
fsr-3407	87	1	we	we	PRON
fsr-3407	87	2	can	can	AUX
fsr-3407	87	3	now	now	ADV
fsr-3407	87	4	replicate	replicate	VERB
fsr-3407	87	5	annual	annual	ADJ
fsr-3407	87	6	returns	return	NOUN
fsr-3407	87	7	and	and	CCONJ
fsr-3407	87	8	volatility	volatility	NOUN
fsr-3407	87	9	for	for	ADP
fsr-3407	87	10	unleveraged	unleveraged	ADJ
fsr-3407	87	11	and	and	CCONJ
fsr-3407	87	12	leveraged	leveraged	ADJ
fsr-3407	87	13	stock	stock	NOUN
fsr-3407	87	14	and	and	CCONJ
fsr-3407	87	15	bond	bond	NOUN
fsr-3407	87	16	etfs	etfs	PROPN
fsr-3407	87	17	.	.	PUNCT
fsr-3407	88	1	annual	annual	ADJ
fsr-3407	88	2	return	return	NOUN
fsr-3407	88	3	data	datum	NOUN
fsr-3407	88	4	and	and	CCONJ
fsr-3407	88	5	volatility	volatility	NOUN
fsr-3407	88	6	for	for	ADP
fsr-3407	88	7	the	the	DET
fsr-3407	88	8	stock	stock	NOUN
fsr-3407	88	9	funds	fund	NOUN
fsr-3407	88	10	appear	appear	VERB
fsr-3407	88	11	in	in	ADP
fsr-3407	88	12	table	table	NOUN
fsr-3407	88	13	a1	a1	NOUN
fsr-3407	88	14	,	,	PUNCT
fsr-3407	88	15	while	while	SCONJ
fsr-3407	88	16	table	table	NOUN
fsr-3407	88	17	a2	a2	PROPN
fsr-3407	88	18	contains	contain	VERB
fsr-3407	88	19	annual	annual	ADJ
fsr-3407	88	20	return	return	NOUN
fsr-3407	88	21	and	and	CCONJ
fsr-3407	88	22	volatility	volatility	NOUN
fsr-3407	88	23	of	of	ADP
fsr-3407	88	24	the	the	DET
fsr-3407	88	25	bond	bond	NOUN
fsr-3407	88	26	funds	fund	NOUN
fsr-3407	88	27	appear	appear	VERB
fsr-3407	88	28	in	in	ADP
fsr-3407	88	29	table	table	NOUN
fsr-3407	88	30	a2	a2	PROPN
fsr-3407	88	31	of	of	ADP
fsr-3407	88	32	the	the	DET
fsr-3407	88	33	appendix	appendix	NOUN
fsr-3407	88	34	.	.	PUNCT
fsr-3407	89	1	the	the	DET
fsr-3407	89	2	growth	growth	NOUN
fsr-3407	89	3	of	of	ADP
fsr-3407	89	4	a	a	DET
fsr-3407	89	5	$	$	SYM
fsr-3407	89	6	1	1	NUM
fsr-3407	89	7	investment	investment	NOUN
fsr-3407	89	8	in	in	ADP
fsr-3407	89	9	the	the	DET
fsr-3407	89	10	1.25x	1.25x	NUM
fsr-3407	89	11	leveraged	leveraged	ADJ
fsr-3407	89	12	and	and	CCONJ
fsr-3407	89	13	underlying	underlying	ADJ
fsr-3407	89	14	index	index	NOUN
fsr-3407	89	15	etf	etf	NOUN
fsr-3407	89	16	constructed	construct	VERB
fsr-3407	89	17	with	with	ADP
fsr-3407	89	18	these	these	DET
fsr-3407	89	19	assumptions	assumption	NOUN
fsr-3407	89	20	appear	appear	VERB
fsr-3407	89	21	in	in	ADP
fsr-3407	89	22	the	the	DET
fsr-3407	89	23	left	left	ADJ
fsr-3407	89	24	pane	pane	NOUN
fsr-3407	89	25	of	of	ADP
fsr-3407	89	26	fig	fig	NOUN
fsr-3407	89	27	.	.	PUNCT
fsr-3407	90	1	1	1	X
fsr-3407	90	2	.	.	X
fsr-3407	90	3	the	the	DET
fsr-3407	90	4	right	right	ADJ
fsr-3407	90	5	pane	pane	NOUN
fsr-3407	90	6	of	of	ADP
fsr-3407	90	7	fig	fig	NOUN
fsr-3407	90	8	.	.	PUNCT
fsr-3407	91	1	1	1	NUM
fsr-3407	91	2	provides	provide	VERB
fsr-3407	91	3	a	a	DET
fsr-3407	91	4	reference	reference	NOUN
fsr-3407	91	5	to	to	ADP
fsr-3407	91	6	the	the	DET
fsr-3407	91	7	effect	effect	NOUN
fsr-3407	91	8	that	that	SCONJ
fsr-3407	91	9	borrowing	borrowing	NOUN
fsr-3407	91	10	costs	cost	NOUN
fsr-3407	91	11	have	have	VERB
fsr-3407	91	12	on	on	ADP
fsr-3407	91	13	limiting	limit	VERB
fsr-3407	91	14	return	return	NOUN
fsr-3407	91	15	growth	growth	NOUN
fsr-3407	91	16	,	,	PUNCT
fsr-3407	91	17	where	where	SCONJ
fsr-3407	91	18	higher	high	ADJ
fsr-3407	91	19	libor	libor	PROPN
fsr-3407	91	20	rates	rate	NOUN
fsr-3407	91	21	reduce	reduce	VERB
fsr-3407	91	22	the	the	DET
fsr-3407	91	23	total	total	ADJ
fsr-3407	91	24	return	return	NOUN
fsr-3407	91	25	for	for	ADP
fsr-3407	91	26	the	the	DET
fsr-3407	91	27	leveraged	leverage	VERB
fsr-3407	91	28	stock	stock	NOUN
fsr-3407	91	29	and	and	CCONJ
fsr-3407	91	30	bond	bond	NOUN
fsr-3407	91	31	funds	fund	NOUN
fsr-3407	91	32	.	.	PUNCT
fsr-3407	92	1	the	the	DET
fsr-3407	92	2	excess	excess	ADJ
fsr-3407	92	3	return	return	NOUN
fsr-3407	92	4	,	,	PUNCT
fsr-3407	92	5	or	or	CCONJ
fsr-3407	92	6	the	the	DET
fsr-3407	92	7	positive	positive	ADJ
fsr-3407	92	8	difference	difference	NOUN
fsr-3407	92	9	between	between	ADP
fsr-3407	92	10	the	the	DET
fsr-3407	92	11	1.25x	1.25x	NUM
fsr-3407	92	12	stock	stock	NOUN
fsr-3407	92	13	etf	etf	NOUN
fsr-3407	92	14	and	and	CCONJ
fsr-3407	92	15	unleveraged	unleveraged	ADJ
fsr-3407	92	16	stock	stock	PROPN
fsr-3407	92	17	etf	etf	PROPN
fsr-3407	92	18	,	,	PUNCT
fsr-3407	92	19	grows	grow	VERB
fsr-3407	92	20	during	during	ADP
fsr-3407	92	21	bull	bull	NOUN
fsr-3407	92	22	markets	market	NOUN
fsr-3407	92	23	,	,	PUNCT
fsr-3407	92	24	then	then	ADV
fsr-3407	92	25	shrinks	shrink	VERB
fsr-3407	92	26	during	during	ADP
fsr-3407	92	27	market	market	NOUN
fsr-3407	92	28	downturns	downturn	NOUN
fsr-3407	92	29	.	.	PUNCT
fsr-3407	93	1	the	the	DET
fsr-3407	93	2	longest	long	ADJ
fsr-3407	93	3	run	run	NOUN
fsr-3407	93	4	of	of	ADP
fsr-3407	93	5	growing	grow	VERB
fsr-3407	93	6	excess	excess	ADJ
fsr-3407	93	7	returns	return	NOUN
fsr-3407	93	8	began	begin	VERB
fsr-3407	93	9	in	in	ADP
fsr-3407	93	10	2009	2009	NUM
fsr-3407	93	11	,	,	PUNCT
fsr-3407	93	12	helped	help	VERB
fsr-3407	93	13	by	by	ADP
fsr-3407	93	14	two	two	NUM
fsr-3407	93	15	conditions	condition	NOUN
fsr-3407	93	16	.	.	PUNCT
fsr-3407	94	1	first	first	ADV
fsr-3407	94	2	,	,	PUNCT
fsr-3407	94	3	there	there	PRON
fsr-3407	94	4	has	have	AUX
fsr-3407	94	5	not	not	PART
fsr-3407	94	6	been	be	AUX
fsr-3407	94	7	a	a	DET
fsr-3407	94	8	significant	significant	ADJ
fsr-3407	94	9	stock	stock	NOUN
fsr-3407	94	10	market	market	NOUN
fsr-3407	94	11	downturn	downturn	NOUN
fsr-3407	94	12	since	since	SCONJ
fsr-3407	94	13	2009	2009	NUM
fsr-3407	94	14	,	,	PUNCT
fsr-3407	94	15	and	and	CCONJ
fsr-3407	94	16	volatility	volatility	NOUN
fsr-3407	94	17	has	have	AUX
fsr-3407	94	18	generally	generally	ADV
fsr-3407	94	19	trended	trend	VERB
fsr-3407	94	20	down	down	ADP
fsr-3407	94	21	.	.	PUNCT
fsr-3407	95	1	additionally	additionally	ADV
fsr-3407	95	2	,	,	PUNCT
fsr-3407	95	3	the	the	DET
fsr-3407	95	4	excess	excess	ADJ
fsr-3407	95	5	returns	return	NOUN
fsr-3407	95	6	have	have	AUX
fsr-3407	95	7	benefited	benefit	VERB
fsr-3407	95	8	by	by	ADP
fsr-3407	95	9	the	the	DET
fsr-3407	95	10	near	near	ADJ
fsr-3407	95	11	0	0	NUM
fsr-3407	95	12	%	%	NOUN
fsr-3407	95	13	libor	libor	PROPN
fsr-3407	95	14	rates	rate	NOUN
fsr-3407	95	15	following	follow	VERB
fsr-3407	95	16	the	the	DET
fsr-3407	95	17	2008	2008	NUM
fsr-3407	95	18	financial	financial	ADJ
fsr-3407	95	19	crisis	crisis	NOUN
fsr-3407	95	20	.	.	PUNCT
fsr-3407	96	1	in	in	ADP
fsr-3407	96	2	the	the	DET
fsr-3407	96	3	next	next	ADJ
fsr-3407	96	4	section	section	NOUN
fsr-3407	96	5	,	,	PUNCT
fsr-3407	96	6	we	we	PRON
fsr-3407	96	7	derive	derive	VERB
fsr-3407	96	8	the	the	DET
fsr-3407	96	9	conditions	condition	NOUN
fsr-3407	96	10	of	of	ADP
fsr-3407	96	11	annual	annual	ADJ
fsr-3407	96	12	returns	return	NOUN
fsr-3407	96	13	and	and	CCONJ
fsr-3407	96	14	volatility	volatility	NOUN
fsr-3407	96	15	of	of	ADP
fsr-3407	96	16	the	the	DET
fsr-3407	96	17	underlying	underlie	VERB
fsr-3407	96	18	etf	etf	NOUN
fsr-3407	96	19	that	that	PRON
fsr-3407	96	20	produce	produce	VERB
fsr-3407	96	21	excess	excess	ADJ
fsr-3407	96	22	returns	return	NOUN
fsr-3407	96	23	,	,	PUNCT
fsr-3407	96	24	and	and	CCONJ
fsr-3407	96	25	compare	compare	VERB
fsr-3407	96	26	it	it	PRON
fsr-3407	96	27	to	to	ADP
fsr-3407	96	28	these	these	DET
fsr-3407	96	29	replicated	replicate	VERB
fsr-3407	96	30	returns	return	NOUN
fsr-3407	96	31	.	.	PUNCT
fsr-3407	97	1	2.1	2.1	NUM
fsr-3407	97	2	.	.	PUNCT
fsr-3407	97	3	derivation	derivation	NOUN
fsr-3407	97	4	of	of	ADP
fsr-3407	97	5	return	return	NOUN
fsr-3407	97	6	and	and	CCONJ
fsr-3407	97	7	volatility	volatility	NOUN
fsr-3407	97	8	conditions	condition	NOUN
fsr-3407	97	9	that	that	PRON
fsr-3407	97	10	produce	produce	VERB
fsr-3407	97	11	excess	excess	ADJ
fsr-3407	97	12	returns	return	NOUN
fsr-3407	97	13	it	it	PRON
fsr-3407	97	14	is	be	AUX
fsr-3407	97	15	well	well	ADV
fsr-3407	97	16	understood	understand	VERB
fsr-3407	97	17	that	that	SCONJ
fsr-3407	97	18	excess	excess	ADJ
fsr-3407	97	19	returns	return	NOUN
fsr-3407	97	20	of	of	ADP
fsr-3407	97	21	a	a	DET
fsr-3407	97	22	leveraged	leveraged	ADJ
fsr-3407	97	23	etf	etf	NOUN
fsr-3407	97	24	can	can	AUX
fsr-3407	97	25	be	be	AUX
fsr-3407	97	26	amplified	amplify	VERB
fsr-3407	97	27	by	by	ADP
fsr-3407	97	28	lower	low	ADJ
fsr-3407	97	29	volatility	volatility	NOUN
fsr-3407	97	30	,	,	PUNCT
fsr-3407	97	31	but	but	CCONJ
fsr-3407	97	32	returns	return	NOUN
fsr-3407	97	33	on	on	ADP
fsr-3407	97	34	the	the	DET
fsr-3407	97	35	underlying	underlie	VERB
fsr-3407	97	36	return	return	NOUN
fsr-3407	97	37	are	be	AUX
fsr-3407	97	38	also	also	ADV
fsr-3407	97	39	important	important	ADJ
fsr-3407	97	40	.	.	PUNCT
fsr-3407	98	1	here	here	ADV
fsr-3407	98	2	,	,	PUNCT
fsr-3407	98	3	we	we	PRON
fsr-3407	98	4	consider	consider	VERB
fsr-3407	98	5	the	the	DET
fsr-3407	98	6	annual	annual	ADJ
fsr-3407	98	7	return	return	NOUN
fsr-3407	98	8	expectations	expectation	NOUN
fsr-3407	98	9	for	for	ADP
fsr-3407	98	10	a	a	DET
fsr-3407	98	11	leveraged	leverage	VERB
fsr-3407	98	12	etf	etf	NOUN
fsr-3407	98	13	,	,	PUNCT
fsr-3407	98	14	and	and	CCONJ
fsr-3407	98	15	compare	compare	VERB
fsr-3407	98	16	it	it	PRON
fsr-3407	98	17	to	to	ADP
fsr-3407	98	18	the	the	DET
fsr-3407	98	19	unleveraged	unleveraged	ADJ
fsr-3407	98	20	return	return	NOUN
fsr-3407	98	21	,	,	PUNCT
fsr-3407	98	22	net	net	NOUN
fsr-3407	98	23	of	of	ADP
fsr-3407	98	24	fees	fee	NOUN
fsr-3407	98	25	and	and	CCONJ
fsr-3407	98	26	financing	financing	NOUN
fsr-3407	98	27	costs	cost	NOUN
fsr-3407	98	28	.	.	PUNCT
fsr-3407	99	1	leveraged	leveraged	ADJ
fsr-3407	99	2	etf	etf	NOUN
fsr-3407	99	3	annual	annual	ADJ
fsr-3407	99	4	expected	expect	VERB
fsr-3407	99	5	returns	return	NOUN
fsr-3407	99	6	can	can	AUX
fsr-3407	99	7	be	be	AUX
fsr-3407	99	8	expressed	express	VERB
fsr-3407	99	9	as	as	ADP
fsr-3407	99	10	fig	fig	NOUN
fsr-3407	99	11	.	.	PUNCT
fsr-3407	100	1	1	1	X
fsr-3407	100	2	.	.	X
fsr-3407	100	3	(	(	PUNCT
fsr-3407	100	4	left	leave	VERB
fsr-3407	100	5	pane	pane	NOUN
fsr-3407	100	6	)	)	PUNCT
fsr-3407	100	7	the	the	DET
fsr-3407	100	8	29	29	NUM
fsr-3407	100	9	years	year	NOUN
fsr-3407	100	10	of	of	ADP
fsr-3407	100	11	growth	growth	NOUN
fsr-3407	100	12	of	of	ADP
fsr-3407	100	13	a	a	DET
fsr-3407	100	14	$	$	SYM
fsr-3407	100	15	1	1	NUM
fsr-3407	100	16	investment	investment	NOUN
fsr-3407	100	17	in	in	ADP
fsr-3407	100	18	replicated	replicate	VERB
fsr-3407	100	19	1.25x	1.25x	NUM
fsr-3407	100	20	leveraged	leveraged	ADJ
fsr-3407	100	21	and	and	CCONJ
fsr-3407	100	22	underlying	underlying	ADJ
fsr-3407	100	23	stock	stock	NOUN
fsr-3407	100	24	and	and	CCONJ
fsr-3407	100	25	bond	bond	NOUN
fsr-3407	100	26	etfs	etfs	NOUN
fsr-3407	100	27	(	(	PUNCT
fsr-3407	100	28	right	right	PROPN
fsr-3407	100	29	pane	pane	NOUN
fsr-3407	100	30	)	)	PUNCT
fsr-3407	100	31	1	1	NUM
fsr-3407	100	32	-	-	PUNCT
fsr-3407	100	33	month	month	NOUN
fsr-3407	100	34	libor	libor	PROPN
fsr-3407	100	35	annual	annual	ADJ
fsr-3407	100	36	returns	return	NOUN
fsr-3407	100	37	over	over	ADP
fsr-3407	100	38	same	same	ADJ
fsr-3407	100	39	periods	period	NOUN
fsr-3407	100	40	.	.	PUNCT
fsr-3407	101	1	417j	417j	NOUN
fsr-3407	101	2	.	.	PUNCT
fsr-3407	102	1	dilellio	dilellio	PROPN
fsr-3407	102	2	/	/	SYM
fsr-3407	102	3	financial	financial	ADJ
fsr-3407	102	4	services	service	NOUN
fsr-3407	102	5	review	review	VERB
fsr-3407	102	6	27	27	NUM
fsr-3407	102	7	(	(	PUNCT
fsr-3407	102	8	2018	2018	NUM
fsr-3407	102	9	)	)	PUNCT
fsr-3407	102	10	413	413	NUM
fsr-3407	102	11	-	-	SYM
fsr-3407	102	12	432	432	NUM
fsr-3407	102	13	e	e	NOUN
fsr-3407	102	14	�	�	PROPN
fsr-3407	102	15	r̃	r̃	PROPN
fsr-3407	102	16	�	�	PROPN
fsr-3407	102	17	�	�	PROPN
fsr-3407	102	18	f	f	PROPN
fsr-3407	102	19	�	�	PROPN
fsr-3407	102	20	�	�	PROPN
fsr-3407	102	21	f2	f2	PROPN
fsr-3407	102	22	2	2	NUM
fsr-3407	102	23	�	�	SYM
fsr-3407	102	24	2	2	NUM
fsr-3407	102	25	(	(	PUNCT
fsr-3407	102	26	4	4	NUM
fsr-3407	102	27	)	)	PUNCT
fsr-3407	102	28	as	as	SCONJ
fsr-3407	102	29	shown	show	VERB
fsr-3407	102	30	in	in	ADP
fsr-3407	102	31	lu	lu	PROPN
fsr-3407	102	32	et	et	PROPN
fsr-3407	102	33	al	al	PROPN
fsr-3407	102	34	.	.	PROPN
fsr-3407	103	1	(	(	PUNCT
fsr-3407	103	2	2012	2012	NUM
fsr-3407	103	3	)	)	PUNCT
fsr-3407	103	4	,	,	PUNCT
fsr-3407	103	5	where	where	SCONJ
fsr-3407	103	6	�	�	PROPN
fsr-3407	103	7	is	be	AUX
fsr-3407	103	8	the	the	DET
fsr-3407	103	9	rate	rate	NOUN
fsr-3407	103	10	of	of	ADP
fsr-3407	103	11	return	return	NOUN
fsr-3407	103	12	and	and	CCONJ
fsr-3407	103	13	�	�	PROPN
fsr-3407	103	14	is	be	AUX
fsr-3407	103	15	volatility	volatility	NOUN
fsr-3407	103	16	.	.	PUNCT
fsr-3407	104	1	thus	thus	ADV
fsr-3407	104	2	,	,	PUNCT
fsr-3407	104	3	the	the	DET
fsr-3407	104	4	ability	ability	NOUN
fsr-3407	104	5	to	to	PART
fsr-3407	104	6	generate	generate	VERB
fsr-3407	104	7	excess	excess	ADJ
fsr-3407	104	8	returns	return	NOUN
fsr-3407	104	9	occurs	occur	VERB
fsr-3407	104	10	when	when	SCONJ
fsr-3407	104	11	r̃	r̃	PROPN
fsr-3407	104	12	�	�	PROPN
fsr-3407	104	13	r.	r.	PROPN
fsr-3407	104	14	in	in	ADP
fsr-3407	104	15	terms	term	NOUN
fsr-3407	104	16	of	of	ADP
fsr-3407	104	17	continuously	continuously	ADV
fsr-3407	104	18	compounded	compound	VERB
fsr-3407	104	19	expected	expect	VERB
fsr-3407	104	20	returns	return	NOUN
fsr-3407	104	21	,	,	PUNCT
fsr-3407	104	22	we	we	PRON
fsr-3407	104	23	solve	solve	VERB
fsr-3407	104	24	when	when	SCONJ
fsr-3407	104	25	e	e	X
fsr-3407	104	26	�	�	PROPN
fsr-3407	104	27	r̃	r̃	PROPN
fsr-3407	104	28	�	�	PROPN
fsr-3407	104	29	�	�	PROPN
fsr-3407	104	30	e	e	PROPN
fsr-3407	104	31	�	�	PROPN
fsr-3407	104	32	r	r	NOUN
fsr-3407	104	33	�	�	PROPN
fsr-3407	104	34	(	(	PUNCT
fsr-3407	104	35	5	5	NUM
fsr-3407	104	36	)	)	PUNCT
fsr-3407	104	37	for	for	ADP
fsr-3407	104	38	a	a	DET
fsr-3407	104	39	given	give	VERB
fsr-3407	104	40	year	year	NOUN
fsr-3407	104	41	.	.	PUNCT
fsr-3407	105	1	including	include	VERB
fsr-3407	105	2	expenses	expense	NOUN
fsr-3407	105	3	implies	imply	VERB
fsr-3407	105	4	that	that	SCONJ
fsr-3407	105	5	returns	return	NOUN
fsr-3407	105	6	are	be	AUX
fsr-3407	105	7	reduced	reduce	VERB
fsr-3407	105	8	accordingly	accordingly	ADV
fsr-3407	105	9	.	.	PUNCT
fsr-3407	106	1	thus	thus	ADV
fsr-3407	106	2	,	,	PUNCT
fsr-3407	106	3	�	�	PROPN
fsr-3407	106	4	3	3	NUM
fsr-3407	106	5	�	�	PROPN
fsr-3407	106	6	�	�	PROPN
fsr-3407	106	7	ẽ	ẽ	PROPN
fsr-3407	106	8	�	�	PROPN
fsr-3407	106	9	�	�	PROPN
fsr-3407	106	10	libori	libori	PROPN
fsr-3407	106	11	�	�	PROPN
fsr-3407	106	12	x	x	SYM
fsr-3407	106	13	�	�	PROPN
fsr-3407	106	14	�	�	PROPN
fsr-3407	106	15	f	f	PROPN
fsr-3407	106	16	�	�	PROPN
fsr-3407	106	17	1	1	NUM
fsr-3407	106	18	�	�	PROPN
fsr-3407	106	19	(	(	PUNCT
fsr-3407	106	20	6	6	NUM
fsr-3407	106	21	)	)	PUNCT
fsr-3407	106	22	for	for	ADP
fsr-3407	106	23	the	the	DET
fsr-3407	106	24	leveraged	leverage	VERB
fsr-3407	106	25	etf	etf	NOUN
fsr-3407	106	26	and	and	CCONJ
fsr-3407	106	27	�	�	PROPN
fsr-3407	106	28	3	3	NUM
fsr-3407	106	29	�	�	PROPN
fsr-3407	106	30	�	�	PROPN
fsr-3407	106	31	e	e	X
fsr-3407	106	32	(	(	PUNCT
fsr-3407	106	33	7	7	NUM
fsr-3407	106	34	)	)	PUNCT
fsr-3407	106	35	for	for	ADP
fsr-3407	106	36	the	the	DET
fsr-3407	106	37	unleveraged	unleveraged	ADJ
fsr-3407	106	38	etf	etf	NOUN
fsr-3407	106	39	.	.	PUNCT
fsr-3407	107	1	then	then	ADV
fsr-3407	107	2	,	,	PUNCT
fsr-3407	107	3	the	the	DET
fsr-3407	107	4	inequality	inequality	NOUN
fsr-3407	107	5	to	to	PART
fsr-3407	107	6	produce	produce	VERB
fsr-3407	107	7	excess	excess	ADJ
fsr-3407	107	8	returns	return	NOUN
fsr-3407	107	9	becomes	become	VERB
fsr-3407	107	10	f	f	PROPN
fsr-3407	107	11	�	�	PROPN
fsr-3407	107	12	�	�	PROPN
fsr-3407	107	13	�	�	PROPN
fsr-3407	107	14	ẽ	ẽ	PROPN
fsr-3407	107	15	�	�	PROPN
fsr-3407	107	16	�	�	PROPN
fsr-3407	107	17	libori	libori	PROPN
fsr-3407	107	18	�	�	PROPN
fsr-3407	107	19	x	x	SYM
fsr-3407	107	20	�	�	PROPN
fsr-3407	107	21	�	�	PROPN
fsr-3407	107	22	f	f	PROPN
fsr-3407	107	23	�	�	PROPN
fsr-3407	107	24	1	1	NUM
fsr-3407	107	25	�	�	PROPN
fsr-3407	107	26	�	�	PROPN
fsr-3407	107	27	�	�	PROPN
fsr-3407	107	28	f2	f2	PROPN
fsr-3407	107	29	2	2	NUM
fsr-3407	107	30	�	�	SYM
fsr-3407	107	31	2	2	NUM
fsr-3407	107	32	�	�	PROPN
fsr-3407	107	33	�	�	PROPN
fsr-3407	107	34	�	�	PROPN
fsr-3407	107	35	e	e	X
fsr-3407	107	36	�	�	PROPN
fsr-3407	107	37	1	1	NUM
fsr-3407	107	38	2	2	NUM
fsr-3407	107	39	�	�	PROPN
fsr-3407	107	40	2	2	NUM
fsr-3407	107	41	.	.	PUNCT
fsr-3407	108	1	(	(	PUNCT
fsr-3407	108	2	8)	8)	NUM
fsr-3407	108	3	solving	solving	NOUN
fsr-3407	108	4	for	for	ADP
fsr-3407	108	5	�	�	PROPN
fsr-3407	108	6	yields	yield	VERB
fsr-3407	108	7	the	the	DET
fsr-3407	108	8	quadratic	quadratic	ADJ
fsr-3407	108	9	relationship	relationship	NOUN
fsr-3407	108	10	between	between	ADP
fsr-3407	108	11	volatility	volatility	NOUN
fsr-3407	108	12	and	and	CCONJ
fsr-3407	108	13	returns	return	NOUN
fsr-3407	108	14	of	of	ADP
fsr-3407	108	15	the	the	DET
fsr-3407	108	16	underlying	underlie	VERB
fsr-3407	108	17	etf	etf	NOUN
fsr-3407	108	18	to	to	PART
fsr-3407	108	19	produce	produce	VERB
fsr-3407	108	20	excess	excess	ADJ
fsr-3407	108	21	returns	return	NOUN
fsr-3407	108	22	.	.	PUNCT
fsr-3407	109	1	�	�	PROPN
fsr-3407	109	2	�	�	PROPN
fsr-3407	109	3	�	�	PROPN
fsr-3407	109	4	f2	f2	PROPN
fsr-3407	109	5	�	�	PROPN
fsr-3407	109	6	1	1	NUM
fsr-3407	109	7	�	�	PROPN
fsr-3407	109	8	2	2	NUM
fsr-3407	109	9	�	�	PROPN
fsr-3407	109	10	f	f	PROPN
fsr-3407	109	11	�	�	PROPN
fsr-3407	109	12	1	1	NUM
fsr-3407	109	13	�	�	PROPN
fsr-3407	109	14	�	�	PROPN
fsr-3407	109	15	2	2	NUM
fsr-3407	109	16	�	�	PROPN
fsr-3407	109	17	f	f	PROPN
fsr-3407	109	18	�	�	PROPN
fsr-3407	109	19	ẽ	ẽ	PROPN
fsr-3407	109	20	�	�	PROPN
fsr-3407	109	21	�	�	PROPN
fsr-3407	109	22	libori	libori	PROPN
fsr-3407	109	23	�	�	PROPN
fsr-3407	109	24	x	x	SYM
fsr-3407	109	25	�	�	PROPN
fsr-3407	109	26	�	�	PROPN
fsr-3407	109	27	f	f	PROPN
fsr-3407	109	28	�	�	PROPN
fsr-3407	109	29	1	1	NUM
fsr-3407	109	30	�	�	PROPN
fsr-3407	109	31	�	�	PROPN
fsr-3407	109	32	�	�	PROPN
fsr-3407	109	33	e	e	PROPN
fsr-3407	109	34	f	f	PROPN
fsr-3407	109	35	�	�	PROPN
fsr-3407	109	36	1	1	NUM
fsr-3407	109	37	.	.	PUNCT
fsr-3407	110	1	(	(	PUNCT
fsr-3407	110	2	9	9	X
fsr-3407	110	3	)	)	PUNCT
fsr-3407	110	4	the	the	DET
fsr-3407	110	5	first	first	ADJ
fsr-3407	110	6	term	term	NOUN
fsr-3407	110	7	on	on	ADP
fsr-3407	110	8	the	the	DET
fsr-3407	110	9	right	right	ADJ
fsr-3407	110	10	hand	hand	NOUN
fsr-3407	110	11	side	side	NOUN
fsr-3407	110	12	of	of	ADP
fsr-3407	110	13	eq	eq	PROPN
fsr-3407	110	14	.	.	PUNCT
fsr-3407	111	1	(	(	PUNCT
fsr-3407	111	2	9	9	NUM
fsr-3407	111	3	)	)	PUNCT
fsr-3407	111	4	contains	contain	VERB
fsr-3407	111	5	the	the	DET
fsr-3407	111	6	quadratic	quadratic	ADJ
fsr-3407	111	7	coefficient	coefficient	NOUN
fsr-3407	111	8	,	,	PUNCT
fsr-3407	111	9	and	and	CCONJ
fsr-3407	111	10	the	the	DET
fsr-3407	111	11	second	second	NOUN
fsr-3407	111	12	is	be	AUX
fsr-3407	111	13	a	a	DET
fsr-3407	111	14	constant	constant	ADJ
fsr-3407	111	15	.	.	PUNCT
fsr-3407	112	1	because	because	SCONJ
fsr-3407	112	2	there	there	PRON
fsr-3407	112	3	is	be	VERB
fsr-3407	112	4	little	little	ADJ
fsr-3407	112	5	correlation	correlation	NOUN
fsr-3407	112	6	between	between	ADP
fsr-3407	112	7	the	the	DET
fsr-3407	112	8	libor	libor	PROPN
fsr-3407	112	9	rate	rate	NOUN
fsr-3407	112	10	and	and	CCONJ
fsr-3407	112	11	volatility,3	volatility,3	VERB
fsr-3407	112	12	the	the	DET
fsr-3407	112	13	average	average	ADJ
fsr-3407	112	14	libor	libor	PROPN
fsr-3407	112	15	rate	rate	NOUN
fsr-3407	112	16	from	from	ADP
fsr-3407	112	17	1989	1989	NUM
fsr-3407	112	18	to	to	ADP
fsr-3407	112	19	2017	2017	NUM
fsr-3407	112	20	of	of	ADP
fsr-3407	112	21	3.57	3.57	NUM
fsr-3407	112	22	%	%	NOUN
fsr-3407	112	23	was	be	AUX
fsr-3407	112	24	used	use	VERB
fsr-3407	112	25	that	that	SCONJ
fsr-3407	112	26	,	,	PUNCT
fsr-3407	112	27	along	along	ADP
fsr-3407	112	28	with	with	ADP
fsr-3407	112	29	the	the	DET
fsr-3407	112	30	values	value	NOUN
fsr-3407	112	31	in	in	ADP
fsr-3407	112	32	table	table	NOUN
fsr-3407	112	33	2	2	NUM
fsr-3407	112	34	for	for	ADP
fsr-3407	112	35	the	the	DET
fsr-3407	112	36	stock	stock	NOUN
fsr-3407	112	37	etf	etf	NOUN
fsr-3407	112	38	,	,	PUNCT
fsr-3407	112	39	simplify	simplify	VERB
fsr-3407	112	40	eq	eq	ADP
fsr-3407	112	41	.	.	PUNCT
fsr-3407	113	1	(	(	PUNCT
fsr-3407	113	2	9	9	NUM
fsr-3407	113	3	)	)	PUNCT
fsr-3407	113	4	to	to	ADP
fsr-3407	113	5	�	�	PROPN
fsr-3407	113	6	�	�	PROPN
fsr-3407	113	7	0.062	0.062	NUM
fsr-3407	113	8	�	�	PROPN
fsr-3407	113	9	1.125	1.125	NUM
fsr-3407	113	10	�	�	PROPN
fsr-3407	113	11	2	2	NUM
fsr-3407	113	12	.	.	PUNCT
fsr-3407	113	13	fig	fig	NOUN
fsr-3407	113	14	.	.	PUNCT
fsr-3407	114	1	2	2	NUM
fsr-3407	114	2	is	be	AUX
fsr-3407	114	3	a	a	DET
fsr-3407	114	4	scatter	scatter	NOUN
fsr-3407	114	5	plot	plot	NOUN
fsr-3407	114	6	of	of	ADP
fsr-3407	114	7	the	the	DET
fsr-3407	114	8	annual	annual	ADJ
fsr-3407	114	9	returns	return	NOUN
fsr-3407	114	10	and	and	CCONJ
fsr-3407	114	11	volatility	volatility	NOUN
fsr-3407	114	12	from	from	ADP
fsr-3407	114	13	1989	1989	NUM
fsr-3407	114	14	to	to	ADP
fsr-3407	114	15	2017	2017	NUM
fsr-3407	114	16	of	of	ADP
fsr-3407	114	17	the	the	DET
fsr-3407	114	18	unleveraged	unleveraged	ADJ
fsr-3407	114	19	stock	stock	PROPN
fsr-3407	114	20	etf	etf	NOUN
fsr-3407	114	21	,	,	PUNCT
fsr-3407	114	22	where	where	SCONJ
fsr-3407	114	23	the	the	DET
fsr-3407	114	24	caption	caption	NOUN
fsr-3407	114	25	for	for	ADP
fsr-3407	114	26	each	each	DET
fsr-3407	114	27	point	point	NOUN
fsr-3407	114	28	shows	show	VERB
fsr-3407	114	29	the	the	DET
fsr-3407	114	30	excess	excess	ADJ
fsr-3407	114	31	return	return	NOUN
fsr-3407	114	32	.	.	PUNCT
fsr-3407	115	1	the	the	DET
fsr-3407	115	2	solid	solid	ADJ
fsr-3407	115	3	line	line	NOUN
fsr-3407	115	4	represents	represent	VERB
fsr-3407	115	5	eq	eq	ADP
fsr-3407	115	6	.	.	PUNCT
fsr-3407	116	1	(	(	PUNCT
fsr-3407	116	2	9	9	NUM
fsr-3407	116	3	)	)	PUNCT
fsr-3407	116	4	,	,	PUNCT
fsr-3407	116	5	so	so	ADV
fsr-3407	116	6	as	as	SCONJ
fsr-3407	116	7	expected	expect	VERB
fsr-3407	116	8	,	,	PUNCT
fsr-3407	116	9	positive	positive	ADJ
fsr-3407	116	10	call	call	NOUN
fsr-3407	116	11	-	-	PUNCT
fsr-3407	116	12	outs	out	NOUN
fsr-3407	116	13	occur	occur	VERB
fsr-3407	116	14	above	above	ADP
fsr-3407	116	15	the	the	DET
fsr-3407	116	16	quadratic	quadratic	ADJ
fsr-3407	116	17	line	line	NOUN
fsr-3407	116	18	and	and	CCONJ
fsr-3407	116	19	negative	negative	ADJ
fsr-3407	116	20	ones	one	NOUN
fsr-3407	116	21	are	be	AUX
fsr-3407	116	22	below	below	ADP
fsr-3407	116	23	it	it	PRON
fsr-3407	116	24	.	.	PUNCT
fsr-3407	117	1	the	the	DET
fsr-3407	117	2	data	datum	NOUN
fsr-3407	117	3	used	use	VERB
fsr-3407	117	4	to	to	PART
fsr-3407	117	5	produce	produce	VERB
fsr-3407	117	6	figs	fig	NOUN
fsr-3407	117	7	.	.	PUNCT
fsr-3407	118	1	2	2	NUM
fsr-3407	118	2	can	can	AUX
fsr-3407	118	3	be	be	AUX
fsr-3407	118	4	found	find	VERB
fsr-3407	118	5	in	in	ADP
fsr-3407	118	6	the	the	DET
fsr-3407	118	7	appendix	appendix	NOUN
fsr-3407	118	8	.	.	PUNCT
fsr-3407	119	1	similar	similar	ADJ
fsr-3407	119	2	results	result	NOUN
fsr-3407	119	3	occur	occur	VERB
fsr-3407	119	4	for	for	ADP
fsr-3407	119	5	leveraged	leveraged	ADJ
fsr-3407	119	6	bond	bond	NOUN
fsr-3407	119	7	funds	fund	NOUN
fsr-3407	119	8	,	,	PUNCT
fsr-3407	119	9	where	where	SCONJ
fsr-3407	119	10	lower	low	ADJ
fsr-3407	119	11	volatility	volatility	NOUN
fsr-3407	119	12	and	and	CCONJ
fsr-3407	119	13	higher	high	ADJ
fsr-3407	119	14	returns	return	NOUN
fsr-3407	119	15	often	often	ADV
fsr-3407	119	16	produce	produce	VERB
fsr-3407	119	17	higher	high	ADJ
fsr-3407	119	18	excess	excess	ADJ
fsr-3407	119	19	returns	return	NOUN
fsr-3407	119	20	,	,	PUNCT
fsr-3407	119	21	as	as	SCONJ
fsr-3407	119	22	shown	show	VERB
fsr-3407	119	23	in	in	ADP
fsr-3407	119	24	fig	fig	NOUN
fsr-3407	119	25	.	.	PUNCT
fsr-3407	120	1	3	3	X
fsr-3407	120	2	.	.	PUNCT
fsr-3407	120	3	however	however	ADV
fsr-3407	120	4	,	,	PUNCT
fsr-3407	120	5	there	there	PRON
fsr-3407	120	6	is	be	VERB
fsr-3407	120	7	less	less	ADJ
fsr-3407	120	8	sensitivity	sensitivity	NOUN
fsr-3407	120	9	to	to	ADP
fsr-3407	120	10	higher	high	ADJ
fsr-3407	120	11	volatility	volatility	NOUN
fsr-3407	120	12	,	,	PUNCT
fsr-3407	120	13	shown	show	VERB
fsr-3407	120	14	by	by	ADP
fsr-3407	120	15	a	a	DET
fsr-3407	120	16	flatter	flatter	ADJ
fsr-3407	120	17	quadratic	quadratic	NOUN
fsr-3407	120	18	.	.	PUNCT
fsr-3407	121	1	also	also	ADV
fsr-3407	121	2	,	,	PUNCT
fsr-3407	121	3	for	for	ADP
fsr-3407	121	4	eq	eq	NOUN
fsr-3407	121	5	.	.	PUNCT
fsr-3407	122	1	(	(	PUNCT
fsr-3407	122	2	9	9	NUM
fsr-3407	122	3	)	)	PUNCT
fsr-3407	122	4	to	to	PART
fsr-3407	122	5	apply	apply	VERB
fsr-3407	122	6	in	in	ADP
fsr-3407	122	7	fig	fig	NOUN
fsr-3407	122	8	.	.	PUNCT
fsr-3407	123	1	3	3	NUM
fsr-3407	123	2	,	,	PUNCT
fsr-3407	123	3	we	we	PRON
fsr-3407	123	4	restricted	restrict	VERB
fsr-3407	123	5	annual	annual	ADJ
fsr-3407	123	6	returns	return	NOUN
fsr-3407	123	7	to	to	PART
fsr-3407	123	8	appear	appear	VERB
fsr-3407	123	9	from	from	ADP
fsr-3407	123	10	2009	2009	NUM
fsr-3407	123	11	to	to	ADP
fsr-3407	123	12	2016	2016	NUM
fsr-3407	123	13	,	,	PUNCT
fsr-3407	123	14	when	when	SCONJ
fsr-3407	123	15	libor	libor	PROPN
fsr-3407	123	16	rates	rate	NOUN
fsr-3407	123	17	were	be	AUX
fsr-3407	123	18	nearly	nearly	ADV
fsr-3407	123	19	constant	constant	ADJ
fsr-3407	123	20	,	,	PUNCT
fsr-3407	123	21	and	and	CCONJ
fsr-3407	123	22	averaged	average	VERB
fsr-3407	123	23	0.27	0.27	NUM
fsr-3407	123	24	%	%	NOUN
fsr-3407	123	25	.	.	PUNCT
fsr-3407	124	1	note	note	VERB
fsr-3407	124	2	that	that	SCONJ
fsr-3407	124	3	from	from	ADP
fsr-3407	124	4	eq	eq	ADP
fsr-3407	124	5	.	.	PUNCT
fsr-3407	125	1	(	(	PUNCT
fsr-3407	125	2	9	9	NUM
fsr-3407	125	3	)	)	PUNCT
fsr-3407	125	4	that	that	SCONJ
fsr-3407	125	5	for	for	ADP
fsr-3407	125	6	every	every	DET
fsr-3407	125	7	1	1	NUM
fsr-3407	125	8	%	%	NOUN
fsr-3407	125	9	increase	increase	NOUN
fsr-3407	125	10	in	in	ADP
fsr-3407	125	11	the	the	DET
fsr-3407	125	12	annual	annual	ADJ
fsr-3407	125	13	libor	libor	PROPN
fsr-3407	125	14	rate	rate	NOUN
fsr-3407	125	15	,	,	PUNCT
fsr-3407	125	16	the	the	DET
fsr-3407	125	17	quadratic	quadratic	NOUN
fsr-3407	125	18	in	in	ADP
fsr-3407	125	19	fig	fig	NOUN
fsr-3407	125	20	.	.	PUNCT
fsr-3407	126	1	3	3	NUM
fsr-3407	126	2	increases	increase	NOUN
fsr-3407	126	3	by	by	ADP
fsr-3407	126	4	1.25	1.25	NUM
fsr-3407	126	5	%	%	NOUN
fsr-3407	126	6	.	.	PUNCT
fsr-3407	127	1	2.2	2.2	NUM
fsr-3407	127	2	.	.	PUNCT
fsr-3407	127	3	relationship	relationship	NOUN
fsr-3407	127	4	of	of	ADP
fsr-3407	127	5	excess	excess	ADJ
fsr-3407	127	6	returns	return	NOUN
fsr-3407	127	7	and	and	CCONJ
fsr-3407	127	8	underlying	underlying	ADJ
fsr-3407	127	9	risk	risk	NOUN
fsr-3407	127	10	adjusted	adjust	VERB
fsr-3407	127	11	returns	return	NOUN
fsr-3407	127	12	from	from	ADP
fsr-3407	127	13	the	the	DET
fsr-3407	127	14	previous	previous	ADJ
fsr-3407	127	15	section	section	NOUN
fsr-3407	127	16	,	,	PUNCT
fsr-3407	127	17	we	we	PRON
fsr-3407	127	18	established	establish	VERB
fsr-3407	127	19	that	that	PRON
fsr-3407	127	20	for	for	ADP
fsr-3407	127	21	sufficiently	sufficiently	ADV
fsr-3407	127	22	large	large	ADJ
fsr-3407	127	23	returns	return	NOUN
fsr-3407	127	24	and	and	CCONJ
fsr-3407	127	25	sufficiently	sufficiently	ADV
fsr-3407	127	26	small	small	ADJ
fsr-3407	127	27	volatility	volatility	NOUN
fsr-3407	127	28	,	,	PUNCT
fsr-3407	127	29	excess	excess	ADJ
fsr-3407	127	30	returns	return	NOUN
fsr-3407	127	31	occur	occur	VERB
fsr-3407	127	32	.	.	PUNCT
fsr-3407	128	1	that	that	PRON
fsr-3407	128	2	is	be	AUX
fsr-3407	128	3	,	,	PUNCT
fsr-3407	128	4	excess	excess	ADJ
fsr-3407	128	5	returns	return	NOUN
fsr-3407	128	6	obtained	obtain	VERB
fsr-3407	128	7	from	from	ADP
fsr-3407	128	8	using	use	VERB
fsr-3407	128	9	418	418	NUM
fsr-3407	128	10	j.	j.	PROPN
fsr-3407	128	11	dilellio	dilellio	PROPN
fsr-3407	128	12	/	/	SYM
fsr-3407	128	13	financial	financial	ADJ
fsr-3407	128	14	services	service	NOUN
fsr-3407	128	15	review	review	VERB
fsr-3407	128	16	27	27	NUM
fsr-3407	128	17	(	(	PUNCT
fsr-3407	128	18	2018	2018	NUM
fsr-3407	128	19	)	)	PUNCT
fsr-3407	128	20	413	413	NUM
fsr-3407	128	21	-	-	SYM
fsr-3407	128	22	432	432	NUM
fsr-3407	128	23	leverage	leverage	NOUN
fsr-3407	128	24	is	be	AUX
fsr-3407	128	25	not	not	PART
fsr-3407	128	26	only	only	ADV
fsr-3407	128	27	the	the	DET
fsr-3407	128	28	function	function	NOUN
fsr-3407	128	29	of	of	ADP
fsr-3407	128	30	upward	upward	ADJ
fsr-3407	128	31	trending	trend	VERB
fsr-3407	128	32	markets	market	NOUN
fsr-3407	128	33	,	,	PUNCT
fsr-3407	128	34	but	but	CCONJ
fsr-3407	128	35	the	the	DET
fsr-3407	128	36	market	market	NOUN
fsr-3407	128	37	’s	’s	PART
fsr-3407	128	38	associated	associated	ADJ
fsr-3407	128	39	volatility	volatility	NOUN
fsr-3407	128	40	.	.	PUNCT
fsr-3407	129	1	in	in	ADP
fsr-3407	129	2	this	this	DET
fsr-3407	129	3	section	section	NOUN
fsr-3407	129	4	,	,	PUNCT
fsr-3407	129	5	we	we	PRON
fsr-3407	129	6	quantify	quantify	VERB
fsr-3407	129	7	this	this	DET
fsr-3407	129	8	strong	strong	ADJ
fsr-3407	129	9	relationship	relationship	NOUN
fsr-3407	129	10	from	from	ADP
fsr-3407	129	11	our	our	PRON
fsr-3407	129	12	dataset	dataset	NOUN
fsr-3407	129	13	using	use	VERB
fsr-3407	129	14	a	a	DET
fsr-3407	129	15	risk	risk	NOUN
fsr-3407	129	16	-	-	PUNCT
fsr-3407	129	17	adjusted	adjust	VERB
fsr-3407	129	18	return	return	NOUN
fsr-3407	129	19	measure	measure	NOUN
fsr-3407	129	20	.	.	PUNCT
fsr-3407	130	1	we	we	PRON
fsr-3407	130	2	consider	consider	VERB
fsr-3407	130	3	a	a	DET
fsr-3407	130	4	simple	simple	ADJ
fsr-3407	130	5	linear	linear	ADJ
fsr-3407	130	6	regression	regression	NOUN
fsr-3407	130	7	of	of	ADP
fsr-3407	130	8	where	where	SCONJ
fsr-3407	130	9	the	the	DET
fsr-3407	130	10	dependent	dependent	ADJ
fsr-3407	130	11	variable	variable	NOUN
fsr-3407	130	12	is	be	AUX
fsr-3407	130	13	excess	excess	ADJ
fsr-3407	130	14	returns	return	NOUN
fsr-3407	130	15	and	and	CCONJ
fsr-3407	130	16	the	the	DET
fsr-3407	130	17	independent	independent	ADJ
fsr-3407	130	18	variable	variable	NOUN
fsr-3407	130	19	is	be	AUX
fsr-3407	130	20	the	the	DET
fsr-3407	130	21	sharpe	sharpe	PROPN
fsr-3407	130	22	ratio	ratio	NOUN
fsr-3407	130	23	of	of	ADP
fsr-3407	130	24	the	the	DET
fsr-3407	130	25	underlying	underlie	VERB
fsr-3407	130	26	fig	fig	NOUN
fsr-3407	130	27	.	.	PUNCT
fsr-3407	131	1	2	2	NUM
fsr-3407	131	2	.	.	X
fsr-3407	131	3	excess	excess	ADJ
fsr-3407	131	4	returns	return	NOUN
fsr-3407	131	5	and	and	CCONJ
fsr-3407	131	6	their	their	PRON
fsr-3407	131	7	relationship	relationship	NOUN
fsr-3407	131	8	to	to	ADP
fsr-3407	131	9	underlying	underlie	VERB
fsr-3407	131	10	volatility	volatility	NOUN
fsr-3407	131	11	and	and	CCONJ
fsr-3407	131	12	returns	return	NOUN
fsr-3407	131	13	,	,	PUNCT
fsr-3407	131	14	stock	stock	NOUN
fsr-3407	131	15	etf	etf	NOUN
fsr-3407	131	16	,	,	PUNCT
fsr-3407	131	17	1989–2017	1989–2017	NUM
fsr-3407	131	18	.	.	PUNCT
fsr-3407	131	19	fig	fig	NOUN
fsr-3407	131	20	.	.	PUNCT
fsr-3407	132	1	3	3	X
fsr-3407	132	2	.	.	X
fsr-3407	132	3	excess	excess	ADJ
fsr-3407	132	4	returns	return	NOUN
fsr-3407	132	5	and	and	CCONJ
fsr-3407	132	6	their	their	PRON
fsr-3407	132	7	relationship	relationship	NOUN
fsr-3407	132	8	to	to	ADP
fsr-3407	132	9	underlying	underlie	VERB
fsr-3407	132	10	volatility	volatility	NOUN
fsr-3407	132	11	and	and	CCONJ
fsr-3407	132	12	returns	return	NOUN
fsr-3407	132	13	,	,	PUNCT
fsr-3407	132	14	bond	bond	NOUN
fsr-3407	132	15	etf	etf	NOUN
fsr-3407	132	16	,	,	PUNCT
fsr-3407	132	17	2009–2016	2009–2016	NUM
fsr-3407	132	18	.	.	PUNCT
fsr-3407	133	1	419j	419j	PROPN
fsr-3407	133	2	.	.	PUNCT
fsr-3407	134	1	dilellio	dilellio	PROPN
fsr-3407	134	2	/	/	SYM
fsr-3407	134	3	financial	financial	ADJ
fsr-3407	134	4	services	service	NOUN
fsr-3407	134	5	review	review	VERB
fsr-3407	134	6	27	27	NUM
fsr-3407	134	7	(	(	PUNCT
fsr-3407	134	8	2018	2018	NUM
fsr-3407	134	9	)	)	PUNCT
fsr-3407	134	10	413	413	NUM
fsr-3407	134	11	-	-	SYM
fsr-3407	134	12	432	432	NUM
fsr-3407	134	13	etf	etf	NOUN
fsr-3407	134	14	.	.	PUNCT
fsr-3407	135	1	we	we	PRON
fsr-3407	135	2	hypothesize	hypothesize	VERB
fsr-3407	135	3	that	that	SCONJ
fsr-3407	135	4	annual	annual	ADJ
fsr-3407	135	5	excess	excess	ADJ
fsr-3407	135	6	returns	return	NOUN
fsr-3407	135	7	,	,	PUNCT
fsr-3407	135	8	r̃	r̃	PROPN
fsr-3407	135	9	�	�	PROPN
fsr-3407	135	10	r	r	NOUN
fsr-3407	135	11	,	,	PUNCT
fsr-3407	135	12	increase	increase	VERB
fsr-3407	135	13	with	with	ADP
fsr-3407	135	14	higher	high	ADJ
fsr-3407	135	15	underlying	underlying	ADJ
fsr-3407	135	16	sharpe	sharpe	NOUN
fsr-3407	135	17	ratio	ratio	NOUN
fsr-3407	135	18	.	.	PUNCT
fsr-3407	136	1	formally	formally	ADV
fsr-3407	136	2	,	,	PUNCT
fsr-3407	136	3	we	we	PRON
fsr-3407	136	4	express	express	VERB
fsr-3407	136	5	this	this	DET
fsr-3407	136	6	relationship	relationship	NOUN
fsr-3407	136	7	as	as	ADP
fsr-3407	136	8	a	a	DET
fsr-3407	136	9	linear	linear	ADJ
fsr-3407	136	10	function	function	NOUN
fsr-3407	136	11	of	of	ADP
fsr-3407	136	12	sharpe	sharpe	PROPN
fsr-3407	136	13	ratio	ratio	PROPN
fsr-3407	136	14	�	�	PROPN
fsr-3407	136	15	,	,	PUNCT
fsr-3407	136	16	as	as	SCONJ
fsr-3407	136	17	described	describe	VERB
fsr-3407	136	18	in	in	ADP
fsr-3407	136	19	sharpe	sharpe	PROPN
fsr-3407	136	20	(	(	PUNCT
fsr-3407	136	21	1994	1994	NUM
fsr-3407	136	22	)	)	PUNCT
fsr-3407	136	23	,	,	PUNCT
fsr-3407	136	24	as	as	SCONJ
fsr-3407	136	25	r̃	r̃	PROPN
fsr-3407	136	26	�	�	PROPN
fsr-3407	136	27	r	r	PROPN
fsr-3407	136	28	�	�	PROPN
fsr-3407	136	29	�	�	PROPN
fsr-3407	136	30	0	0	NUM
fsr-3407	136	31	�	�	PROPN
fsr-3407	136	32	�	�	PROPN
fsr-3407	136	33	1	1	NUM
fsr-3407	136	34	�	�	PROPN
fsr-3407	136	35	�	�	PROPN
fsr-3407	136	36	�	�	PROPN
fsr-3407	136	37	(	(	PUNCT
fsr-3407	136	38	10	10	NUM
fsr-3407	136	39	)	)	PUNCT
fsr-3407	136	40	where	where	SCONJ
fsr-3407	136	41	�	�	NOUN
fsr-3407	136	42	0	0	PROPN
fsr-3407	136	43	is	be	AUX
fsr-3407	136	44	the	the	DET
fsr-3407	136	45	intercept	intercept	NOUN
fsr-3407	136	46	,	,	PUNCT
fsr-3407	136	47	�	�	PROPN
fsr-3407	136	48	1	1	NUM
fsr-3407	136	49	is	be	AUX
fsr-3407	136	50	the	the	DET
fsr-3407	136	51	slope	slope	NOUN
fsr-3407	136	52	,	,	PUNCT
fsr-3407	136	53	and	and	CCONJ
fsr-3407	136	54	�	�	PROPN
fsr-3407	136	55	is	be	AUX
fsr-3407	136	56	a	a	DET
fsr-3407	136	57	normally	normally	ADV
fsr-3407	136	58	distributed	distribute	VERB
fsr-3407	136	59	random	random	ADJ
fsr-3407	136	60	variable	variable	NOUN
fsr-3407	136	61	.	.	PUNCT
fsr-3407	137	1	we	we	PRON
fsr-3407	137	2	define	define	VERB
fsr-3407	137	3	the	the	DET
fsr-3407	137	4	sharpe	sharpe	PROPN
fsr-3407	137	5	ratio	ratio	NOUN
fsr-3407	137	6	in	in	ADP
fsr-3407	137	7	eq	eq	ADP
fsr-3407	137	8	.	.	PUNCT
fsr-3407	138	1	(	(	PUNCT
fsr-3407	138	2	10	10	NUM
fsr-3407	138	3	)	)	PUNCT
fsr-3407	138	4	as	as	ADP
fsr-3407	138	5	�	�	PROPN
fsr-3407	138	6	�	�	PROPN
fsr-3407	138	7	r	r	PROPN
fsr-3407	138	8	�	�	PROPN
fsr-3407	138	9	rf	rf	NOUN
fsr-3407	138	10	�	�	PROPN
fsr-3407	138	11	,	,	PUNCT
fsr-3407	138	12	(	(	PUNCT
fsr-3407	138	13	11	11	NUM
fsr-3407	138	14	)	)	PUNCT
fsr-3407	138	15	where	where	SCONJ
fsr-3407	138	16	r	r	NOUN
fsr-3407	138	17	is	be	AUX
fsr-3407	138	18	the	the	DET
fsr-3407	138	19	annual	annual	ADJ
fsr-3407	138	20	return	return	NOUN
fsr-3407	138	21	of	of	ADP
fsr-3407	138	22	the	the	DET
fsr-3407	138	23	underlying	underlie	VERB
fsr-3407	138	24	etf	etf	NOUN
fsr-3407	138	25	,	,	PUNCT
fsr-3407	138	26	rf	rf	VERB
fsr-3407	138	27	is	be	AUX
fsr-3407	138	28	the	the	DET
fsr-3407	138	29	annualized	annualize	VERB
fsr-3407	138	30	risk	risk	NOUN
fsr-3407	138	31	free	free	ADJ
fsr-3407	138	32	rate	rate	NOUN
fsr-3407	138	33	obtained	obtain	VERB
fsr-3407	138	34	from	from	ADP
fsr-3407	138	35	the	the	DET
fsr-3407	138	36	30	30	NUM
fsr-3407	138	37	-	-	PUNCT
fsr-3407	138	38	day	day	NOUN
fsr-3407	138	39	libor	libor	PROPN
fsr-3407	138	40	rate	rate	NOUN
fsr-3407	138	41	,	,	PUNCT
fsr-3407	138	42	and	and	CCONJ
fsr-3407	138	43	�	�	PROPN
fsr-3407	138	44	is	be	AUX
fsr-3407	138	45	annualized	annualize	VERB
fsr-3407	138	46	volatility	volatility	NOUN
fsr-3407	138	47	.	.	PUNCT
fsr-3407	139	1	fig	fig	NOUN
fsr-3407	139	2	.	.	PUNCT
fsr-3407	140	1	4	4	NUM
fsr-3407	140	2	shows	show	VERB
fsr-3407	140	3	this	this	DET
fsr-3407	140	4	relationship	relationship	NOUN
fsr-3407	140	5	for	for	ADP
fsr-3407	140	6	stocks	stock	NOUN
fsr-3407	140	7	,	,	PUNCT
fsr-3407	140	8	while	while	SCONJ
fsr-3407	140	9	fig	fig	NOUN
fsr-3407	140	10	.	.	PUNCT
fsr-3407	141	1	5	5	NUM
fsr-3407	141	2	shows	show	VERB
fsr-3407	141	3	a	a	DET
fsr-3407	141	4	similar	similar	ADJ
fsr-3407	141	5	result	result	NOUN
fsr-3407	141	6	for	for	ADP
fsr-3407	141	7	bonds	bond	NOUN
fsr-3407	141	8	based	base	VERB
fsr-3407	141	9	on	on	ADP
fsr-3407	141	10	their	their	PRON
fsr-3407	141	11	replicated	replicate	VERB
fsr-3407	141	12	annual	annual	ADJ
fsr-3407	141	13	values	value	NOUN
fsr-3407	141	14	from	from	ADP
fsr-3407	141	15	1989	1989	NUM
fsr-3407	141	16	to	to	ADP
fsr-3407	141	17	2017	2017	NUM
fsr-3407	141	18	,	,	PUNCT
fsr-3407	141	19	where	where	SCONJ
fsr-3407	141	20	the	the	DET
fsr-3407	141	21	call	call	NOUN
fsr-3407	141	22	outs	out	NOUN
fsr-3407	141	23	in	in	ADP
fsr-3407	141	24	these	these	DET
fsr-3407	141	25	figures	figure	NOUN
fsr-3407	141	26	show	show	VERB
fsr-3407	141	27	the	the	DET
fsr-3407	141	28	year	year	NOUN
fsr-3407	141	29	.	.	PUNCT
fsr-3407	142	1	the	the	DET
fsr-3407	142	2	values	value	NOUN
fsr-3407	142	3	of	of	ADP
fsr-3407	142	4	r2	r2	PROPN
fsr-3407	142	5	at	at	ADP
fsr-3407	142	6	82	82	NUM
fsr-3407	142	7	%	%	NOUN
fsr-3407	142	8	for	for	ADP
fsr-3407	142	9	stocks	stock	NOUN
fsr-3407	142	10	and	and	CCONJ
fsr-3407	142	11	97	97	NUM
fsr-3407	142	12	%	%	NOUN
fsr-3407	142	13	for	for	ADP
fsr-3407	142	14	bonds	bond	NOUN
fsr-3407	142	15	produced	produce	VERB
fsr-3407	142	16	in	in	ADP
fsr-3407	142	17	figs	fig	NOUN
fsr-3407	142	18	.	.	PUNCT
fsr-3407	143	1	4	4	NUM
fsr-3407	143	2	and	and	CCONJ
fsr-3407	143	3	5	5	NUM
fsr-3407	143	4	supports	support	VERB
fsr-3407	143	5	our	our	PRON
fsr-3407	143	6	hypothesis	hypothesis	NOUN
fsr-3407	143	7	that	that	SCONJ
fsr-3407	143	8	the	the	DET
fsr-3407	143	9	underlying	underlie	VERB
fsr-3407	143	10	sharpe	sharpe	NOUN
fsr-3407	143	11	ratio	ratio	NOUN
fsr-3407	143	12	has	have	AUX
fsr-3407	143	13	a	a	DET
fsr-3407	143	14	direct	direct	ADJ
fsr-3407	143	15	and	and	CCONJ
fsr-3407	143	16	strong	strong	ADJ
fsr-3407	143	17	correlation	correlation	NOUN
fsr-3407	143	18	to	to	ADP
fsr-3407	143	19	excess	excess	ADJ
fsr-3407	143	20	returns	return	NOUN
fsr-3407	143	21	before	before	ADP
fsr-3407	143	22	leverage	leverage	NOUN
fsr-3407	143	23	.	.	PUNCT
fsr-3407	144	1	the	the	DET
fsr-3407	144	2	coefficients	coefficient	NOUN
fsr-3407	144	3	and	and	CCONJ
fsr-3407	144	4	their	their	PRON
fsr-3407	144	5	statistical	statistical	ADJ
fsr-3407	144	6	significance	significance	NOUN
fsr-3407	144	7	appear	appear	VERB
fsr-3407	144	8	in	in	ADP
fsr-3407	144	9	table	table	NOUN
fsr-3407	144	10	3	3	NUM
fsr-3407	144	11	.	.	PUNCT
fsr-3407	145	1	all	all	DET
fsr-3407	145	2	coefficients	coefficient	NOUN
fsr-3407	145	3	are	be	AUX
fsr-3407	145	4	statistically	statistically	ADV
fsr-3407	145	5	significant	significant	ADJ
fsr-3407	145	6	at	at	ADP
fsr-3407	145	7	either	either	CCONJ
fsr-3407	145	8	the	the	DET
fsr-3407	145	9	0.05	0.05	NUM
fsr-3407	145	10	or	or	CCONJ
fsr-3407	145	11	0.001	0.001	NUM
fsr-3407	145	12	level	level	NOUN
fsr-3407	145	13	.	.	PUNCT
fsr-3407	146	1	from	from	ADP
fsr-3407	146	2	these	these	DET
fsr-3407	146	3	results	result	NOUN
fsr-3407	146	4	,	,	PUNCT
fsr-3407	146	5	we	we	PRON
fsr-3407	146	6	can	can	AUX
fsr-3407	146	7	confirm	confirm	VERB
fsr-3407	146	8	that	that	SCONJ
fsr-3407	146	9	periods	period	NOUN
fsr-3407	146	10	of	of	ADP
fsr-3407	146	11	upward	upward	ADJ
fsr-3407	146	12	trending	trend	VERB
fsr-3407	146	13	prices	price	NOUN
fsr-3407	146	14	with	with	ADP
fsr-3407	146	15	lower	low	ADJ
fsr-3407	146	16	volatility	volatility	NOUN
fsr-3407	146	17	will	will	AUX
fsr-3407	146	18	produce	produce	VERB
fsr-3407	146	19	the	the	DET
fsr-3407	146	20	highest	high	ADJ
fsr-3407	146	21	excess	excess	ADJ
fsr-3407	146	22	returns	return	NOUN
fsr-3407	146	23	.	.	PUNCT
fsr-3407	147	1	conversely	conversely	ADV
fsr-3407	147	2	,	,	PUNCT
fsr-3407	147	3	periods	period	NOUN
fsr-3407	147	4	of	of	ADP
fsr-3407	147	5	flat	flat	ADJ
fsr-3407	147	6	prices	price	NOUN
fsr-3407	147	7	and	and	CCONJ
fsr-3407	147	8	high	high	ADJ
fsr-3407	147	9	volatility	volatility	NOUN
fsr-3407	147	10	will	will	AUX
fsr-3407	147	11	produce	produce	VERB
fsr-3407	147	12	lower	low	ADJ
fsr-3407	147	13	or	or	CCONJ
fsr-3407	147	14	negative	negative	ADJ
fsr-3407	147	15	excess	excess	ADJ
fsr-3407	147	16	returns	return	NOUN
fsr-3407	147	17	.	.	PUNCT
fsr-3407	148	1	fig	fig	NOUN
fsr-3407	148	2	.	.	PUNCT
fsr-3407	149	1	4	4	X
fsr-3407	149	2	.	.	X
fsr-3407	149	3	excess	excess	ADJ
fsr-3407	149	4	returns	return	NOUN
fsr-3407	149	5	from	from	ADP
fsr-3407	149	6	1.25x	1.25x	NUM
fsr-3407	149	7	leveraged	leveraged	ADJ
fsr-3407	149	8	stock	stock	NOUN
fsr-3407	149	9	etf	etf	NOUN
fsr-3407	149	10	versus	versus	ADP
fsr-3407	149	11	its	its	PRON
fsr-3407	149	12	underlying	underlying	ADJ
fsr-3407	149	13	etf	etf	NOUN
fsr-3407	149	14	,	,	PUNCT
fsr-3407	149	15	net	net	NOUN
fsr-3407	149	16	of	of	ADP
fsr-3407	149	17	fees	fee	NOUN
fsr-3407	149	18	and	and	CCONJ
fsr-3407	149	19	expenses	expense	NOUN
fsr-3407	149	20	,	,	PUNCT
fsr-3407	149	21	1989–2017	1989–2017	NUM
fsr-3407	149	22	.	.	PUNCT
fsr-3407	149	23	420	420	NUM
fsr-3407	149	24	j.	j.	PROPN
fsr-3407	149	25	dilellio	dilellio	PROPN
fsr-3407	149	26	/	/	SYM
fsr-3407	149	27	financial	financial	ADJ
fsr-3407	149	28	services	service	NOUN
fsr-3407	149	29	review	review	VERB
fsr-3407	149	30	27	27	NUM
fsr-3407	149	31	(	(	PUNCT
fsr-3407	149	32	2018	2018	NUM
fsr-3407	149	33	)	)	PUNCT
fsr-3407	149	34	413	413	NUM
fsr-3407	149	35	-	-	SYM
fsr-3407	149	36	432	432	NUM
fsr-3407	149	37	3	3	NUM
fsr-3407	149	38	.	.	PUNCT
fsr-3407	150	1	research	research	NOUN
fsr-3407	150	2	methods	method	NOUN
fsr-3407	150	3	we	we	PRON
fsr-3407	150	4	next	next	ADV
fsr-3407	150	5	investigate	investigate	VERB
fsr-3407	150	6	how	how	SCONJ
fsr-3407	150	7	a	a	DET
fsr-3407	150	8	1.25x	1.25x	NUM
fsr-3407	150	9	stock	stock	NOUN
fsr-3407	150	10	and	and	CCONJ
fsr-3407	150	11	bond	bond	NOUN
fsr-3407	150	12	etfs	etfs	PROPN
fsr-3407	150	13	perform	perform	VERB
fsr-3407	150	14	in	in	ADP
fsr-3407	150	15	a	a	DET
fsr-3407	150	16	periodically	periodically	ADV
fsr-3407	150	17	rebalanced	rebalance	VERB
fsr-3407	150	18	portfolio	portfolio	NOUN
fsr-3407	150	19	.	.	PUNCT
fsr-3407	151	1	simulation	simulation	NOUN
fsr-3407	151	2	methods	method	NOUN
fsr-3407	151	3	are	be	AUX
fsr-3407	151	4	used	use	VERB
fsr-3407	151	5	to	to	PART
fsr-3407	151	6	determine	determine	VERB
fsr-3407	151	7	a	a	DET
fsr-3407	151	8	distribution	distribution	NOUN
fsr-3407	151	9	of	of	ADP
fsr-3407	151	10	10	10	NUM
fsr-3407	151	11	years	year	NOUN
fsr-3407	151	12	of	of	ADP
fsr-3407	151	13	future	future	ADJ
fsr-3407	151	14	price	price	NOUN
fsr-3407	151	15	paths	path	NOUN
fsr-3407	151	16	of	of	ADP
fsr-3407	151	17	the	the	DET
fsr-3407	151	18	underlying	underlie	VERB
fsr-3407	151	19	assets	asset	NOUN
fsr-3407	151	20	.	.	PUNCT
fsr-3407	152	1	from	from	ADP
fsr-3407	152	2	these	these	DET
fsr-3407	152	3	paths	path	NOUN
fsr-3407	152	4	,	,	PUNCT
fsr-3407	152	5	we	we	PRON
fsr-3407	152	6	determine	determine	VERB
fsr-3407	152	7	a	a	DET
fsr-3407	152	8	distribution	distribution	NOUN
fsr-3407	152	9	of	of	ADP
fsr-3407	152	10	annualized	annualize	VERB
fsr-3407	152	11	returns	return	NOUN
fsr-3407	152	12	and	and	CCONJ
fsr-3407	152	13	sharpe	sharpe	NOUN
fsr-3407	152	14	ratios	ratio	NOUN
fsr-3407	152	15	for	for	ADP
fsr-3407	152	16	each	each	DET
fsr-3407	152	17	portfolio	portfolio	NOUN
fsr-3407	152	18	.	.	PUNCT
fsr-3407	153	1	we	we	PRON
fsr-3407	153	2	selected	select	VERB
fsr-3407	153	3	10,000	10,000	NUM
fsr-3407	153	4	trials	trial	NOUN
fsr-3407	153	5	,	,	PUNCT
fsr-3407	153	6	because	because	SCONJ
fsr-3407	153	7	they	they	PRON
fsr-3407	153	8	produced	produce	VERB
fsr-3407	153	9	the	the	DET
fsr-3407	153	10	half	half	ADJ
fsr-3407	153	11	-	-	PUNCT
fsr-3407	153	12	width	width	NOUN
fsr-3407	153	13	of	of	ADP
fsr-3407	153	14	a	a	DET
fsr-3407	153	15	95	95	NUM
fsr-3407	153	16	%	%	NOUN
fsr-3407	153	17	confidence	confidence	NOUN
fsr-3407	153	18	interval	interval	NOUN
fsr-3407	153	19	for	for	ADP
fsr-3407	153	20	returns	return	NOUN
fsr-3407	153	21	which	which	PRON
fsr-3407	153	22	is	be	AUX
fsr-3407	153	23	less	less	ADJ
fsr-3407	153	24	than	than	ADP
fsr-3407	153	25	0.001.4	0.001.4	NUM
fsr-3407	153	26	all	all	DET
fsr-3407	153	27	simulation	simulation	NOUN
fsr-3407	153	28	models	model	NOUN
fsr-3407	153	29	were	be	AUX
fsr-3407	153	30	completed	complete	VERB
fsr-3407	153	31	in	in	ADP
fsr-3407	153	32	excel	excel	NOUN
fsr-3407	153	33	using	use	VERB
fsr-3407	153	34	vba	vba	PROPN
fsr-3407	153	35	macros	macro	NOUN
fsr-3407	153	36	,	,	PUNCT
fsr-3407	153	37	and	and	CCONJ
fsr-3407	153	38	are	be	AUX
fsr-3407	153	39	available	available	ADJ
fsr-3407	153	40	upon	upon	SCONJ
fsr-3407	153	41	request	request	NOUN
fsr-3407	153	42	.	.	PUNCT
fsr-3407	154	1	both	both	PRON
fsr-3407	154	2	of	of	ADP
fsr-3407	154	3	our	our	PRON
fsr-3407	154	4	sampling	sample	VERB
fsr-3407	154	5	methods	method	NOUN
fsr-3407	154	6	assume	assume	VERB
fsr-3407	154	7	that	that	SCONJ
fsr-3407	154	8	price	price	NOUN
fsr-3407	154	9	changes	change	NOUN
fsr-3407	154	10	are	be	AUX
fsr-3407	154	11	independent	independent	ADJ
fsr-3407	154	12	of	of	ADP
fsr-3407	154	13	one	one	NUM
fsr-3407	154	14	another	another	DET
fsr-3407	154	15	,	,	PUNCT
fsr-3407	154	16	so	so	ADV
fsr-3407	154	17	follow	follow	VERB
fsr-3407	154	18	a	a	DET
fsr-3407	154	19	markov	markov	NOUN
fsr-3407	154	20	or	or	CCONJ
fsr-3407	154	21	memoryless	memoryless	NOUN
fsr-3407	154	22	process	process	NOUN
fsr-3407	154	23	,	,	PUNCT
fsr-3407	154	24	as	as	SCONJ
fsr-3407	154	25	suggested	suggest	VERB
fsr-3407	154	26	by	by	ADP
fsr-3407	154	27	fama	fama	PROPN
fsr-3407	154	28	(	(	PUNCT
fsr-3407	154	29	1965a	1965a	NUM
fsr-3407	154	30	,	,	PUNCT
fsr-3407	154	31	1965b	1965b	NUM
fsr-3407	154	32	)	)	PUNCT
fsr-3407	154	33	.	.	PUNCT
fsr-3407	155	1	our	our	PRON
fsr-3407	155	2	first	first	ADJ
fsr-3407	155	3	approach	approach	NOUN
fsr-3407	155	4	is	be	AUX
fsr-3407	155	5	to	to	PART
fsr-3407	155	6	simulate	simulate	VERB
fsr-3407	155	7	prices	price	NOUN
fsr-3407	155	8	from	from	ADP
fsr-3407	155	9	a	a	DET
fsr-3407	155	10	geometric	geometric	ADJ
fsr-3407	155	11	brownian	brownian	ADJ
fsr-3407	155	12	motion	motion	NOUN
fsr-3407	155	13	process	process	NOUN
fsr-3407	155	14	.	.	PUNCT
fsr-3407	156	1	our	our	PRON
fsr-3407	156	2	second	second	ADJ
fsr-3407	156	3	simulation	simulation	NOUN
fsr-3407	156	4	approach	approach	NOUN
fsr-3407	156	5	is	be	AUX
fsr-3407	156	6	often	often	ADV
fsr-3407	156	7	termed	term	VERB
fsr-3407	156	8	“	"	PUNCT
fsr-3407	156	9	bootstrapping	bootstrappe	VERB
fsr-3407	156	10	,	,	PUNCT
fsr-3407	156	11	”	"	PUNCT
fsr-3407	156	12	because	because	SCONJ
fsr-3407	156	13	it	it	PRON
fsr-3407	156	14	samples	sample	VERB
fsr-3407	156	15	from	from	ADP
fsr-3407	156	16	a	a	DET
fsr-3407	156	17	historical	historical	ADJ
fsr-3407	156	18	distribution	distribution	NOUN
fsr-3407	156	19	.	.	PUNCT
fsr-3407	157	1	two	two	NUM
fsr-3407	157	2	excellent	excellent	ADJ
fsr-3407	157	3	references	reference	NOUN
fsr-3407	157	4	for	for	ADP
fsr-3407	157	5	this	this	DET
fsr-3407	157	6	methodology	methodology	NOUN
fsr-3407	157	7	are	be	AUX
fsr-3407	157	8	davison	davison	PROPN
fsr-3407	157	9	and	and	CCONJ
fsr-3407	157	10	hinkley	hinkley	PROPN
fsr-3407	157	11	(	(	PUNCT
fsr-3407	157	12	1993	1993	NUM
fsr-3407	157	13	)	)	PUNCT
fsr-3407	157	14	and	and	CCONJ
fsr-3407	157	15	efron	efron	PROPN
fsr-3407	157	16	and	and	CCONJ
fsr-3407	157	17	tibshirani	tibshirani	PROPN
fsr-3407	157	18	(	(	PUNCT
fsr-3407	157	19	1993	1993	NUM
fsr-3407	157	20	)	)	PUNCT
fsr-3407	157	21	.	.	PUNCT
fsr-3407	158	1	fig	fig	NOUN
fsr-3407	158	2	.	.	PUNCT
fsr-3407	159	1	5	5	NUM
fsr-3407	159	2	.	.	X
fsr-3407	159	3	excess	excess	ADJ
fsr-3407	159	4	returns	return	NOUN
fsr-3407	159	5	from	from	ADP
fsr-3407	159	6	1.25x	1.25x	NUM
fsr-3407	159	7	leveraged	leveraged	ADJ
fsr-3407	159	8	bond	bond	NOUN
fsr-3407	159	9	etf	etf	NOUN
fsr-3407	159	10	versus	versus	ADP
fsr-3407	159	11	its	its	PRON
fsr-3407	159	12	underlying	underlying	ADJ
fsr-3407	159	13	etf	etf	NOUN
fsr-3407	159	14	,	,	PUNCT
fsr-3407	159	15	net	net	NOUN
fsr-3407	159	16	of	of	ADP
fsr-3407	159	17	fees	fee	NOUN
fsr-3407	159	18	and	and	CCONJ
fsr-3407	159	19	expenses	expense	NOUN
fsr-3407	159	20	,	,	PUNCT
fsr-3407	159	21	1989–2017	1989–2017	NUM
fsr-3407	159	22	.	.	PUNCT
fsr-3407	159	23	table	table	NOUN
fsr-3407	159	24	3	3	NUM
fsr-3407	159	25	regression	regression	NOUN
fsr-3407	159	26	coefficients	coefficient	NOUN
fsr-3407	159	27	and	and	CCONJ
fsr-3407	159	28	p	p	NOUN
fsr-3407	159	29	-	-	PUNCT
fsr-3407	159	30	values	value	NOUN
fsr-3407	159	31	for	for	ADP
fsr-3407	159	32	coefficients	coefficient	NOUN
fsr-3407	159	33	appearing	appear	VERB
fsr-3407	159	34	in	in	ADP
fsr-3407	159	35	figures	figure	NOUN
fsr-3407	159	36	3	3	NUM
fsr-3407	159	37	and	and	CCONJ
fsr-3407	159	38	4	4	NUM
fsr-3407	159	39	,	,	PUNCT
fsr-3407	159	40	indicating	indicate	VERB
fsr-3407	159	41	statistical	statistical	ADJ
fsr-3407	159	42	significance	significance	NOUN
fsr-3407	159	43	between	between	ADP
fsr-3407	159	44	the	the	DET
fsr-3407	159	45	underlying	underlying	ADJ
fsr-3407	159	46	sharpe	sharpe	NOUN
fsr-3407	159	47	ratio	ratio	NOUN
fsr-3407	159	48	and	and	CCONJ
fsr-3407	159	49	excess	excess	ADJ
fsr-3407	159	50	returns	return	NOUN
fsr-3407	159	51	n	n	PRON
fsr-3407	159	52	�	�	PROPN
fsr-3407	159	53	29	29	NUM
fsr-3407	159	54	(	(	PUNCT
fsr-3407	159	55	1989–2017	1989–2017	NUM
fsr-3407	159	56	)	)	PUNCT
fsr-3407	159	57	coefficient	coefficient	NOUN
fsr-3407	159	58	p	p	NOUN
fsr-3407	159	59	-	-	PUNCT
fsr-3407	159	60	value	value	NOUN
fsr-3407	159	61	�	�	NOUN
fsr-3407	159	62	1	1	NUM
fsr-3407	159	63	(	(	PUNCT
fsr-3407	159	64	stocks	stock	NOUN
fsr-3407	159	65	)	)	PUNCT
fsr-3407	159	66	0.0332	0.0332	NUM
fsr-3407	159	67	�	�	SYM
fsr-3407	159	68	0.001	0.001	NUM
fsr-3407	159	69	�	�	PROPN
fsr-3407	159	70	0	0	NUM
fsr-3407	159	71	(	(	PUNCT
fsr-3407	159	72	stocks	stock	NOUN
fsr-3407	159	73	)	)	PUNCT
fsr-3407	159	74	�	�	PROPN
fsr-3407	159	75	0.0091	0.0091	NUM
fsr-3407	159	76	�	�	PROPN
fsr-3407	159	77	0.05	0.05	NUM
fsr-3407	159	78	�	�	PROPN
fsr-3407	159	79	1	1	NUM
fsr-3407	159	80	(	(	PUNCT
fsr-3407	159	81	bonds	bond	NOUN
fsr-3407	159	82	)	)	PUNCT
fsr-3407	159	83	0.0094	0.0094	NUM
fsr-3407	159	84	�	�	PROPN
fsr-3407	159	85	0.001	0.001	NUM
fsr-3407	159	86	�	�	PROPN
fsr-3407	159	87	0	0	NUM
fsr-3407	159	88	(	(	PUNCT
fsr-3407	159	89	bonds	bond	NOUN
fsr-3407	159	90	)	)	PUNCT
fsr-3407	159	91	�	�	PROPN
fsr-3407	159	92	0.0035	0.0035	NUM
fsr-3407	159	93	�	�	PROPN
fsr-3407	159	94	0.001	0.001	NUM
fsr-3407	159	95	421j	421j	PROPN
fsr-3407	159	96	.	.	PUNCT
fsr-3407	160	1	dilellio	dilellio	PROPN
fsr-3407	160	2	/	/	SYM
fsr-3407	160	3	financial	financial	ADJ
fsr-3407	160	4	services	service	NOUN
fsr-3407	160	5	review	review	VERB
fsr-3407	160	6	27	27	NUM
fsr-3407	160	7	(	(	PUNCT
fsr-3407	160	8	2018	2018	NUM
fsr-3407	160	9	)	)	PUNCT
fsr-3407	160	10	413	413	NUM
fsr-3407	160	11	-	-	SYM
fsr-3407	160	12	432	432	NUM
fsr-3407	160	13	3.1	3.1	NUM
fsr-3407	160	14	.	.	PUNCT
fsr-3407	161	1	simulation	simulation	NOUN
fsr-3407	161	2	of	of	ADP
fsr-3407	161	3	leveraged	leveraged	ADJ
fsr-3407	161	4	and	and	CCONJ
fsr-3407	161	5	unleveraged	unleveraged	ADJ
fsr-3407	161	6	stock	stock	NOUN
fsr-3407	161	7	and	and	CCONJ
fsr-3407	161	8	bond	bond	NOUN
fsr-3407	161	9	prices	price	NOUN
fsr-3407	161	10	with	with	ADP
fsr-3407	161	11	a	a	DET
fsr-3407	161	12	gbm	gbm	NOUN
fsr-3407	161	13	process	process	NOUN
fsr-3407	161	14	the	the	DET
fsr-3407	161	15	first	first	ADJ
fsr-3407	161	16	model	model	NOUN
fsr-3407	161	17	is	be	AUX
fsr-3407	161	18	a	a	DET
fsr-3407	161	19	monte	monte	PROPN
fsr-3407	161	20	carlo	carlo	PROPN
fsr-3407	161	21	simulation	simulation	NOUN
fsr-3407	161	22	that	that	PRON
fsr-3407	161	23	assumes	assume	VERB
fsr-3407	161	24	prices	price	NOUN
fsr-3407	161	25	follow	follow	VERB
fsr-3407	161	26	a	a	DET
fsr-3407	161	27	geometric	geometric	ADJ
fsr-3407	161	28	brownian	brownian	ADJ
fsr-3407	161	29	motion	motion	NOUN
fsr-3407	161	30	(	(	PUNCT
fsr-3407	161	31	gbm	gbm	NOUN
fsr-3407	161	32	)	)	PUNCT
fsr-3407	161	33	process	process	NOUN
fsr-3407	161	34	.	.	PUNCT
fsr-3407	162	1	here	here	ADV
fsr-3407	162	2	,	,	PUNCT
fsr-3407	162	3	a	a	DET
fsr-3407	162	4	future	future	ADJ
fsr-3407	162	5	asset	asset	NOUN
fsr-3407	162	6	price	price	NOUN
fsr-3407	162	7	at	at	ADP
fsr-3407	162	8	time	time	NOUN
fsr-3407	162	9	(	(	PUNCT
fsr-3407	162	10	st	st	PROPN
fsr-3407	162	11	�	�	PROPN
fsr-3407	162	12	1	1	NUM
fsr-3407	162	13	)	)	PUNCT
fsr-3407	162	14	is	be	AUX
fsr-3407	162	15	found	find	VERB
fsr-3407	162	16	as	as	SCONJ
fsr-3407	162	17	st	st	PROPN
fsr-3407	162	18	�	�	PROPN
fsr-3407	162	19	1	1	NUM
fsr-3407	162	20	�	�	PROPN
fsr-3407	162	21	ste	ste	PROPN
fsr-3407	162	22	�	�	PROPN
fsr-3407	162	23	�	�	PROPN
fsr-3407	162	24	�	�	PROPN
fsr-3407	162	25	�	�	PROPN
fsr-3407	162	26	2	2	NUM
fsr-3407	162	27	2	2	NUM
fsr-3407	162	28	�	�	PROPN
fsr-3407	162	29	�	�	PROPN
fsr-3407	162	30	t	t	PROPN
fsr-3407	162	31	�	�	PROPN
fsr-3407	162	32	�	�	PROPN
fsr-3407	162	33	�	�	PROPN
fsr-3407	162	34	t	t	PROPN
fsr-3407	162	35	�	�	PROPN
fsr-3407	162	36	(	(	PUNCT
fsr-3407	162	37	12	12	NUM
fsr-3407	162	38	)	)	PUNCT
fsr-3407	162	39	where	where	SCONJ
fsr-3407	162	40	st	st	PROPN
fsr-3407	162	41	is	be	AUX
fsr-3407	162	42	the	the	DET
fsr-3407	162	43	current	current	ADJ
fsr-3407	162	44	price	price	NOUN
fsr-3407	162	45	,	,	PUNCT
fsr-3407	162	46	�	�	PROPN
fsr-3407	162	47	is	be	AUX
fsr-3407	162	48	the	the	DET
fsr-3407	162	49	return	return	NOUN
fsr-3407	162	50	rate	rate	NOUN
fsr-3407	162	51	,	,	PUNCT
fsr-3407	162	52	�	�	PROPN
fsr-3407	162	53	is	be	AUX
fsr-3407	162	54	the	the	DET
fsr-3407	162	55	volatility	volatility	NOUN
fsr-3407	162	56	or	or	CCONJ
fsr-3407	162	57	standard	standard	ADJ
fsr-3407	162	58	deviation	deviation	NOUN
fsr-3407	162	59	of	of	ADP
fsr-3407	162	60	returns	return	NOUN
fsr-3407	162	61	,	,	PUNCT
fsr-3407	162	62	�	�	PROPN
fsr-3407	162	63	t	t	PROPN
fsr-3407	162	64	is	be	AUX
fsr-3407	162	65	the	the	DET
fsr-3407	162	66	time	time	NOUN
fsr-3407	162	67	increment	increment	NOUN
fsr-3407	162	68	between	between	ADP
fsr-3407	162	69	the	the	DET
fsr-3407	162	70	current	current	ADJ
fsr-3407	162	71	and	and	CCONJ
fsr-3407	162	72	future	future	ADJ
fsr-3407	162	73	price	price	NOUN
fsr-3407	162	74	,	,	PUNCT
fsr-3407	162	75	and	and	CCONJ
fsr-3407	162	76	�	�	PROPN
fsr-3407	162	77	is	be	AUX
fsr-3407	162	78	a	a	DET
fsr-3407	162	79	random	random	ADJ
fsr-3407	162	80	number	number	NOUN
fsr-3407	162	81	obtained	obtain	VERB
fsr-3407	162	82	from	from	ADP
fsr-3407	162	83	the	the	DET
fsr-3407	162	84	standard	standard	ADJ
fsr-3407	162	85	normal	normal	ADJ
fsr-3407	162	86	distribution	distribution	NOUN
fsr-3407	162	87	.	.	PUNCT
fsr-3407	163	1	the	the	DET
fsr-3407	163	2	use	use	NOUN
fsr-3407	163	3	of	of	ADP
fsr-3407	163	4	a	a	DET
fsr-3407	163	5	gbm	gbm	NOUN
fsr-3407	163	6	process	process	NOUN
fsr-3407	163	7	has	have	VERB
fsr-3407	163	8	a	a	DET
fsr-3407	163	9	long	long	ADJ
fsr-3407	163	10	history	history	NOUN
fsr-3407	163	11	of	of	ADP
fsr-3407	163	12	modeling	model	VERB
fsr-3407	163	13	prices	price	NOUN
fsr-3407	163	14	of	of	ADP
fsr-3407	163	15	financial	financial	ADJ
fsr-3407	163	16	assets	asset	NOUN
fsr-3407	163	17	.	.	PUNCT
fsr-3407	164	1	the	the	DET
fsr-3407	164	2	gbm	gbm	PROPN
fsr-3407	164	3	process	process	NOUN
fsr-3407	164	4	generates	generate	VERB
fsr-3407	164	5	future	future	ADJ
fsr-3407	164	6	prices	price	NOUN
fsr-3407	164	7	that	that	PRON
fsr-3407	164	8	are	be	AUX
fsr-3407	164	9	lognormally	lognormally	ADV
fsr-3407	164	10	distributed	distribute	VERB
fsr-3407	164	11	with	with	ADP
fsr-3407	164	12	variance	variance	NOUN
fsr-3407	164	13	growing	grow	VERB
fsr-3407	164	14	over	over	ADP
fsr-3407	164	15	time	time	NOUN
fsr-3407	164	16	,	,	PUNCT
fsr-3407	164	17	assumes	assume	VERB
fsr-3407	164	18	returns	return	NOUN
fsr-3407	164	19	are	be	AUX
fsr-3407	164	20	normally	normally	ADV
fsr-3407	164	21	distributed	distribute	VERB
fsr-3407	164	22	,	,	PUNCT
fsr-3407	164	23	and	and	CCONJ
fsr-3407	164	24	allows	allow	VERB
fsr-3407	164	25	the	the	DET
fsr-3407	164	26	modeler	modeler	NOUN
fsr-3407	164	27	to	to	PART
fsr-3407	164	28	either	either	CCONJ
fsr-3407	164	29	calibrate	calibrate	VERB
fsr-3407	164	30	the	the	DET
fsr-3407	164	31	gbm	gbm	NOUN
fsr-3407	164	32	process	process	NOUN
fsr-3407	164	33	parameters	parameter	NOUN
fsr-3407	164	34	(	(	PUNCT
fsr-3407	164	35	�	�	PROPN
fsr-3407	164	36	and	and	CCONJ
fsr-3407	164	37	�	�	PROPN
fsr-3407	164	38	)	)	PUNCT
fsr-3407	164	39	from	from	ADP
fsr-3407	164	40	market	market	NOUN
fsr-3407	164	41	data	datum	NOUN
fsr-3407	164	42	or	or	CCONJ
fsr-3407	164	43	set	set	VERB
fsr-3407	164	44	them	they	PRON
fsr-3407	164	45	to	to	ADP
fsr-3407	164	46	some	some	DET
fsr-3407	164	47	future	future	ADJ
fsr-3407	164	48	expectation	expectation	NOUN
fsr-3407	164	49	.	.	PUNCT
fsr-3407	165	1	the	the	DET
fsr-3407	165	2	downside	downside	NOUN
fsr-3407	165	3	of	of	ADP
fsr-3407	165	4	using	use	VERB
fsr-3407	165	5	gbm	gbm	NOUN
fsr-3407	165	6	process	process	NOUN
fsr-3407	165	7	to	to	PART
fsr-3407	165	8	model	model	VERB
fsr-3407	165	9	security	security	NOUN
fsr-3407	165	10	prices	price	NOUN
fsr-3407	165	11	is	be	AUX
fsr-3407	165	12	that	that	SCONJ
fsr-3407	165	13	,	,	PUNCT
fsr-3407	165	14	because	because	SCONJ
fsr-3407	165	15	it	it	PRON
fsr-3407	165	16	assumes	assume	VERB
fsr-3407	165	17	returns	return	NOUN
fsr-3407	165	18	are	be	AUX
fsr-3407	165	19	normally	normally	ADV
fsr-3407	165	20	distributed	distribute	VERB
fsr-3407	165	21	,	,	PUNCT
fsr-3407	165	22	it	it	PRON
fsr-3407	165	23	assumes	assume	VERB
fsr-3407	165	24	a	a	DET
fsr-3407	165	25	very	very	ADV
fsr-3407	165	26	small	small	ADJ
fsr-3407	165	27	likelihood	likelihood	NOUN
fsr-3407	165	28	of	of	ADP
fsr-3407	165	29	extreme	extreme	ADJ
fsr-3407	165	30	(	(	PUNCT
fsr-3407	165	31	greater	great	ADJ
fsr-3407	165	32	than	than	ADP
fsr-3407	165	33	a	a	DET
fsr-3407	165	34	few	few	ADJ
fsr-3407	165	35	standard	standard	ADJ
fsr-3407	165	36	deviations	deviation	NOUN
fsr-3407	165	37	)	)	PUNCT
fsr-3407	165	38	returns	return	NOUN
fsr-3407	165	39	.	.	PUNCT
fsr-3407	166	1	in	in	ADP
fsr-3407	166	2	practice	practice	NOUN
fsr-3407	166	3	,	,	PUNCT
fsr-3407	166	4	it	it	PRON
fsr-3407	166	5	is	be	AUX
fsr-3407	166	6	well	well	ADV
fsr-3407	166	7	known	know	VERB
fsr-3407	166	8	that	that	SCONJ
fsr-3407	166	9	“	"	PUNCT
fsr-3407	166	10	fat	fat	ADJ
fsr-3407	166	11	tails	tail	NOUN
fsr-3407	166	12	”	"	PUNCT
fsr-3407	166	13	of	of	ADP
fsr-3407	166	14	returns	return	NOUN
fsr-3407	166	15	exist	exist	VERB
fsr-3407	166	16	,	,	PUNCT
fsr-3407	166	17	meaning	mean	VERB
fsr-3407	166	18	the	the	DET
fsr-3407	166	19	probability	probability	NOUN
fsr-3407	166	20	of	of	ADP
fsr-3407	166	21	more	more	ADJ
fsr-3407	166	22	extreme	extreme	ADJ
fsr-3407	166	23	returns	return	NOUN
fsr-3407	166	24	is	be	AUX
fsr-3407	166	25	not	not	PART
fsr-3407	166	26	modeled	model	VERB
fsr-3407	166	27	well	well	ADV
fsr-3407	166	28	by	by	ADP
fsr-3407	166	29	the	the	DET
fsr-3407	166	30	gbm	gbm	PROPN
fsr-3407	166	31	process	process	NOUN
fsr-3407	166	32	.	.	PUNCT
fsr-3407	167	1	please	please	INTJ
fsr-3407	167	2	see	see	VERB
fsr-3407	167	3	the	the	DET
fsr-3407	167	4	seminal	seminal	ADJ
fsr-3407	167	5	work	work	NOUN
fsr-3407	167	6	by	by	ADP
fsr-3407	167	7	fama	fama	PROPN
fsr-3407	167	8	(	(	PUNCT
fsr-3407	167	9	1965a	1965a	NUM
fsr-3407	167	10	,	,	PUNCT
fsr-3407	167	11	1965b	1965b	NUM
fsr-3407	167	12	)	)	PUNCT
fsr-3407	167	13	for	for	ADP
fsr-3407	167	14	a	a	DET
fsr-3407	167	15	discussion	discussion	NOUN
fsr-3407	167	16	of	of	ADP
fsr-3407	167	17	this	this	DET
fsr-3407	167	18	behavior	behavior	NOUN
fsr-3407	167	19	in	in	ADP
fsr-3407	167	20	commons	common	NOUN
fsr-3407	167	21	stock	stock	NOUN
fsr-3407	167	22	.	.	PUNCT
fsr-3407	168	1	nevertheless	nevertheless	ADV
fsr-3407	168	2	,	,	PUNCT
fsr-3407	168	3	modeling	model	VERB
fsr-3407	168	4	stock	stock	NOUN
fsr-3407	168	5	and	and	CCONJ
fsr-3407	168	6	bond	bond	NOUN
fsr-3407	168	7	etf	etf	NOUN
fsr-3407	168	8	prices	price	NOUN
fsr-3407	168	9	using	use	VERB
fsr-3407	168	10	a	a	DET
fsr-3407	168	11	gbm	gbm	NOUN
fsr-3407	168	12	process	process	NOUN
fsr-3407	168	13	is	be	AUX
fsr-3407	168	14	fairly	fairly	ADV
fsr-3407	168	15	straightforward	straightforward	ADJ
fsr-3407	168	16	,	,	PUNCT
fsr-3407	168	17	and	and	CCONJ
fsr-3407	168	18	can	can	AUX
fsr-3407	168	19	be	be	AUX
fsr-3407	168	20	used	use	VERB
fsr-3407	168	21	to	to	PART
fsr-3407	168	22	illustrate	illustrate	VERB
fsr-3407	168	23	portfolio	portfolio	NOUN
fsr-3407	168	24	performance	performance	NOUN
fsr-3407	168	25	under	under	ADP
fsr-3407	168	26	a	a	DET
fsr-3407	168	27	variety	variety	NOUN
fsr-3407	168	28	of	of	ADP
fsr-3407	168	29	parameters	parameter	NOUN
fsr-3407	168	30	selected	select	VERB
fsr-3407	168	31	.	.	PUNCT
fsr-3407	169	1	using	use	VERB
fsr-3407	169	2	a	a	DET
fsr-3407	169	3	gbm	gbm	NOUN
fsr-3407	169	4	process	process	NOUN
fsr-3407	169	5	,	,	PUNCT
fsr-3407	169	6	10	10	NUM
fsr-3407	169	7	-	-	PUNCT
fsr-3407	169	8	year	year	NOUN
fsr-3407	169	9	investment	investment	NOUN
fsr-3407	169	10	returns	return	NOUN
fsr-3407	169	11	were	be	AUX
fsr-3407	169	12	evaluated	evaluate	VERB
fsr-3407	169	13	for	for	ADP
fsr-3407	169	14	a	a	DET
fsr-3407	169	15	variety	variety	NOUN
fsr-3407	169	16	of	of	ADP
fsr-3407	169	17	rebalancing	rebalancing	NOUN
fsr-3407	169	18	strategies	strategy	NOUN
fsr-3407	169	19	.	.	PUNCT
fsr-3407	170	1	drift	drift	NOUN
fsr-3407	170	2	and	and	CCONJ
fsr-3407	170	3	volatility	volatility	NOUN
fsr-3407	170	4	were	be	AUX
fsr-3407	170	5	estimated	estimate	VERB
fsr-3407	170	6	from	from	ADP
fsr-3407	170	7	the	the	DET
fsr-3407	170	8	29	29	NUM
fsr-3407	170	9	year	year	NOUN
fsr-3407	170	10	history	history	NOUN
fsr-3407	170	11	from	from	ADP
fsr-3407	170	12	1989	1989	NUM
fsr-3407	170	13	to	to	ADP
fsr-3407	170	14	2017	2017	NUM
fsr-3407	170	15	,	,	PUNCT
fsr-3407	170	16	and	and	CCONJ
fsr-3407	170	17	appear	appear	VERB
fsr-3407	170	18	in	in	ADP
fsr-3407	170	19	table	table	NOUN
fsr-3407	170	20	4	4	NUM
fsr-3407	170	21	for	for	ADP
fsr-3407	170	22	stocks	stock	NOUN
fsr-3407	170	23	,	,	PUNCT
fsr-3407	170	24	bonds	bond	NOUN
fsr-3407	170	25	,	,	PUNCT
fsr-3407	170	26	and	and	CCONJ
fsr-3407	170	27	the	the	DET
fsr-3407	170	28	risk	risk	NOUN
fsr-3407	170	29	-	-	PUNCT
fsr-3407	170	30	free	free	ADJ
fsr-3407	170	31	asset	asset	NOUN
fsr-3407	170	32	.	.	PUNCT
fsr-3407	171	1	the	the	DET
fsr-3407	171	2	simulation	simulation	NOUN
fsr-3407	171	3	also	also	ADV
fsr-3407	171	4	included	include	VERB
fsr-3407	171	5	correlation	correlation	NOUN
fsr-3407	171	6	between	between	ADP
fsr-3407	171	7	stock	stock	NOUN
fsr-3407	171	8	and	and	CCONJ
fsr-3407	171	9	bond	bond	NOUN
fsr-3407	171	10	returns	return	NOUN
fsr-3407	171	11	set	set	VERB
fsr-3407	171	12	to	to	PART
fsr-3407	171	13	�	�	VERB
fsr-3407	171	14	9.5	9.5	NUM
fsr-3407	171	15	%	%	NOUN
fsr-3407	171	16	,	,	PUNCT
fsr-3407	171	17	as	as	SCONJ
fsr-3407	171	18	observed	observe	VERB
fsr-3407	171	19	over	over	ADP
fsr-3407	171	20	this	this	DET
fsr-3407	171	21	time	time	NOUN
fsr-3407	171	22	period.5	period.5	PROPN
fsr-3407	171	23	correlations	correlation	NOUN
fsr-3407	171	24	between	between	ADP
fsr-3407	171	25	bonds	bond	NOUN
fsr-3407	171	26	and	and	CCONJ
fsr-3407	171	27	risk	risk	NOUN
fsr-3407	171	28	-	-	PUNCT
fsr-3407	171	29	free	free	ADJ
fsr-3407	171	30	rate	rate	NOUN
fsr-3407	171	31	and	and	CCONJ
fsr-3407	171	32	stocks	stock	NOUN
fsr-3407	171	33	and	and	CCONJ
fsr-3407	171	34	the	the	DET
fsr-3407	171	35	risk	risk	NOUN
fsr-3407	171	36	-	-	PUNCT
fsr-3407	171	37	free	free	ADJ
fsr-3407	171	38	rate	rate	NOUN
fsr-3407	171	39	were	be	AUX
fsr-3407	171	40	negligible	negligible	ADJ
fsr-3407	171	41	over	over	ADP
fsr-3407	171	42	this	this	DET
fsr-3407	171	43	time	time	NOUN
fsr-3407	171	44	period	period	NOUN
fsr-3407	171	45	,	,	PUNCT
fsr-3407	171	46	so	so	CCONJ
fsr-3407	171	47	this	this	DET
fsr-3407	171	48	correlation	correlation	NOUN
fsr-3407	171	49	was	be	AUX
fsr-3407	171	50	not	not	PART
fsr-3407	171	51	included	include	VERB
fsr-3407	171	52	in	in	ADP
fsr-3407	171	53	the	the	DET
fsr-3407	171	54	simulated	simulate	VERB
fsr-3407	171	55	results	result	NOUN
fsr-3407	171	56	.	.	PUNCT
fsr-3407	172	1	additional	additional	ADJ
fsr-3407	172	2	parameters	parameter	NOUN
fsr-3407	172	3	for	for	ADP
fsr-3407	172	4	transaction	transaction	NOUN
fsr-3407	172	5	costs	cost	NOUN
fsr-3407	172	6	were	be	AUX
fsr-3407	172	7	also	also	ADV
fsr-3407	172	8	included	include	VERB
fsr-3407	172	9	.	.	PUNCT
fsr-3407	173	1	the	the	DET
fsr-3407	173	2	bid	bid	NOUN
fsr-3407	173	3	-	-	PUNCT
fsr-3407	173	4	ask	ask	NOUN
fsr-3407	173	5	spread	spread	NOUN
fsr-3407	173	6	for	for	ADP
fsr-3407	173	7	stock	stock	NOUN
fsr-3407	173	8	and	and	CCONJ
fsr-3407	173	9	bonds	bond	NOUN
fsr-3407	173	10	was	be	AUX
fsr-3407	173	11	set	set	VERB
fsr-3407	173	12	to	to	ADP
fsr-3407	173	13	0.01	0.01	NUM
fsr-3407	173	14	%	%	NOUN
fsr-3407	173	15	,	,	PUNCT
fsr-3407	173	16	and	and	CCONJ
fsr-3407	173	17	for	for	ADP
fsr-3407	173	18	leveraged	leveraged	ADJ
fsr-3407	173	19	stock	stock	NOUN
fsr-3407	173	20	and	and	CCONJ
fsr-3407	173	21	bonds	bond	NOUN
fsr-3407	173	22	to	to	ADP
fsr-3407	173	23	0.04	0.04	NUM
fsr-3407	173	24	%	%	NOUN
fsr-3407	173	25	.	.	PUNCT
fsr-3407	174	1	trading	trading	NOUN
fsr-3407	174	2	commissions	commission	NOUN
fsr-3407	174	3	were	be	AUX
fsr-3407	174	4	set	set	VERB
fsr-3407	174	5	to	to	ADP
fsr-3407	174	6	$	$	SYM
fsr-3407	174	7	4.95	4.95	NUM
fsr-3407	174	8	per	per	ADP
fsr-3407	174	9	trade	trade	NOUN
fsr-3407	174	10	for	for	ADP
fsr-3407	174	11	an	an	DET
fsr-3407	174	12	account	account	NOUN
fsr-3407	174	13	with	with	ADP
fsr-3407	174	14	$	$	SYM
fsr-3407	174	15	200,000	200,000	NUM
fsr-3407	174	16	at	at	ADP
fsr-3407	174	17	the	the	DET
fsr-3407	174	18	start	start	NOUN
fsr-3407	174	19	of	of	ADP
fsr-3407	174	20	each	each	DET
fsr-3407	174	21	10	10	NUM
fsr-3407	174	22	year	year	NOUN
fsr-3407	174	23	simulation	simulation	NOUN
fsr-3407	174	24	.	.	PUNCT
fsr-3407	175	1	results	result	NOUN
fsr-3407	175	2	for	for	ADP
fsr-3407	175	3	the	the	DET
fsr-3407	175	4	baseline	baseline	ADJ
fsr-3407	175	5	gbm	gbm	PROPN
fsr-3407	175	6	simulation	simulation	NOUN
fsr-3407	175	7	appear	appear	VERB
fsr-3407	175	8	in	in	ADP
fsr-3407	175	9	table	table	NOUN
fsr-3407	175	10	5	5	NUM
fsr-3407	175	11	.	.	PUNCT
fsr-3407	176	1	as	as	SCONJ
fsr-3407	176	2	expected	expect	VERB
fsr-3407	176	3	,	,	PUNCT
fsr-3407	176	4	the	the	DET
fsr-3407	176	5	mean	mean	ADV
fsr-3407	176	6	annualized	annualize	VERB
fsr-3407	176	7	return	return	NOUN
fsr-3407	176	8	for	for	ADP
fsr-3407	176	9	the	the	DET
fsr-3407	176	10	unleveraged	unleveraged	ADJ
fsr-3407	176	11	stock	stock	NOUN
fsr-3407	176	12	holdings	holding	NOUN
fsr-3407	176	13	are	be	AUX
fsr-3407	176	14	9.5	9.5	NUM
fsr-3407	176	15	%	%	NOUN
fsr-3407	176	16	,	,	PUNCT
fsr-3407	176	17	which	which	PRON
fsr-3407	176	18	is	be	AUX
fsr-3407	176	19	less	less	ADJ
fsr-3407	176	20	than	than	ADP
fsr-3407	176	21	the	the	DET
fsr-3407	176	22	continuous	continuous	ADJ
fsr-3407	176	23	return	return	NOUN
fsr-3407	176	24	parameter	parameter	NOUN
fsr-3407	176	25	of	of	ADP
fsr-3407	176	26	10.6	10.6	NUM
fsr-3407	176	27	%	%	NOUN
fsr-3407	176	28	assumed	assume	VERB
fsr-3407	176	29	in	in	ADP
fsr-3407	176	30	table	table	NOUN
fsr-3407	176	31	5	5	NUM
fsr-3407	176	32	.	.	PUNCT
fsr-3407	177	1	this	this	DET
fsr-3407	177	2	effect	effect	NOUN
fsr-3407	177	3	is	be	AUX
fsr-3407	177	4	aptly	aptly	ADV
fsr-3407	177	5	described	describe	VERB
fsr-3407	177	6	in	in	ADP
fsr-3407	177	7	winston	winston	PROPN
fsr-3407	177	8	(	(	PUNCT
fsr-3407	177	9	2008	2008	NUM
fsr-3407	177	10	)	)	PUNCT
fsr-3407	177	11	,	,	PUNCT
fsr-3407	177	12	because	because	SCONJ
fsr-3407	177	13	over	over	ADP
fsr-3407	177	14	time	time	NOUN
fsr-3407	177	15	,	,	PUNCT
fsr-3407	177	16	volatility	volatility	NOUN
fsr-3407	177	17	creates	create	VERB
fsr-3407	177	18	a	a	DET
fsr-3407	177	19	drag	drag	NOUN
fsr-3407	177	20	on	on	ADP
fsr-3407	177	21	the	the	DET
fsr-3407	177	22	growth	growth	NOUN
fsr-3407	177	23	rate	rate	NOUN
fsr-3407	177	24	of	of	ADP
fsr-3407	177	25	a	a	DET
fsr-3407	177	26	stock	stock	NOUN
fsr-3407	177	27	modeled	model	VERB
fsr-3407	177	28	by	by	ADP
fsr-3407	177	29	a	a	DET
fsr-3407	177	30	gbm	gbm	NOUN
fsr-3407	177	31	process	process	NOUN
fsr-3407	177	32	.	.	PUNCT
fsr-3407	178	1	however	however	ADV
fsr-3407	178	2	,	,	PUNCT
fsr-3407	178	3	a	a	DET
fsr-3407	178	4	little	little	ADJ
fsr-3407	178	5	surprisingly	surprisingly	ADV
fsr-3407	178	6	,	,	PUNCT
fsr-3407	178	7	average	average	ADJ
fsr-3407	178	8	annualized	annualize	VERB
fsr-3407	178	9	unleveraged	unleveraged	ADJ
fsr-3407	178	10	bond	bond	NOUN
fsr-3407	178	11	returns	return	NOUN
fsr-3407	178	12	are	be	AUX
fsr-3407	178	13	slightly	slightly	ADV
fsr-3407	178	14	higher	high	ADJ
fsr-3407	178	15	.	.	PUNCT
fsr-3407	179	1	we	we	PRON
fsr-3407	179	2	attribute	attribute	VERB
fsr-3407	179	3	this	this	PRON
fsr-3407	179	4	to	to	ADP
fsr-3407	179	5	the	the	DET
fsr-3407	179	6	much	much	ADV
fsr-3407	179	7	smaller	small	ADJ
fsr-3407	179	8	volatility	volatility	NOUN
fsr-3407	179	9	of	of	ADP
fsr-3407	179	10	the	the	DET
fsr-3407	179	11	bond	bond	NOUN
fsr-3407	179	12	table	table	NOUN
fsr-3407	179	13	4	4	NUM
fsr-3407	179	14	continuous	continuous	ADJ
fsr-3407	179	15	return	return	NOUN
fsr-3407	179	16	and	and	CCONJ
fsr-3407	179	17	volatility	volatility	NOUN
fsr-3407	179	18	parameters	parameter	NOUN
fsr-3407	179	19	in	in	ADP
fsr-3407	179	20	geometric	geometric	ADJ
fsr-3407	179	21	brownian	brownian	ADJ
fsr-3407	179	22	motion	motion	NOUN
fsr-3407	179	23	(	(	PUNCT
fsr-3407	179	24	gbm	gbm	NOUN
fsr-3407	179	25	)	)	PUNCT
fsr-3407	179	26	simulation	simulation	NOUN
fsr-3407	179	27	stock	stock	NOUN
fsr-3407	179	28	bond	bond	NOUN
fsr-3407	179	29	risk	risk	NOUN
fsr-3407	179	30	-	-	PUNCT
fsr-3407	179	31	free	free	ADJ
fsr-3407	179	32	asset	asset	NOUN
fsr-3407	179	33	�	�	PROPN
fsr-3407	179	34	�	�	PROPN
fsr-3407	179	35	�	�	PROPN
fsr-3407	179	36	�	�	PROPN
fsr-3407	179	37	�	�	PROPN
fsr-3407	179	38	�	�	PROPN
fsr-3407	179	39	10.6	10.6	NUM
fsr-3407	179	40	%	%	NOUN
fsr-3407	179	41	17.8	17.8	NUM
fsr-3407	179	42	%	%	NOUN
fsr-3407	179	43	5.9	5.9	NUM
fsr-3407	179	44	%	%	NOUN
fsr-3407	179	45	3.9	3.9	NUM
fsr-3407	179	46	%	%	NOUN
fsr-3407	179	47	3.2	3.2	NUM
fsr-3407	179	48	%	%	NOUN
fsr-3407	179	49	0.2	0.2	NUM
fsr-3407	179	50	%	%	NOUN
fsr-3407	179	51	422	422	NUM
fsr-3407	179	52	j.	j.	PROPN
fsr-3407	179	53	dilellio	dilellio	PROPN
fsr-3407	179	54	/	/	SYM
fsr-3407	179	55	financial	financial	ADJ
fsr-3407	179	56	services	service	NOUN
fsr-3407	179	57	review	review	VERB
fsr-3407	179	58	27	27	NUM
fsr-3407	179	59	(	(	PUNCT
fsr-3407	179	60	2018	2018	NUM
fsr-3407	179	61	)	)	PUNCT
fsr-3407	180	1	413	413	NUM
fsr-3407	180	2	-	-	SYM
fsr-3407	180	3	432	432	NUM
fsr-3407	180	4	markets	market	NOUN
fsr-3407	180	5	effectively	effectively	ADV
fsr-3407	180	6	eliminating	eliminate	VERB
fsr-3407	180	7	volatility	volatility	NOUN
fsr-3407	180	8	drag	drag	VERB
fsr-3407	180	9	,	,	PUNCT
fsr-3407	180	10	as	as	ADV
fsr-3407	180	11	well	well	ADV
fsr-3407	180	12	as	as	ADP
fsr-3407	180	13	the	the	DET
fsr-3407	180	14	effect	effect	NOUN
fsr-3407	180	15	of	of	ADP
fsr-3407	180	16	continuously	continuously	ADV
fsr-3407	180	17	versus	versus	ADP
fsr-3407	180	18	annually	annually	ADV
fsr-3407	180	19	compounded	compound	VERB
fsr-3407	180	20	rates	rate	NOUN
fsr-3407	180	21	causing	cause	VERB
fsr-3407	180	22	a	a	DET
fsr-3407	180	23	small	small	ADJ
fsr-3407	180	24	perturbation	perturbation	NOUN
fsr-3407	180	25	on	on	ADP
fsr-3407	180	26	the	the	DET
fsr-3407	180	27	numerical	numerical	ADJ
fsr-3407	180	28	results.6	results.6	PROPN
fsr-3407	180	29	table	table	NOUN
fsr-3407	180	30	5	5	NUM
fsr-3407	180	31	also	also	ADV
fsr-3407	180	32	shows	show	VERB
fsr-3407	180	33	the	the	DET
fsr-3407	180	34	average	average	ADJ
fsr-3407	180	35	annualized	annualize	VERB
fsr-3407	180	36	returns	return	NOUN
fsr-3407	180	37	for	for	ADP
fsr-3407	180	38	the	the	DET
fsr-3407	180	39	leveraged	leverage	VERB
fsr-3407	180	40	stock	stock	NOUN
fsr-3407	180	41	and	and	CCONJ
fsr-3407	180	42	bond	bond	NOUN
fsr-3407	180	43	etfs	etfs	NOUN
fsr-3407	180	44	,	,	PUNCT
fsr-3407	180	45	where	where	SCONJ
fsr-3407	180	46	excess	excess	ADJ
fsr-3407	180	47	stock	stock	NOUN
fsr-3407	180	48	annual	annual	ADJ
fsr-3407	180	49	returns	return	NOUN
fsr-3407	180	50	are	be	AUX
fsr-3407	180	51	0.8	0.8	NUM
fsr-3407	180	52	%	%	NOUN
fsr-3407	180	53	and	and	CCONJ
fsr-3407	180	54	excess	excess	ADJ
fsr-3407	180	55	bond	bond	NOUN
fsr-3407	180	56	annual	annual	ADJ
fsr-3407	180	57	returns	return	NOUN
fsr-3407	180	58	are	be	AUX
fsr-3407	180	59	0.3	0.3	NUM
fsr-3407	180	60	%	%	NOUN
fsr-3407	180	61	.	.	PUNCT
fsr-3407	181	1	reviewing	review	VERB
fsr-3407	181	2	the	the	DET
fsr-3407	181	3	mean	mean	ADJ
fsr-3407	181	4	sharpe	sharpe	NOUN
fsr-3407	181	5	ratios	ratio	NOUN
fsr-3407	181	6	of	of	ADP
fsr-3407	181	7	the	the	DET
fsr-3407	181	8	stock	stock	NOUN
fsr-3407	181	9	and	and	CCONJ
fsr-3407	181	10	bond	bond	NOUN
fsr-3407	181	11	etfs	etfs	NOUN
fsr-3407	181	12	,	,	PUNCT
fsr-3407	181	13	we	we	PRON
fsr-3407	181	14	see	see	VERB
fsr-3407	181	15	that	that	SCONJ
fsr-3407	181	16	sharpe	sharpe	PROPN
fsr-3407	181	17	ratios	ratio	NOUN
fsr-3407	181	18	are	be	AUX
fsr-3407	181	19	modestly	modestly	ADV
fsr-3407	181	20	reduced	reduce	VERB
fsr-3407	181	21	by	by	ADP
fsr-3407	181	22	the	the	DET
fsr-3407	181	23	1.25x	1.25x	NUM
fsr-3407	181	24	stock	stock	NOUN
fsr-3407	181	25	and	and	CCONJ
fsr-3407	181	26	bond	bond	NOUN
fsr-3407	181	27	etfs	etfs	NOUN
fsr-3407	181	28	.	.	PUNCT
fsr-3407	182	1	we	we	PRON
fsr-3407	182	2	attribute	attribute	VERB
fsr-3407	182	3	this	this	PRON
fsr-3407	182	4	to	to	ADP
fsr-3407	182	5	financing	finance	VERB
fsr-3407	182	6	costs	cost	NOUN
fsr-3407	182	7	exceeding	exceed	VERB
fsr-3407	182	8	the	the	DET
fsr-3407	182	9	risk	risk	NOUN
fsr-3407	182	10	-	-	PUNCT
fsr-3407	182	11	free	free	ADJ
fsr-3407	182	12	rate	rate	NOUN
fsr-3407	182	13	,	,	PUNCT
fsr-3407	182	14	higher	high	ADJ
fsr-3407	182	15	expense	expense	NOUN
fsr-3407	182	16	ratio	ratio	NOUN
fsr-3407	182	17	of	of	ADP
fsr-3407	182	18	leveraged	leveraged	ADJ
fsr-3407	182	19	funds	fund	NOUN
fsr-3407	182	20	,	,	PUNCT
fsr-3407	182	21	and	and	CCONJ
fsr-3407	182	22	the	the	DET
fsr-3407	182	23	path	path	NOUN
fsr-3407	182	24	dependent	dependent	ADJ
fsr-3407	182	25	effect	effect	NOUN
fsr-3407	182	26	of	of	ADP
fsr-3407	182	27	daily	daily	ADJ
fsr-3407	182	28	leverage	leverage	NOUN
fsr-3407	182	29	.	.	PUNCT
fsr-3407	183	1	the	the	DET
fsr-3407	183	2	effect	effect	NOUN
fsr-3407	183	3	of	of	ADP
fsr-3407	183	4	leverage	leverage	NOUN
fsr-3407	183	5	on	on	ADP
fsr-3407	183	6	sharpe	sharpe	PROPN
fsr-3407	183	7	ratios	ratio	NOUN
fsr-3407	183	8	is	be	AUX
fsr-3407	183	9	also	also	ADV
fsr-3407	183	10	consistent	consistent	ADJ
fsr-3407	183	11	with	with	ADP
fsr-3407	183	12	mulvey	mulvey	PROPN
fsr-3407	183	13	et	et	PROPN
fsr-3407	183	14	al	al	PROPN
fsr-3407	183	15	.	.	PUNCT
fsr-3407	184	1	(	(	PUNCT
fsr-3407	184	2	2007	2007	NUM
fsr-3407	184	3	)	)	PUNCT
fsr-3407	184	4	.	.	PUNCT
fsr-3407	185	1	table	table	NOUN
fsr-3407	185	2	5	5	NUM
fsr-3407	185	3	also	also	ADV
fsr-3407	185	4	displays	display	VERB
fsr-3407	185	5	the	the	DET
fsr-3407	185	6	performance	performance	NOUN
fsr-3407	185	7	of	of	ADP
fsr-3407	185	8	the	the	DET
fsr-3407	185	9	60/40	60/40	NUM
fsr-3407	185	10	leveraged	leverage	VERB
fsr-3407	185	11	stock	stock	NOUN
fsr-3407	185	12	/	/	SYM
fsr-3407	185	13	bond	bond	NOUN
fsr-3407	185	14	portfolio	portfolio	NOUN
fsr-3407	185	15	that	that	PRON
fsr-3407	185	16	is	be	AUX
fsr-3407	185	17	periodically	periodically	ADV
fsr-3407	185	18	rebalanced	rebalance	VERB
fsr-3407	185	19	.	.	PUNCT
fsr-3407	186	1	we	we	PRON
fsr-3407	186	2	observe	observe	VERB
fsr-3407	186	3	that	that	SCONJ
fsr-3407	186	4	excess	excess	ADJ
fsr-3407	186	5	returns	return	NOUN
fsr-3407	186	6	are	be	AUX
fsr-3407	186	7	approximately	approximately	ADV
fsr-3407	186	8	0.8	0.8	NUM
fsr-3407	186	9	%	%	NOUN
fsr-3407	186	10	annually	annually	ADV
fsr-3407	186	11	,	,	PUNCT
fsr-3407	186	12	and	and	CCONJ
fsr-3407	186	13	does	do	AUX
fsr-3407	186	14	not	not	PART
fsr-3407	186	15	appear	appear	VERB
fsr-3407	186	16	to	to	PART
fsr-3407	186	17	depend	depend	VERB
fsr-3407	186	18	on	on	ADP
fsr-3407	186	19	the	the	DET
fsr-3407	186	20	rebalancing	rebalancing	NOUN
fsr-3407	186	21	interval	interval	NOUN
fsr-3407	186	22	,	,	PUNCT
fsr-3407	186	23	which	which	PRON
fsr-3407	186	24	is	be	AUX
fsr-3407	186	25	beneficial	beneficial	ADJ
fsr-3407	186	26	to	to	ADP
fsr-3407	186	27	individual	individual	ADJ
fsr-3407	186	28	investors	investor	NOUN
fsr-3407	186	29	who	who	PRON
fsr-3407	186	30	may	may	AUX
fsr-3407	186	31	prefer	prefer	VERB
fsr-3407	186	32	to	to	PART
fsr-3407	186	33	rebalance	rebalance	NOUN
fsr-3407	186	34	once	once	ADV
fsr-3407	186	35	a	a	DET
fsr-3407	186	36	year	year	NOUN
fsr-3407	186	37	.	.	PUNCT
fsr-3407	187	1	unfortunately	unfortunately	ADV
fsr-3407	187	2	,	,	PUNCT
fsr-3407	187	3	risk	risk	NOUN
fsr-3407	187	4	-	-	PUNCT
fsr-3407	187	5	adjusted	adjust	VERB
fsr-3407	187	6	return	return	NOUN
fsr-3407	187	7	measured	measure	VERB
fsr-3407	187	8	by	by	ADP
fsr-3407	187	9	sharpe	sharpe	PROPN
fsr-3407	187	10	ratio	ratio	NOUN
fsr-3407	187	11	reduced	reduce	VERB
fsr-3407	187	12	by	by	ADP
fsr-3407	187	13	about	about	ADV
fsr-3407	187	14	5	5	NUM
fsr-3407	187	15	%	%	NOUN
fsr-3407	187	16	when	when	SCONJ
fsr-3407	187	17	rebalanced	rebalance	VERB
fsr-3407	187	18	annually	annually	ADV
fsr-3407	187	19	or	or	CCONJ
fsr-3407	187	20	more	more	ADJ
fsr-3407	187	21	.	.	PUNCT
fsr-3407	188	1	table	table	NOUN
fsr-3407	188	2	5	5	NUM
fsr-3407	188	3	also	also	ADV
fsr-3407	188	4	shows	show	VERB
fsr-3407	188	5	that	that	SCONJ
fsr-3407	188	6	rebalancing	rebalancing	NOUN
fsr-3407	188	7	on	on	ADP
fsr-3407	188	8	a	a	DET
fsr-3407	188	9	quarterly	quarterly	ADJ
fsr-3407	188	10	basis	basis	NOUN
fsr-3407	188	11	provided	provide	VERB
fsr-3407	188	12	the	the	DET
fsr-3407	188	13	optimal	optimal	ADJ
fsr-3407	188	14	sharpe	sharpe	NOUN
fsr-3407	188	15	ratio	ratio	NOUN
fsr-3407	188	16	,	,	PUNCT
fsr-3407	188	17	indicating	indicate	VERB
fsr-3407	188	18	that	that	SCONJ
fsr-3407	188	19	the	the	DET
fsr-3407	188	20	effect	effect	NOUN
fsr-3407	188	21	of	of	ADP
fsr-3407	188	22	spreads	spread	NOUN
fsr-3407	188	23	and	and	CCONJ
fsr-3407	188	24	trading	trading	NOUN
fsr-3407	188	25	commissions	commission	NOUN
fsr-3407	188	26	associated	associate	VERB
fsr-3407	188	27	with	with	ADP
fsr-3407	188	28	portfolio	portfolio	NOUN
fsr-3407	188	29	turnover	turnover	NOUN
fsr-3407	188	30	for	for	ADP
fsr-3407	188	31	a	a	DET
fsr-3407	188	32	1.25x	1.25x	NUM
fsr-3407	188	33	leveraged	leveraged	ADJ
fsr-3407	188	34	stock	stock	NOUN
fsr-3407	188	35	and	and	CCONJ
fsr-3407	188	36	bond	bond	NOUN
fsr-3407	188	37	etf	etf	NOUN
fsr-3407	188	38	do	do	AUX
fsr-3407	188	39	not	not	PART
fsr-3407	188	40	significantly	significantly	ADV
fsr-3407	188	41	cause	cause	VERB
fsr-3407	188	42	a	a	DET
fsr-3407	188	43	drag	drag	NOUN
fsr-3407	188	44	on	on	ADP
fsr-3407	188	45	risk	risk	NOUN
fsr-3407	188	46	-	-	PUNCT
fsr-3407	188	47	adjusted	adjust	VERB
fsr-3407	188	48	performance	performance	NOUN
fsr-3407	188	49	.	.	PUNCT
fsr-3407	189	1	with	with	ADP
fsr-3407	189	2	our	our	PRON
fsr-3407	189	3	baseline	baseline	NOUN
fsr-3407	189	4	results	result	NOUN
fsr-3407	189	5	established	establish	VERB
fsr-3407	189	6	in	in	ADP
fsr-3407	189	7	table	table	NOUN
fsr-3407	189	8	5	5	NUM
fsr-3407	189	9	,	,	PUNCT
fsr-3407	189	10	we	we	PRON
fsr-3407	189	11	next	next	ADV
fsr-3407	189	12	investigated	investigate	VERB
fsr-3407	189	13	the	the	DET
fsr-3407	189	14	sensitivity	sensitivity	NOUN
fsr-3407	189	15	of	of	ADP
fsr-3407	189	16	these	these	DET
fsr-3407	189	17	results	result	NOUN
fsr-3407	189	18	to	to	ADP
fsr-3407	189	19	the	the	DET
fsr-3407	189	20	volatility	volatility	NOUN
fsr-3407	189	21	of	of	ADP
fsr-3407	189	22	the	the	DET
fsr-3407	189	23	stock	stock	NOUN
fsr-3407	189	24	etf	etf	NOUN
fsr-3407	189	25	.	.	PUNCT
fsr-3407	190	1	to	to	ADP
fsr-3407	190	2	this	this	DET
fsr-3407	190	3	end	end	NOUN
fsr-3407	190	4	,	,	PUNCT
fsr-3407	190	5	we	we	PRON
fsr-3407	190	6	kept	keep	VERB
fsr-3407	190	7	all	all	DET
fsr-3407	190	8	other	other	ADJ
fsr-3407	190	9	parameters	parameter	NOUN
fsr-3407	190	10	constant	constant	ADJ
fsr-3407	190	11	,	,	PUNCT
fsr-3407	190	12	and	and	CCONJ
fsr-3407	190	13	considered	consider	VERB
fsr-3407	190	14	high	high	ADJ
fsr-3407	190	15	and	and	CCONJ
fsr-3407	190	16	low	low	ADJ
fsr-3407	190	17	volatility	volatility	NOUN
fsr-3407	190	18	values	value	NOUN
fsr-3407	190	19	.	.	PUNCT
fsr-3407	191	1	as	as	SCONJ
fsr-3407	191	2	expected	expect	VERB
fsr-3407	191	3	,	,	PUNCT
fsr-3407	191	4	decreasing	decrease	VERB
fsr-3407	191	5	volatility	volatility	NOUN
fsr-3407	191	6	increases	increase	VERB
fsr-3407	191	7	excess	excess	ADJ
fsr-3407	191	8	returns	return	NOUN
fsr-3407	191	9	.	.	PUNCT
fsr-3407	192	1	table	table	NOUN
fsr-3407	192	2	6	6	NUM
fsr-3407	192	3	shows	show	VERB
fsr-3407	192	4	the	the	DET
fsr-3407	192	5	results	result	NOUN
fsr-3407	192	6	when	when	SCONJ
fsr-3407	192	7	stock	stock	NOUN
fsr-3407	192	8	volatility	volatility	NOUN
fsr-3407	192	9	is	be	AUX
fsr-3407	192	10	decreased	decrease	VERB
fsr-3407	192	11	to	to	ADP
fsr-3407	192	12	10	10	NUM
fsr-3407	192	13	%	%	NOUN
fsr-3407	192	14	and	and	CCONJ
fsr-3407	192	15	increased	increase	VERB
fsr-3407	192	16	to	to	ADP
fsr-3407	192	17	25	25	NUM
fsr-3407	192	18	%	%	NOUN
fsr-3407	192	19	with	with	ADP
fsr-3407	192	20	an	an	DET
fsr-3407	192	21	annual	annual	ADJ
fsr-3407	192	22	rebalancing	rebalancing	NOUN
fsr-3407	192	23	policy	policy	NOUN
fsr-3407	192	24	to	to	ADP
fsr-3407	192	25	60/40	60/40	NUM
fsr-3407	192	26	stock	stock	NOUN
fsr-3407	192	27	/	/	SYM
fsr-3407	192	28	bonds	bond	NOUN
fsr-3407	192	29	.	.	PUNCT
fsr-3407	193	1	decreasing	decrease	VERB
fsr-3407	193	2	the	the	DET
fsr-3407	193	3	volatility	volatility	NOUN
fsr-3407	193	4	to	to	ADP
fsr-3407	193	5	10	10	NUM
fsr-3407	193	6	%	%	NOUN
fsr-3407	193	7	increases	increase	VERB
fsr-3407	193	8	excess	excess	ADJ
fsr-3407	193	9	return	return	NOUN
fsr-3407	193	10	to	to	ADP
fsr-3407	193	11	1.0	1.0	NUM
fsr-3407	193	12	%	%	NOUN
fsr-3407	193	13	,	,	PUNCT
fsr-3407	193	14	while	while	SCONJ
fsr-3407	193	15	increasing	increase	VERB
fsr-3407	193	16	the	the	DET
fsr-3407	193	17	volatility	volatility	NOUN
fsr-3407	193	18	to	to	ADP
fsr-3407	193	19	25	25	NUM
fsr-3407	193	20	%	%	NOUN
fsr-3407	193	21	reduces	reduce	VERB
fsr-3407	193	22	excess	excess	ADJ
fsr-3407	193	23	return	return	NOUN
fsr-3407	193	24	to	to	ADP
fsr-3407	193	25	0.4	0.4	NUM
fsr-3407	193	26	%	%	NOUN
fsr-3407	193	27	.	.	PUNCT
fsr-3407	194	1	sharpe	sharpe	PROPN
fsr-3407	194	2	ratios	ratio	NOUN
fsr-3407	194	3	tell	tell	VERB
fsr-3407	194	4	a	a	DET
fsr-3407	194	5	similar	similar	ADJ
fsr-3407	194	6	story	story	NOUN
fsr-3407	194	7	,	,	PUNCT
fsr-3407	194	8	where	where	SCONJ
fsr-3407	194	9	lower	low	ADJ
fsr-3407	194	10	volatility	volatility	NOUN
fsr-3407	194	11	table	table	NOUN
fsr-3407	194	12	5	5	NUM
fsr-3407	194	13	averaged	average	VERB
fsr-3407	194	14	annualized	annualize	VERB
fsr-3407	194	15	returns	return	NOUN
fsr-3407	194	16	and	and	CCONJ
fsr-3407	194	17	sharpe	sharpe	NOUN
fsr-3407	194	18	ratios	ratio	NOUN
fsr-3407	194	19	for	for	ADP
fsr-3407	194	20	10,000	10,000	NUM
fsr-3407	194	21	trial	trial	NOUN
fsr-3407	194	22	gmb	gmb	PROPN
fsr-3407	194	23	simulation	simulation	NOUN
fsr-3407	194	24	10,000	10,000	NUM
fsr-3407	194	25	trial	trial	NOUN
fsr-3407	194	26	gbm	gbm	NOUN
fsr-3407	194	27	mean	mean	VERB
fsr-3407	194	28	annualized	annualize	VERB
fsr-3407	194	29	return	return	NOUN
fsr-3407	194	30	mean	mean	VERB
fsr-3407	194	31	sharpe	sharpe	PROPN
fsr-3407	194	32	ratio	ratio	PROPN
fsr-3407	194	33	unleveraged	unleverage	VERB
fsr-3407	194	34	leveraged	leverage	VERB
fsr-3407	194	35	unleveraged	unleveraged	ADJ
fsr-3407	194	36	leveraged	leveraged	ADJ
fsr-3407	194	37	100	100	NUM
fsr-3407	194	38	%	%	NOUN
fsr-3407	194	39	stock	stock	NOUN
fsr-3407	194	40	etf	etf	NOUN
fsr-3407	194	41	9.5	9.5	NUM
fsr-3407	194	42	%	%	NOUN
fsr-3407	194	43	10.3	10.3	NUM
fsr-3407	194	44	%	%	NOUN
fsr-3407	194	45	0.118	0.118	NUM
fsr-3407	194	46	0.114	0.114	NUM
fsr-3407	194	47	100	100	NUM
fsr-3407	194	48	%	%	NOUN
fsr-3407	194	49	bond	bond	NOUN
fsr-3407	194	50	etf	etf	NOUN
fsr-3407	194	51	6.0	6.0	NUM
fsr-3407	194	52	%	%	NOUN
fsr-3407	194	53	6.3	6.3	NUM
fsr-3407	194	54	%	%	NOUN
fsr-3407	194	55	0.202	0.202	NUM
fsr-3407	194	56	0.183	0.183	NUM
fsr-3407	194	57	60/40	60/40	NUM
fsr-3407	194	58	stock	stock	NOUN
fsr-3407	194	59	bond	bond	NOUN
fsr-3407	194	60	portfolios	portfolio	NOUN
fsr-3407	194	61	annual	annual	ADJ
fsr-3407	194	62	8.5	8.5	NUM
fsr-3407	194	63	%	%	NOUN
fsr-3407	194	64	9.3	9.3	NUM
fsr-3407	194	65	%	%	NOUN
fsr-3407	194	66	0.145	0.145	NUM
fsr-3407	194	67	0.138	0.138	NUM
fsr-3407	194	68	quarterly	quarterly	ADJ
fsr-3407	194	69	8.5	8.5	NUM
fsr-3407	194	70	%	%	NOUN
fsr-3407	194	71	9.3	9.3	NUM
fsr-3407	194	72	%	%	NOUN
fsr-3407	194	73	0.148	0.148	NUM
fsr-3407	194	74	0.140	0.140	NUM
fsr-3407	194	75	monthly	monthly	ADJ
fsr-3407	194	76	8.4	8.4	NUM
fsr-3407	194	77	%	%	NOUN
fsr-3407	194	78	9.2	9.2	NUM
fsr-3407	194	79	%	%	NOUN
fsr-3407	194	80	0.145	0.145	NUM
fsr-3407	194	81	0.138	0.138	NUM
fsr-3407	194	82	note	note	NOUN
fsr-3407	194	83	:	:	PUNCT
fsr-3407	194	84	etf	etf	PROPN
fsr-3407	194	85	�	�	PROPN
fsr-3407	194	86	exchange	exchange	NOUN
fsr-3407	194	87	-	-	PUNCT
fsr-3407	194	88	traded	trade	VERB
fsr-3407	194	89	funds	fund	NOUN
fsr-3407	194	90	;	;	PUNCT
fsr-3407	194	91	gbm	gbm	PROPN
fsr-3407	194	92	�	�	PROPN
fsr-3407	194	93	geometric	geometric	ADJ
fsr-3407	194	94	brownian	brownian	ADJ
fsr-3407	194	95	motion	motion	NOUN
fsr-3407	194	96	.	.	PUNCT
fsr-3407	195	1	table	table	NOUN
fsr-3407	195	2	6	6	NUM
fsr-3407	195	3	averaged	average	VERB
fsr-3407	195	4	annualized	annualize	VERB
fsr-3407	195	5	returns	return	NOUN
fsr-3407	195	6	and	and	CCONJ
fsr-3407	195	7	sharpe	sharpe	NOUN
fsr-3407	195	8	ratios	ratio	NOUN
fsr-3407	195	9	for	for	ADP
fsr-3407	195	10	above	above	ADV
fsr-3407	195	11	and	and	CCONJ
fsr-3407	195	12	below	below	ADP
fsr-3407	195	13	average	average	ADJ
fsr-3407	195	14	long	long	ADJ
fsr-3407	195	15	-	-	PUNCT
fsr-3407	195	16	term	term	NOUN
fsr-3407	195	17	volatility	volatility	NOUN
fsr-3407	195	18	for	for	ADP
fsr-3407	195	19	an	an	DET
fsr-3407	195	20	annually	annually	ADV
fsr-3407	195	21	rebalanced	rebalance	VERB
fsr-3407	195	22	portfolio	portfolio	NOUN
fsr-3407	195	23	of	of	ADP
fsr-3407	195	24	60/40	60/40	NUM
fsr-3407	195	25	stock	stock	NOUN
fsr-3407	195	26	and	and	CCONJ
fsr-3407	195	27	bonds	bond	NOUN
fsr-3407	195	28	annual	annual	ADJ
fsr-3407	195	29	rebalancing	rebalancing	NOUN
fsr-3407	195	30	policy	policy	NOUN
fsr-3407	195	31	sensitivity	sensitivity	NOUN
fsr-3407	195	32	to	to	ADP
fsr-3407	195	33	volatility	volatility	NOUN
fsr-3407	195	34	mean	mean	VERB
fsr-3407	196	1	annualized	annualize	VERB
fsr-3407	196	2	return	return	NOUN
fsr-3407	196	3	mean	mean	VERB
fsr-3407	196	4	sharpe	sharpe	PROPN
fsr-3407	196	5	ratio	ratio	PROPN
fsr-3407	196	6	unleveraged	unleverage	VERB
fsr-3407	196	7	leveraged	leverage	VERB
fsr-3407	196	8	unleveraged	unleveraged	ADJ
fsr-3407	196	9	leveraged	leverage	VERB
fsr-3407	196	10	�	�	PROPN
fsr-3407	196	11	(	(	PUNCT
fsr-3407	196	12	baseline	baseline	NOUN
fsr-3407	196	13	from	from	ADP
fsr-3407	196	14	table	table	NOUN
fsr-3407	196	15	5	5	NUM
fsr-3407	196	16	)	)	PUNCT
fsr-3407	196	17	8.5	8.5	NUM
fsr-3407	196	18	%	%	NOUN
fsr-3407	196	19	9.3	9.3	NUM
fsr-3407	196	20	%	%	NOUN
fsr-3407	196	21	0.145	0.145	NUM
fsr-3407	196	22	0.138	0.138	NUM
fsr-3407	196	23	�	�	PROPN
fsr-3407	196	24	(	(	PUNCT
fsr-3407	196	25	low	low	ADJ
fsr-3407	196	26	volatility	volatility	NOUN
fsr-3407	196	27	)	)	PUNCT
fsr-3407	196	28	8.9	8.9	NUM
fsr-3407	196	29	%	%	NOUN
fsr-3407	196	30	9.9	9.9	NUM
fsr-3407	196	31	%	%	NOUN
fsr-3407	196	32	0.260	0.260	NUM
fsr-3407	196	33	0.247	0.247	NUM
fsr-3407	196	34	�	�	PROPN
fsr-3407	196	35	(	(	PUNCT
fsr-3407	196	36	high	high	ADJ
fsr-3407	196	37	volatility	volatility	NOUN
fsr-3407	196	38	)	)	PUNCT
fsr-3407	196	39	7.9	7.9	NUM
fsr-3407	196	40	%	%	NOUN
fsr-3407	196	41	8.3	8.3	NUM
fsr-3407	196	42	%	%	NOUN
fsr-3407	196	43	0.101	0.101	NUM
fsr-3407	196	44	0.096	0.096	NUM
fsr-3407	196	45	423j	423j	NOUN
fsr-3407	196	46	.	.	PUNCT
fsr-3407	197	1	dilellio	dilellio	PROPN
fsr-3407	197	2	/	/	SYM
fsr-3407	197	3	financial	financial	ADJ
fsr-3407	197	4	services	service	NOUN
fsr-3407	197	5	review	review	VERB
fsr-3407	197	6	27	27	NUM
fsr-3407	197	7	(	(	PUNCT
fsr-3407	197	8	2018	2018	NUM
fsr-3407	197	9	)	)	PUNCT
fsr-3407	197	10	413	413	NUM
fsr-3407	197	11	-	-	SYM
fsr-3407	197	12	432	432	NUM
fsr-3407	197	13	increases	increase	VERB
fsr-3407	197	14	the	the	DET
fsr-3407	197	15	sharpe	sharpe	PROPN
fsr-3407	197	16	ratio	ratio	NOUN
fsr-3407	197	17	of	of	ADP
fsr-3407	197	18	both	both	CCONJ
fsr-3407	197	19	the	the	DET
fsr-3407	197	20	leveraged	leveraged	ADJ
fsr-3407	197	21	and	and	CCONJ
fsr-3407	197	22	unleveraged	unleveraged	ADJ
fsr-3407	197	23	portfolios	portfolio	NOUN
fsr-3407	197	24	.	.	PUNCT
fsr-3407	198	1	however	however	ADV
fsr-3407	198	2	,	,	PUNCT
fsr-3407	198	3	the	the	DET
fsr-3407	198	4	5	5	NUM
fsr-3407	198	5	%	%	NOUN
fsr-3407	198	6	reduction	reduction	NOUN
fsr-3407	198	7	in	in	ADP
fsr-3407	198	8	sharpe	sharpe	PROPN
fsr-3407	198	9	ratio	ratio	NOUN
fsr-3407	198	10	because	because	SCONJ
fsr-3407	198	11	of	of	ADP
fsr-3407	198	12	leveraged	leverage	VERB
fsr-3407	198	13	shows	show	NOUN
fsr-3407	198	14	little	little	ADJ
fsr-3407	198	15	,	,	PUNCT
fsr-3407	198	16	if	if	SCONJ
fsr-3407	198	17	any	any	PRON
fsr-3407	198	18	,	,	PUNCT
fsr-3407	198	19	significant	significant	ADJ
fsr-3407	198	20	change	change	NOUN
fsr-3407	198	21	because	because	SCONJ
fsr-3407	198	22	of	of	ADP
fsr-3407	198	23	changing	change	VERB
fsr-3407	198	24	volatility	volatility	NOUN
fsr-3407	198	25	.	.	PUNCT
fsr-3407	199	1	we	we	PRON
fsr-3407	199	2	can	can	AUX
fsr-3407	199	3	conclude	conclude	VERB
fsr-3407	199	4	that	that	SCONJ
fsr-3407	199	5	the	the	DET
fsr-3407	199	6	reduction	reduction	NOUN
fsr-3407	199	7	in	in	ADP
fsr-3407	199	8	sharpe	sharpe	PROPN
fsr-3407	199	9	ratio	ratio	NOUN
fsr-3407	199	10	because	because	SCONJ
fsr-3407	199	11	of	of	ADP
fsr-3407	199	12	using	use	VERB
fsr-3407	199	13	the	the	DET
fsr-3407	199	14	1.25x	1.25x	NUM
fsr-3407	199	15	stock	stock	NOUN
fsr-3407	199	16	and	and	CCONJ
fsr-3407	199	17	bond	bond	NOUN
fsr-3407	199	18	etfs	etfs	NOUN
fsr-3407	199	19	is	be	AUX
fsr-3407	199	20	insensitive	insensitive	ADJ
fsr-3407	199	21	to	to	ADP
fsr-3407	199	22	the	the	DET
fsr-3407	199	23	underlying	underlie	VERB
fsr-3407	199	24	stock	stock	NOUN
fsr-3407	199	25	etf	etf	NOUN
fsr-3407	199	26	volatility	volatility	NOUN
fsr-3407	199	27	,	,	PUNCT
fsr-3407	199	28	when	when	SCONJ
fsr-3407	199	29	returns	return	NOUN
fsr-3407	199	30	are	be	AUX
fsr-3407	199	31	kept	keep	VERB
fsr-3407	199	32	constant	constant	ADJ
fsr-3407	199	33	.	.	PUNCT
fsr-3407	200	1	the	the	DET
fsr-3407	200	2	last	last	ADJ
fsr-3407	200	3	row	row	NOUN
fsr-3407	200	4	in	in	ADP
fsr-3407	200	5	table	table	NOUN
fsr-3407	200	6	6	6	NUM
fsr-3407	200	7	provides	provide	VERB
fsr-3407	200	8	for	for	ADP
fsr-3407	200	9	an	an	DET
fsr-3407	200	10	interesting	interesting	ADJ
fsr-3407	200	11	extension	extension	NOUN
fsr-3407	200	12	to	to	ADP
fsr-3407	200	13	the	the	DET
fsr-3407	200	14	monthly	monthly	ADJ
fsr-3407	200	15	1.25x	1.25x	NUM
fsr-3407	200	16	mutual	mutual	ADJ
fsr-3407	200	17	fund	fund	NOUN
fsr-3407	200	18	dxnlx	dxnlx	PROPN
fsr-3407	200	19	mentioned	mention	VERB
fsr-3407	200	20	previously	previously	ADV
fsr-3407	200	21	.	.	PUNCT
fsr-3407	201	1	using	use	VERB
fsr-3407	201	2	data	datum	NOUN
fsr-3407	201	3	obtained	obtain	VERB
fsr-3407	201	4	from	from	ADP
fsr-3407	201	5	nasdaq	nasdaq	PROPN
fsr-3407	201	6	global	global	ADJ
fsr-3407	201	7	indices,7	indices,7	VERB
fsr-3407	201	8	237	237	NUM
fsr-3407	201	9	monthly	monthly	ADJ
fsr-3407	201	10	returns	return	NOUN
fsr-3407	201	11	were	be	AUX
fsr-3407	201	12	available	available	ADJ
fsr-3407	201	13	from	from	ADP
fsr-3407	201	14	may	may	PROPN
fsr-3407	201	15	31	31	NUM
fsr-3407	201	16	,	,	PUNCT
fsr-3407	201	17	1999	1999	NUM
fsr-3407	201	18	through	through	ADP
fsr-3407	201	19	december	december	PROPN
fsr-3407	201	20	31	31	NUM
fsr-3407	201	21	,	,	PUNCT
fsr-3407	201	22	2018	2018	NUM
fsr-3407	201	23	.	.	PUNCT
fsr-3407	202	1	the	the	DET
fsr-3407	202	2	mean	mean	ADV
fsr-3407	202	3	annualized	annualize	VERB
fsr-3407	202	4	return	return	NOUN
fsr-3407	202	5	over	over	ADP
fsr-3407	202	6	this	this	DET
fsr-3407	202	7	period	period	NOUN
fsr-3407	202	8	was	be	AUX
fsr-3407	202	9	9.3	9.3	NUM
fsr-3407	202	10	%	%	NOUN
fsr-3407	202	11	,	,	PUNCT
fsr-3407	202	12	and	and	CCONJ
fsr-3407	202	13	mean	mean	VERB
fsr-3407	202	14	annualized	annualize	VERB
fsr-3407	202	15	volatility	volatility	NOUN
fsr-3407	202	16	was	be	AUX
fsr-3407	202	17	24.3	24.3	NUM
fsr-3407	202	18	%	%	NOUN
fsr-3407	202	19	.	.	PUNCT
fsr-3407	203	1	thus	thus	ADV
fsr-3407	203	2	,	,	PUNCT
fsr-3407	203	3	the	the	DET
fsr-3407	203	4	sensitivity	sensitivity	NOUN
fsr-3407	203	5	to	to	ADP
fsr-3407	203	6	higher	high	ADJ
fsr-3407	203	7	volatility	volatility	NOUN
fsr-3407	203	8	shown	show	VERB
fsr-3407	203	9	in	in	ADP
fsr-3407	203	10	table	table	NOUN
fsr-3407	203	11	6	6	NUM
fsr-3407	203	12	can	can	AUX
fsr-3407	203	13	be	be	AUX
fsr-3407	203	14	representative	representative	ADJ
fsr-3407	203	15	of	of	ADP
fsr-3407	203	16	a	a	DET
fsr-3407	203	17	daily	daily	ADJ
fsr-3407	203	18	leveraged	leverage	VERB
fsr-3407	203	19	stock	stock	NOUN
fsr-3407	203	20	fund	fund	NOUN
fsr-3407	203	21	that	that	PRON
fsr-3407	203	22	had	have	VERB
fsr-3407	203	23	a	a	DET
fsr-3407	203	24	higher	high	ADJ
fsr-3407	203	25	volatility	volatility	NOUN
fsr-3407	203	26	than	than	ADP
fsr-3407	203	27	the	the	DET
fsr-3407	203	28	s&p	s&p	PROPN
fsr-3407	203	29	500	500	NUM
fsr-3407	203	30	,	,	PUNCT
fsr-3407	203	31	like	like	ADP
fsr-3407	203	32	the	the	DET
fsr-3407	203	33	nasdaq-100	nasdaq-100	NOUN
fsr-3407	203	34	.	.	PUNCT
fsr-3407	204	1	next	next	ADV
fsr-3407	204	2	,	,	PUNCT
fsr-3407	204	3	we	we	PRON
fsr-3407	204	4	investigated	investigate	VERB
fsr-3407	204	5	how	how	SCONJ
fsr-3407	204	6	the	the	DET
fsr-3407	204	7	simulation	simulation	NOUN
fsr-3407	204	8	results	result	NOUN
fsr-3407	204	9	would	would	AUX
fsr-3407	204	10	change	change	VERB
fsr-3407	204	11	in	in	ADP
fsr-3407	204	12	table	table	NOUN
fsr-3407	204	13	5	5	NUM
fsr-3407	204	14	change	change	NOUN
fsr-3407	204	15	if	if	SCONJ
fsr-3407	204	16	,	,	PUNCT
fsr-3407	204	17	instead	instead	ADV
fsr-3407	204	18	of	of	ADP
fsr-3407	204	19	1.25	1.25	NUM
fsr-3407	204	20	daily	daily	ADJ
fsr-3407	204	21	leverage	leverage	NOUN
fsr-3407	204	22	,	,	PUNCT
fsr-3407	204	23	we	we	PRON
fsr-3407	204	24	used	use	VERB
fsr-3407	204	25	1.25	1.25	NUM
fsr-3407	204	26	monthly	monthly	ADJ
fsr-3407	204	27	leverage	leverage	NOUN
fsr-3407	204	28	.	.	PUNCT
fsr-3407	205	1	table	table	NOUN
fsr-3407	205	2	7	7	NUM
fsr-3407	205	3	shows	show	VERB
fsr-3407	205	4	this	this	DET
fsr-3407	205	5	effect	effect	NOUN
fsr-3407	205	6	,	,	PUNCT
fsr-3407	205	7	with	with	SCONJ
fsr-3407	205	8	all	all	DET
fsr-3407	205	9	other	other	ADJ
fsr-3407	205	10	model	model	NOUN
fsr-3407	205	11	parameters	parameter	NOUN
fsr-3407	205	12	set	set	VERB
fsr-3407	205	13	to	to	ADP
fsr-3407	205	14	their	their	PRON
fsr-3407	205	15	baseline	baseline	ADJ
fsr-3407	205	16	values	value	NOUN
fsr-3407	205	17	from	from	ADP
fsr-3407	205	18	tables	table	NOUN
fsr-3407	205	19	2	2	NUM
fsr-3407	205	20	and	and	CCONJ
fsr-3407	205	21	4	4	NUM
fsr-3407	205	22	,	,	PUNCT
fsr-3407	205	23	to	to	PART
fsr-3407	205	24	isolate	isolate	VERB
fsr-3407	205	25	the	the	DET
fsr-3407	205	26	effect	effect	NOUN
fsr-3407	205	27	of	of	ADP
fsr-3407	205	28	monthly	monthly	ADJ
fsr-3407	205	29	versus	versus	ADP
fsr-3407	205	30	daily	daily	ADJ
fsr-3407	205	31	leverage	leverage	NOUN
fsr-3407	205	32	on	on	ADP
fsr-3407	205	33	absolute	absolute	ADJ
fsr-3407	205	34	and	and	CCONJ
fsr-3407	205	35	risk	risk	NOUN
fsr-3407	205	36	-	-	PUNCT
fsr-3407	205	37	adjusted	adjust	VERB
fsr-3407	205	38	returns	return	NOUN
fsr-3407	205	39	.	.	PUNCT
fsr-3407	206	1	the	the	DET
fsr-3407	206	2	results	result	NOUN
fsr-3407	206	3	in	in	ADP
fsr-3407	206	4	table	table	NOUN
fsr-3407	206	5	7	7	NUM
fsr-3407	206	6	suggest	suggest	VERB
fsr-3407	206	7	that	that	SCONJ
fsr-3407	206	8	choosing	choose	VERB
fsr-3407	206	9	a	a	DET
fsr-3407	206	10	fund	fund	NOUN
fsr-3407	206	11	that	that	PRON
fsr-3407	206	12	has	have	VERB
fsr-3407	206	13	monthly	monthly	ADJ
fsr-3407	206	14	versus	versus	ADP
fsr-3407	206	15	daily	daily	ADJ
fsr-3407	206	16	1.25	1.25	NUM
fsr-3407	206	17	leverage	leverage	NOUN
fsr-3407	206	18	changes	change	VERB
fsr-3407	206	19	stock	stock	NOUN
fsr-3407	206	20	and	and	CCONJ
fsr-3407	206	21	bond	bond	NOUN
fsr-3407	206	22	fund	fund	NOUN
fsr-3407	206	23	returns	return	NOUN
fsr-3407	206	24	by	by	ADP
fsr-3407	206	25	a	a	DET
fsr-3407	206	26	negligible	negligible	ADJ
fsr-3407	206	27	amount	amount	NOUN
fsr-3407	206	28	.	.	PUNCT
fsr-3407	207	1	there	there	PRON
fsr-3407	207	2	is	be	VERB
fsr-3407	207	3	also	also	ADV
fsr-3407	207	4	a	a	DET
fsr-3407	207	5	small	small	ADJ
fsr-3407	207	6	,	,	PUNCT
fsr-3407	207	7	yet	yet	CCONJ
fsr-3407	207	8	nearly	nearly	ADV
fsr-3407	207	9	insignificant	insignificant	ADJ
fsr-3407	207	10	change	change	NOUN
fsr-3407	207	11	in	in	ADP
fsr-3407	207	12	sharpe	sharpe	PROPN
fsr-3407	207	13	ratio	ratio	NOUN
fsr-3407	207	14	in	in	ADP
fsr-3407	207	15	the	the	DET
fsr-3407	207	16	third	third	ADJ
fsr-3407	207	17	decimal	decimal	ADJ
fsr-3407	207	18	place	place	NOUN
fsr-3407	207	19	.	.	PUNCT
fsr-3407	208	1	this	this	DET
fsr-3407	208	2	very	very	ADV
fsr-3407	208	3	small	small	ADJ
fsr-3407	208	4	affect	affect	NOUN
fsr-3407	208	5	yields	yield	VERB
fsr-3407	208	6	no	no	DET
fsr-3407	208	7	change	change	NOUN
fsr-3407	208	8	to	to	ADP
fsr-3407	208	9	the	the	DET
fsr-3407	208	10	60/40	60/40	NUM
fsr-3407	208	11	leveraged	leveraged	ADJ
fsr-3407	208	12	portfolios	portfolio	NOUN
fsr-3407	208	13	,	,	PUNCT
fsr-3407	208	14	regardless	regardless	ADV
fsr-3407	208	15	of	of	ADP
fsr-3407	208	16	rebalancing	rebalancing	NOUN
fsr-3407	208	17	period	period	NOUN
fsr-3407	208	18	.	.	PUNCT
fsr-3407	209	1	we	we	PRON
fsr-3407	209	2	can	can	AUX
fsr-3407	209	3	conclude	conclude	VERB
fsr-3407	209	4	from	from	ADP
fsr-3407	209	5	these	these	DET
fsr-3407	209	6	results	result	NOUN
fsr-3407	209	7	that	that	SCONJ
fsr-3407	209	8	an	an	DET
fsr-3407	209	9	investor	investor	NOUN
fsr-3407	209	10	can	can	AUX
fsr-3407	209	11	be	be	AUX
fsr-3407	209	12	indifferent	indifferent	ADJ
fsr-3407	209	13	regarding	regard	VERB
fsr-3407	209	14	choosing	choose	VERB
fsr-3407	209	15	a	a	DET
fsr-3407	209	16	broad	broad	ADV
fsr-3407	209	17	-	-	PUNCT
fsr-3407	209	18	based	base	VERB
fsr-3407	209	19	stock	stock	NOUN
fsr-3407	209	20	or	or	CCONJ
fsr-3407	209	21	bond	bond	NOUN
fsr-3407	209	22	fund	fund	NOUN
fsr-3407	209	23	with	with	ADP
fsr-3407	209	24	monthly	monthly	ADJ
fsr-3407	209	25	versus	versus	ADP
fsr-3407	209	26	daily	daily	ADJ
fsr-3407	209	27	leverage	leverage	NOUN
fsr-3407	209	28	,	,	PUNCT
fsr-3407	209	29	assuming	assume	VERB
fsr-3407	209	30	expenses	expense	NOUN
fsr-3407	209	31	are	be	AUX
fsr-3407	209	32	kept	keep	VERB
fsr-3407	209	33	constant	constant	ADJ
fsr-3407	209	34	.	.	PUNCT
fsr-3407	210	1	3.2	3.2	NUM
fsr-3407	210	2	.	.	PUNCT
fsr-3407	211	1	gbm	gbm	PROPN
fsr-3407	211	2	limitations	limitation	NOUN
fsr-3407	211	3	the	the	DET
fsr-3407	211	4	gbm	gbm	NOUN
fsr-3407	211	5	process	process	NOUN
fsr-3407	211	6	generally	generally	ADV
fsr-3407	211	7	models	model	VERB
fsr-3407	211	8	daily	daily	ADJ
fsr-3407	211	9	returns	return	NOUN
fsr-3407	211	10	of	of	ADP
fsr-3407	211	11	stocks	stock	NOUN
fsr-3407	211	12	and	and	CCONJ
fsr-3407	211	13	bonds	bond	NOUN
fsr-3407	211	14	well	well	ADV
fsr-3407	211	15	.	.	PUNCT
fsr-3407	212	1	however	however	ADV
fsr-3407	212	2	,	,	PUNCT
fsr-3407	212	3	exceptions	exception	NOUN
fsr-3407	212	4	occur	occur	VERB
fsr-3407	212	5	.	.	PUNCT
fsr-3407	213	1	the	the	DET
fsr-3407	213	2	histograms	histogram	NOUN
fsr-3407	213	3	in	in	ADP
fsr-3407	213	4	fig	fig	NOUN
fsr-3407	213	5	.	.	PUNCT
fsr-3407	214	1	6	6	NUM
fsr-3407	214	2	shows	show	VERB
fsr-3407	214	3	daily	daily	ADJ
fsr-3407	214	4	returns	return	NOUN
fsr-3407	214	5	from	from	ADP
fsr-3407	214	6	1989	1989	NUM
fsr-3407	214	7	to	to	ADP
fsr-3407	214	8	2017	2017	NUM
fsr-3407	214	9	for	for	ADP
fsr-3407	214	10	our	our	PRON
fsr-3407	214	11	replicated	replicate	VERB
fsr-3407	214	12	stock	stock	NOUN
fsr-3407	214	13	and	and	CCONJ
fsr-3407	214	14	bond	bond	NOUN
fsr-3407	214	15	etfs	etfs	NOUN
fsr-3407	214	16	.	.	PUNCT
fsr-3407	215	1	in	in	ADP
fsr-3407	215	2	the	the	DET
fsr-3407	215	3	top	top	ADJ
fsr-3407	215	4	pane	pane	NOUN
fsr-3407	215	5	of	of	ADP
fsr-3407	215	6	fig	fig	NOUN
fsr-3407	215	7	.	.	PUNCT
fsr-3407	216	1	6	6	NUM
fsr-3407	216	2	,	,	PUNCT
fsr-3407	216	3	the	the	DET
fsr-3407	216	4	normal	normal	ADJ
fsr-3407	216	5	distribution	distribution	NOUN
fsr-3407	216	6	,	,	PUNCT
fsr-3407	216	7	labeled	label	VERB
fsr-3407	216	8	“	"	PUNCT
fsr-3407	216	9	normal	normal	ADJ
fsr-3407	216	10	,	,	PUNCT
fsr-3407	216	11	�	�	PROPN
fsr-3407	216	12	”	"	PUNCT
fsr-3407	216	13	appears	appear	VERB
fsr-3407	216	14	to	to	PART
fsr-3407	216	15	miss	miss	VERB
fsr-3407	216	16	the	the	DET
fsr-3407	216	17	peak	peak	NOUN
fsr-3407	216	18	of	of	ADP
fsr-3407	216	19	the	the	DET
fsr-3407	216	20	observed	observe	VERB
fsr-3407	216	21	stock	stock	NOUN
fsr-3407	216	22	market	market	NOUN
fsr-3407	216	23	returns	return	NOUN
fsr-3407	216	24	.	.	PUNCT
fsr-3407	217	1	reducing	reduce	VERB
fsr-3407	217	2	�	�	PROPN
fsr-3407	217	3	in	in	ADP
fsr-3407	217	4	the	the	DET
fsr-3407	217	5	normal	normal	ADJ
fsr-3407	217	6	distribution	distribution	NOUN
fsr-3407	217	7	to	to	ADP
fsr-3407	217	8	75	75	NUM
fsr-3407	217	9	%	%	NOUN
fsr-3407	217	10	of	of	ADP
fsr-3407	217	11	its	its	PRON
fsr-3407	217	12	original	original	ADJ
fsr-3407	217	13	value	value	NOUN
fsr-3407	217	14	appears	appear	VERB
fsr-3407	217	15	to	to	PART
fsr-3407	217	16	improve	improve	VERB
fsr-3407	217	17	the	the	DET
fsr-3407	217	18	fit	fit	NOUN
fsr-3407	217	19	for	for	ADP
fsr-3407	217	20	observations	observation	NOUN
fsr-3407	217	21	near	near	ADP
fsr-3407	217	22	the	the	DET
fsr-3407	217	23	center	center	NOUN
fsr-3407	217	24	of	of	ADP
fsr-3407	217	25	the	the	DET
fsr-3407	217	26	distribution	distribution	NOUN
fsr-3407	217	27	,	,	PUNCT
fsr-3407	217	28	but	but	CCONJ
fsr-3407	217	29	aggravates	aggravate	VERB
fsr-3407	217	30	the	the	DET
fsr-3407	217	31	already	already	ADV
fsr-3407	217	32	poor	poor	ADJ
fsr-3407	217	33	fit	fit	NOUN
fsr-3407	217	34	of	of	ADP
fsr-3407	217	35	return	return	NOUN
fsr-3407	217	36	extremes	extreme	NOUN
fsr-3407	217	37	,	,	PUNCT
fsr-3407	217	38	such	such	ADJ
fsr-3407	217	39	as	as	ADP
fsr-3407	217	40	the	the	DET
fsr-3407	217	41	daily	daily	ADJ
fsr-3407	217	42	returns	return	NOUN
fsr-3407	217	43	from	from	ADP
fsr-3407	217	44	october	october	PROPN
fsr-3407	217	45	of	of	ADP
fsr-3407	217	46	2008	2008	NUM
fsr-3407	217	47	.	.	PUNCT
fsr-3407	218	1	the	the	DET
fsr-3407	218	2	normal	normal	ADJ
fsr-3407	218	3	distribution	distribution	NOUN
fsr-3407	218	4	of	of	ADP
fsr-3407	218	5	bond	bond	NOUN
fsr-3407	218	6	returns	return	NOUN
fsr-3407	218	7	exhibits	exhibit	VERB
fsr-3407	218	8	table	table	NOUN
fsr-3407	218	9	7	7	NUM
fsr-3407	218	10	averaged	average	VERB
fsr-3407	218	11	annualized	annualize	VERB
fsr-3407	218	12	returns	return	NOUN
fsr-3407	218	13	and	and	CCONJ
fsr-3407	218	14	sharpe	sharpe	NOUN
fsr-3407	218	15	ratios	ratio	NOUN
fsr-3407	218	16	for	for	ADP
fsr-3407	218	17	10,000	10,000	NUM
fsr-3407	218	18	trial	trial	NOUN
fsr-3407	218	19	gbm	gbm	NOUN
fsr-3407	218	20	simulation	simulation	NOUN
fsr-3407	218	21	(	(	PUNCT
fsr-3407	218	22	monthly	monthly	ADJ
fsr-3407	218	23	vs.	vs.	ADP
fsr-3407	218	24	daily	daily	ADJ
fsr-3407	218	25	leverage	leverage	NOUN
fsr-3407	218	26	)	)	PUNCT
fsr-3407	218	27	10,000	10,000	NUM
fsr-3407	218	28	trial	trial	NOUN
fsr-3407	218	29	gbm	gbm	NOUN
fsr-3407	218	30	mean	mean	VERB
fsr-3407	218	31	annualized	annualize	VERB
fsr-3407	218	32	return	return	NOUN
fsr-3407	218	33	mean	mean	VERB
fsr-3407	218	34	sharpe	sharpe	PROPN
fsr-3407	218	35	ratio	ratio	PROPN
fsr-3407	218	36	leveraged	leverage	VERB
fsr-3407	218	37	(	(	PUNCT
fsr-3407	218	38	monthly	monthly	ADJ
fsr-3407	218	39	)	)	PUNCT
fsr-3407	218	40	leveraged	leveraged	ADJ
fsr-3407	218	41	(	(	PUNCT
fsr-3407	218	42	daily	daily	ADJ
fsr-3407	218	43	)	)	PUNCT
fsr-3407	218	44	leveraged	leverage	VERB
fsr-3407	218	45	(	(	PUNCT
fsr-3407	218	46	monthly	monthly	ADJ
fsr-3407	218	47	)	)	PUNCT
fsr-3407	218	48	leveraged	leveraged	ADJ
fsr-3407	218	49	(	(	PUNCT
fsr-3407	218	50	daily	daily	ADJ
fsr-3407	218	51	)	)	PUNCT
fsr-3407	218	52	100	100	NUM
fsr-3407	218	53	%	%	NOUN
fsr-3407	218	54	stock	stock	NOUN
fsr-3407	218	55	etf	etf	NOUN
fsr-3407	218	56	10.2	10.2	NUM
fsr-3407	218	57	%	%	NOUN
fsr-3407	218	58	10.3	10.3	NUM
fsr-3407	218	59	%	%	NOUN
fsr-3407	218	60	0.113	0.113	NUM
fsr-3407	218	61	0.114	0.114	NUM
fsr-3407	218	62	100	100	NUM
fsr-3407	218	63	%	%	NOUN
fsr-3407	218	64	bond	bond	NOUN
fsr-3407	218	65	etf	etf	NOUN
fsr-3407	218	66	6.3	6.3	NUM
fsr-3407	218	67	%	%	NOUN
fsr-3407	218	68	6.3	6.3	NUM
fsr-3407	218	69	%	%	NOUN
fsr-3407	218	70	0.179	0.179	NUM
fsr-3407	218	71	0.183	0.183	NUM
fsr-3407	218	72	60/40	60/40	NUM
fsr-3407	218	73	stock	stock	NOUN
fsr-3407	218	74	bond	bond	NOUN
fsr-3407	218	75	portfolios	portfolio	NOUN
fsr-3407	218	76	annual	annual	ADJ
fsr-3407	218	77	9.2	9.2	NUM
fsr-3407	218	78	%	%	NOUN
fsr-3407	218	79	9.3	9.3	NUM
fsr-3407	218	80	%	%	NOUN
fsr-3407	218	81	0.138	0.138	NUM
fsr-3407	218	82	0.138	0.138	NUM
fsr-3407	218	83	quarterly	quarterly	ADJ
fsr-3407	218	84	9.3	9.3	NUM
fsr-3407	218	85	%	%	NOUN
fsr-3407	218	86	9.3	9.3	NUM
fsr-3407	218	87	%	%	NOUN
fsr-3407	218	88	0.140	0.140	NUM
fsr-3407	218	89	0.140	0.140	NUM
fsr-3407	218	90	monthly	monthly	ADJ
fsr-3407	218	91	9.2	9.2	NUM
fsr-3407	218	92	%	%	NOUN
fsr-3407	218	93	9.2	9.2	NUM
fsr-3407	218	94	%	%	NOUN
fsr-3407	218	95	0.138	0.138	NUM
fsr-3407	218	96	0.138	0.138	NUM
fsr-3407	218	97	note	note	NOUN
fsr-3407	218	98	:	:	PUNCT
fsr-3407	218	99	etf	etf	PROPN
fsr-3407	218	100	�	�	PROPN
fsr-3407	218	101	exchange	exchange	NOUN
fsr-3407	218	102	-	-	PUNCT
fsr-3407	218	103	traded	trade	VERB
fsr-3407	218	104	funds	fund	NOUN
fsr-3407	218	105	;	;	PUNCT
fsr-3407	218	106	gbm	gbm	PROPN
fsr-3407	218	107	�	�	PROPN
fsr-3407	218	108	geometric	geometric	ADJ
fsr-3407	218	109	brownian	brownian	ADJ
fsr-3407	218	110	motion	motion	NOUN
fsr-3407	218	111	.	.	PUNCT
fsr-3407	219	1	424	424	NUM
fsr-3407	219	2	j.	j.	PROPN
fsr-3407	219	3	dilellio	dilellio	PROPN
fsr-3407	219	4	/	/	SYM
fsr-3407	219	5	financial	financial	ADJ
fsr-3407	219	6	services	service	NOUN
fsr-3407	219	7	review	review	VERB
fsr-3407	219	8	27	27	NUM
fsr-3407	219	9	(	(	PUNCT
fsr-3407	219	10	2018	2018	NUM
fsr-3407	219	11	)	)	PUNCT
fsr-3407	219	12	413	413	NUM
fsr-3407	219	13	-	-	SYM
fsr-3407	219	14	432	432	NUM
fsr-3407	219	15	similar	similar	ADJ
fsr-3407	219	16	,	,	PUNCT
fsr-3407	219	17	but	but	CCONJ
fsr-3407	219	18	less	less	ADV
fsr-3407	219	19	pronounced	pronounced	ADJ
fsr-3407	219	20	differences	difference	NOUN
fsr-3407	219	21	between	between	ADP
fsr-3407	219	22	observed	observe	VERB
fsr-3407	219	23	daily	daily	ADJ
fsr-3407	219	24	returns	return	NOUN
fsr-3407	219	25	and	and	CCONJ
fsr-3407	219	26	the	the	DET
fsr-3407	219	27	theoretical	theoretical	ADJ
fsr-3407	219	28	expectations	expectation	NOUN
fsr-3407	219	29	from	from	ADP
fsr-3407	219	30	a	a	DET
fsr-3407	219	31	normal	normal	ADJ
fsr-3407	219	32	distribution	distribution	NOUN
fsr-3407	219	33	.	.	PUNCT
fsr-3407	220	1	thus	thus	ADV
fsr-3407	220	2	,	,	PUNCT
fsr-3407	220	3	the	the	DET
fsr-3407	220	4	volatility	volatility	NOUN
fsr-3407	220	5	assumption	assumption	NOUN
fsr-3407	220	6	made	make	VERB
fsr-3407	220	7	in	in	ADP
fsr-3407	220	8	a	a	DET
fsr-3407	220	9	gbm	gbm	NOUN
fsr-3407	220	10	simulation	simulation	NOUN
fsr-3407	220	11	may	may	AUX
fsr-3407	220	12	not	not	PART
fsr-3407	220	13	fit	fit	VERB
fsr-3407	220	14	the	the	DET
fsr-3407	220	15	return	return	NOUN
fsr-3407	220	16	distribution	distribution	NOUN
fsr-3407	220	17	well	well	ADV
fsr-3407	220	18	.	.	PUNCT
fsr-3407	221	1	because	because	SCONJ
fsr-3407	221	2	we	we	PRON
fsr-3407	221	3	know	know	VERB
fsr-3407	221	4	that	that	SCONJ
fsr-3407	221	5	excess	excess	ADJ
fsr-3407	221	6	returns	return	NOUN
fsr-3407	221	7	are	be	AUX
fsr-3407	221	8	sensitive	sensitive	ADJ
fsr-3407	221	9	to	to	ADP
fsr-3407	221	10	volatility	volatility	NOUN
fsr-3407	221	11	,	,	PUNCT
fsr-3407	221	12	an	an	DET
fsr-3407	221	13	alternate	alternate	ADJ
fsr-3407	221	14	simulation	simulation	NOUN
fsr-3407	221	15	approach	approach	NOUN
fsr-3407	221	16	termed	term	VERB
fsr-3407	221	17	“	"	PUNCT
fsr-3407	221	18	bootstrapping	bootstrappe	VERB
fsr-3407	221	19	”	"	PUNCT
fsr-3407	221	20	is	be	AUX
fsr-3407	221	21	used	use	VERB
fsr-3407	221	22	to	to	PART
fsr-3407	221	23	evaluate	evaluate	VERB
fsr-3407	221	24	the	the	DET
fsr-3407	221	25	performance	performance	NOUN
fsr-3407	221	26	of	of	ADP
fsr-3407	221	27	leveraged	leveraged	ADJ
fsr-3407	221	28	etfs	etfs	NOUN
fsr-3407	221	29	under	under	ADP
fsr-3407	221	30	actual	actual	ADJ
fsr-3407	221	31	market	market	NOUN
fsr-3407	221	32	conditions	condition	NOUN
fsr-3407	221	33	.	.	PUNCT
fsr-3407	222	1	the	the	DET
fsr-3407	222	2	bootstrapping	bootstrappe	VERB
fsr-3407	222	3	approach	approach	NOUN
fsr-3407	222	4	also	also	ADV
fsr-3407	222	5	benefits	benefit	VERB
fsr-3407	222	6	from	from	ADP
fsr-3407	222	7	imposing	impose	VERB
fsr-3407	222	8	the	the	DET
fsr-3407	222	9	risk	risk	NOUN
fsr-3407	222	10	-	-	PUNCT
fsr-3407	222	11	free	free	ADJ
fsr-3407	222	12	rates	rate	NOUN
fsr-3407	222	13	observed	observe	VERB
fsr-3407	222	14	during	during	ADP
fsr-3407	222	15	particular	particular	ADJ
fsr-3407	222	16	market	market	NOUN
fsr-3407	222	17	periods	period	NOUN
fsr-3407	222	18	,	,	PUNCT
fsr-3407	222	19	as	as	SCONJ
fsr-3407	222	20	opposed	oppose	VERB
fsr-3407	222	21	to	to	ADP
fsr-3407	222	22	modeling	model	VERB
fsr-3407	222	23	the	the	DET
fsr-3407	222	24	evolution	evolution	NOUN
fsr-3407	222	25	of	of	ADP
fsr-3407	222	26	the	the	DET
fsr-3407	222	27	risk	risk	NOUN
fsr-3407	222	28	-	-	PUNCT
fsr-3407	222	29	free	free	ADJ
fsr-3407	222	30	asset	asset	NOUN
fsr-3407	222	31	as	as	ADP
fsr-3407	222	32	a	a	DET
fsr-3407	222	33	gbm	gbm	NOUN
fsr-3407	222	34	process	process	NOUN
fsr-3407	222	35	.	.	PUNCT
fsr-3407	223	1	3.3	3.3	NUM
fsr-3407	223	2	.	.	PUNCT
fsr-3407	224	1	bootstrapping	bootstrappe	VERB
fsr-3407	224	2	using	use	VERB
fsr-3407	224	3	10	10	NUM
fsr-3407	224	4	-	-	PUNCT
fsr-3407	224	5	year	year	NOUN
fsr-3407	224	6	historical	historical	ADJ
fsr-3407	224	7	periods	period	NOUN
fsr-3407	224	8	because	because	SCONJ
fsr-3407	224	9	the	the	DET
fsr-3407	224	10	return	return	NOUN
fsr-3407	224	11	distribution	distribution	NOUN
fsr-3407	224	12	shown	show	VERB
fsr-3407	224	13	above	above	ADP
fsr-3407	224	14	suffers	suffer	NOUN
fsr-3407	224	15	from	from	ADP
fsr-3407	224	16	some	some	DET
fsr-3407	224	17	modeling	modeling	NOUN
fsr-3407	224	18	issues	issue	NOUN
fsr-3407	224	19	,	,	PUNCT
fsr-3407	224	20	we	we	PRON
fsr-3407	224	21	also	also	ADV
fsr-3407	224	22	investigate	investigate	VERB
fsr-3407	224	23	leveraged	leveraged	ADJ
fsr-3407	224	24	etf	etf	NOUN
fsr-3407	224	25	performance	performance	NOUN
fsr-3407	224	26	using	use	VERB
fsr-3407	224	27	a	a	DET
fsr-3407	224	28	bootstrapping	bootstrappe	VERB
fsr-3407	224	29	model	model	NOUN
fsr-3407	224	30	.	.	PUNCT
fsr-3407	225	1	applying	apply	VERB
fsr-3407	225	2	the	the	DET
fsr-3407	225	3	methodfig	methodfig	NOUN
fsr-3407	225	4	.	.	PUNCT
fsr-3407	226	1	6	6	NUM
fsr-3407	226	2	.	.	X
fsr-3407	226	3	daily	daily	ADJ
fsr-3407	226	4	return	return	VERB
fsr-3407	226	5	distribution	distribution	NOUN
fsr-3407	226	6	of	of	ADP
fsr-3407	226	7	stock	stock	NOUN
fsr-3407	226	8	(	(	PUNCT
fsr-3407	226	9	top	top	ADJ
fsr-3407	226	10	pane	pane	NOUN
fsr-3407	226	11	)	)	PUNCT
fsr-3407	226	12	and	and	CCONJ
fsr-3407	226	13	bond	bond	NOUN
fsr-3407	226	14	market	market	NOUN
fsr-3407	226	15	(	(	PUNCT
fsr-3407	226	16	bottom	bottom	ADJ
fsr-3407	226	17	pane	pane	NOUN
fsr-3407	226	18	)	)	PUNCT
fsr-3407	226	19	indices	index	NOUN
fsr-3407	226	20	.	.	PUNCT
fsr-3407	227	1	two	two	NUM
fsr-3407	227	2	normal	normal	ADJ
fsr-3407	227	3	distributions	distribution	NOUN
fsr-3407	227	4	are	be	AUX
fsr-3407	227	5	also	also	ADV
fsr-3407	227	6	shown	show	VERB
fsr-3407	227	7	,	,	PUNCT
fsr-3407	227	8	with	with	ADP
fsr-3407	227	9	volatility	volatility	NOUN
fsr-3407	227	10	estimates	estimate	NOUN
fsr-3407	227	11	using	use	VERB
fsr-3407	227	12	historical	historical	ADJ
fsr-3407	227	13	returns	return	NOUN
fsr-3407	227	14	from	from	ADP
fsr-3407	227	15	1989	1989	NUM
fsr-3407	227	16	to	to	ADP
fsr-3407	227	17	2017	2017	NUM
fsr-3407	227	18	.	.	PUNCT
fsr-3407	228	1	reducing	reduce	VERB
fsr-3407	228	2	the	the	DET
fsr-3407	228	3	volatility	volatility	NOUN
fsr-3407	228	4	appears	appear	VERB
fsr-3407	228	5	to	to	PART
fsr-3407	228	6	provide	provide	VERB
fsr-3407	228	7	a	a	DET
fsr-3407	228	8	slightly	slightly	ADV
fsr-3407	228	9	improved	improve	VERB
fsr-3407	228	10	fit	fit	ADJ
fsr-3407	228	11	near	near	ADP
fsr-3407	228	12	the	the	DET
fsr-3407	228	13	center	center	NOUN
fsr-3407	228	14	of	of	ADP
fsr-3407	228	15	the	the	DET
fsr-3407	228	16	distribution	distribution	NOUN
fsr-3407	228	17	,	,	PUNCT
fsr-3407	228	18	but	but	CCONJ
fsr-3407	228	19	worsens	worsen	VERB
fsr-3407	228	20	the	the	DET
fsr-3407	228	21	fit	fit	NOUN
fsr-3407	228	22	in	in	ADP
fsr-3407	228	23	the	the	DET
fsr-3407	228	24	distribution	distribution	NOUN
fsr-3407	228	25	tails	tail	NOUN
fsr-3407	228	26	.	.	PUNCT
fsr-3407	229	1	425j	425j	NOUN
fsr-3407	229	2	.	.	PUNCT
fsr-3407	230	1	dilellio	dilellio	PROPN
fsr-3407	230	2	/	/	SYM
fsr-3407	230	3	financial	financial	ADJ
fsr-3407	230	4	services	service	NOUN
fsr-3407	230	5	review	review	VERB
fsr-3407	230	6	27	27	NUM
fsr-3407	230	7	(	(	PUNCT
fsr-3407	230	8	2018	2018	NUM
fsr-3407	230	9	)	)	PUNCT
fsr-3407	230	10	413	413	NUM
fsr-3407	230	11	-	-	SYM
fsr-3407	230	12	432	432	NUM
fsr-3407	230	13	ology	ology	NOUN
fsr-3407	230	14	proposed	propose	VERB
fsr-3407	230	15	in	in	ADP
fsr-3407	230	16	dilellio	dilellio	PROPN
fsr-3407	230	17	et	et	PROPN
fsr-3407	230	18	al	al	PROPN
fsr-3407	230	19	.	.	PROPN
fsr-3407	231	1	(	(	PUNCT
fsr-3407	231	2	2014	2014	NUM
fsr-3407	231	3	)	)	PUNCT
fsr-3407	231	4	,	,	PUNCT
fsr-3407	231	5	we	we	PRON
fsr-3407	231	6	generate	generate	VERB
fsr-3407	231	7	returns	return	NOUN
fsr-3407	231	8	by	by	ADP
fsr-3407	231	9	randomly	randomly	ADV
fsr-3407	231	10	sampling	sample	VERB
fsr-3407	231	11	empirical	empirical	ADJ
fsr-3407	231	12	return	return	NOUN
fsr-3407	231	13	histories	history	NOUN
fsr-3407	231	14	observed	observe	VERB
fsr-3407	231	15	from	from	ADP
fsr-3407	231	16	market	market	NOUN
fsr-3407	231	17	data	datum	NOUN
fsr-3407	231	18	.	.	PUNCT
fsr-3407	232	1	by	by	ADP
fsr-3407	232	2	using	use	VERB
fsr-3407	232	3	this	this	DET
fsr-3407	232	4	alternative	alternative	ADJ
fsr-3407	232	5	simulation	simulation	NOUN
fsr-3407	232	6	approach	approach	NOUN
fsr-3407	232	7	,	,	PUNCT
fsr-3407	232	8	the	the	DET
fsr-3407	232	9	“	"	PUNCT
fsr-3407	232	10	fat	fat	ADJ
fsr-3407	232	11	tails	tail	NOUN
fsr-3407	232	12	”	"	PUNCT
fsr-3407	232	13	that	that	PRON
fsr-3407	232	14	occurred	occur	VERB
fsr-3407	232	15	over	over	ADP
fsr-3407	232	16	the	the	DET
fsr-3407	232	17	empirical	empirical	ADJ
fsr-3407	232	18	return	return	NOUN
fsr-3407	232	19	histories	history	NOUN
fsr-3407	232	20	can	can	AUX
fsr-3407	232	21	be	be	AUX
fsr-3407	232	22	properly	properly	ADV
fsr-3407	232	23	included	include	VERB
fsr-3407	232	24	in	in	ADP
fsr-3407	232	25	a	a	DET
fsr-3407	232	26	portfolio	portfolio	NOUN
fsr-3407	232	27	performance	performance	NOUN
fsr-3407	232	28	evaluation	evaluation	NOUN
fsr-3407	232	29	,	,	PUNCT
fsr-3407	232	30	as	as	ADV
fsr-3407	232	31	well	well	ADV
fsr-3407	232	32	as	as	ADP
fsr-3407	232	33	the	the	DET
fsr-3407	232	34	higher	high	ADJ
fsr-3407	232	35	peaks	peak	NOUN
fsr-3407	232	36	near	near	ADP
fsr-3407	232	37	the	the	DET
fsr-3407	232	38	center	center	NOUN
fsr-3407	232	39	of	of	ADP
fsr-3407	232	40	the	the	DET
fsr-3407	232	41	distribution	distribution	NOUN
fsr-3407	232	42	of	of	ADP
fsr-3407	232	43	stock	stock	NOUN
fsr-3407	232	44	and	and	CCONJ
fsr-3407	232	45	bond	bond	NOUN
fsr-3407	232	46	returns	return	NOUN
fsr-3407	232	47	.	.	PUNCT
fsr-3407	233	1	the	the	DET
fsr-3407	233	2	following	follow	VERB
fsr-3407	233	3	steps	step	NOUN
fsr-3407	233	4	are	be	AUX
fsr-3407	233	5	adapted	adapt	VERB
fsr-3407	233	6	from	from	ADP
fsr-3407	233	7	the	the	DET
fsr-3407	233	8	methodology	methodology	NOUN
fsr-3407	233	9	found	find	VERB
fsr-3407	233	10	in	in	ADP
fsr-3407	233	11	the	the	DET
fsr-3407	233	12	appendix	appendix	NOUN
fsr-3407	233	13	of	of	ADP
fsr-3407	233	14	dilellio	dilellio	PROPN
fsr-3407	233	15	et	et	PROPN
fsr-3407	233	16	al	al	PROPN
fsr-3407	233	17	.	.	PROPN
fsr-3407	234	1	(	(	PUNCT
fsr-3407	234	2	2014	2014	NUM
fsr-3407	234	3	)	)	PUNCT
fsr-3407	234	4	.	.	PUNCT
fsr-3407	235	1	a	a	DET
fsr-3407	235	2	key	key	ADJ
fsr-3407	235	3	input	input	NOUN
fsr-3407	235	4	to	to	ADP
fsr-3407	235	5	any	any	DET
fsr-3407	235	6	bootstrapping	bootstrappe	VERB
fsr-3407	235	7	simulation	simulation	NOUN
fsr-3407	235	8	is	be	AUX
fsr-3407	235	9	the	the	DET
fsr-3407	235	10	time	time	NOUN
fsr-3407	235	11	period	period	NOUN
fsr-3407	235	12	selected	select	VERB
fsr-3407	235	13	.	.	PUNCT
fsr-3407	236	1	to	to	PART
fsr-3407	236	2	select	select	VERB
fsr-3407	236	3	two	two	NUM
fsr-3407	236	4	meaningful	meaningful	ADJ
fsr-3407	236	5	periods	period	NOUN
fsr-3407	236	6	representing	represent	VERB
fsr-3407	236	7	extremes	extreme	NOUN
fsr-3407	236	8	in	in	ADP
fsr-3407	236	9	stock	stock	NOUN
fsr-3407	236	10	market	market	NOUN
fsr-3407	236	11	returns	return	NOUN
fsr-3407	236	12	and	and	CCONJ
fsr-3407	236	13	volatility	volatility	NOUN
fsr-3407	236	14	,	,	PUNCT
fsr-3407	236	15	we	we	PRON
fsr-3407	236	16	obtained	obtain	VERB
fsr-3407	236	17	51	51	NUM
fsr-3407	236	18	years	year	NOUN
fsr-3407	236	19	of	of	ADP
fsr-3407	236	20	daily	daily	ADJ
fsr-3407	236	21	returns	return	NOUN
fsr-3407	236	22	for	for	ADP
fsr-3407	236	23	the	the	DET
fsr-3407	236	24	s&p	s&p	PROPN
fsr-3407	236	25	500	500	NUM
fsr-3407	236	26	total	total	NOUN
fsr-3407	236	27	return	return	NOUN
fsr-3407	236	28	index	index	NOUN
fsr-3407	236	29	from	from	ADP
fsr-3407	236	30	the	the	DET
fsr-3407	236	31	center	center	NOUN
fsr-3407	236	32	for	for	ADP
fsr-3407	236	33	research	research	NOUN
fsr-3407	236	34	in	in	ADP
fsr-3407	236	35	security	security	NOUN
fsr-3407	236	36	prices	price	NOUN
fsr-3407	236	37	(	(	PUNCT
fsr-3407	236	38	crsp	crsp	NOUN
fsr-3407	236	39	)	)	PUNCT
fsr-3407	236	40	.	.	PUNCT
fsr-3407	237	1	next	next	ADV
fsr-3407	237	2	,	,	PUNCT
fsr-3407	237	3	we	we	PRON
fsr-3407	237	4	determined	determine	VERB
fsr-3407	237	5	10	10	NUM
fsr-3407	237	6	-	-	PUNCT
fsr-3407	237	7	year	year	NOUN
fsr-3407	237	8	simple	simple	ADJ
fsr-3407	237	9	moving	move	VERB
fsr-3407	237	10	average	average	ADJ
fsr-3407	237	11	annual	annual	ADJ
fsr-3407	237	12	returns	return	NOUN
fsr-3407	237	13	and	and	CCONJ
fsr-3407	237	14	volatilities	volatility	NOUN
fsr-3407	237	15	,	,	PUNCT
fsr-3407	237	16	and	and	CCONJ
fsr-3407	237	17	divided	divide	VERB
fsr-3407	237	18	them	they	PRON
fsr-3407	237	19	by	by	ADP
fsr-3407	237	20	their	their	PRON
fsr-3407	237	21	corresponding	correspond	VERB
fsr-3407	237	22	51	51	NUM
fsr-3407	237	23	year	year	NOUN
fsr-3407	237	24	averages	average	NOUN
fsr-3407	237	25	of	of	ADP
fsr-3407	237	26	11.1	11.1	NUM
fsr-3407	237	27	%	%	NOUN
fsr-3407	237	28	for	for	ADP
fsr-3407	237	29	annual	annual	ADJ
fsr-3407	237	30	returns	return	NOUN
fsr-3407	237	31	and	and	CCONJ
fsr-3407	237	32	15.1	15.1	NUM
fsr-3407	237	33	%	%	NOUN
fsr-3407	237	34	for	for	ADP
fsr-3407	237	35	annual	annual	ADJ
fsr-3407	237	36	volatility	volatility	NOUN
fsr-3407	237	37	,	,	PUNCT
fsr-3407	237	38	respectively	respectively	ADV
fsr-3407	237	39	.	.	PUNCT
fsr-3407	238	1	thus	thus	ADV
fsr-3407	238	2	,	,	PUNCT
fsr-3407	238	3	values	value	NOUN
fsr-3407	238	4	above	above	ADP
fsr-3407	238	5	one	one	NUM
fsr-3407	238	6	represent	represent	VERB
fsr-3407	238	7	above	above	ADP
fsr-3407	238	8	average	average	ADJ
fsr-3407	238	9	returns	return	NOUN
fsr-3407	238	10	/	/	SYM
fsr-3407	238	11	volatilities	volatility	NOUN
fsr-3407	238	12	,	,	PUNCT
fsr-3407	238	13	and	and	CCONJ
fsr-3407	238	14	values	value	NOUN
fsr-3407	238	15	less	less	ADJ
fsr-3407	238	16	than	than	ADP
fsr-3407	238	17	one	one	NUM
fsr-3407	238	18	represent	represent	VERB
fsr-3407	238	19	below	below	ADP
fsr-3407	238	20	average	average	ADJ
fsr-3407	238	21	returns	return	NOUN
fsr-3407	238	22	/	/	SYM
fsr-3407	238	23	volatilities	volatility	NOUN
fsr-3407	238	24	.	.	PUNCT
fsr-3407	239	1	the	the	DET
fsr-3407	239	2	results	result	NOUN
fsr-3407	239	3	appear	appear	VERB
fsr-3407	239	4	in	in	ADP
fsr-3407	239	5	fig	fig	NOUN
fsr-3407	239	6	.	.	PUNCT
fsr-3407	240	1	7	7	NUM
fsr-3407	240	2	,	,	PUNCT
fsr-3407	240	3	where	where	SCONJ
fsr-3407	240	4	the	the	DET
fsr-3407	240	5	call	call	NOUN
fsr-3407	240	6	outs	out	NOUN
fsr-3407	240	7	designate	designate	VERB
fsr-3407	240	8	the	the	DET
fsr-3407	240	9	final	final	ADJ
fsr-3407	240	10	year	year	NOUN
fsr-3407	240	11	in	in	ADP
fsr-3407	240	12	each	each	DET
fsr-3407	240	13	10	10	NUM
fsr-3407	240	14	-	-	PUNCT
fsr-3407	240	15	year	year	NOUN
fsr-3407	240	16	moving	move	VERB
fsr-3407	240	17	average	average	NOUN
fsr-3407	240	18	.	.	PUNCT
fsr-3407	241	1	to	to	PART
fsr-3407	241	2	select	select	VERB
fsr-3407	241	3	two	two	NUM
fsr-3407	241	4	extremes	extreme	NOUN
fsr-3407	241	5	,	,	PUNCT
fsr-3407	241	6	we	we	PRON
fsr-3407	241	7	selected	select	VERB
fsr-3407	241	8	the	the	DET
fsr-3407	241	9	10	10	NUM
fsr-3407	241	10	years	year	NOUN
fsr-3407	241	11	ending	end	VERB
fsr-3407	241	12	in	in	ADP
fsr-3407	241	13	2000	2000	NUM
fsr-3407	241	14	and	and	CCONJ
fsr-3407	241	15	2010	2010	NUM
fsr-3407	241	16	.	.	PUNCT
fsr-3407	242	1	the	the	DET
fsr-3407	242	2	first	first	ADJ
fsr-3407	242	3	period	period	NOUN
fsr-3407	242	4	is	be	AUX
fsr-3407	242	5	from	from	ADP
fsr-3407	242	6	1991	1991	NUM
fsr-3407	242	7	to	to	ADP
fsr-3407	242	8	2000	2000	NUM
fsr-3407	242	9	,	,	PUNCT
fsr-3407	242	10	when	when	SCONJ
fsr-3407	242	11	above	above	ADP
fsr-3407	242	12	average	average	ADJ
fsr-3407	242	13	returns	return	NOUN
fsr-3407	242	14	and	and	CCONJ
fsr-3407	242	15	below	below	ADP
fsr-3407	242	16	average	average	ADJ
fsr-3407	242	17	volatility	volatility	NOUN
fsr-3407	242	18	of	of	ADP
fsr-3407	242	19	stocks	stock	NOUN
fsr-3407	242	20	occurred	occur	VERB
fsr-3407	242	21	.	.	PUNCT
fsr-3407	243	1	this	this	DET
fsr-3407	243	2	first	first	ADJ
fsr-3407	243	3	period	period	NOUN
fsr-3407	243	4	corresponds	correspond	VERB
fsr-3407	243	5	to	to	ADP
fsr-3407	243	6	the	the	DET
fsr-3407	243	7	equity	equity	NOUN
fsr-3407	243	8	bull	bull	NOUN
fsr-3407	243	9	market	market	NOUN
fsr-3407	243	10	often	often	ADV
fsr-3407	243	11	associated	associate	VERB
fsr-3407	243	12	with	with	ADP
fsr-3407	243	13	the	the	DET
fsr-3407	243	14	tech	tech	NOUN
fsr-3407	243	15	bubble	bubble	NOUN
fsr-3407	243	16	.	.	PUNCT
fsr-3407	244	1	the	the	DET
fsr-3407	244	2	second	second	ADJ
fsr-3407	244	3	period	period	NOUN
fsr-3407	244	4	is	be	AUX
fsr-3407	244	5	from	from	ADP
fsr-3407	244	6	2001	2001	NUM
fsr-3407	244	7	to	to	ADP
fsr-3407	244	8	2010	2010	NUM
fsr-3407	244	9	,	,	PUNCT
fsr-3407	244	10	when	when	SCONJ
fsr-3407	244	11	below	below	ADP
fsr-3407	244	12	average	average	ADJ
fsr-3407	244	13	stock	stock	NOUN
fsr-3407	244	14	returns	return	NOUN
fsr-3407	244	15	occurred	occur	VERB
fsr-3407	244	16	with	with	ADP
fsr-3407	244	17	higher	high	ADJ
fsr-3407	244	18	than	than	ADP
fsr-3407	244	19	average	average	ADJ
fsr-3407	244	20	volatility	volatility	NOUN
fsr-3407	244	21	.	.	PUNCT
fsr-3407	245	1	this	this	DET
fsr-3407	245	2	second	second	ADJ
fsr-3407	245	3	period	period	NOUN
fsr-3407	245	4	includes	include	VERB
fsr-3407	245	5	the	the	DET
fsr-3407	245	6	tech	tech	NOUN
fsr-3407	245	7	bubble	bubble	NOUN
fsr-3407	245	8	correction	correction	NOUN
fsr-3407	245	9	as	as	ADV
fsr-3407	245	10	well	well	ADV
fsr-3407	245	11	as	as	ADP
fsr-3407	245	12	the	the	DET
fsr-3407	245	13	financial	financial	ADJ
fsr-3407	245	14	crisis	crisis	NOUN
fsr-3407	245	15	of	of	ADP
fsr-3407	245	16	2008	2008	NUM
fsr-3407	245	17	.	.	PUNCT
fsr-3407	246	1	these	these	DET
fsr-3407	246	2	periods	period	NOUN
fsr-3407	246	3	also	also	ADV
fsr-3407	246	4	benefit	benefit	VERB
fsr-3407	246	5	from	from	ADP
fsr-3407	246	6	being	be	AUX
fsr-3407	246	7	non	non	ADJ
fsr-3407	246	8	-	-	ADJ
fsr-3407	246	9	overlapping	overlapping	ADJ
fsr-3407	246	10	,	,	PUNCT
fsr-3407	246	11	so	so	ADV
fsr-3407	246	12	using	use	VERB
fsr-3407	246	13	them	they	PRON
fsr-3407	246	14	eliminates	eliminate	VERB
fsr-3407	246	15	the	the	DET
fsr-3407	246	16	possibility	possibility	NOUN
fsr-3407	246	17	of	of	ADP
fsr-3407	246	18	temporal	temporal	ADJ
fsr-3407	246	19	correlation	correlation	NOUN
fsr-3407	246	20	.	.	PUNCT
fsr-3407	247	1	it	it	PRON
fsr-3407	247	2	should	should	AUX
fsr-3407	247	3	be	be	AUX
fsr-3407	247	4	noted	note	VERB
fsr-3407	247	5	that	that	SCONJ
fsr-3407	247	6	there	there	PRON
fsr-3407	247	7	are	be	VERB
fsr-3407	247	8	some	some	DET
fsr-3407	247	9	other	other	ADJ
fsr-3407	247	10	interesting	interesting	ADJ
fsr-3407	247	11	10	10	NUM
fsr-3407	247	12	-	-	PUNCT
fsr-3407	247	13	year	year	NOUN
fsr-3407	247	14	periods	period	NOUN
fsr-3407	247	15	that	that	PRON
fsr-3407	247	16	may	may	AUX
fsr-3407	247	17	be	be	AUX
fsr-3407	247	18	worth	worth	ADJ
fsr-3407	247	19	investigating	investigate	VERB
fsr-3407	247	20	.	.	PUNCT
fsr-3407	248	1	for	for	ADP
fsr-3407	248	2	example	example	NOUN
fsr-3407	248	3	,	,	PUNCT
fsr-3407	248	4	the	the	DET
fsr-3407	248	5	10	10	NUM
fsr-3407	248	6	years	year	NOUN
fsr-3407	248	7	ending	end	VERB
fsr-3407	248	8	in	in	ADP
fsr-3407	248	9	1990	1990	NUM
fsr-3407	248	10	and	and	CCONJ
fsr-3407	248	11	1979	1979	NUM
fsr-3407	248	12	.	.	PUNCT
fsr-3407	249	1	unfortunately	unfortunately	ADV
fsr-3407	249	2	,	,	PUNCT
fsr-3407	249	3	our	our	PRON
fsr-3407	249	4	bloomberg	bloomberg	PROPN
fsr-3407	249	5	data	datum	NOUN
fsr-3407	249	6	set	set	VERB
fsr-3407	249	7	for	for	ADP
fsr-3407	249	8	daily	daily	ADJ
fsr-3407	249	9	stock	stock	NOUN
fsr-3407	249	10	and	and	CCONJ
fsr-3407	249	11	bond	bond	NOUN
fsr-3407	249	12	indices	index	NOUN
fsr-3407	249	13	does	do	AUX
fsr-3407	249	14	not	not	PART
fsr-3407	249	15	extend	extend	VERB
fsr-3407	249	16	this	this	PRON
fsr-3407	249	17	far	far	ADV
fsr-3407	249	18	back	back	ADV
fsr-3407	249	19	,	,	PUNCT
fsr-3407	249	20	as	as	SCONJ
fsr-3407	249	21	noted	note	VERB
fsr-3407	249	22	previously	previously	ADV
fsr-3407	249	23	.	.	PUNCT
fsr-3407	250	1	also	also	ADV
fsr-3407	250	2	,	,	PUNCT
fsr-3407	250	3	the	the	DET
fsr-3407	250	4	1	1	NUM
fsr-3407	250	5	-	-	PUNCT
fsr-3407	250	6	month	month	NOUN
fsr-3407	250	7	libor	libor	PROPN
fsr-3407	250	8	rates	rate	NOUN
fsr-3407	250	9	were	be	AUX
fsr-3407	250	10	not	not	PART
fsr-3407	250	11	available	available	ADJ
fsr-3407	250	12	on	on	ADP
fsr-3407	250	13	a	a	DET
fsr-3407	250	14	daily	daily	ADJ
fsr-3407	250	15	basis	basis	NOUN
fsr-3407	250	16	before	before	ADP
fsr-3407	250	17	the	the	DET
fsr-3407	250	18	mid-1980s	mid-1980	NOUN
fsr-3407	250	19	.	.	PUNCT
fsr-3407	251	1	tables	table	NOUN
fsr-3407	251	2	8	8	NUM
fsr-3407	251	3	and	and	CCONJ
fsr-3407	251	4	9	9	NUM
fsr-3407	251	5	below	below	ADP
fsr-3407	251	6	highlight	highlight	NOUN
fsr-3407	251	7	how	how	SCONJ
fsr-3407	251	8	bootstrapping	bootstrappe	VERB
fsr-3407	251	9	from	from	ADP
fsr-3407	251	10	these	these	DET
fsr-3407	251	11	unique	unique	ADJ
fsr-3407	251	12	10	10	NUM
fsr-3407	251	13	-	-	PUNCT
fsr-3407	251	14	year	year	NOUN
fsr-3407	251	15	periods	period	NOUN
fsr-3407	251	16	affect	affect	VERB
fsr-3407	251	17	excess	excess	ADJ
fsr-3407	251	18	returns	return	NOUN
fsr-3407	251	19	.	.	PUNCT
fsr-3407	252	1	in	in	ADP
fsr-3407	252	2	table	table	NOUN
fsr-3407	252	3	8	8	NUM
fsr-3407	252	4	,	,	PUNCT
fsr-3407	252	5	the	the	DET
fsr-3407	252	6	period	period	NOUN
fsr-3407	252	7	of	of	ADP
fsr-3407	252	8	1991–2000	1991–2000	NUM
fsr-3407	252	9	produced	produce	VERB
fsr-3407	252	10	excess	excess	ADJ
fsr-3407	252	11	returns	return	NOUN
fsr-3407	252	12	from	from	ADP
fsr-3407	252	13	the	the	DET
fsr-3407	252	14	leveraged	leverage	VERB
fsr-3407	252	15	stock(bond	stock(bond	PROPN
fsr-3407	252	16	)	)	PUNCT
fsr-3407	252	17	etf	etf	NOUN
fsr-3407	252	18	of	of	ADP
fsr-3407	252	19	2.5	2.5	NUM
fsr-3407	252	20	%	%	NOUN
fsr-3407	252	21	(	(	PUNCT
fsr-3407	252	22	0.3	0.3	NUM
fsr-3407	252	23	%	%	NOUN
fsr-3407	252	24	)	)	PUNCT
fsr-3407	252	25	.	.	PUNCT
fsr-3407	253	1	these	these	DET
fsr-3407	253	2	returns	return	NOUN
fsr-3407	253	3	then	then	ADV
fsr-3407	253	4	translate	translate	VERB
fsr-3407	253	5	to	to	ADP
fsr-3407	253	6	excess	excess	ADJ
fsr-3407	253	7	returns	return	NOUN
fsr-3407	253	8	for	for	ADP
fsr-3407	253	9	a	a	DET
fsr-3407	253	10	60/40	60/40	NUM
fsr-3407	253	11	stock	stock	NOUN
fsr-3407	253	12	bond	bond	NOUN
fsr-3407	253	13	portfolio	portfolio	NOUN
fsr-3407	253	14	,	,	PUNCT
fsr-3407	253	15	with	with	ADP
fsr-3407	253	16	a	a	DET
fsr-3407	253	17	value	value	NOUN
fsr-3407	253	18	of	of	ADP
fsr-3407	253	19	approximately	approximately	ADV
fsr-3407	253	20	1.7	1.7	NUM
fsr-3407	253	21	%	%	NOUN
fsr-3407	253	22	annually	annually	ADV
fsr-3407	253	23	when	when	SCONJ
fsr-3407	253	24	rebalanced	rebalance	VERB
fsr-3407	253	25	annually	annually	ADV
fsr-3407	253	26	,	,	PUNCT
fsr-3407	253	27	quarterly	quarterly	ADJ
fsr-3407	253	28	,	,	PUNCT
fsr-3407	253	29	or	or	CCONJ
fsr-3407	253	30	monthly	monthly	ADV
fsr-3407	253	31	.	.	PUNCT
fsr-3407	254	1	thus	thus	ADV
fsr-3407	254	2	,	,	PUNCT
fsr-3407	254	3	given	give	VERB
fsr-3407	254	4	the	the	DET
fsr-3407	254	5	small	small	ADJ
fsr-3407	254	6	spreads	spread	NOUN
fsr-3407	254	7	and	and	CCONJ
fsr-3407	254	8	low	low	ADJ
fsr-3407	254	9	turnover	turnover	NOUN
fsr-3407	254	10	of	of	ADP
fsr-3407	254	11	the	the	DET
fsr-3407	254	12	1.25x	1.25x	NUM
fsr-3407	254	13	step	step	NOUN
fsr-3407	254	14	simulation	simulation	NOUN
fsr-3407	254	15	process	process	NOUN
fsr-3407	254	16	1	1	NUM
fsr-3407	254	17	assign	assign	VERB
fsr-3407	254	18	a	a	DET
fsr-3407	254	19	numerical	numerical	ADJ
fsr-3407	254	20	index	index	NOUN
fsr-3407	254	21	of	of	ADP
fsr-3407	254	22	1	1	NUM
fsr-3407	254	23	to	to	ADP
fsr-3407	254	24	n	n	PROPN
fsr-3407	254	25	for	for	ADP
fsr-3407	254	26	each	each	PRON
fsr-3407	254	27	of	of	ADP
fsr-3407	254	28	the	the	DET
fsr-3407	254	29	daily	daily	ADJ
fsr-3407	254	30	returns	return	NOUN
fsr-3407	254	31	observed	observe	VERB
fsr-3407	254	32	in	in	ADP
fsr-3407	254	33	a	a	DET
fsr-3407	254	34	historical	historical	ADJ
fsr-3407	254	35	10	10	NUM
fsr-3407	254	36	-	-	PUNCT
fsr-3407	254	37	year	year	NOUN
fsr-3407	254	38	period	period	NOUN
fsr-3407	254	39	.	.	PUNCT
fsr-3407	255	1	assuming	assume	VERB
fsr-3407	255	2	252	252	NUM
fsr-3407	255	3	trading	trading	NOUN
fsr-3407	255	4	days	day	NOUN
fsr-3407	255	5	in	in	ADP
fsr-3407	255	6	a	a	DET
fsr-3407	255	7	year	year	NOUN
fsr-3407	255	8	yields	yield	NOUN
fsr-3407	255	9	n	n	PRON
fsr-3407	255	10	�	�	PROPN
fsr-3407	255	11	2,520	2,520	NUM
fsr-3407	255	12	.	.	NOUN
fsr-3407	255	13	2	2	NUM
fsr-3407	255	14	for	for	ADP
fsr-3407	255	15	each	each	DET
fsr-3407	255	16	day	day	NOUN
fsr-3407	255	17	,	,	PUNCT
fsr-3407	255	18	determine	determine	VERB
fsr-3407	255	19	the	the	DET
fsr-3407	255	20	cumulative	cumulative	ADJ
fsr-3407	255	21	return	return	NOUN
fsr-3407	255	22	up	up	ADP
fsr-3407	255	23	to	to	ADP
fsr-3407	255	24	and	and	CCONJ
fsr-3407	255	25	including	include	VERB
fsr-3407	255	26	the	the	DET
fsr-3407	255	27	previous	previous	ADJ
fsr-3407	255	28	21	21	NUM
fsr-3407	255	29	days	day	NOUN
fsr-3407	255	30	,	,	PUNCT
fsr-3407	255	31	so	so	SCONJ
fsr-3407	255	32	that	that	SCONJ
fsr-3407	255	33	the	the	DET
fsr-3407	255	34	accumulated	accumulate	VERB
fsr-3407	255	35	returns	return	NOUN
fsr-3407	255	36	from	from	ADP
fsr-3407	255	37	these	these	DET
fsr-3407	255	38	days	day	NOUN
fsr-3407	255	39	are	be	AUX
fsr-3407	255	40	representative	representative	ADJ
fsr-3407	255	41	of	of	ADP
fsr-3407	255	42	the	the	DET
fsr-3407	255	43	distribution	distribution	NOUN
fsr-3407	255	44	of	of	ADP
fsr-3407	255	45	monthly	monthly	ADJ
fsr-3407	255	46	returns	return	NOUN
fsr-3407	255	47	.	.	PUNCT
fsr-3407	256	1	3	3	NUM
fsr-3407	256	2	generate	generate	VERB
fsr-3407	256	3	120	120	NUM
fsr-3407	256	4	random	random	ADJ
fsr-3407	256	5	numbers	number	NOUN
fsr-3407	256	6	ranging	range	VERB
fsr-3407	256	7	from	from	ADP
fsr-3407	256	8	1	1	NUM
fsr-3407	256	9	to	to	PART
fsr-3407	256	10	n.	n.	VERB
fsr-3407	256	11	4	4	NUM
fsr-3407	256	12	select	select	ADJ
fsr-3407	256	13	returns	return	NOUN
fsr-3407	256	14	from	from	ADP
fsr-3407	256	15	the	the	DET
fsr-3407	256	16	distribution	distribution	NOUN
fsr-3407	256	17	of	of	ADP
fsr-3407	256	18	representative	representative	ADJ
fsr-3407	256	19	monthly	monthly	ADJ
fsr-3407	256	20	returns	return	NOUN
fsr-3407	256	21	determined	determine	VERB
fsr-3407	256	22	in	in	ADP
fsr-3407	256	23	step	step	NOUN
fsr-3407	256	24	2	2	NUM
fsr-3407	256	25	using	use	VERB
fsr-3407	256	26	the	the	DET
fsr-3407	256	27	random	random	ADJ
fsr-3407	256	28	numbers	number	NOUN
fsr-3407	256	29	found	find	VERB
fsr-3407	256	30	in	in	ADP
fsr-3407	256	31	step	step	NOUN
fsr-3407	256	32	3	3	NUM
fsr-3407	256	33	,	,	PUNCT
fsr-3407	256	34	and	and	CCONJ
fsr-3407	256	35	generate	generate	VERB
fsr-3407	256	36	10	10	NUM
fsr-3407	256	37	years	year	NOUN
fsr-3407	256	38	of	of	ADP
fsr-3407	256	39	monthly	monthly	ADJ
fsr-3407	256	40	returns	return	NOUN
fsr-3407	256	41	.	.	PUNCT
fsr-3407	257	1	use	use	VERB
fsr-3407	257	2	the	the	DET
fsr-3407	257	3	same	same	ADJ
fsr-3407	257	4	set	set	NOUN
fsr-3407	257	5	of	of	ADP
fsr-3407	257	6	random	random	ADJ
fsr-3407	257	7	numbers	number	NOUN
fsr-3407	257	8	for	for	ADP
fsr-3407	257	9	each	each	DET
fsr-3407	257	10	trial	trial	NOUN
fsr-3407	257	11	to	to	PART
fsr-3407	257	12	select	select	VERB
fsr-3407	257	13	monthly	monthly	ADJ
fsr-3407	257	14	returns	return	NOUN
fsr-3407	257	15	from	from	ADP
fsr-3407	257	16	each	each	PRON
fsr-3407	257	17	of	of	ADP
fsr-3407	257	18	investment	investment	NOUN
fsr-3407	257	19	category	category	NOUN
fsr-3407	257	20	(	(	PUNCT
fsr-3407	257	21	stock	stock	NOUN
fsr-3407	257	22	,	,	PUNCT
fsr-3407	257	23	bonds	bond	NOUN
fsr-3407	257	24	,	,	PUNCT
fsr-3407	257	25	and	and	CCONJ
fsr-3407	257	26	risk	risk	NOUN
fsr-3407	257	27	-	-	PUNCT
fsr-3407	257	28	free	free	ADJ
fsr-3407	257	29	asset	asset	NOUN
fsr-3407	257	30	)	)	PUNCT
fsr-3407	257	31	,	,	PUNCT
fsr-3407	257	32	ensuring	ensure	VERB
fsr-3407	257	33	that	that	SCONJ
fsr-3407	257	34	the	the	DET
fsr-3407	257	35	historical	historical	ADJ
fsr-3407	257	36	correlation	correlation	NOUN
fsr-3407	257	37	among	among	ADP
fsr-3407	257	38	assets	asset	NOUN
fsr-3407	257	39	is	be	AUX
fsr-3407	257	40	preserved	preserve	VERB
fsr-3407	257	41	.	.	PUNCT
fsr-3407	258	1	5	5	NUM
fsr-3407	258	2	repeat	repeat	NOUN
fsr-3407	258	3	for	for	ADP
fsr-3407	258	4	10,000	10,000	NUM
fsr-3407	258	5	trials	trial	NOUN
fsr-3407	258	6	,	,	PUNCT
fsr-3407	258	7	collecting	collect	VERB
fsr-3407	258	8	annualized	annualize	VERB
fsr-3407	258	9	return	return	NOUN
fsr-3407	258	10	and	and	CCONJ
fsr-3407	258	11	sharpe	sharpe	NOUN
fsr-3407	258	12	ratio	ratio	NOUN
fsr-3407	258	13	for	for	ADP
fsr-3407	258	14	each	each	DET
fsr-3407	258	15	trial	trial	NOUN
fsr-3407	258	16	.	.	PUNCT
fsr-3407	259	1	6	6	NUM
fsr-3407	259	2	determine	determine	NOUN
fsr-3407	259	3	mean	mean	VERB
fsr-3407	259	4	annualized	annualize	VERB
fsr-3407	259	5	return	return	NOUN
fsr-3407	259	6	and	and	CCONJ
fsr-3407	259	7	sharpe	sharpe	NOUN
fsr-3407	259	8	ratios	ratio	NOUN
fsr-3407	259	9	found	find	VERB
fsr-3407	259	10	from	from	ADP
fsr-3407	259	11	the	the	DET
fsr-3407	259	12	10,000	10,000	NUM
fsr-3407	259	13	trials	trial	NOUN
fsr-3407	259	14	generated	generate	VERB
fsr-3407	259	15	in	in	ADP
fsr-3407	259	16	step	step	NOUN
fsr-3407	259	17	5	5	NUM
fsr-3407	259	18	.	.	NUM
fsr-3407	259	19	426	426	NUM
fsr-3407	259	20	j.	j.	PROPN
fsr-3407	259	21	dilellio	dilellio	PROPN
fsr-3407	259	22	/	/	SYM
fsr-3407	259	23	financial	financial	ADJ
fsr-3407	259	24	services	service	NOUN
fsr-3407	259	25	review	review	VERB
fsr-3407	259	26	27	27	NUM
fsr-3407	259	27	(	(	PUNCT
fsr-3407	259	28	2018	2018	NUM
fsr-3407	259	29	)	)	PUNCT
fsr-3407	259	30	413	413	NUM
fsr-3407	259	31	-	-	SYM
fsr-3407	259	32	432	432	NUM
fsr-3407	259	33	portfolio	portfolio	NOUN
fsr-3407	259	34	,	,	PUNCT
fsr-3407	259	35	rebalancing	rebalancing	NOUN
fsr-3407	259	36	frequency	frequency	NOUN
fsr-3407	259	37	does	do	AUX
fsr-3407	259	38	not	not	PART
fsr-3407	259	39	affect	affect	VERB
fsr-3407	259	40	excess	excess	ADJ
fsr-3407	259	41	returns	return	NOUN
fsr-3407	259	42	.	.	PUNCT
fsr-3407	260	1	again	again	ADV
fsr-3407	260	2	,	,	PUNCT
fsr-3407	260	3	these	these	DET
fsr-3407	260	4	excess	excess	ADJ
fsr-3407	260	5	returns	return	NOUN
fsr-3407	260	6	are	be	AUX
fsr-3407	260	7	because	because	SCONJ
fsr-3407	260	8	of	of	ADP
fsr-3407	260	9	this	this	DET
fsr-3407	260	10	period	period	NOUN
fsr-3407	260	11	containing	contain	VERB
fsr-3407	260	12	historically	historically	ADV
fsr-3407	260	13	lower	low	ADJ
fsr-3407	260	14	volatilities	volatility	NOUN
fsr-3407	260	15	and	and	CCONJ
fsr-3407	260	16	higher	high	ADJ
fsr-3407	260	17	returns	return	NOUN
fsr-3407	260	18	,	,	PUNCT
fsr-3407	260	19	as	as	SCONJ
fsr-3407	260	20	predicted	predict	VERB
fsr-3407	260	21	by	by	ADP
fsr-3407	260	22	trainor	trainor	NOUN
fsr-3407	260	23	and	and	CCONJ
fsr-3407	260	24	carrol	carrol	NOUN
fsr-3407	260	25	(	(	PUNCT
fsr-3407	260	26	2013	2013	NUM
fsr-3407	260	27	)	)	PUNCT
fsr-3407	260	28	.	.	PUNCT
fsr-3407	261	1	unfortunately	unfortunately	ADV
fsr-3407	261	2	,	,	PUNCT
fsr-3407	261	3	the	the	DET
fsr-3407	261	4	favorable	favorable	ADJ
fsr-3407	261	5	excess	excess	ADJ
fsr-3407	261	6	returns	return	NOUN
fsr-3407	261	7	do	do	AUX
fsr-3407	261	8	not	not	PART
fsr-3407	261	9	translate	translate	VERB
fsr-3407	261	10	to	to	ADP
fsr-3407	261	11	an	an	DET
fsr-3407	261	12	increase	increase	NOUN
fsr-3407	261	13	in	in	ADP
fsr-3407	261	14	the	the	DET
fsr-3407	261	15	mean	mean	NOUN
fsr-3407	261	16	sharpe	sharpe	PROPN
fsr-3407	261	17	ratio	ratio	PROPN
fsr-3407	261	18	,	,	PUNCT
fsr-3407	261	19	which	which	PRON
fsr-3407	261	20	is	be	AUX
fsr-3407	261	21	similar	similar	ADJ
fsr-3407	261	22	to	to	ADP
fsr-3407	261	23	results	result	NOUN
fsr-3407	261	24	from	from	ADP
fsr-3407	261	25	the	the	DET
fsr-3407	261	26	gbm	gbm	PROPN
fsr-3407	261	27	simulation	simulation	NOUN
fsr-3407	261	28	approach	approach	NOUN
fsr-3407	261	29	.	.	PUNCT
fsr-3407	262	1	from	from	ADP
fsr-3407	262	2	table	table	NOUN
fsr-3407	262	3	8	8	NUM
fsr-3407	262	4	,	,	PUNCT
fsr-3407	262	5	we	we	PRON
fsr-3407	262	6	see	see	VERB
fsr-3407	262	7	that	that	SCONJ
fsr-3407	262	8	the	the	DET
fsr-3407	262	9	stock	stock	NOUN
fsr-3407	262	10	etf	etf	PROPN
fsr-3407	262	11	sharpe	sharpe	PROPN
fsr-3407	262	12	ratio	ratio	PROPN
fsr-3407	262	13	is	be	AUX
fsr-3407	262	14	reduced	reduce	VERB
fsr-3407	262	15	by	by	ADP
fsr-3407	262	16	3	3	NUM
fsr-3407	262	17	%	%	NOUN
fsr-3407	262	18	fig	fig	NOUN
fsr-3407	262	19	.	.	PUNCT
fsr-3407	263	1	7	7	X
fsr-3407	263	2	.	.	X
fsr-3407	263	3	the	the	DET
fsr-3407	263	4	10	10	NUM
fsr-3407	263	5	-	-	PUNCT
fsr-3407	263	6	year	year	NOUN
fsr-3407	263	7	moving	move	VERB
fsr-3407	263	8	average	average	NOUN
fsr-3407	263	9	of	of	ADP
fsr-3407	263	10	stock	stock	NOUN
fsr-3407	263	11	market	market	NOUN
fsr-3407	263	12	returns	return	NOUN
fsr-3407	263	13	and	and	CCONJ
fsr-3407	263	14	volatilities	volatility	NOUN
fsr-3407	263	15	divided	divide	VERB
fsr-3407	263	16	by	by	ADP
fsr-3407	263	17	51	51	NUM
fsr-3407	263	18	year	year	NOUN
fsr-3407	263	19	average	average	NOUN
fsr-3407	263	20	.	.	PUNCT
fsr-3407	264	1	values	value	NOUN
fsr-3407	264	2	above	above	ADP
fsr-3407	264	3	one	one	NUM
fsr-3407	264	4	represent	represent	VERB
fsr-3407	264	5	above	above	ADP
fsr-3407	264	6	average	average	ADJ
fsr-3407	264	7	returns	return	NOUN
fsr-3407	264	8	/	/	SYM
fsr-3407	264	9	volatilities	volatility	NOUN
fsr-3407	264	10	,	,	PUNCT
fsr-3407	264	11	and	and	CCONJ
fsr-3407	264	12	values	value	NOUN
fsr-3407	264	13	less	less	ADJ
fsr-3407	264	14	than	than	ADP
fsr-3407	264	15	one	one	NUM
fsr-3407	264	16	represent	represent	VERB
fsr-3407	264	17	below	below	ADP
fsr-3407	264	18	average	average	ADJ
fsr-3407	264	19	returns	return	NOUN
fsr-3407	264	20	/	/	SYM
fsr-3407	264	21	volatilities	volatility	NOUN
fsr-3407	264	22	.	.	PUNCT
fsr-3407	265	1	table	table	NOUN
fsr-3407	265	2	8	8	NUM
fsr-3407	265	3	bootstrapping	bootstrappe	VERB
fsr-3407	265	4	simulated	simulate	VERB
fsr-3407	265	5	results	result	NOUN
fsr-3407	265	6	from	from	ADP
fsr-3407	265	7	1991	1991	NUM
fsr-3407	265	8	to	to	ADP
fsr-3407	265	9	2000	2000	NUM
fsr-3407	265	10	,	,	PUNCT
fsr-3407	265	11	where	where	SCONJ
fsr-3407	265	12	60/40	60/40	NUM
fsr-3407	265	13	portfolio	portfolio	NOUN
fsr-3407	265	14	excess	excess	ADJ
fsr-3407	265	15	returns	return	NOUN
fsr-3407	265	16	were	be	AUX
fsr-3407	265	17	approximately	approximately	ADV
fsr-3407	265	18	1.7	1.7	NUM
fsr-3407	265	19	%	%	NOUN
fsr-3407	265	20	annually	annually	ADV
fsr-3407	265	21	;	;	PUNCT
fsr-3407	265	22	sharpe	sharpe	PROPN
fsr-3407	265	23	ratio	ratio	NOUN
fsr-3407	265	24	reduced	reduce	VERB
fsr-3407	265	25	by	by	ADP
fsr-3407	265	26	4	4	NUM
fsr-3407	265	27	%	%	NOUN
fsr-3407	265	28	10,000	10,000	NUM
fsr-3407	265	29	trial	trial	NOUN
fsr-3407	265	30	bootstrapping	bootstrappe	VERB
fsr-3407	265	31	1991–2000	1991–2000	NUM
fsr-3407	265	32	mean	mean	NOUN
fsr-3407	265	33	annualized	annualize	VERB
fsr-3407	265	34	return	return	NOUN
fsr-3407	265	35	mean	mean	VERB
fsr-3407	265	36	sharpe	sharpe	PROPN
fsr-3407	265	37	ratio	ratio	PROPN
fsr-3407	265	38	unleveraged	unleverage	VERB
fsr-3407	265	39	leveraged	leverage	VERB
fsr-3407	265	40	unleveraged	unleveraged	ADJ
fsr-3407	265	41	leveraged	leveraged	ADJ
fsr-3407	265	42	100	100	NUM
fsr-3407	265	43	%	%	NOUN
fsr-3407	265	44	stock	stock	NOUN
fsr-3407	265	45	etf	etf	NOUN
fsr-3407	265	46	17.8	17.8	NUM
fsr-3407	265	47	%	%	NOUN
fsr-3407	265	48	20.3	20.3	NUM
fsr-3407	265	49	%	%	NOUN
fsr-3407	265	50	0.269	0.269	NUM
fsr-3407	265	51	0.260	0.260	NUM
fsr-3407	265	52	100	100	NUM
fsr-3407	265	53	%	%	NOUN
fsr-3407	265	54	bond	bond	NOUN
fsr-3407	265	55	etf	etf	NOUN
fsr-3407	265	56	8.0	8.0	NUM
fsr-3407	265	57	%	%	NOUN
fsr-3407	265	58	8.3	8.3	NUM
fsr-3407	265	59	%	%	NOUN
fsr-3407	265	60	0.194	0.194	NUM
fsr-3407	265	61	0.175	0.175	NUM
fsr-3407	265	62	60/40	60/40	NUM
fsr-3407	265	63	stock	stock	NOUN
fsr-3407	265	64	bond	bond	NOUN
fsr-3407	265	65	portfolios	portfolio	NOUN
fsr-3407	265	66	annual	annual	ADJ
fsr-3407	265	67	14.0	14.0	NUM
fsr-3407	265	68	%	%	NOUN
fsr-3407	265	69	15.7	15.7	NUM
fsr-3407	265	70	%	%	NOUN
fsr-3407	265	71	0.283	0.283	NUM
fsr-3407	265	72	0.272	0.272	NUM
fsr-3407	265	73	quarterly	quarterly	ADJ
fsr-3407	265	74	13.9	13.9	NUM
fsr-3407	265	75	%	%	NOUN
fsr-3407	265	76	15.6	15.6	NUM
fsr-3407	265	77	%	%	NOUN
fsr-3407	265	78	0.284	0.284	NUM
fsr-3407	265	79	0.273	0.273	NUM
fsr-3407	265	80	monthly	monthly	ADJ
fsr-3407	265	81	13.9	13.9	NUM
fsr-3407	265	82	%	%	NOUN
fsr-3407	265	83	15.6	15.6	NUM
fsr-3407	265	84	%	%	NOUN
fsr-3407	265	85	0.285	0.285	NUM
fsr-3407	265	86	0.274	0.274	NUM
fsr-3407	265	87	note	note	NOUN
fsr-3407	265	88	:	:	PUNCT
fsr-3407	265	89	etf	etf	PROPN
fsr-3407	265	90	�	�	PROPN
fsr-3407	265	91	exchange	exchange	NOUN
fsr-3407	265	92	-	-	PUNCT
fsr-3407	265	93	traded	trade	VERB
fsr-3407	265	94	funds	fund	NOUN
fsr-3407	265	95	.	.	PUNCT
fsr-3407	266	1	427j	427j	NOUN
fsr-3407	266	2	.	.	PUNCT
fsr-3407	267	1	dilellio	dilellio	PROPN
fsr-3407	267	2	/	/	SYM
fsr-3407	267	3	financial	financial	ADJ
fsr-3407	267	4	services	service	NOUN
fsr-3407	267	5	review	review	VERB
fsr-3407	267	6	27	27	NUM
fsr-3407	267	7	(	(	PUNCT
fsr-3407	267	8	2018	2018	NUM
fsr-3407	267	9	)	)	PUNCT
fsr-3407	267	10	413	413	NUM
fsr-3407	267	11	-	-	SYM
fsr-3407	267	12	432	432	NUM
fsr-3407	267	13	and	and	CCONJ
fsr-3407	267	14	bond	bond	NOUN
fsr-3407	267	15	etf	etf	PROPN
fsr-3407	267	16	sharpe	sharpe	PROPN
fsr-3407	267	17	ratio	ratio	PROPN
fsr-3407	267	18	is	be	AUX
fsr-3407	267	19	reduced	reduce	VERB
fsr-3407	267	20	by	by	ADP
fsr-3407	267	21	10	10	NUM
fsr-3407	267	22	%	%	NOUN
fsr-3407	267	23	with	with	ADP
fsr-3407	267	24	1.25x	1.25x	NUM
fsr-3407	267	25	leverage	leverage	NOUN
fsr-3407	267	26	.	.	PUNCT
fsr-3407	268	1	the	the	DET
fsr-3407	268	2	60/40	60/40	NUM
fsr-3407	268	3	stock	stock	NOUN
fsr-3407	268	4	/	/	SYM
fsr-3407	268	5	bond	bond	NOUN
fsr-3407	268	6	portfolios	portfolio	NOUN
fsr-3407	268	7	see	see	VERB
fsr-3407	268	8	the	the	DET
fsr-3407	268	9	sharpe	sharpe	PROPN
fsr-3407	268	10	ratio	ratio	NOUN
fsr-3407	268	11	reductions	reduction	NOUN
fsr-3407	268	12	of	of	ADP
fsr-3407	268	13	4	4	NUM
fsr-3407	268	14	%	%	NOUN
fsr-3407	268	15	,	,	PUNCT
fsr-3407	268	16	regardless	regardless	ADV
fsr-3407	268	17	of	of	ADP
fsr-3407	268	18	the	the	DET
fsr-3407	268	19	rebalancing	rebalancing	NOUN
fsr-3407	268	20	frequency	frequency	NOUN
fsr-3407	268	21	.	.	PUNCT
fsr-3407	269	1	table	table	NOUN
fsr-3407	269	2	9	9	NUM
fsr-3407	269	3	shows	show	VERB
fsr-3407	269	4	a	a	DET
fsr-3407	269	5	very	very	ADV
fsr-3407	269	6	different	different	ADJ
fsr-3407	269	7	story	story	NOUN
fsr-3407	269	8	,	,	PUNCT
fsr-3407	269	9	and	and	CCONJ
fsr-3407	269	10	summarizes	summarize	VERB
fsr-3407	269	11	the	the	DET
fsr-3407	269	12	performance	performance	NOUN
fsr-3407	269	13	by	by	ADP
fsr-3407	269	14	sampling	sample	VERB
fsr-3407	269	15	from	from	ADP
fsr-3407	269	16	the	the	DET
fsr-3407	269	17	2000–2010	2000–2010	NUM
fsr-3407	269	18	return	return	NOUN
fsr-3407	269	19	history	history	NOUN
fsr-3407	269	20	with	with	ADP
fsr-3407	269	21	its	its	PRON
fsr-3407	269	22	high	high	ADJ
fsr-3407	269	23	volatility	volatility	NOUN
fsr-3407	269	24	and	and	CCONJ
fsr-3407	269	25	low	low	ADJ
fsr-3407	269	26	returns	return	NOUN
fsr-3407	269	27	of	of	ADP
fsr-3407	269	28	the	the	DET
fsr-3407	269	29	stock	stock	NOUN
fsr-3407	269	30	etf	etf	NOUN
fsr-3407	269	31	.	.	PUNCT
fsr-3407	270	1	here	here	ADV
fsr-3407	270	2	,	,	PUNCT
fsr-3407	270	3	excess	excess	ADJ
fsr-3407	270	4	returns	return	NOUN
fsr-3407	270	5	for	for	ADP
fsr-3407	270	6	the	the	DET
fsr-3407	270	7	leveraged	leverage	VERB
fsr-3407	270	8	stock	stock	NOUN
fsr-3407	270	9	fund	fund	NOUN
fsr-3407	270	10	are	be	AUX
fsr-3407	270	11	no	no	ADV
fsr-3407	270	12	longer	long	ADV
fsr-3407	270	13	positive	positive	ADJ
fsr-3407	270	14	,	,	PUNCT
fsr-3407	270	15	with	with	ADP
fsr-3407	270	16	a	a	DET
fsr-3407	270	17	value	value	NOUN
fsr-3407	270	18	of	of	ADP
fsr-3407	270	19	�	�	PROPN
fsr-3407	270	20	1.3	1.3	NUM
fsr-3407	270	21	%	%	NOUN
fsr-3407	270	22	.	.	PUNCT
fsr-3407	271	1	fortunately	fortunately	ADV
fsr-3407	271	2	,	,	PUNCT
fsr-3407	271	3	the	the	DET
fsr-3407	271	4	leveraged	leverage	VERB
fsr-3407	271	5	bond	bond	NOUN
fsr-3407	271	6	etf	etf	NOUN
fsr-3407	271	7	fared	fare	VERB
fsr-3407	271	8	better	well	ADV
fsr-3407	271	9	,	,	PUNCT
fsr-3407	271	10	with	with	ADP
fsr-3407	271	11	a	a	DET
fsr-3407	271	12	0.5	0.5	NUM
fsr-3407	271	13	%	%	NOUN
fsr-3407	271	14	annual	annual	ADJ
fsr-3407	271	15	excess	excess	ADJ
fsr-3407	271	16	return	return	NOUN
fsr-3407	271	17	.	.	PUNCT
fsr-3407	272	1	however	however	ADV
fsr-3407	272	2	,	,	PUNCT
fsr-3407	272	3	this	this	DET
fsr-3407	272	4	positive	positive	ADJ
fsr-3407	272	5	excess	excess	ADJ
fsr-3407	272	6	return	return	NOUN
fsr-3407	272	7	from	from	ADP
fsr-3407	272	8	the	the	DET
fsr-3407	272	9	leveraged	leverage	VERB
fsr-3407	272	10	bond	bond	NOUN
fsr-3407	272	11	etf	etf	NOUN
fsr-3407	272	12	could	could	AUX
fsr-3407	272	13	not	not	PART
fsr-3407	272	14	be	be	AUX
fsr-3407	272	15	entirely	entirely	ADV
fsr-3407	272	16	offset	offset	VERB
fsr-3407	272	17	by	by	ADP
fsr-3407	272	18	the	the	DET
fsr-3407	272	19	leveraged	leverage	VERB
fsr-3407	272	20	stock	stock	NOUN
fsr-3407	272	21	loss	loss	NOUN
fsr-3407	272	22	,	,	PUNCT
fsr-3407	272	23	so	so	SCONJ
fsr-3407	272	24	the	the	DET
fsr-3407	272	25	1.25x	1.25x	NUM
fsr-3407	272	26	leveraged	leveraged	ADJ
fsr-3407	272	27	60/40	60/40	NUM
fsr-3407	272	28	stock	stock	NOUN
fsr-3407	272	29	bond	bond	NOUN
fsr-3407	272	30	investment	investment	NOUN
fsr-3407	272	31	had	have	VERB
fsr-3407	272	32	negative	negative	ADJ
fsr-3407	272	33	excess	excess	ADJ
fsr-3407	272	34	returns	return	NOUN
fsr-3407	272	35	of	of	ADP
fsr-3407	272	36	0.4	0.4	NUM
fsr-3407	272	37	%	%	NOUN
fsr-3407	272	38	annually	annually	ADV
fsr-3407	272	39	under	under	ADP
fsr-3407	272	40	a	a	DET
fsr-3407	272	41	variety	variety	NOUN
fsr-3407	272	42	of	of	ADP
fsr-3407	272	43	rebalancing	rebalancing	NOUN
fsr-3407	272	44	policies	policy	NOUN
fsr-3407	272	45	ranging	range	VERB
fsr-3407	272	46	from	from	ADP
fsr-3407	272	47	annually	annually	ADV
fsr-3407	272	48	to	to	ADP
fsr-3407	272	49	quarterly	quarterly	PROPN
fsr-3407	272	50	.	.	PUNCT
fsr-3407	273	1	results	result	NOUN
fsr-3407	273	2	for	for	SCONJ
fsr-3407	273	3	the	the	DET
fsr-3407	273	4	mean	mean	PROPN
fsr-3407	273	5	sharpe	sharpe	PROPN
fsr-3407	273	6	ratio	ratio	NOUN
fsr-3407	273	7	are	be	AUX
fsr-3407	273	8	more	more	ADV
fsr-3407	273	9	adversely	adversely	ADV
fsr-3407	273	10	affected	affect	VERB
fsr-3407	273	11	when	when	SCONJ
fsr-3407	273	12	the	the	DET
fsr-3407	273	13	volatility	volatility	NOUN
fsr-3407	273	14	is	be	AUX
fsr-3407	273	15	high	high	ADJ
fsr-3407	273	16	and	and	CCONJ
fsr-3407	273	17	returns	return	NOUN
fsr-3407	273	18	are	be	AUX
fsr-3407	273	19	low	low	ADJ
fsr-3407	273	20	.	.	PUNCT
fsr-3407	274	1	leverage	leverage	NOUN
fsr-3407	274	2	in	in	ADP
fsr-3407	274	3	the	the	DET
fsr-3407	274	4	stock	stock	NOUN
fsr-3407	274	5	etf	etf	NOUN
fsr-3407	274	6	reduces	reduce	VERB
fsr-3407	274	7	the	the	DET
fsr-3407	274	8	averaged	average	VERB
fsr-3407	274	9	sharpe	sharpe	NOUN
fsr-3407	274	10	ratio	ratio	NOUN
fsr-3407	274	11	by	by	ADP
fsr-3407	274	12	70	70	NUM
fsr-3407	274	13	%	%	NOUN
fsr-3407	274	14	,	,	PUNCT
fsr-3407	274	15	while	while	SCONJ
fsr-3407	274	16	the	the	DET
fsr-3407	274	17	bond	bond	NOUN
fsr-3407	274	18	etf	etf	NOUN
fsr-3407	274	19	reduction	reduction	NOUN
fsr-3407	274	20	is	be	AUX
fsr-3407	274	21	a	a	DET
fsr-3407	274	22	more	more	ADV
fsr-3407	274	23	modest	modest	ADJ
fsr-3407	274	24	8	8	NUM
fsr-3407	274	25	%	%	NOUN
fsr-3407	274	26	reduction	reduction	NOUN
fsr-3407	274	27	.	.	PUNCT
fsr-3407	275	1	the	the	DET
fsr-3407	275	2	stock	stock	PROPN
fsr-3407	275	3	etf	etf	PROPN
fsr-3407	275	4	sharpe	sharpe	PROPN
fsr-3407	275	5	ratio	ratio	PROPN
fsr-3407	275	6	reduction	reduction	NOUN
fsr-3407	275	7	is	be	AUX
fsr-3407	275	8	extreme	extreme	ADJ
fsr-3407	275	9	,	,	PUNCT
fsr-3407	275	10	because	because	SCONJ
fsr-3407	275	11	the	the	DET
fsr-3407	275	12	average	average	ADJ
fsr-3407	275	13	daily	daily	ADJ
fsr-3407	275	14	return	return	NOUN
fsr-3407	275	15	of	of	ADP
fsr-3407	275	16	the	the	DET
fsr-3407	275	17	leveraged	leverage	VERB
fsr-3407	275	18	stock	stock	NOUN
fsr-3407	275	19	etf	etf	NOUN
fsr-3407	275	20	narrowly	narrowly	ADV
fsr-3407	275	21	exceeded	exceed	VERB
fsr-3407	275	22	the	the	DET
fsr-3407	275	23	risk	risk	NOUN
fsr-3407	275	24	-	-	PUNCT
fsr-3407	275	25	free	free	ADJ
fsr-3407	275	26	rate	rate	NOUN
fsr-3407	275	27	in	in	ADP
fsr-3407	275	28	2001–2010	2001–2010	NUM
fsr-3407	275	29	.	.	PUNCT
fsr-3407	276	1	consequently	consequently	ADV
fsr-3407	276	2	,	,	PUNCT
fsr-3407	276	3	the	the	DET
fsr-3407	276	4	leveraged	leverage	VERB
fsr-3407	276	5	60/40	60/40	NUM
fsr-3407	276	6	portfolio	portfolio	NOUN
fsr-3407	276	7	reduces	reduce	VERB
fsr-3407	276	8	the	the	DET
fsr-3407	276	9	sharpe	sharpe	NOUN
fsr-3407	276	10	ratio	ratio	NOUN
fsr-3407	276	11	by	by	ADP
fsr-3407	276	12	23	23	NUM
fsr-3407	276	13	%	%	NOUN
fsr-3407	276	14	,	,	PUNCT
fsr-3407	276	15	regardless	regardless	ADV
fsr-3407	276	16	of	of	ADP
fsr-3407	276	17	rebalancing	rebalancing	NOUN
fsr-3407	276	18	frequency	frequency	NOUN
fsr-3407	276	19	.	.	PUNCT
fsr-3407	277	1	4	4	X
fsr-3407	277	2	.	.	X
fsr-3407	277	3	conclusions	conclusion	NOUN
fsr-3407	277	4	this	this	DET
fsr-3407	277	5	article	article	NOUN
fsr-3407	277	6	investigated	investigate	VERB
fsr-3407	277	7	the	the	DET
fsr-3407	277	8	use	use	NOUN
fsr-3407	277	9	of	of	ADP
fsr-3407	277	10	1.25x	1.25x	NUM
fsr-3407	277	11	leveraged	leveraged	ADJ
fsr-3407	277	12	stock	stock	NOUN
fsr-3407	277	13	and	and	CCONJ
fsr-3407	277	14	bond	bond	NOUN
fsr-3407	277	15	exchange	exchange	NOUN
fsr-3407	277	16	-	-	PUNCT
fsr-3407	277	17	traded	trade	VERB
fsr-3407	277	18	funds	fund	NOUN
fsr-3407	277	19	(	(	PUNCT
fsr-3407	277	20	etfs	etfs	PROPN
fsr-3407	277	21	)	)	PUNCT
fsr-3407	277	22	as	as	ADP
fsr-3407	277	23	a	a	DET
fsr-3407	277	24	stock	stock	NOUN
fsr-3407	277	25	and	and	CCONJ
fsr-3407	277	26	bond	bond	NOUN
fsr-3407	277	27	asset	asset	NOUN
fsr-3407	277	28	allocation	allocation	NOUN
fsr-3407	277	29	strategy	strategy	NOUN
fsr-3407	277	30	.	.	PUNCT
fsr-3407	278	1	analytical	analytical	ADJ
fsr-3407	278	2	conditions	condition	NOUN
fsr-3407	278	3	of	of	ADP
fsr-3407	278	4	return	return	NOUN
fsr-3407	278	5	and	and	CCONJ
fsr-3407	278	6	volatility	volatility	NOUN
fsr-3407	278	7	leading	lead	VERB
fsr-3407	278	8	to	to	ADP
fsr-3407	278	9	excess	excess	ADJ
fsr-3407	278	10	returns	return	NOUN
fsr-3407	278	11	over	over	ADP
fsr-3407	278	12	unleveraged	unleveraged	ADJ
fsr-3407	278	13	funds	fund	NOUN
fsr-3407	278	14	is	be	AUX
fsr-3407	278	15	derived	derive	VERB
fsr-3407	278	16	and	and	CCONJ
fsr-3407	278	17	agree	agree	VERB
fsr-3407	278	18	favorably	favorably	ADV
fsr-3407	278	19	with	with	ADP
fsr-3407	278	20	empirical	empirical	ADJ
fsr-3407	278	21	findings	finding	NOUN
fsr-3407	278	22	from	from	ADP
fsr-3407	278	23	1989	1989	NUM
fsr-3407	278	24	to	to	ADP
fsr-3407	278	25	2017	2017	NUM
fsr-3407	278	26	,	,	PUNCT
fsr-3407	278	27	including	include	VERB
fsr-3407	278	28	all	all	DET
fsr-3407	278	29	relevant	relevant	ADJ
fsr-3407	278	30	costs	cost	NOUN
fsr-3407	278	31	.	.	PUNCT
fsr-3407	279	1	we	we	PRON
fsr-3407	279	2	also	also	ADV
fsr-3407	279	3	show	show	VERB
fsr-3407	279	4	the	the	DET
fsr-3407	279	5	relationship	relationship	NOUN
fsr-3407	279	6	of	of	ADP
fsr-3407	279	7	excess	excess	ADJ
fsr-3407	279	8	returns	return	NOUN
fsr-3407	279	9	and	and	CCONJ
fsr-3407	279	10	the	the	DET
fsr-3407	279	11	underlying	underlie	VERB
fsr-3407	279	12	’s	’s	PART
fsr-3407	279	13	sharpe	sharpe	PROPN
fsr-3407	279	14	ratio	ratio	NOUN
fsr-3407	279	15	,	,	PUNCT
fsr-3407	279	16	demonstrating	demonstrate	VERB
fsr-3407	279	17	high	high	ADJ
fsr-3407	279	18	levels	level	NOUN
fsr-3407	279	19	of	of	ADP
fsr-3407	279	20	statistical	statistical	ADJ
fsr-3407	279	21	significance	significance	NOUN
fsr-3407	279	22	.	.	PUNCT
fsr-3407	280	1	we	we	PRON
fsr-3407	280	2	use	use	VERB
fsr-3407	280	3	a	a	DET
fsr-3407	280	4	gbm	gbm	NOUN
fsr-3407	280	5	process	process	NOUN
fsr-3407	280	6	to	to	PART
fsr-3407	280	7	simulate	simulate	VERB
fsr-3407	280	8	asset	asset	NOUN
fsr-3407	280	9	prices	price	NOUN
fsr-3407	280	10	to	to	PART
fsr-3407	280	11	determine	determine	VERB
fsr-3407	280	12	a	a	DET
fsr-3407	280	13	first	first	ADJ
fsr-3407	280	14	approximation	approximation	NOUN
fsr-3407	280	15	of	of	ADP
fsr-3407	280	16	future	future	ADJ
fsr-3407	280	17	portfolio	portfolio	NOUN
fsr-3407	280	18	returns	return	NOUN
fsr-3407	280	19	.	.	PUNCT
fsr-3407	281	1	we	we	PRON
fsr-3407	281	2	find	find	VERB
fsr-3407	281	3	that	that	SCONJ
fsr-3407	281	4	at	at	ADP
fsr-3407	281	5	60/40	60/40	NUM
fsr-3407	281	6	leveraged	leveraged	ADJ
fsr-3407	281	7	stock	stock	NOUN
fsr-3407	281	8	/	/	SYM
fsr-3407	281	9	bond	bond	NOUN
fsr-3407	281	10	fund	fund	NOUN
fsr-3407	281	11	generates	generate	VERB
fsr-3407	281	12	excess	excess	ADJ
fsr-3407	281	13	returns	return	NOUN
fsr-3407	281	14	of	of	ADP
fsr-3407	281	15	0.8	0.8	NUM
fsr-3407	281	16	%	%	NOUN
fsr-3407	281	17	annually	annually	ADV
fsr-3407	281	18	(	(	PUNCT
fsr-3407	281	19	net	net	NOUN
fsr-3407	281	20	of	of	ADP
fsr-3407	281	21	fees	fee	NOUN
fsr-3407	281	22	and	and	CCONJ
fsr-3407	281	23	expenses	expense	NOUN
fsr-3407	281	24	)	)	PUNCT
fsr-3407	281	25	but	but	CCONJ
fsr-3407	281	26	reduces	reduce	VERB
fsr-3407	281	27	the	the	DET
fsr-3407	281	28	sharpe	sharpe	NOUN
fsr-3407	281	29	ratio	ratio	NOUN
fsr-3407	281	30	by	by	ADP
fsr-3407	281	31	5	5	NUM
fsr-3407	281	32	%	%	NOUN
fsr-3407	281	33	because	because	SCONJ
fsr-3407	281	34	of	of	ADP
fsr-3407	281	35	the	the	DET
fsr-3407	281	36	financing	financing	NOUN
fsr-3407	281	37	exceeding	exceed	VERB
fsr-3407	281	38	the	the	DET
fsr-3407	281	39	risk	risk	NOUN
fsr-3407	281	40	-	-	PUNCT
fsr-3407	281	41	free	free	ADJ
fsr-3407	281	42	rate	rate	NOUN
fsr-3407	281	43	,	,	PUNCT
fsr-3407	281	44	higher	high	ADJ
fsr-3407	281	45	volatility	volatility	NOUN
fsr-3407	281	46	,	,	PUNCT
fsr-3407	281	47	and	and	CCONJ
fsr-3407	281	48	higher	high	ADJ
fsr-3407	281	49	expense	expense	NOUN
fsr-3407	281	50	ratios	ratio	NOUN
fsr-3407	281	51	of	of	ADP
fsr-3407	281	52	leveraged	leveraged	ADJ
fsr-3407	281	53	funds	fund	NOUN
fsr-3407	281	54	.	.	PUNCT
fsr-3407	282	1	we	we	PRON
fsr-3407	282	2	also	also	ADV
fsr-3407	282	3	show	show	VERB
fsr-3407	282	4	that	that	SCONJ
fsr-3407	282	5	changing	change	VERB
fsr-3407	282	6	leverage	leverage	NOUN
fsr-3407	282	7	from	from	ADP
fsr-3407	282	8	daily	daily	ADV
fsr-3407	282	9	to	to	ADP
fsr-3407	282	10	monthly	monthly	ADJ
fsr-3407	282	11	has	have	VERB
fsr-3407	282	12	a	a	DET
fsr-3407	282	13	negligible	negligible	ADJ
fsr-3407	282	14	effect	effect	NOUN
fsr-3407	282	15	on	on	ADP
fsr-3407	282	16	the	the	DET
fsr-3407	282	17	simulation	simulation	NOUN
fsr-3407	282	18	results	result	NOUN
fsr-3407	282	19	.	.	PUNCT
fsr-3407	283	1	table	table	NOUN
fsr-3407	283	2	9	9	NUM
fsr-3407	283	3	bootstrapping	bootstrappe	VERB
fsr-3407	283	4	simulated	simulate	VERB
fsr-3407	283	5	results	result	NOUN
fsr-3407	283	6	from	from	ADP
fsr-3407	283	7	2001	2001	NUM
fsr-3407	283	8	to	to	ADP
fsr-3407	283	9	2010	2010	NUM
fsr-3407	283	10	,	,	PUNCT
fsr-3407	283	11	where	where	SCONJ
fsr-3407	283	12	60/40	60/40	NUM
fsr-3407	283	13	portfolio	portfolio	NOUN
fsr-3407	283	14	excess	excess	ADJ
fsr-3407	283	15	returns	return	NOUN
fsr-3407	283	16	were	be	AUX
fsr-3407	283	17	approximately	approximately	ADV
fsr-3407	283	18	�	�	NOUN
fsr-3407	283	19	0.4	0.4	NUM
fsr-3407	283	20	%	%	NOUN
fsr-3407	283	21	annually	annually	ADV
fsr-3407	283	22	;	;	PUNCT
fsr-3407	283	23	sharpe	sharpe	PROPN
fsr-3407	283	24	ratio	ratio	NOUN
fsr-3407	283	25	reduced	reduce	VERB
fsr-3407	283	26	by	by	ADP
fsr-3407	283	27	23	23	NUM
fsr-3407	283	28	%	%	NOUN
fsr-3407	283	29	10,000	10,000	NUM
fsr-3407	283	30	trial	trial	NOUN
fsr-3407	283	31	bootstrapping	bootstrappe	VERB
fsr-3407	283	32	2000–2010	2000–2010	NUM
fsr-3407	283	33	mean	mean	NOUN
fsr-3407	283	34	annualized	annualize	VERB
fsr-3407	283	35	return	return	NOUN
fsr-3407	283	36	mean	mean	VERB
fsr-3407	283	37	sharpe	sharpe	PROPN
fsr-3407	283	38	ratio	ratio	PROPN
fsr-3407	283	39	unleveraged	unleverage	VERB
fsr-3407	283	40	leveraged	leverage	VERB
fsr-3407	283	41	unleveraged	unleveraged	ADJ
fsr-3407	283	42	leveraged	leveraged	ADJ
fsr-3407	283	43	100	100	NUM
fsr-3407	283	44	%	%	NOUN
fsr-3407	283	45	stock	stock	NOUN
fsr-3407	283	46	etf	etf	NOUN
fsr-3407	283	47	1.4	1.4	NUM
fsr-3407	283	48	%	%	NOUN
fsr-3407	283	49	0.1	0.1	NUM
fsr-3407	283	50	%	%	NOUN
fsr-3407	283	51	0.010	0.010	NUM
fsr-3407	283	52	0.003	0.003	NUM
fsr-3407	283	53	100	100	NUM
fsr-3407	283	54	%	%	NOUN
fsr-3407	283	55	bond	bond	NOUN
fsr-3407	283	56	etf	etf	NOUN
fsr-3407	283	57	5.8	5.8	NUM
fsr-3407	283	58	%	%	NOUN
fsr-3407	283	59	6.3	6.3	NUM
fsr-3407	283	60	%	%	NOUN
fsr-3407	283	61	0.238	0.238	NUM
fsr-3407	283	62	0.218	0.218	NUM
fsr-3407	283	63	60/40	60/40	NUM
fsr-3407	283	64	stock	stock	NOUN
fsr-3407	283	65	bond	bond	NOUN
fsr-3407	283	66	portfolios	portfolio	NOUN
fsr-3407	283	67	annual	annual	ADJ
fsr-3407	283	68	3.6	3.6	NUM
fsr-3407	283	69	%	%	NOUN
fsr-3407	283	70	3.2	3.2	NUM
fsr-3407	283	71	%	%	NOUN
fsr-3407	283	72	0.043	0.043	NUM
fsr-3407	283	73	0.033	0.033	NUM
fsr-3407	283	74	quarterly	quarterly	ADJ
fsr-3407	283	75	3.5	3.5	NUM
fsr-3407	283	76	%	%	NOUN
fsr-3407	283	77	3.1	3.1	NUM
fsr-3407	283	78	%	%	NOUN
fsr-3407	283	79	0.043	0.043	NUM
fsr-3407	283	80	0.033	0.033	NUM
fsr-3407	283	81	monthly	monthly	ADJ
fsr-3407	283	82	3.5	3.5	NUM
fsr-3407	283	83	%	%	NOUN
fsr-3407	283	84	3.1	3.1	NUM
fsr-3407	283	85	%	%	NOUN
fsr-3407	283	86	0.043	0.043	NUM
fsr-3407	283	87	0.034	0.034	NUM
fsr-3407	283	88	note	note	NOUN
fsr-3407	283	89	:	:	PUNCT
fsr-3407	283	90	etf	etf	PROPN
fsr-3407	283	91	�	�	PROPN
fsr-3407	283	92	exchange	exchange	NOUN
fsr-3407	283	93	-	-	PUNCT
fsr-3407	283	94	traded	trade	VERB
fsr-3407	283	95	funds	fund	NOUN
fsr-3407	283	96	.	.	PUNCT
fsr-3407	284	1	428	428	NUM
fsr-3407	284	2	j.	j.	PROPN
fsr-3407	284	3	dilellio	dilellio	PROPN
fsr-3407	284	4	/	/	SYM
fsr-3407	284	5	financial	financial	ADJ
fsr-3407	284	6	services	service	NOUN
fsr-3407	284	7	review	review	VERB
fsr-3407	284	8	27	27	NUM
fsr-3407	284	9	(	(	PUNCT
fsr-3407	284	10	2018	2018	NUM
fsr-3407	284	11	)	)	PUNCT
fsr-3407	284	12	413	413	NUM
fsr-3407	284	13	-	-	SYM
fsr-3407	284	14	432	432	NUM
fsr-3407	284	15	by	by	ADP
fsr-3407	284	16	using	use	VERB
fsr-3407	284	17	a	a	DET
fsr-3407	284	18	bootstrapping	bootstrappe	VERB
fsr-3407	284	19	simulation	simulation	NOUN
fsr-3407	284	20	approach	approach	NOUN
fsr-3407	284	21	,	,	PUNCT
fsr-3407	284	22	non	non	ADJ
fsr-3407	284	23	-	-	ADJ
fsr-3407	284	24	overlapping	overlapping	ADJ
fsr-3407	284	25	periods	period	NOUN
fsr-3407	284	26	are	be	AUX
fsr-3407	284	27	also	also	ADV
fsr-3407	284	28	evaluated	evaluate	VERB
fsr-3407	284	29	using	use	VERB
fsr-3407	284	30	specific	specific	ADJ
fsr-3407	284	31	market	market	NOUN
fsr-3407	284	32	conditions	condition	NOUN
fsr-3407	284	33	.	.	PUNCT
fsr-3407	285	1	we	we	PRON
fsr-3407	285	2	show	show	VERB
fsr-3407	285	3	the	the	DET
fsr-3407	285	4	effect	effect	NOUN
fsr-3407	285	5	the	the	DET
fsr-3407	285	6	1.25x	1.25x	NUM
fsr-3407	285	7	leverage	leverage	NOUN
fsr-3407	285	8	can	can	AUX
fsr-3407	285	9	produce	produce	VERB
fsr-3407	285	10	excess	excess	ADJ
fsr-3407	285	11	returns	return	NOUN
fsr-3407	285	12	for	for	ADP
fsr-3407	285	13	a	a	DET
fsr-3407	285	14	60/40	60/40	NUM
fsr-3407	285	15	portfolio	portfolio	NOUN
fsr-3407	285	16	of	of	ADP
fsr-3407	285	17	stocks	stock	NOUN
fsr-3407	285	18	and	and	CCONJ
fsr-3407	285	19	bonds	bond	NOUN
fsr-3407	285	20	of	of	ADP
fsr-3407	285	21	1.7	1.7	NUM
fsr-3407	285	22	%	%	NOUN
fsr-3407	285	23	(	(	PUNCT
fsr-3407	285	24	�	�	PROPN
fsr-3407	285	25	0.4	0.4	NUM
fsr-3407	285	26	%	%	NOUN
fsr-3407	285	27	)	)	PUNCT
fsr-3407	285	28	annually	annually	ADV
fsr-3407	285	29	in	in	ADP
fsr-3407	285	30	higher	high	ADJ
fsr-3407	285	31	return	return	NOUN
fsr-3407	285	32	/	/	SYM
fsr-3407	285	33	lower	low	ADJ
fsr-3407	285	34	volatility	volatility	NOUN
fsr-3407	285	35	(	(	PUNCT
fsr-3407	285	36	lower	low	ADJ
fsr-3407	285	37	return	return	NOUN
fsr-3407	285	38	/	/	SYM
fsr-3407	285	39	higher	high	ADJ
fsr-3407	285	40	volatility	volatility	NOUN
fsr-3407	285	41	)	)	PUNCT
fsr-3407	285	42	equity	equity	NOUN
fsr-3407	285	43	markets	market	NOUN
fsr-3407	285	44	,	,	PUNCT
fsr-3407	285	45	relative	relative	ADJ
fsr-3407	285	46	to	to	ADP
fsr-3407	285	47	their	their	PRON
fsr-3407	285	48	nonleveraged	nonleverage	VERB
fsr-3407	285	49	counterparts	counterpart	NOUN
fsr-3407	285	50	,	,	PUNCT
fsr-3407	285	51	and	and	CCONJ
fsr-3407	285	52	net	net	NOUN
fsr-3407	285	53	of	of	ADP
fsr-3407	285	54	fees	fee	NOUN
fsr-3407	285	55	and	and	CCONJ
fsr-3407	285	56	expenses	expense	NOUN
fsr-3407	285	57	.	.	PUNCT
fsr-3407	286	1	the	the	DET
fsr-3407	286	2	resulting	result	VERB
fsr-3407	286	3	sharpe	sharpe	NOUN
fsr-3407	286	4	ratios	ratio	NOUN
fsr-3407	286	5	are	be	AUX
fsr-3407	286	6	reduced	reduce	VERB
fsr-3407	286	7	between	between	ADP
fsr-3407	286	8	4	4	NUM
fsr-3407	286	9	and	and	CCONJ
fsr-3407	286	10	23	23	NUM
fsr-3407	286	11	%	%	NOUN
fsr-3407	286	12	,	,	PUNCT
fsr-3407	286	13	depending	depend	VERB
fsr-3407	286	14	on	on	ADP
fsr-3407	286	15	the	the	DET
fsr-3407	286	16	behavior	behavior	NOUN
fsr-3407	286	17	of	of	ADP
fsr-3407	286	18	the	the	DET
fsr-3407	286	19	stock	stock	NOUN
fsr-3407	286	20	and	and	CCONJ
fsr-3407	286	21	bond	bond	NOUN
fsr-3407	286	22	market	market	NOUN
fsr-3407	286	23	.	.	PUNCT
fsr-3407	287	1	we	we	PRON
fsr-3407	287	2	can	can	AUX
fsr-3407	287	3	conclude	conclude	VERB
fsr-3407	287	4	from	from	ADP
fsr-3407	287	5	these	these	DET
fsr-3407	287	6	findings	finding	NOUN
fsr-3407	287	7	that	that	SCONJ
fsr-3407	287	8	some	some	DET
fsr-3407	287	9	leverage	leverage	NOUN
fsr-3407	287	10	,	,	PUNCT
fsr-3407	287	11	such	such	ADJ
fsr-3407	287	12	as	as	ADP
fsr-3407	287	13	the	the	DET
fsr-3407	287	14	1.25x	1.25x	NUM
fsr-3407	287	15	factor	factor	NOUN
fsr-3407	287	16	assumed	assume	VERB
fsr-3407	287	17	here	here	ADV
fsr-3407	287	18	,	,	PUNCT
fsr-3407	287	19	can	can	AUX
fsr-3407	287	20	have	have	VERB
fsr-3407	287	21	long	long	ADJ
fsr-3407	287	22	term	term	NOUN
fsr-3407	287	23	net	net	ADJ
fsr-3407	287	24	return	return	NOUN
fsr-3407	287	25	benefits	benefit	NOUN
fsr-3407	287	26	to	to	ADP
fsr-3407	287	27	a	a	DET
fsr-3407	287	28	60/40	60/40	NUM
fsr-3407	287	29	stock	stock	NOUN
fsr-3407	287	30	/	/	SYM
fsr-3407	287	31	bond	bond	NOUN
fsr-3407	287	32	portfolio	portfolio	NOUN
fsr-3407	287	33	under	under	ADP
fsr-3407	287	34	upward	upward	ADJ
fsr-3407	287	35	trending	trending	NOUN
fsr-3407	287	36	and	and	CCONJ
fsr-3407	287	37	lower	low	ADJ
fsr-3407	287	38	volatility	volatility	NOUN
fsr-3407	287	39	conditions	condition	NOUN
fsr-3407	287	40	of	of	ADP
fsr-3407	287	41	the	the	DET
fsr-3407	287	42	underlying	underlie	VERB
fsr-3407	287	43	asset	asset	NOUN
fsr-3407	287	44	.	.	PUNCT
fsr-3407	288	1	additionally	additionally	ADV
fsr-3407	288	2	,	,	PUNCT
fsr-3407	288	3	while	while	SCONJ
fsr-3407	288	4	some	some	DET
fsr-3407	288	5	individual	individual	ADJ
fsr-3407	288	6	investors	investor	NOUN
fsr-3407	288	7	may	may	AUX
fsr-3407	288	8	be	be	AUX
fsr-3407	288	9	unwilling	unwilling	ADJ
fsr-3407	288	10	to	to	PART
fsr-3407	288	11	reduce	reduce	VERB
fsr-3407	288	12	their	their	PRON
fsr-3407	288	13	sharpe	sharpe	NOUN
fsr-3407	288	14	ratio	ratio	NOUN
fsr-3407	288	15	,	,	PUNCT
fsr-3407	288	16	the	the	DET
fsr-3407	288	17	modest	modest	ADJ
fsr-3407	288	18	reduction	reduction	NOUN
fsr-3407	288	19	found	find	VERB
fsr-3407	288	20	here	here	ADV
fsr-3407	288	21	may	may	AUX
fsr-3407	288	22	be	be	AUX
fsr-3407	288	23	acceptable	acceptable	ADJ
fsr-3407	288	24	to	to	ADP
fsr-3407	288	25	individual	individual	ADJ
fsr-3407	288	26	investors	investor	NOUN
fsr-3407	288	27	seeking	seek	VERB
fsr-3407	288	28	to	to	PART
fsr-3407	288	29	increase	increase	VERB
fsr-3407	288	30	their	their	PRON
fsr-3407	288	31	returns	return	NOUN
fsr-3407	288	32	and	and	CCONJ
fsr-3407	288	33	not	not	PART
fsr-3407	288	34	able	able	ADJ
fsr-3407	288	35	or	or	CCONJ
fsr-3407	288	36	willing	willing	ADJ
fsr-3407	288	37	to	to	PART
fsr-3407	288	38	access	access	VERB
fsr-3407	288	39	margin	margin	NOUN
fsr-3407	288	40	.	.	PUNCT
fsr-3407	289	1	we	we	PRON
fsr-3407	289	2	conclude	conclude	VERB
fsr-3407	289	3	that	that	SCONJ
fsr-3407	289	4	this	this	DET
fsr-3407	289	5	investment	investment	NOUN
fsr-3407	289	6	strategy	strategy	NOUN
fsr-3407	289	7	could	could	AUX
fsr-3407	289	8	be	be	AUX
fsr-3407	289	9	well	well	ADV
fsr-3407	289	10	suited	suited	ADJ
fsr-3407	289	11	for	for	ADP
fsr-3407	289	12	investors	investor	NOUN
fsr-3407	289	13	more	more	ADV
fsr-3407	289	14	interested	interested	ADJ
fsr-3407	289	15	in	in	ADP
fsr-3407	289	16	total	total	ADJ
fsr-3407	289	17	returns	return	NOUN
fsr-3407	289	18	during	during	ADP
fsr-3407	289	19	upward	upward	ADJ
fsr-3407	289	20	trending	trend	VERB
fsr-3407	289	21	markets	market	NOUN
fsr-3407	289	22	.	.	PUNCT
fsr-3407	290	1	5	5	X
fsr-3407	290	2	.	.	X
fsr-3407	290	3	future	future	ADJ
fsr-3407	290	4	work	work	NOUN
fsr-3407	290	5	there	there	PRON
fsr-3407	290	6	are	be	VERB
fsr-3407	290	7	several	several	ADJ
fsr-3407	290	8	additional	additional	ADJ
fsr-3407	290	9	avenues	avenue	NOUN
fsr-3407	290	10	for	for	ADP
fsr-3407	290	11	future	future	ADJ
fsr-3407	290	12	work	work	NOUN
fsr-3407	290	13	in	in	ADP
fsr-3407	290	14	this	this	DET
fsr-3407	290	15	area	area	NOUN
fsr-3407	290	16	.	.	PUNCT
fsr-3407	291	1	perhaps	perhaps	ADV
fsr-3407	291	2	the	the	DET
fsr-3407	291	3	most	most	ADV
fsr-3407	291	4	obvious	obvious	ADJ
fsr-3407	291	5	question	question	NOUN
fsr-3407	291	6	is	be	AUX
fsr-3407	291	7	related	relate	VERB
fsr-3407	291	8	to	to	ADP
fsr-3407	291	9	the	the	DET
fsr-3407	291	10	best	good	ADJ
fsr-3407	291	11	amount	amount	NOUN
fsr-3407	291	12	of	of	ADP
fsr-3407	291	13	fractional	fractional	ADJ
fsr-3407	291	14	leverage	leverage	NOUN
fsr-3407	291	15	.	.	PUNCT
fsr-3407	292	1	this	this	DET
fsr-3407	292	2	determination	determination	NOUN
fsr-3407	292	3	would	would	AUX
fsr-3407	292	4	likely	likely	ADV
fsr-3407	292	5	have	have	VERB
fsr-3407	292	6	a	a	DET
fsr-3407	292	7	behavioral	behavioral	ADJ
fsr-3407	292	8	component	component	NOUN
fsr-3407	292	9	,	,	PUNCT
fsr-3407	292	10	since	since	SCONJ
fsr-3407	292	11	additional	additional	ADJ
fsr-3407	292	12	leverage	leverage	NOUN
fsr-3407	292	13	will	will	AUX
fsr-3407	292	14	likely	likely	ADV
fsr-3407	292	15	magnify	magnify	VERB
fsr-3407	292	16	the	the	DET
fsr-3407	292	17	marginal	marginal	ADJ
fsr-3407	292	18	reduction	reduction	NOUN
fsr-3407	292	19	in	in	ADP
fsr-3407	292	20	sharpe	sharpe	PROPN
fsr-3407	292	21	ratio	ratio	NOUN
fsr-3407	292	22	,	,	PUNCT
fsr-3407	292	23	which	which	PRON
fsr-3407	292	24	at	at	ADP
fsr-3407	292	25	some	some	DET
fsr-3407	292	26	point	point	NOUN
fsr-3407	292	27	an	an	DET
fsr-3407	292	28	investor	investor	NOUN
fsr-3407	292	29	may	may	AUX
fsr-3407	292	30	not	not	PART
fsr-3407	292	31	be	be	AUX
fsr-3407	292	32	willing	willing	ADJ
fsr-3407	292	33	to	to	PART
fsr-3407	292	34	consider	consider	VERB
fsr-3407	292	35	.	.	PUNCT
fsr-3407	293	1	one	one	PRON
fsr-3407	293	2	could	could	AUX
fsr-3407	293	3	also	also	ADV
fsr-3407	293	4	expand	expand	VERB
fsr-3407	293	5	this	this	DET
fsr-3407	293	6	work	work	NOUN
fsr-3407	293	7	to	to	PART
fsr-3407	293	8	include	include	VERB
fsr-3407	293	9	other	other	ADJ
fsr-3407	293	10	equity	equity	NOUN
fsr-3407	293	11	asset	asset	NOUN
fsr-3407	293	12	classes	class	NOUN
fsr-3407	293	13	to	to	PART
fsr-3407	293	14	enhance	enhance	VERB
fsr-3407	293	15	diversification	diversification	NOUN
fsr-3407	293	16	benefits	benefit	NOUN
fsr-3407	293	17	and	and	CCONJ
fsr-3407	293	18	reduce	reduce	VERB
fsr-3407	293	19	portfolio	portfolio	NOUN
fsr-3407	293	20	risk	risk	NOUN
fsr-3407	293	21	.	.	PUNCT
fsr-3407	294	1	these	these	DET
fsr-3407	294	2	additional	additional	ADJ
fsr-3407	294	3	asset	asset	NOUN
fsr-3407	294	4	classes	class	NOUN
fsr-3407	294	5	could	could	AUX
fsr-3407	294	6	include	include	VERB
fsr-3407	294	7	small	small	ADJ
fsr-3407	294	8	caps	cap	NOUN
fsr-3407	294	9	,	,	PUNCT
fsr-3407	294	10	international	international	ADJ
fsr-3407	294	11	,	,	PUNCT
fsr-3407	294	12	commodities	commodity	NOUN
fsr-3407	294	13	,	,	PUNCT
fsr-3407	294	14	and	and	CCONJ
fsr-3407	294	15	real	real	ADJ
fsr-3407	294	16	estate	estate	NOUN
fsr-3407	294	17	investment	investment	NOUN
fsr-3407	294	18	trusts	trust	NOUN
fsr-3407	294	19	.	.	PUNCT
fsr-3407	295	1	lastly	lastly	ADV
fsr-3407	295	2	,	,	PUNCT
fsr-3407	295	3	we	we	PRON
fsr-3407	295	4	could	could	AUX
fsr-3407	295	5	evaluate	evaluate	VERB
fsr-3407	295	6	how	how	SCONJ
fsr-3407	295	7	fractionally	fractionally	ADV
fsr-3407	295	8	leveraged	leveraged	ADJ
fsr-3407	295	9	etfs	etfs	NOUN
fsr-3407	295	10	may	may	AUX
fsr-3407	295	11	exist	exist	VERB
fsr-3407	295	12	on	on	ADP
fsr-3407	295	13	the	the	DET
fsr-3407	295	14	efficient	efficient	ADJ
fsr-3407	295	15	frontier	frontier	NOUN
fsr-3407	295	16	,	,	PUNCT
fsr-3407	295	17	and	and	CCONJ
fsr-3407	295	18	develop	develop	VERB
fsr-3407	295	19	optimal	optimal	ADJ
fsr-3407	295	20	portfolio	portfolio	NOUN
fsr-3407	295	21	strategies	strategy	NOUN
fsr-3407	295	22	based	base	VERB
fsr-3407	295	23	on	on	ADP
fsr-3407	295	24	these	these	DET
fsr-3407	295	25	new	new	ADJ
fsr-3407	295	26	insights	insight	NOUN
fsr-3407	295	27	.	.	PUNCT
fsr-3407	296	1	notes	note	VERB
fsr-3407	296	2	1	1	NUM
fsr-3407	296	3	https://www.fool.com/knowledge-center/can-you-trade-on-margin-in-an-ira.aspx	https://www.fool.com/knowledge-center/can-you-trade-on-margin-in-an-ira.aspx	NOUN
fsr-3407	296	4	.	.	PROPN
fsr-3407	296	5	2	2	NUM
fsr-3407	297	1	https://fred.stlouisfed.org/series/usd1mtd156n	https://fred.stlouisfed.org/series/usd1mtd156n	NOUN
fsr-3407	297	2	.	.	PROPN
fsr-3407	297	3	3	3	NUM
fsr-3407	297	4	from	from	ADP
fsr-3407	297	5	1989	1989	NUM
fsr-3407	297	6	to	to	ADP
fsr-3407	297	7	2017	2017	NUM
fsr-3407	297	8	,	,	PUNCT
fsr-3407	297	9	the	the	DET
fsr-3407	297	10	correlation	correlation	NOUN
fsr-3407	297	11	between	between	ADP
fsr-3407	297	12	annual	annual	ADJ
fsr-3407	297	13	volatility	volatility	NOUN
fsr-3407	297	14	of	of	ADP
fsr-3407	297	15	the	the	DET
fsr-3407	297	16	s&p500	s&p500	NOUN
fsr-3407	297	17	and	and	CCONJ
fsr-3407	297	18	the	the	DET
fsr-3407	297	19	annual	annual	ADJ
fsr-3407	297	20	libor	libor	PROPN
fsr-3407	297	21	rate	rate	NOUN
fsr-3407	297	22	was	be	AUX
fsr-3407	297	23	�	�	PROPN
fsr-3407	297	24	8.8	8.8	NUM
fsr-3407	297	25	%	%	NOUN
fsr-3407	297	26	,	,	PUNCT
fsr-3407	297	27	suggesting	suggest	VERB
fsr-3407	297	28	no	no	DET
fsr-3407	297	29	significant	significant	ADJ
fsr-3407	297	30	relationship	relationship	NOUN
fsr-3407	297	31	between	between	ADP
fsr-3407	297	32	these	these	DET
fsr-3407	297	33	two	two	NUM
fsr-3407	297	34	variables	variable	NOUN
fsr-3407	297	35	.	.	PUNCT
fsr-3407	298	1	4	4	NUM
fsr-3407	298	2	the	the	DET
fsr-3407	298	3	primary	primary	ADJ
fsr-3407	298	4	driver	driver	NOUN
fsr-3407	298	5	on	on	ADP
fsr-3407	298	6	sample	sample	NOUN
fsr-3407	298	7	size	size	NOUN
fsr-3407	298	8	was	be	AUX
fsr-3407	298	9	the	the	DET
fsr-3407	298	10	underlying	underlie	VERB
fsr-3407	298	11	asset	asset	NOUN
fsr-3407	298	12	’s	’s	PART
fsr-3407	298	13	volatility	volatility	NOUN
fsr-3407	298	14	.	.	PUNCT
fsr-3407	299	1	5	5	NUM
fsr-3407	299	2	in	in	ADP
fsr-3407	299	3	the	the	DET
fsr-3407	299	4	article	article	NOUN
fsr-3407	299	5	by	by	ADP
fsr-3407	299	6	johnson	johnson	PROPN
fsr-3407	299	7	et	et	PROPN
fsr-3407	299	8	al	al	PROPN
fsr-3407	299	9	.	.	PROPN
fsr-3407	300	1	(	(	PUNCT
fsr-3407	300	2	2013	2013	NUM
fsr-3407	300	3	)	)	PUNCT
fsr-3407	300	4	,	,	PUNCT
fsr-3407	300	5	the	the	DET
fsr-3407	300	6	correlation	correlation	NOUN
fsr-3407	300	7	between	between	ADP
fsr-3407	300	8	stocks	stock	NOUN
fsr-3407	300	9	and	and	CCONJ
fsr-3407	300	10	treasury	treasury	NOUN
fsr-3407	300	11	bonds	bond	NOUN
fsr-3407	300	12	is	be	AUX
fsr-3407	300	13	shown	show	VERB
fsr-3407	300	14	to	to	PART
fsr-3407	300	15	change	change	VERB
fsr-3407	300	16	over	over	ADP
fsr-3407	300	17	time	time	NOUN
fsr-3407	300	18	because	because	SCONJ
fsr-3407	300	19	of	of	ADP
fsr-3407	300	20	macroeconomic	macroeconomic	ADJ
fsr-3407	300	21	conditions	condition	NOUN
fsr-3407	300	22	.	.	PUNCT
fsr-3407	301	1	however	however	ADV
fsr-3407	301	2	,	,	PUNCT
fsr-3407	301	3	we	we	PRON
fsr-3407	301	4	did	do	AUX
fsr-3407	301	5	not	not	PART
fsr-3407	301	6	attempt	attempt	VERB
fsr-3407	301	7	to	to	PART
fsr-3407	301	8	include	include	VERB
fsr-3407	301	9	an	an	DET
fsr-3407	301	10	econometric	econometric	ADJ
fsr-3407	301	11	model	model	NOUN
fsr-3407	301	12	like	like	ADP
fsr-3407	301	13	the	the	DET
fsr-3407	301	14	one	one	NOUN
fsr-3407	301	15	developed	develop	VERB
fsr-3407	301	16	by	by	ADP
fsr-3407	301	17	these	these	DET
fsr-3407	301	18	authors	author	NOUN
fsr-3407	301	19	,	,	PUNCT
fsr-3407	301	20	instead	instead	ADV
fsr-3407	301	21	using	use	VERB
fsr-3407	301	22	the	the	DET
fsr-3407	301	23	long	long	ADJ
fsr-3407	301	24	-	-	PUNCT
fsr-3407	301	25	term	term	NOUN
fsr-3407	301	26	correlation	correlation	NOUN
fsr-3407	301	27	.	.	PUNCT
fsr-3407	302	1	6	6	NUM
fsr-3407	302	2	in	in	ADP
fsr-3407	302	3	this	this	DET
fsr-3407	302	4	example	example	NOUN
fsr-3407	302	5	,	,	PUNCT
fsr-3407	302	6	the	the	DET
fsr-3407	302	7	continuous	continuous	ADJ
fsr-3407	302	8	rate	rate	NOUN
fsr-3407	302	9	for	for	ADP
fsr-3407	302	10	bonds	bond	NOUN
fsr-3407	302	11	was	be	AUX
fsr-3407	302	12	5.9	5.9	NUM
fsr-3407	302	13	%	%	NOUN
fsr-3407	302	14	and	and	CCONJ
fsr-3407	302	15	volatility	volatility	NOUN
fsr-3407	302	16	3.9	3.9	NUM
fsr-3407	302	17	%	%	NOUN
fsr-3407	302	18	,	,	PUNCT
fsr-3407	302	19	so	so	SCONJ
fsr-3407	302	20	that	that	SCONJ
fsr-3407	302	21	exp(5.9	exp(5.9	NUM
fsr-3407	302	22	%	%	NOUN
fsr-3407	302	23	0.5	0.5	NUM
fsr-3407	302	24	*	*	NOUN
fsr-3407	302	25	3.9%2	3.9%2	NUM
fsr-3407	302	26	)	)	PUNCT
fsr-3407	302	27	�	�	NOUN
fsr-3407	302	28	1.060	1.060	NUM
fsr-3407	302	29	,	,	PUNCT
fsr-3407	302	30	implying	imply	VERB
fsr-3407	302	31	an	an	DET
fsr-3407	302	32	annually	annually	ADV
fsr-3407	302	33	compounded	compound	VERB
fsr-3407	302	34	rate	rate	NOUN
fsr-3407	302	35	was	be	AUX
fsr-3407	302	36	6	6	NUM
fsr-3407	302	37	%	%	NOUN
fsr-3407	302	38	,	,	PUNCT
fsr-3407	302	39	as	as	SCONJ
fsr-3407	302	40	shown	show	VERB
fsr-3407	302	41	in	in	ADP
fsr-3407	302	42	table	table	NOUN
fsr-3407	302	43	5	5	NUM
fsr-3407	302	44	.	.	NOUN
fsr-3407	302	45	7	7	NUM
fsr-3407	302	46	https://www.quandl.com/data/nasdaqomx/xndx-nasdaq-100-total-return-xndx	https://www.quandl.com/data/nasdaqomx/xndx-nasdaq-100-total-return-xndx	NOUN
fsr-3407	302	47	.	.	PUNCT
fsr-3407	303	1	429j	429j	PROPN
fsr-3407	303	2	.	.	PUNCT
fsr-3407	304	1	dilellio	dilellio	PROPN
fsr-3407	304	2	/	/	SYM
fsr-3407	304	3	financial	financial	ADJ
fsr-3407	304	4	services	service	NOUN
fsr-3407	304	5	review	review	VERB
fsr-3407	304	6	27	27	NUM
fsr-3407	304	7	(	(	PUNCT
fsr-3407	304	8	2018	2018	NUM
fsr-3407	304	9	)	)	PUNCT
fsr-3407	305	1	413	413	NUM
fsr-3407	305	2	-	-	SYM
fsr-3407	305	3	432	432	NUM
fsr-3407	305	4	acknowledgments	acknowledgment	NOUN
fsr-3407	305	5	financial	financial	ADJ
fsr-3407	305	6	support	support	NOUN
fsr-3407	305	7	for	for	ADP
fsr-3407	305	8	this	this	DET
fsr-3407	305	9	project	project	NOUN
fsr-3407	305	10	was	be	AUX
fsr-3407	305	11	made	make	VERB
fsr-3407	305	12	possible	possible	ADJ
fsr-3407	305	13	by	by	ADP
fsr-3407	305	14	direxion	direxion	NOUN
fsr-3407	305	15	funds	fund	NOUN
fsr-3407	305	16	and	and	CCONJ
fsr-3407	305	17	pepperdine	pepperdine	PROPN
fsr-3407	305	18	graziadio	graziadio	PROPN
fsr-3407	305	19	business	business	NOUN
fsr-3407	305	20	school	school	NOUN
fsr-3407	305	21	and	and	CCONJ
fsr-3407	305	22	the	the	DET
fsr-3407	305	23	julian	julian	PROPN
fsr-3407	305	24	virtue	virtue	PROPN
fsr-3407	305	25	professorship	professorship	NOUN
fsr-3407	305	26	.	.	PUNCT
fsr-3407	306	1	the	the	DET
fsr-3407	306	2	author	author	NOUN
fsr-3407	306	3	wishes	wish	VERB
fsr-3407	306	4	to	to	PART
fsr-3407	306	5	thank	thank	VERB
fsr-3407	306	6	andy	andy	PROPN
fsr-3407	306	7	o’rourke	o’rourke	NOUN
fsr-3407	306	8	for	for	ADP
fsr-3407	306	9	his	his	PRON
fsr-3407	306	10	insights	insight	NOUN
fsr-3407	306	11	into	into	ADP
fsr-3407	306	12	the	the	DET
fsr-3407	306	13	financing	financing	NOUN
fsr-3407	306	14	aspects	aspect	NOUN
fsr-3407	306	15	of	of	ADP
fsr-3407	306	16	leveraged	leveraged	ADJ
fsr-3407	306	17	etfs	etfs	NOUN
fsr-3407	306	18	,	,	PUNCT
fsr-3407	306	19	and	and	CCONJ
fsr-3407	306	20	his	his	PRON
fsr-3407	306	21	sharing	sharing	NOUN
fsr-3407	306	22	of	of	ADP
fsr-3407	306	23	operational	operational	ADJ
fsr-3407	306	24	data	datum	NOUN
fsr-3407	306	25	from	from	ADP
fsr-3407	306	26	direxion	direxion	NOUN
fsr-3407	306	27	investments	investment	NOUN
fsr-3407	306	28	to	to	PART
fsr-3407	306	29	quantify	quantify	VERB
fsr-3407	306	30	the	the	DET
fsr-3407	306	31	effect	effect	NOUN
fsr-3407	306	32	of	of	ADP
fsr-3407	306	33	slippage	slippage	NOUN
fsr-3407	306	34	on	on	ADP
fsr-3407	306	35	replicated	replicated	ADJ
fsr-3407	306	36	returns	return	NOUN
fsr-3407	306	37	,	,	PUNCT
fsr-3407	306	38	and	and	CCONJ
fsr-3407	306	39	consequently	consequently	ADV
fsr-3407	306	40	tracking	track	VERB
fsr-3407	306	41	error	error	NOUN
fsr-3407	306	42	caused	cause	VERB
fsr-3407	306	43	by	by	ADP
fsr-3407	306	44	incomplete	incomplete	ADJ
fsr-3407	306	45	baskets	basket	NOUN
fsr-3407	306	46	and	and	CCONJ
fsr-3407	306	47	managing	manage	VERB
fsr-3407	306	48	leverage	leverage	NOUN
fsr-3407	306	49	.	.	PUNCT
fsr-3407	307	1	the	the	DET
fsr-3407	307	2	author	author	NOUN
fsr-3407	307	3	also	also	ADV
fsr-3407	307	4	appreciates	appreciate	VERB
fsr-3407	307	5	the	the	DET
fsr-3407	307	6	excellent	excellent	ADJ
fsr-3407	307	7	feedback	feedback	NOUN
fsr-3407	307	8	from	from	ADP
fsr-3407	307	9	dr	dr	PROPN
fsr-3407	307	10	.	.	PROPN
fsr-3407	307	11	darrol	darrol	PROPN
fsr-3407	307	12	stanley	stanley	PROPN
fsr-3407	307	13	on	on	ADP
fsr-3407	307	14	an	an	DET
fsr-3407	307	15	earlier	early	ADJ
fsr-3407	307	16	version	version	NOUN
fsr-3407	307	17	of	of	ADP
fsr-3407	307	18	this	this	DET
fsr-3407	307	19	manuscript	manuscript	NOUN
fsr-3407	307	20	,	,	PUNCT
fsr-3407	307	21	and	and	CCONJ
fsr-3407	307	22	proofreading	proofread	VERB
fsr-3407	307	23	support	support	NOUN
fsr-3407	307	24	from	from	ADP
fsr-3407	307	25	barb	barb	PROPN
fsr-3407	307	26	drayer	drayer	PROPN
fsr-3407	307	27	.	.	PUNCT
fsr-3407	308	1	additionally	additionally	ADV
fsr-3407	308	2	,	,	PUNCT
fsr-3407	308	3	two	two	NUM
fsr-3407	308	4	blind	blind	ADJ
fsr-3407	308	5	reviewers	reviewer	NOUN
fsr-3407	308	6	provided	provide	VERB
fsr-3407	308	7	excellent	excellent	ADJ
fsr-3407	308	8	recommendations	recommendation	NOUN
fsr-3407	308	9	on	on	ADP
fsr-3407	308	10	enhancements	enhancement	NOUN
fsr-3407	308	11	to	to	ADP
fsr-3407	308	12	this	this	DET
fsr-3407	308	13	manuscript	manuscript	NOUN
fsr-3407	308	14	,	,	PUNCT
fsr-3407	308	15	which	which	PRON
fsr-3407	308	16	substantially	substantially	ADV
fsr-3407	308	17	added	add	VERB
fsr-3407	308	18	to	to	ADP
fsr-3407	308	19	the	the	DET
fsr-3407	308	20	quality	quality	NOUN
fsr-3407	308	21	and	and	CCONJ
fsr-3407	308	22	relevance	relevance	NOUN
fsr-3407	308	23	of	of	ADP
fsr-3407	308	24	this	this	DET
fsr-3407	308	25	work	work	NOUN
fsr-3407	308	26	.	.	PUNCT
fsr-3407	309	1	i	i	PRON
fsr-3407	309	2	also	also	ADV
fsr-3407	309	3	wish	wish	VERB
fsr-3407	309	4	to	to	PART
fsr-3407	309	5	thank	thank	VERB
fsr-3407	309	6	the	the	DET
fsr-3407	309	7	participants	participant	NOUN
fsr-3407	309	8	at	at	ADP
fsr-3407	309	9	the	the	DET
fsr-3407	309	10	2018	2018	NUM
fsr-3407	309	11	academy	academy	NOUN
fsr-3407	309	12	of	of	ADP
fsr-3407	309	13	financial	financial	ADJ
fsr-3407	309	14	services	service	NOUN
fsr-3407	309	15	annual	annual	ADJ
fsr-3407	309	16	meeting	meeting	NOUN
fsr-3407	309	17	in	in	ADP
fsr-3407	309	18	chicago	chicago	PROPN
fsr-3407	309	19	on	on	ADP
fsr-3407	309	20	several	several	ADJ
fsr-3407	309	21	suggestions	suggestion	NOUN
fsr-3407	309	22	for	for	ADP
fsr-3407	309	23	extensions	extension	NOUN
fsr-3407	309	24	and	and	CCONJ
fsr-3407	309	25	future	future	ADJ
fsr-3407	309	26	work	work	NOUN
fsr-3407	309	27	.	.	PUNCT
fsr-3407	310	1	lastly	lastly	ADV
fsr-3407	310	2	,	,	PUNCT
fsr-3407	310	3	although	although	SCONJ
fsr-3407	310	4	every	every	DET
fsr-3407	310	5	attempt	attempt	NOUN
fsr-3407	310	6	was	be	AUX
fsr-3407	310	7	made	make	VERB
fsr-3407	310	8	to	to	PART
fsr-3407	310	9	eliminate	eliminate	VERB
fsr-3407	310	10	errors	error	NOUN
fsr-3407	310	11	from	from	ADP
fsr-3407	310	12	this	this	DET
fsr-3407	310	13	paper	paper	NOUN
fsr-3407	310	14	,	,	PUNCT
fsr-3407	310	15	any	any	DET
fsr-3407	310	16	remaining	remain	VERB
fsr-3407	310	17	issues	issue	NOUN
fsr-3407	310	18	are	be	AUX
fsr-3407	310	19	solely	solely	ADV
fsr-3407	310	20	the	the	DET
fsr-3407	310	21	responsibility	responsibility	NOUN
fsr-3407	310	22	of	of	ADP
fsr-3407	310	23	the	the	DET
fsr-3407	310	24	author	author	NOUN
fsr-3407	310	25	.	.	PUNCT
fsr-3407	311	1	table	table	NOUN
fsr-3407	311	2	a1	a1	NOUN
fsr-3407	311	3	annualized	annualize	VERB
fsr-3407	311	4	returns	return	NOUN
fsr-3407	311	5	and	and	CCONJ
fsr-3407	311	6	volatility	volatility	NOUN
fsr-3407	311	7	of	of	ADP
fsr-3407	311	8	unleveraged	unleveraged	ADJ
fsr-3407	311	9	and	and	CCONJ
fsr-3407	311	10	leveraged	leveraged	ADJ
fsr-3407	311	11	stock	stock	NOUN
fsr-3407	311	12	etf	etf	NOUN
fsr-3407	311	13	year	year	NOUN
fsr-3407	311	14	n	n	PROPN
fsr-3407	311	15	s&p	s&p	PROPN
fsr-3407	311	16	500	500	NUM
fsr-3407	311	17	index	index	NOUN
fsr-3407	311	18	annual	annual	ADJ
fsr-3407	311	19	return	return	NOUN
fsr-3407	311	20	s&p	s&p	PROPN
fsr-3407	311	21	500	500	NUM
fsr-3407	311	22	index	index	NOUN
fsr-3407	311	23	annual	annual	ADJ
fsr-3407	311	24	volatility	volatility	NOUN
fsr-3407	311	25	s&p	s&p	PROPN
fsr-3407	311	26	500	500	NUM
fsr-3407	311	27	etf	etf	NOUN
fsr-3407	311	28	annual	annual	ADJ
fsr-3407	311	29	return	return	NOUN
fsr-3407	311	30	1.25x	1.25x	NUM
fsr-3407	311	31	annual	annual	ADJ
fsr-3407	311	32	volatility	volatility	NOUN
fsr-3407	311	33	1.25x	1.25x	NUM
fsr-3407	311	34	annual	annual	ADJ
fsr-3407	311	35	return	return	NOUN
fsr-3407	311	36	excess	excess	ADJ
fsr-3407	311	37	return	return	NOUN
fsr-3407	311	38	1989	1989	NUM
fsr-3407	311	39	252	252	NUM
fsr-3407	311	40	31.68	31.68	NUM
fsr-3407	311	41	%	%	NOUN
fsr-3407	311	42	13.03	13.03	NUM
fsr-3407	311	43	%	%	NOUN
fsr-3407	311	44	31.63	31.63	NUM
fsr-3407	311	45	%	%	NOUN
fsr-3407	311	46	16.28	16.28	NUM
fsr-3407	311	47	%	%	NOUN
fsr-3407	311	48	36.934	36.934	NUM
fsr-3407	311	49	%	%	NOUN
fsr-3407	311	50	5.30	5.30	NUM
fsr-3407	311	51	%	%	NOUN
fsr-3407	311	52	1990	1990	NUM
fsr-3407	311	53	253	253	NUM
fsr-3407	311	54	�	�	NOUN
fsr-3407	311	55	3.10	3.10	NUM
fsr-3407	311	56	%	%	NOUN
fsr-3407	311	57	16.10	16.10	NUM
fsr-3407	311	58	%	%	NOUN
fsr-3407	311	59	�	�	NOUN
fsr-3407	311	60	3.14	3.14	NUM
fsr-3407	311	61	%	%	NOUN
fsr-3407	311	62	20.13	20.13	NUM
fsr-3407	311	63	%	%	NOUN
fsr-3407	311	64	�	�	PROPN
fsr-3407	311	65	6.58	6.58	NUM
fsr-3407	311	66	%	%	NOUN
fsr-3407	311	67	�	�	NOUN
fsr-3407	311	68	3.43	3.43	NUM
fsr-3407	311	69	%	%	NOUN
fsr-3407	311	70	1991	1991	NUM
fsr-3407	311	71	253	253	NUM
fsr-3407	311	72	30.47	30.47	NUM
fsr-3407	311	73	%	%	NOUN
fsr-3407	311	74	14.32	14.32	NUM
fsr-3407	311	75	%	%	NOUN
fsr-3407	311	76	30.41	30.41	NUM
fsr-3407	311	77	%	%	NOUN
fsr-3407	311	78	17.90	17.90	NUM
fsr-3407	311	79	%	%	NOUN
fsr-3407	311	80	36.41	36.41	NUM
fsr-3407	311	81	%	%	NOUN
fsr-3407	311	82	6.00	6.00	NUM
fsr-3407	311	83	%	%	NOUN
fsr-3407	311	84	1992	1992	NUM
fsr-3407	311	85	254	254	NUM
fsr-3407	311	86	7.62	7.62	NUM
fsr-3407	311	87	%	%	NOUN
fsr-3407	311	88	9.73	9.73	NUM
fsr-3407	311	89	%	%	NOUN
fsr-3407	311	90	7.58	7.58	NUM
fsr-3407	311	91	%	%	NOUN
fsr-3407	311	92	12.16	12.16	NUM
fsr-3407	311	93	%	%	NOUN
fsr-3407	311	94	8.01	8.01	NUM
fsr-3407	311	95	%	%	NOUN
fsr-3407	311	96	0.43	0.43	NUM
fsr-3407	311	97	%	%	NOUN
fsr-3407	311	98	1993	1993	NUM
fsr-3407	311	99	253	253	NUM
fsr-3407	311	100	10.08	10.08	NUM
fsr-3407	311	101	%	%	NOUN
fsr-3407	311	102	8.63	8.63	NUM
fsr-3407	311	103	%	%	NOUN
fsr-3407	311	104	10.03	10.03	NUM
fsr-3407	311	105	%	%	NOUN
fsr-3407	311	106	10.79	10.79	NUM
fsr-3407	311	107	%	%	NOUN
fsr-3407	311	108	11.30	11.30	NUM
fsr-3407	311	109	%	%	NOUN
fsr-3407	311	110	1.26	1.26	NUM
fsr-3407	311	111	%	%	NOUN
fsr-3407	311	112	1994	1994	NUM
fsr-3407	311	113	252	252	NUM
fsr-3407	311	114	1.32	1.32	NUM
fsr-3407	311	115	%	%	NOUN
fsr-3407	311	116	9.82	9.82	NUM
fsr-3407	311	117	%	%	NOUN
fsr-3407	311	118	1.28	1.28	NUM
fsr-3407	311	119	%	%	NOUN
fsr-3407	311	120	12.28	12.28	NUM
fsr-3407	311	121	%	%	NOUN
fsr-3407	311	122	�	�	NOUN
fsr-3407	311	123	0.01	0.01	NUM
fsr-3407	311	124	%	%	NOUN
fsr-3407	311	125	�	�	NOUN
fsr-3407	311	126	1.29	1.29	NUM
fsr-3407	311	127	%	%	NOUN
fsr-3407	311	128	1995	1995	NUM
fsr-3407	311	129	252	252	NUM
fsr-3407	311	130	37.58	37.58	NUM
fsr-3407	311	131	%	%	NOUN
fsr-3407	311	132	7.83	7.83	NUM
fsr-3407	311	133	%	%	NOUN
fsr-3407	311	134	37.52	37.52	NUM
fsr-3407	311	135	%	%	NOUN
fsr-3407	311	136	9.78	9.78	NUM
fsr-3407	311	137	%	%	NOUN
fsr-3407	311	138	46.09	46.09	NUM
fsr-3407	311	139	%	%	NOUN
fsr-3407	311	140	8.57	8.57	NUM
fsr-3407	311	141	%	%	NOUN
fsr-3407	311	142	1996	1996	NUM
fsr-3407	311	143	254	254	NUM
fsr-3407	311	144	22.96	22.96	NUM
fsr-3407	311	145	%	%	NOUN
fsr-3407	311	146	11.82	11.82	NUM
fsr-3407	311	147	%	%	NOUN
fsr-3407	311	148	22.91	22.91	NUM
fsr-3407	311	149	%	%	NOUN
fsr-3407	311	150	14.78	14.78	NUM
fsr-3407	311	151	%	%	NOUN
fsr-3407	311	152	26.95	26.95	NUM
fsr-3407	311	153	%	%	NOUN
fsr-3407	311	154	4.04	4.04	NUM
fsr-3407	311	155	%	%	NOUN
fsr-3407	311	156	1997	1997	NUM
fsr-3407	311	157	253	253	NUM
fsr-3407	311	158	33.36	33.36	NUM
fsr-3407	311	159	%	%	NOUN
fsr-3407	311	160	18.16	18.16	NUM
fsr-3407	311	161	%	%	NOUN
fsr-3407	311	162	33.31	33.31	NUM
fsr-3407	311	163	%	%	NOUN
fsr-3407	311	164	22.70	22.70	NUM
fsr-3407	311	165	%	%	NOUN
fsr-3407	311	166	40.02	40.02	NUM
fsr-3407	311	167	%	%	NOUN
fsr-3407	311	168	6.71	6.71	NUM
fsr-3407	311	169	%	%	NOUN
fsr-3407	311	170	1998	1998	NUM
fsr-3407	311	171	252	252	NUM
fsr-3407	311	172	28.58	28.58	NUM
fsr-3407	311	173	%	%	NOUN
fsr-3407	311	174	20.29	20.29	NUM
fsr-3407	311	175	%	%	NOUN
fsr-3407	311	176	28.53	28.53	NUM
fsr-3407	311	177	%	%	NOUN
fsr-3407	311	178	25.37	25.37	NUM
fsr-3407	311	179	%	%	NOUN
fsr-3407	311	180	33.64	33.64	NUM
fsr-3407	311	181	%	%	NOUN
fsr-3407	311	182	5.11	5.11	NUM
fsr-3407	311	183	%	%	NOUN
fsr-3407	311	184	1999	1999	NUM
fsr-3407	311	185	252	252	NUM
fsr-3407	311	186	21.04	21.04	NUM
fsr-3407	311	187	%	%	NOUN
fsr-3407	311	188	18.08	18.08	NUM
fsr-3407	311	189	%	%	NOUN
fsr-3407	311	190	20.99	20.99	NUM
fsr-3407	311	191	%	%	NOUN
fsr-3407	311	192	22.60	22.60	NUM
fsr-3407	311	193	%	%	NOUN
fsr-3407	311	194	24.19	24.19	NUM
fsr-3407	311	195	%	%	NOUN
fsr-3407	311	196	3.20	3.20	NUM
fsr-3407	311	197	%	%	NOUN
fsr-3407	311	198	2000	2000	NUM
fsr-3407	311	199	252	252	NUM
fsr-3407	311	200	�	�	NOUN
fsr-3407	311	201	9.10	9.10	NUM
fsr-3407	311	202	%	%	NOUN
fsr-3407	311	203	22.22	22.22	NUM
fsr-3407	311	204	%	%	NOUN
fsr-3407	311	205	�	�	NOUN
fsr-3407	311	206	9.14	9.14	NUM
fsr-3407	311	207	%	%	NOUN
fsr-3407	311	208	27.77	27.77	NUM
fsr-3407	311	209	%	%	NOUN
fsr-3407	311	210	�	�	NOUN
fsr-3407	311	211	13.66	13.66	NUM
fsr-3407	311	212	%	%	NOUN
fsr-3407	311	213	�	�	PROPN
fsr-3407	311	214	4.52	4.52	NUM
fsr-3407	311	215	%	%	NOUN
fsr-3407	311	216	2001	2001	NUM
fsr-3407	311	217	248	248	NUM
fsr-3407	311	218	�	�	NOUN
fsr-3407	311	219	11.89	11.89	NUM
fsr-3407	311	220	%	%	NOUN
fsr-3407	311	221	21.38	21.38	NUM
fsr-3407	311	222	%	%	NOUN
fsr-3407	311	223	�	�	NOUN
fsr-3407	311	224	11.92	11.92	NUM
fsr-3407	311	225	%	%	NOUN
fsr-3407	311	226	26.72	26.72	NUM
fsr-3407	311	227	%	%	NOUN
fsr-3407	311	228	�	�	NOUN
fsr-3407	311	229	16.36	16.36	NUM
fsr-3407	311	230	%	%	NOUN
fsr-3407	311	231	�	�	NOUN
fsr-3407	311	232	4.44	4.44	NUM
fsr-3407	311	233	%	%	NOUN
fsr-3407	311	234	2002	2002	NUM
fsr-3407	311	235	252	252	NUM
fsr-3407	311	236	�	�	NOUN
fsr-3407	311	237	22.10	22.10	NUM
fsr-3407	311	238	%	%	NOUN
fsr-3407	311	239	26.04	26.04	NUM
fsr-3407	311	240	%	%	NOUN
fsr-3407	311	241	�	�	PROPN
fsr-3407	311	242	22.13	22.13	NUM
fsr-3407	311	243	%	%	NOUN
fsr-3407	311	244	32.55	32.55	NUM
fsr-3407	311	245	%	%	NOUN
fsr-3407	311	246	�	�	NOUN
fsr-3407	311	247	28.18	28.18	NUM
fsr-3407	311	248	%	%	NOUN
fsr-3407	311	249	�	�	PROPN
fsr-3407	311	250	6.04	6.04	NUM
fsr-3407	311	251	%	%	NOUN
fsr-3407	311	252	2003	2003	NUM
fsr-3407	311	253	252	252	NUM
fsr-3407	311	254	28.68	28.68	NUM
fsr-3407	311	255	%	%	NOUN
fsr-3407	311	256	17.07	17.07	NUM
fsr-3407	311	257	%	%	NOUN
fsr-3407	311	258	28.63	28.63	NUM
fsr-3407	311	259	%	%	NOUN
fsr-3407	311	260	21.34	21.34	NUM
fsr-3407	311	261	%	%	NOUN
fsr-3407	311	262	35.51	35.51	NUM
fsr-3407	311	263	%	%	NOUN
fsr-3407	311	264	6.87	6.87	NUM
fsr-3407	311	265	%	%	NOUN
fsr-3407	311	266	2004	2004	NUM
fsr-3407	311	267	252	252	NUM
fsr-3407	311	268	10.88	10.88	NUM
fsr-3407	311	269	%	%	NOUN
fsr-3407	311	270	11.10	11.10	NUM
fsr-3407	311	271	%	%	NOUN
fsr-3407	311	272	10.84	10.84	NUM
fsr-3407	311	273	%	%	NOUN
fsr-3407	311	274	13.87	13.87	NUM
fsr-3407	311	275	%	%	NOUN
fsr-3407	311	276	12.71	12.71	NUM
fsr-3407	311	277	%	%	NOUN
fsr-3407	311	278	1.87	1.87	NUM
fsr-3407	311	279	%	%	NOUN
fsr-3407	311	280	2005	2005	NUM
fsr-3407	311	281	252	252	NUM
fsr-3407	311	282	4.91	4.91	NUM
fsr-3407	311	283	%	%	NOUN
fsr-3407	311	284	10.29	10.29	NUM
fsr-3407	311	285	%	%	NOUN
fsr-3407	311	286	4.87	4.87	NUM
fsr-3407	311	287	%	%	NOUN
fsr-3407	311	288	12.86	12.86	NUM
fsr-3407	311	289	%	%	NOUN
fsr-3407	311	290	4.71	4.71	NUM
fsr-3407	311	291	%	%	NOUN
fsr-3407	311	292	�	�	NOUN
fsr-3407	311	293	0.16	0.16	NUM
fsr-3407	311	294	%	%	NOUN
fsr-3407	311	295	2006	2006	NUM
fsr-3407	311	296	251	251	NUM
fsr-3407	311	297	15.79	15.79	NUM
fsr-3407	311	298	%	%	NOUN
fsr-3407	311	299	10.02	10.02	NUM
fsr-3407	311	300	%	%	NOUN
fsr-3407	311	301	15.75	15.75	NUM
fsr-3407	311	302	%	%	NOUN
fsr-3407	311	303	12.53	12.53	NUM
fsr-3407	311	304	%	%	NOUN
fsr-3407	311	305	17.97	17.97	NUM
fsr-3407	311	306	%	%	NOUN
fsr-3407	311	307	2.22	2.22	NUM
fsr-3407	311	308	%	%	NOUN
fsr-3407	311	309	2007	2007	NUM
fsr-3407	311	310	251	251	NUM
fsr-3407	311	311	5.49	5.49	NUM
fsr-3407	311	312	%	%	NOUN
fsr-3407	311	313	15.96	15.96	NUM
fsr-3407	311	314	%	%	NOUN
fsr-3407	311	315	5.45	5.45	NUM
fsr-3407	311	316	%	%	NOUN
fsr-3407	311	317	19.95	19.95	NUM
fsr-3407	311	318	%	%	NOUN
fsr-3407	311	319	4.70	4.70	NUM
fsr-3407	311	320	%	%	NOUN
fsr-3407	311	321	�	�	NOUN
fsr-3407	311	322	0.75	0.75	NUM
fsr-3407	311	323	%	%	NOUN
fsr-3407	311	324	2008	2008	NUM
fsr-3407	311	325	253	253	NUM
fsr-3407	311	326	�	�	NOUN
fsr-3407	311	327	37.00	37.00	NUM
fsr-3407	311	328	%	%	NOUN
fsr-3407	311	329	41.05	41.05	NUM
fsr-3407	311	330	%	%	NOUN
fsr-3407	311	331	�	�	NOUN
fsr-3407	311	332	37.02	37.02	NUM
fsr-3407	311	333	%	%	NOUN
fsr-3407	311	334	51.31	51.31	NUM
fsr-3407	311	335	%	%	NOUN
fsr-3407	311	336	�	�	NOUN
fsr-3407	311	337	45.91	45.91	NUM
fsr-3407	311	338	%	%	NOUN
fsr-3407	311	339	�	�	NOUN
fsr-3407	311	340	8.89	8.89	NUM
fsr-3407	311	341	%	%	NOUN
fsr-3407	311	342	2009	2009	NUM
fsr-3407	311	343	252	252	NUM
fsr-3407	311	344	26.46	26.46	NUM
fsr-3407	311	345	%	%	NOUN
fsr-3407	311	346	27.28	27.28	NUM
fsr-3407	311	347	%	%	NOUN
fsr-3407	311	348	26.41	26.41	NUM
fsr-3407	311	349	%	%	NOUN
fsr-3407	311	350	34.09	34.09	NUM
fsr-3407	311	351	%	%	NOUN
fsr-3407	311	352	31.95	31.95	NUM
fsr-3407	311	353	%	%	NOUN
fsr-3407	311	354	5.54	5.54	NUM
fsr-3407	311	355	%	%	NOUN
fsr-3407	311	356	2010	2010	NUM
fsr-3407	311	357	252	252	NUM
fsr-3407	311	358	15.06	15.06	NUM
fsr-3407	311	359	%	%	NOUN
fsr-3407	311	360	18.06	18.06	NUM
fsr-3407	311	361	%	%	NOUN
fsr-3407	311	362	15.02	15.02	NUM
fsr-3407	311	363	%	%	NOUN
fsr-3407	311	364	22.58	22.58	NUM
fsr-3407	311	365	%	%	NOUN
fsr-3407	311	366	18.03	18.03	NUM
fsr-3407	311	367	%	%	NOUN
fsr-3407	311	368	3.02	3.02	NUM
fsr-3407	311	369	%	%	NOUN
fsr-3407	311	370	2011	2011	NUM
fsr-3407	311	371	252	252	NUM
fsr-3407	311	372	2.11	2.11	NUM
fsr-3407	311	373	%	%	NOUN
fsr-3407	311	374	23.29	23.29	NUM
fsr-3407	311	375	%	%	NOUN
fsr-3407	311	376	2.07	2.07	NUM
fsr-3407	311	377	%	%	NOUN
fsr-3407	311	378	29.11	29.11	NUM
fsr-3407	311	379	%	%	NOUN
fsr-3407	311	380	1.33	1.33	NUM
fsr-3407	311	381	%	%	NOUN
fsr-3407	311	382	�	�	NOUN
fsr-3407	311	383	0.74	0.74	NUM
fsr-3407	311	384	%	%	NOUN
fsr-3407	311	385	2012	2012	NUM
fsr-3407	311	386	250	250	NUM
fsr-3407	311	387	16.00	16.00	NUM
fsr-3407	311	388	%	%	NOUN
fsr-3407	311	389	12.70	12.70	NUM
fsr-3407	311	390	%	%	NOUN
fsr-3407	311	391	15.96	15.96	NUM
fsr-3407	311	392	%	%	NOUN
fsr-3407	311	393	15.88	15.88	NUM
fsr-3407	311	394	%	%	NOUN
fsr-3407	311	395	19.56	19.56	NUM
fsr-3407	311	396	%	%	NOUN
fsr-3407	311	397	3.60	3.60	NUM
fsr-3407	311	398	%	%	NOUN
fsr-3407	311	399	2013	2013	NUM
fsr-3407	311	400	252	252	NUM
fsr-3407	311	401	32.39	32.39	NUM
fsr-3407	311	402	%	%	NOUN
fsr-3407	311	403	11.07	11.07	NUM
fsr-3407	311	404	%	%	NOUN
fsr-3407	311	405	32.34	32.34	NUM
fsr-3407	311	406	%	%	NOUN
fsr-3407	311	407	13.84	13.84	NUM
fsr-3407	311	408	%	%	NOUN
fsr-3407	311	409	41.12	41.12	NUM
fsr-3407	311	410	%	%	NOUN
fsr-3407	311	411	8.79	8.79	NUM
fsr-3407	311	412	%	%	NOUN
fsr-3407	311	413	2014	2014	NUM
fsr-3407	311	414	252	252	NUM
fsr-3407	311	415	13.69	13.69	NUM
fsr-3407	311	416	%	%	NOUN
fsr-3407	311	417	11.38	11.38	NUM
fsr-3407	311	418	%	%	NOUN
fsr-3407	311	419	13.64	13.64	NUM
fsr-3407	311	420	%	%	NOUN
fsr-3407	311	421	14.23	14.23	NUM
fsr-3407	311	422	%	%	NOUN
fsr-3407	311	423	16.66	16.66	NUM
fsr-3407	311	424	%	%	NOUN
fsr-3407	311	425	3.02	3.02	NUM
fsr-3407	311	426	%	%	NOUN
fsr-3407	311	427	2015	2015	NUM
fsr-3407	311	428	252	252	NUM
fsr-3407	311	429	1.38	1.38	NUM
fsr-3407	311	430	%	%	NOUN
fsr-3407	311	431	15.49	15.49	NUM
fsr-3407	311	432	%	%	NOUN
fsr-3407	311	433	1.34	1.34	NUM
fsr-3407	311	434	%	%	NOUN
fsr-3407	311	435	19.37	19.37	NUM
fsr-3407	311	436	%	%	NOUN
fsr-3407	311	437	0.91	0.91	NUM
fsr-3407	311	438	%	%	NOUN
fsr-3407	311	439	�	�	NOUN
fsr-3407	311	440	0.43	0.43	NUM
fsr-3407	311	441	%	%	NOUN
fsr-3407	311	442	2016	2016	NUM
fsr-3407	311	443	252	252	NUM
fsr-3407	311	444	11.96	11.96	NUM
fsr-3407	311	445	%	%	NOUN
fsr-3407	311	446	13.10	13.10	NUM
fsr-3407	311	447	%	%	NOUN
fsr-3407	311	448	11.92	11.92	NUM
fsr-3407	311	449	%	%	NOUN
fsr-3407	311	450	16.37	16.37	NUM
fsr-3407	311	451	%	%	NOUN
fsr-3407	311	452	14.28	14.28	NUM
fsr-3407	311	453	%	%	NOUN
fsr-3407	311	454	2.36	2.36	NUM
fsr-3407	311	455	%	%	NOUN
fsr-3407	311	456	2017	2017	NUM
fsr-3407	311	457	251	251	NUM
fsr-3407	311	458	21.83	21.83	NUM
fsr-3407	311	459	%	%	NOUN
fsr-3407	311	460	6.67	6.67	NUM
fsr-3407	311	461	%	%	NOUN
fsr-3407	311	462	21.78	21.78	NUM
fsr-3407	311	463	%	%	NOUN
fsr-3407	311	464	8.33	8.33	NUM
fsr-3407	311	465	%	%	NOUN
fsr-3407	311	466	27.07	27.07	NUM
fsr-3407	311	467	%	%	NOUN
fsr-3407	311	468	5.28	5.28	NUM
fsr-3407	311	469	%	%	NOUN
fsr-3407	311	470	note	note	NOUN
fsr-3407	311	471	:	:	PUNCT
fsr-3407	311	472	etf	etf	PROPN
fsr-3407	311	473	�	�	PROPN
fsr-3407	311	474	exchange	exchange	NOUN
fsr-3407	311	475	-	-	PUNCT
fsr-3407	311	476	traded	trade	VERB
fsr-3407	311	477	funds	fund	NOUN
fsr-3407	311	478	.	.	PUNCT
fsr-3407	312	1	430	430	NUM
fsr-3407	312	2	j.	j.	PROPN
fsr-3407	312	3	dilellio	dilellio	PROPN
fsr-3407	312	4	/	/	SYM
fsr-3407	312	5	financial	financial	ADJ
fsr-3407	312	6	services	service	NOUN
fsr-3407	312	7	review	review	VERB
fsr-3407	312	8	27	27	NUM
fsr-3407	312	9	(	(	PUNCT
fsr-3407	312	10	2018	2018	NUM
fsr-3407	312	11	)	)	PUNCT
fsr-3407	312	12	413	413	NUM
fsr-3407	312	13	-	-	SYM
fsr-3407	312	14	432	432	NUM
fsr-3407	312	15	references	reference	NOUN
fsr-3407	312	16	agrrawal	agrrawal	NOUN
fsr-3407	312	17	,	,	PUNCT
fsr-3407	312	18	p.	p.	NOUN
fsr-3407	312	19	,	,	PUNCT
fsr-3407	312	20	&	&	CCONJ
fsr-3407	312	21	clark	clark	PROPN
fsr-3407	312	22	,	,	PUNCT
fsr-3407	312	23	j.	j.	PROPN
fsr-3407	312	24	m.	m.	PROPN
fsr-3407	312	25	(	(	PUNCT
fsr-3407	312	26	2009	2009	NUM
fsr-3407	312	27	)	)	PUNCT
fsr-3407	312	28	.	.	PUNCT
fsr-3407	313	1	determinants	determinant	NOUN
fsr-3407	313	2	of	of	ADP
fsr-3407	313	3	etf	etf	NOUN
fsr-3407	313	4	liquidity	liquidity	NOUN
fsr-3407	313	5	in	in	ADP
fsr-3407	313	6	the	the	DET
fsr-3407	313	7	secondary	secondary	ADJ
fsr-3407	313	8	market	market	NOUN
fsr-3407	313	9	:	:	PUNCT
fsr-3407	313	10	a	a	DET
fsr-3407	313	11	five	five	NUM
fsr-3407	313	12	-	-	PUNCT
fsr-3407	313	13	factor	factor	NOUN
fsr-3407	313	14	ranking	ranking	NOUN
fsr-3407	313	15	algorithm	algorithm	NOUN
fsr-3407	313	16	.	.	PUNCT
fsr-3407	314	1	institutional	institutional	ADJ
fsr-3407	314	2	investor	investor	NOUN
fsr-3407	314	3	journals	journal	NOUN
fsr-3407	314	4	,	,	PUNCT
fsr-3407	314	5	2007	2007	NUM
fsr-3407	314	6	,	,	PUNCT
fsr-3407	314	7	59–66	59–66	NUM
fsr-3407	314	8	.	.	PUNCT
fsr-3407	315	1	avellaneda	avellaneda	PROPN
fsr-3407	315	2	,	,	PUNCT
fsr-3407	315	3	m.	m.	NOUN
fsr-3407	315	4	,	,	PUNCT
fsr-3407	315	5	&	&	CCONJ
fsr-3407	315	6	zhang	zhang	PROPN
fsr-3407	315	7	,	,	PUNCT
fsr-3407	315	8	s.	s.	PROPN
fsr-3407	315	9	(	(	PUNCT
fsr-3407	315	10	2010	2010	NUM
fsr-3407	315	11	)	)	PUNCT
fsr-3407	315	12	.	.	PUNCT
fsr-3407	316	1	path	path	NOUN
fsr-3407	316	2	-	-	PUNCT
fsr-3407	316	3	dependence	dependence	NOUN
fsr-3407	316	4	of	of	ADP
fsr-3407	316	5	leveraged	leveraged	ADJ
fsr-3407	316	6	etf	etf	NOUN
fsr-3407	316	7	returns	return	NOUN
fsr-3407	316	8	.	.	PUNCT
fsr-3407	317	1	siam	siam	PROPN
fsr-3407	317	2	journal	journal	PROPN
fsr-3407	317	3	of	of	ADP
fsr-3407	317	4	financial	financial	ADJ
fsr-3407	317	5	mathematics	mathematic	NOUN
fsr-3407	317	6	,	,	PUNCT
fsr-3407	317	7	1	1	NUM
fsr-3407	317	8	,	,	PUNCT
fsr-3407	317	9	568–603	568–603	NUM
fsr-3407	317	10	.	.	PUNCT
fsr-3407	318	1	barnhorst	barnhorst	PROPN
fsr-3407	318	2	,	,	PUNCT
fsr-3407	318	3	b.	b.	PROPN
fsr-3407	318	4	c.	c.	PROPN
fsr-3407	318	5	,	,	PUNCT
fsr-3407	318	6	&	&	CCONJ
fsr-3407	318	7	cocozza	cocozza	PROPN
fsr-3407	318	8	,	,	PUNCT
fsr-3407	318	9	c.	c.	PROPN
fsr-3407	318	10	r.	r.	PROPN
fsr-3407	318	11	(	(	PUNCT
fsr-3407	318	12	2010	2010	NUM
fsr-3407	318	13	)	)	PUNCT
fsr-3407	318	14	.	.	PUNCT
fsr-3407	319	1	inverse	inverse	NOUN
fsr-3407	319	2	and	and	CCONJ
fsr-3407	319	3	leveraged	leveraged	ADJ
fsr-3407	319	4	etfs	etfs	NOUN
fsr-3407	319	5	:	:	PUNCT
fsr-3407	319	6	considering	consider	VERB
fsr-3407	319	7	the	the	DET
fsr-3407	319	8	alternatives	alternative	NOUN
fsr-3407	319	9	.	.	PUNCT
fsr-3407	320	1	journal	journal	NOUN
fsr-3407	320	2	of	of	ADP
fsr-3407	320	3	financial	financial	ADJ
fsr-3407	320	4	planning	planning	NOUN
fsr-3407	320	5	,	,	PUNCT
fsr-3407	320	6	24	24	NUM
fsr-3407	320	7	,	,	PUNCT
fsr-3407	320	8	44–49	44–49	NUM
fsr-3407	320	9	.	.	PUNCT
fsr-3407	321	1	cheng	cheng	PROPN
fsr-3407	321	2	,	,	PUNCT
fsr-3407	321	3	m.	m.	NOUN
fsr-3407	321	4	,	,	PUNCT
fsr-3407	321	5	&	&	CCONJ
fsr-3407	321	6	madhavan	madhavan	PROPN
fsr-3407	321	7	,	,	PUNCT
fsr-3407	321	8	a.	a.	NOUN
fsr-3407	321	9	(	(	PUNCT
fsr-3407	321	10	2009	2009	NUM
fsr-3407	321	11	)	)	PUNCT
fsr-3407	321	12	.	.	PUNCT
fsr-3407	322	1	the	the	DET
fsr-3407	322	2	dynamics	dynamic	NOUN
fsr-3407	322	3	of	of	ADP
fsr-3407	322	4	leveraged	leveraged	ADJ
fsr-3407	322	5	and	and	CCONJ
fsr-3407	322	6	inverse	inverse	NOUN
fsr-3407	322	7	exchange	exchange	NOUN
fsr-3407	322	8	traded	trade	VERB
fsr-3407	322	9	funds	fund	NOUN
fsr-3407	322	10	.	.	PUNCT
fsr-3407	323	1	journal	journal	NOUN
fsr-3407	323	2	of	of	ADP
fsr-3407	323	3	investment	investment	NOUN
fsr-3407	323	4	management	management	NOUN
fsr-3407	323	5	,	,	PUNCT
fsr-3407	323	6	7	7	NUM
fsr-3407	323	7	,	,	PUNCT
fsr-3407	323	8	43–62	43–62	NUM
fsr-3407	323	9	.	.	PUNCT
fsr-3407	323	10	davison	davison	PROPN
fsr-3407	323	11	,	,	PUNCT
fsr-3407	323	12	a.	a.	PROPN
fsr-3407	323	13	c.	c.	PROPN
fsr-3407	323	14	,	,	PUNCT
fsr-3407	323	15	&	&	CCONJ
fsr-3407	323	16	hinkley	hinkley	PROPN
fsr-3407	323	17	,	,	PUNCT
fsr-3407	323	18	d.	d.	PROPN
fsr-3407	323	19	v.	v.	PROPN
fsr-3407	323	20	(	(	PUNCT
fsr-3407	323	21	1993	1993	NUM
fsr-3407	323	22	)	)	PUNCT
fsr-3407	323	23	.	.	PUNCT
fsr-3407	324	1	bootstrap	bootstrap	NOUN
fsr-3407	324	2	methods	method	NOUN
fsr-3407	324	3	and	and	CCONJ
fsr-3407	324	4	their	their	PRON
fsr-3407	324	5	application	application	NOUN
fsr-3407	324	6	.	.	PUNCT
fsr-3407	325	1	new	new	PROPN
fsr-3407	325	2	york	york	PROPN
fsr-3407	325	3	,	,	PUNCT
fsr-3407	325	4	ny	ny	PROPN
fsr-3407	325	5	:	:	PUNCT
fsr-3407	325	6	cambridge	cambridge	PROPN
fsr-3407	325	7	series	series	PROPN
fsr-3407	325	8	in	in	ADP
fsr-3407	325	9	statistical	statistical	ADJ
fsr-3407	325	10	and	and	CCONJ
fsr-3407	325	11	probabilistic	probabilistic	ADJ
fsr-3407	325	12	mathematics	mathematic	NOUN
fsr-3407	325	13	.	.	PUNCT
fsr-3407	326	1	dilellio	dilellio	PROPN
fsr-3407	326	2	,	,	PUNCT
fsr-3407	326	3	j.	j.	PROPN
fsr-3407	326	4	,	,	PUNCT
fsr-3407	326	5	hesse	hesse	PROPN
fsr-3407	326	6	,	,	PUNCT
fsr-3407	326	7	r.	r.	PROPN
fsr-3407	326	8	,	,	PUNCT
fsr-3407	326	9	&	&	CCONJ
fsr-3407	326	10	stanley	stanley	PROPN
fsr-3407	326	11	,	,	PUNCT
fsr-3407	326	12	d.	d.	PROPN
fsr-3407	326	13	(	(	PUNCT
fsr-3407	326	14	2014	2014	NUM
fsr-3407	326	15	)	)	PUNCT
fsr-3407	326	16	.	.	PUNCT
fsr-3407	327	1	portfolio	portfolio	NOUN
fsr-3407	327	2	performance	performance	NOUN
fsr-3407	327	3	with	with	ADP
fsr-3407	327	4	inverse	inverse	NOUN
fsr-3407	327	5	and	and	CCONJ
fsr-3407	327	6	leveraged	leveraged	ADJ
fsr-3407	327	7	etfs	etfs	NOUN
fsr-3407	327	8	.	.	PUNCT
fsr-3407	328	1	financial	financial	ADJ
fsr-3407	328	2	services	services	PROPN
fsr-3407	328	3	review	review	PROPN
fsr-3407	328	4	,	,	PUNCT
fsr-3407	328	5	23	23	NUM
fsr-3407	328	6	,	,	PUNCT
fsr-3407	328	7	123–149	123–149	NUM
fsr-3407	328	8	.	.	PUNCT
fsr-3407	329	1	efron	efron	PROPN
fsr-3407	329	2	,	,	PUNCT
fsr-3407	329	3	b.	b.	PROPN
fsr-3407	329	4	,	,	PUNCT
fsr-3407	329	5	&	&	CCONJ
fsr-3407	329	6	tibshirani	tibshirani	PROPN
fsr-3407	329	7	,	,	PUNCT
fsr-3407	329	8	r.	r.	PROPN
fsr-3407	329	9	(	(	PUNCT
fsr-3407	329	10	1993	1993	NUM
fsr-3407	329	11	)	)	PUNCT
fsr-3407	329	12	.	.	PUNCT
fsr-3407	330	1	an	an	DET
fsr-3407	330	2	introduction	introduction	NOUN
fsr-3407	330	3	to	to	ADP
fsr-3407	330	4	the	the	DET
fsr-3407	330	5	bootstrap	bootstrap	NOUN
fsr-3407	330	6	.	.	PUNCT
fsr-3407	331	1	boca	boca	PROPN
fsr-3407	331	2	raton	raton	PROPN
fsr-3407	331	3	,	,	PUNCT
fsr-3407	331	4	fl	fl	PROPN
fsr-3407	331	5	:	:	PUNCT
fsr-3407	331	6	chapman	chapman	NOUN
fsr-3407	331	7	and	and	CCONJ
fsr-3407	331	8	hall	hall	PROPN
fsr-3407	331	9	/	/	SYM
fsr-3407	331	10	crc	crc	PROPN
fsr-3407	331	11	.	.	PROPN
fsr-3407	331	12	table	table	PROPN
fsr-3407	331	13	a2	a2	PROPN
fsr-3407	331	14	annualized	annualize	VERB
fsr-3407	331	15	returns	return	NOUN
fsr-3407	331	16	and	and	CCONJ
fsr-3407	331	17	volatility	volatility	NOUN
fsr-3407	331	18	of	of	ADP
fsr-3407	331	19	unleveraged	unleveraged	ADJ
fsr-3407	331	20	and	and	CCONJ
fsr-3407	331	21	leveraged	leveraged	ADJ
fsr-3407	331	22	bond	bond	NOUN
fsr-3407	331	23	etf	etf	NOUN
fsr-3407	331	24	year	year	NOUN
fsr-3407	331	25	n	n	CCONJ
fsr-3407	331	26	aggregate	aggregate	ADJ
fsr-3407	331	27	bond	bond	NOUN
fsr-3407	331	28	index	index	NOUN
fsr-3407	331	29	annual	annual	ADJ
fsr-3407	331	30	return	return	NOUN
fsr-3407	331	31	aggregate	aggregate	NOUN
fsr-3407	331	32	bond	bond	NOUN
fsr-3407	331	33	index	index	NOUN
fsr-3407	331	34	annual	annual	ADJ
fsr-3407	331	35	volatility	volatility	NOUN
fsr-3407	331	36	aggregate	aggregate	NOUN
fsr-3407	331	37	bond	bond	NOUN
fsr-3407	331	38	etf	etf	NOUN
fsr-3407	331	39	annual	annual	ADJ
fsr-3407	331	40	return	return	NOUN
fsr-3407	331	41	1.25x	1.25x	NUM
fsr-3407	331	42	annual	annual	ADJ
fsr-3407	331	43	volatility	volatility	NOUN
fsr-3407	331	44	1.25x	1.25x	NUM
fsr-3407	331	45	annual	annual	ADJ
fsr-3407	331	46	return	return	NOUN
fsr-3407	331	47	excess	excess	ADJ
fsr-3407	331	48	return	return	NOUN
fsr-3407	331	49	1989	1989	NUM
fsr-3407	331	50	250	250	NUM
fsr-3407	331	51	14.53	14.53	NUM
fsr-3407	331	52	%	%	NOUN
fsr-3407	331	53	3.99	3.99	NUM
fsr-3407	331	54	%	%	NOUN
fsr-3407	331	55	14.47	14.47	NUM
fsr-3407	331	56	%	%	NOUN
fsr-3407	331	57	4.98	4.98	NUM
fsr-3407	331	58	%	%	NOUN
fsr-3407	331	59	15.32	15.32	NUM
fsr-3407	331	60	%	%	NOUN
fsr-3407	331	61	0.84	0.84	NUM
fsr-3407	331	62	%	%	NOUN
fsr-3407	331	63	1990	1990	NUM
fsr-3407	331	64	251	251	NUM
fsr-3407	331	65	8.96	8.96	NUM
fsr-3407	331	66	%	%	NOUN
fsr-3407	331	67	4.26	4.26	NUM
fsr-3407	331	68	%	%	NOUN
fsr-3407	331	69	8.91	8.91	NUM
fsr-3407	331	70	%	%	NOUN
fsr-3407	331	71	5.32	5.32	NUM
fsr-3407	331	72	%	%	NOUN
fsr-3407	331	73	8.61	8.61	NUM
fsr-3407	331	74	%	%	NOUN
fsr-3407	331	75	�	�	NOUN
fsr-3407	331	76	0.30	0.30	NUM
fsr-3407	331	77	%	%	NOUN
fsr-3407	331	78	1991	1991	NUM
fsr-3407	331	79	248	248	NUM
fsr-3407	331	80	16.00	16.00	NUM
fsr-3407	331	81	%	%	NOUN
fsr-3407	331	82	3.47	3.47	NUM
fsr-3407	331	83	%	%	NOUN
fsr-3407	331	84	15.95	15.95	NUM
fsr-3407	331	85	%	%	NOUN
fsr-3407	331	86	4.34	4.34	NUM
fsr-3407	331	87	%	%	NOUN
fsr-3407	331	88	18.17	18.17	NUM
fsr-3407	331	89	%	%	NOUN
fsr-3407	331	90	2.22	2.22	NUM
fsr-3407	331	91	%	%	NOUN
fsr-3407	331	92	1992	1992	NUM
fsr-3407	331	93	251	251	NUM
fsr-3407	331	94	7.40	7.40	NUM
fsr-3407	331	95	%	%	NOUN
fsr-3407	331	96	3.73	3.73	NUM
fsr-3407	331	97	%	%	NOUN
fsr-3407	331	98	7.35	7.35	NUM
fsr-3407	331	99	%	%	NOUN
fsr-3407	331	100	4.66	4.66	NUM
fsr-3407	331	101	%	%	NOUN
fsr-3407	331	102	7.88	7.88	NUM
fsr-3407	331	103	%	%	NOUN
fsr-3407	331	104	0.54	0.54	NUM
fsr-3407	331	105	%	%	NOUN
fsr-3407	331	106	1993	1993	NUM
fsr-3407	331	107	249	249	NUM
fsr-3407	331	108	9.75	9.75	NUM
fsr-3407	331	109	%	%	NOUN
fsr-3407	331	110	3.23	3.23	NUM
fsr-3407	331	111	%	%	NOUN
fsr-3407	331	112	9.69	9.69	NUM
fsr-3407	331	113	%	%	NOUN
fsr-3407	331	114	4.04	4.04	NUM
fsr-3407	331	115	%	%	NOUN
fsr-3407	331	116	11.01	11.01	NUM
fsr-3407	331	117	%	%	NOUN
fsr-3407	331	118	1.31	1.31	NUM
fsr-3407	331	119	%	%	NOUN
fsr-3407	331	120	1994	1994	NUM
fsr-3407	331	121	249	249	NUM
fsr-3407	331	122	�	�	PROPN
fsr-3407	331	123	2.92	2.92	NUM
fsr-3407	331	124	%	%	NOUN
fsr-3407	331	125	5.13	5.13	NUM
fsr-3407	331	126	%	%	NOUN
fsr-3407	331	127	�	�	NOUN
fsr-3407	331	128	2.97	2.97	NUM
fsr-3407	331	129	%	%	NOUN
fsr-3407	331	130	6.41	6.41	NUM
fsr-3407	331	131	%	%	NOUN
fsr-3407	331	132	�	�	NOUN
fsr-3407	331	133	5.09	5.09	NUM
fsr-3407	331	134	%	%	NOUN
fsr-3407	331	135	�	�	PROPN
fsr-3407	331	136	2.13	2.13	NUM
fsr-3407	331	137	%	%	NOUN
fsr-3407	331	138	1995	1995	NUM
fsr-3407	331	139	248	248	NUM
fsr-3407	331	140	18.47	18.47	NUM
fsr-3407	331	141	%	%	NOUN
fsr-3407	331	142	4.04	4.04	NUM
fsr-3407	331	143	%	%	NOUN
fsr-3407	331	144	18.42	18.42	NUM
fsr-3407	331	145	%	%	NOUN
fsr-3407	331	146	5.05	5.05	NUM
fsr-3407	331	147	%	%	NOUN
fsr-3407	331	148	21.31	21.31	NUM
fsr-3407	331	149	%	%	NOUN
fsr-3407	331	150	2.89	2.89	NUM
fsr-3407	331	151	%	%	NOUN
fsr-3407	331	152	1996	1996	NUM
fsr-3407	331	153	249	249	NUM
fsr-3407	331	154	3.63	3.63	NUM
fsr-3407	331	155	%	%	NOUN
fsr-3407	331	156	4.74	4.74	NUM
fsr-3407	331	157	%	%	NOUN
fsr-3407	331	158	3.58	3.58	NUM
fsr-3407	331	159	%	%	NOUN
fsr-3407	331	160	5.92	5.92	NUM
fsr-3407	331	161	%	%	NOUN
fsr-3407	331	162	2.73	2.73	NUM
fsr-3407	331	163	%	%	NOUN
fsr-3407	331	164	�	�	NOUN
fsr-3407	331	165	0.85	0.85	NUM
fsr-3407	331	166	%	%	NOUN
fsr-3407	331	167	1997	1997	NUM
fsr-3407	331	168	250	250	NUM
fsr-3407	331	169	9.65	9.65	NUM
fsr-3407	331	170	%	%	NOUN
fsr-3407	331	171	3.34	3.34	NUM
fsr-3407	331	172	%	%	NOUN
fsr-3407	331	173	9.60	9.60	NUM
fsr-3407	331	174	%	%	NOUN
fsr-3407	331	175	4.18	4.18	NUM
fsr-3407	331	176	%	%	NOUN
fsr-3407	331	177	10.20	10.20	NUM
fsr-3407	331	178	%	%	NOUN
fsr-3407	331	179	0.60	0.60	NUM
fsr-3407	331	180	%	%	NOUN
fsr-3407	331	181	1998	1998	NUM
fsr-3407	331	182	250	250	NUM
fsr-3407	331	183	8.69	8.69	NUM
fsr-3407	331	184	%	%	NOUN
fsr-3407	331	185	3.60	3.60	NUM
fsr-3407	331	186	%	%	NOUN
fsr-3407	331	187	8.63	8.63	NUM
fsr-3407	331	188	%	%	NOUN
fsr-3407	331	189	4.50	4.50	NUM
fsr-3407	331	190	%	%	NOUN
fsr-3407	331	191	9.01	9.01	NUM
fsr-3407	331	192	%	%	NOUN
fsr-3407	331	193	0.38	0.38	NUM
fsr-3407	331	194	%	%	NOUN
fsr-3407	331	195	1999	1999	NUM
fsr-3407	331	196	250	250	NUM
fsr-3407	331	197	�	�	PROPN
fsr-3407	331	198	0.82	0.82	NUM
fsr-3407	331	199	%	%	NOUN
fsr-3407	331	200	3.94	3.94	NUM
fsr-3407	331	201	%	%	NOUN
fsr-3407	331	202	�	�	NOUN
fsr-3407	331	203	0.87	0.87	NUM
fsr-3407	331	204	%	%	NOUN
fsr-3407	331	205	4.93	4.93	NUM
fsr-3407	331	206	%	%	NOUN
fsr-3407	331	207	�	�	PROPN
fsr-3407	331	208	2.70	2.70	NUM
fsr-3407	331	209	%	%	NOUN
fsr-3407	331	210	�	�	NOUN
fsr-3407	331	211	1.83	1.83	NUM
fsr-3407	331	212	%	%	NOUN
fsr-3407	331	213	2000	2000	NUM
fsr-3407	331	214	251	251	NUM
fsr-3407	331	215	11.63	11.63	NUM
fsr-3407	331	216	%	%	NOUN
fsr-3407	331	217	3.54	3.54	NUM
fsr-3407	331	218	%	%	NOUN
fsr-3407	331	219	11.57	11.57	NUM
fsr-3407	331	220	%	%	NOUN
fsr-3407	331	221	4.43	4.43	NUM
fsr-3407	331	222	%	%	NOUN
fsr-3407	331	223	12.47	12.47	NUM
fsr-3407	331	224	%	%	NOUN
fsr-3407	331	225	0.90	0.90	NUM
fsr-3407	331	226	%	%	NOUN
fsr-3407	331	227	2001	2001	NUM
fsr-3407	331	228	247	247	NUM
fsr-3407	331	229	8.44	8.44	NUM
fsr-3407	331	230	%	%	NOUN
fsr-3407	331	231	4.46	4.46	NUM
fsr-3407	331	232	%	%	NOUN
fsr-3407	331	233	8.39	8.39	NUM
fsr-3407	331	234	%	%	NOUN
fsr-3407	331	235	5.57	5.57	NUM
fsr-3407	331	236	%	%	NOUN
fsr-3407	331	237	9.16	9.16	NUM
fsr-3407	331	238	%	%	NOUN
fsr-3407	331	239	0.77	0.77	NUM
fsr-3407	331	240	%	%	NOUN
fsr-3407	331	241	2002	2002	NUM
fsr-3407	331	242	251	251	NUM
fsr-3407	331	243	10.25	10.25	NUM
fsr-3407	331	244	%	%	NOUN
fsr-3407	331	245	3.84	3.84	NUM
fsr-3407	331	246	%	%	NOUN
fsr-3407	331	247	10.20	10.20	NUM
fsr-3407	331	248	%	%	NOUN
fsr-3407	331	249	4.79	4.79	NUM
fsr-3407	331	250	%	%	NOUN
fsr-3407	331	251	12.03	12.03	NUM
fsr-3407	331	252	%	%	NOUN
fsr-3407	331	253	1.83	1.83	NUM
fsr-3407	331	254	%	%	NOUN
fsr-3407	331	255	2003	2003	NUM
fsr-3407	331	256	250	250	NUM
fsr-3407	331	257	4.10	4.10	NUM
fsr-3407	331	258	%	%	NOUN
fsr-3407	331	259	4.27	4.27	NUM
fsr-3407	331	260	%	%	NOUN
fsr-3407	331	261	4.05	4.05	NUM
fsr-3407	331	262	%	%	NOUN
fsr-3407	331	263	5.33	5.33	NUM
fsr-3407	331	264	%	%	NOUN
fsr-3407	331	265	4.41	4.41	NUM
fsr-3407	331	266	%	%	NOUN
fsr-3407	331	267	0.36	0.36	NUM
fsr-3407	331	268	%	%	NOUN
fsr-3407	331	269	2004	2004	NUM
fsr-3407	331	270	251	251	NUM
fsr-3407	331	271	4.34	4.34	NUM
fsr-3407	331	272	%	%	NOUN
fsr-3407	331	273	3.89	3.89	NUM
fsr-3407	331	274	%	%	NOUN
fsr-3407	331	275	4.29	4.29	NUM
fsr-3407	331	276	%	%	NOUN
fsr-3407	331	277	4.86	4.86	NUM
fsr-3407	331	278	%	%	NOUN
fsr-3407	331	279	4.63	4.63	NUM
fsr-3407	331	280	%	%	NOUN
fsr-3407	331	281	0.35	0.35	NUM
fsr-3407	331	282	%	%	NOUN
fsr-3407	331	283	2005	2005	NUM
fsr-3407	331	284	250	250	NUM
fsr-3407	331	285	2.43	2.43	NUM
fsr-3407	331	286	%	%	NOUN
fsr-3407	331	287	2.89	2.89	NUM
fsr-3407	331	288	%	%	NOUN
fsr-3407	331	289	2.378	2.378	NUM
fsr-3407	331	290	%	%	NOUN
fsr-3407	331	291	3.61	3.61	NUM
fsr-3407	331	292	%	%	NOUN
fsr-3407	331	293	1.78	1.78	NUM
fsr-3407	331	294	%	%	NOUN
fsr-3407	331	295	�	�	NOUN
fsr-3407	331	296	0.60	0.60	NUM
fsr-3407	331	297	%	%	NOUN
fsr-3407	331	298	2006	2006	NUM
fsr-3407	331	299	250	250	NUM
fsr-3407	331	300	4.33	4.33	NUM
fsr-3407	331	301	%	%	NOUN
fsr-3407	331	302	2.78	2.78	NUM
fsr-3407	331	303	%	%	NOUN
fsr-3407	331	304	4.28	4.28	NUM
fsr-3407	331	305	%	%	NOUN
fsr-3407	331	306	3.47	3.47	NUM
fsr-3407	331	307	%	%	NOUN
fsr-3407	331	308	3.71	3.71	NUM
fsr-3407	331	309	%	%	NOUN
fsr-3407	331	310	�	�	NOUN
fsr-3407	331	311	0.57	0.57	NUM
fsr-3407	331	312	%	%	NOUN
fsr-3407	331	313	2007	2007	NUM
fsr-3407	331	314	250	250	NUM
fsr-3407	331	315	6.97	6.97	NUM
fsr-3407	331	316	%	%	NOUN
fsr-3407	331	317	3.51	3.51	NUM
fsr-3407	331	318	%	%	NOUN
fsr-3407	331	319	6.91	6.91	NUM
fsr-3407	331	320	%	%	NOUN
fsr-3407	331	321	4.38	4.38	NUM
fsr-3407	331	322	%	%	NOUN
fsr-3407	331	323	6.95	6.95	NUM
fsr-3407	331	324	%	%	NOUN
fsr-3407	331	325	0.03	0.03	NUM
fsr-3407	331	326	%	%	NOUN
fsr-3407	331	327	2008	2008	NUM
fsr-3407	331	328	251	251	NUM
fsr-3407	331	329	5.24	5.24	NUM
fsr-3407	331	330	%	%	NOUN
fsr-3407	331	331	5.91	5.91	NUM
fsr-3407	331	332	%	%	NOUN
fsr-3407	331	333	5.19	5.19	NUM
fsr-3407	331	334	%	%	NOUN
fsr-3407	331	335	7.39	7.39	NUM
fsr-3407	331	336	%	%	NOUN
fsr-3407	331	337	5.42	5.42	NUM
fsr-3407	331	338	%	%	NOUN
fsr-3407	331	339	0.24	0.24	NUM
fsr-3407	331	340	%	%	NOUN
fsr-3407	331	341	2009	2009	NUM
fsr-3407	331	342	250	250	NUM
fsr-3407	331	343	5.93	5.93	NUM
fsr-3407	331	344	%	%	NOUN
fsr-3407	331	345	4.49	4.49	NUM
fsr-3407	331	346	%	%	NOUN
fsr-3407	331	347	5.88	5.88	NUM
fsr-3407	331	348	%	%	NOUN
fsr-3407	331	349	5.61	5.61	NUM
fsr-3407	331	350	%	%	NOUN
fsr-3407	331	351	6.94	6.94	NUM
fsr-3407	331	352	%	%	NOUN
fsr-3407	331	353	1.06	1.06	NUM
fsr-3407	331	354	%	%	NOUN
fsr-3407	331	355	2010	2010	NUM
fsr-3407	331	356	252	252	NUM
fsr-3407	331	357	6.54	6.54	NUM
fsr-3407	331	358	%	%	NOUN
fsr-3407	331	359	3.72	3.72	NUM
fsr-3407	331	360	%	%	NOUN
fsr-3407	331	361	6.49	6.49	NUM
fsr-3407	331	362	%	%	NOUN
fsr-3407	331	363	4.64	4.64	NUM
fsr-3407	331	364	%	%	NOUN
fsr-3407	331	365	7.73	7.73	NUM
fsr-3407	331	366	%	%	NOUN
fsr-3407	331	367	1.24	1.24	NUM
fsr-3407	331	368	%	%	NOUN
fsr-3407	331	369	2011	2011	NUM
fsr-3407	331	370	250	250	NUM
fsr-3407	331	371	7.84	7.84	NUM
fsr-3407	331	372	%	%	NOUN
fsr-3407	331	373	3.85	3.85	NUM
fsr-3407	331	374	%	%	NOUN
fsr-3407	331	375	7.79	7.79	NUM
fsr-3407	331	376	%	%	NOUN
fsr-3407	331	377	4.81	4.81	NUM
fsr-3407	331	378	%	%	NOUN
fsr-3407	331	379	9.39	9.39	NUM
fsr-3407	331	380	%	%	NOUN
fsr-3407	331	381	1.60	1.60	NUM
fsr-3407	331	382	%	%	NOUN
fsr-3407	331	383	2012	2012	NUM
fsr-3407	331	384	250	250	NUM
fsr-3407	331	385	4.22	4.22	NUM
fsr-3407	331	386	%	%	NOUN
fsr-3407	331	387	2.50	2.50	NUM
fsr-3407	331	388	%	%	NOUN
fsr-3407	331	389	4.16	4.16	NUM
fsr-3407	331	390	%	%	NOUN
fsr-3407	331	391	3.12	3.12	NUM
fsr-3407	331	392	%	%	NOUN
fsr-3407	331	393	4.82	4.82	NUM
fsr-3407	331	394	%	%	NOUN
fsr-3407	331	395	0.66	0.66	NUM
fsr-3407	331	396	%	%	NOUN
fsr-3407	331	397	2013	2013	NUM
fsr-3407	331	398	250	250	NUM
fsr-3407	331	399	�	�	PROPN
fsr-3407	331	400	2.02	2.02	NUM
fsr-3407	331	401	%	%	NOUN
fsr-3407	331	402	3.30	3.30	NUM
fsr-3407	331	403	%	%	NOUN
fsr-3407	331	404	�	�	NOUN
fsr-3407	331	405	2.07	2.07	NUM
fsr-3407	331	406	%	%	NOUN
fsr-3407	331	407	4.13	4.13	NUM
fsr-3407	331	408	%	%	NOUN
fsr-3407	331	409	�	�	PROPN
fsr-3407	331	410	2.96	2.96	NUM
fsr-3407	331	411	%	%	NOUN
fsr-3407	331	412	�	�	NOUN
fsr-3407	331	413	0.88	0.88	NUM
fsr-3407	331	414	%	%	NOUN
fsr-3407	331	415	2014	2014	NUM
fsr-3407	331	416	250	250	NUM
fsr-3407	331	417	5.97	5.97	NUM
fsr-3407	331	418	%	%	NOUN
fsr-3407	331	419	2.66	2.66	NUM
fsr-3407	331	420	%	%	NOUN
fsr-3407	331	421	5.91	5.91	NUM
fsr-3407	331	422	%	%	NOUN
fsr-3407	331	423	3.32	3.32	NUM
fsr-3407	331	424	%	%	NOUN
fsr-3407	331	425	7.05	7.05	NUM
fsr-3407	331	426	%	%	NOUN
fsr-3407	331	427	1.14	1.14	NUM
fsr-3407	331	428	%	%	NOUN
fsr-3407	331	429	2015	2015	NUM
fsr-3407	331	430	251	251	NUM
fsr-3407	331	431	0.55	0.55	NUM
fsr-3407	331	432	%	%	NOUN
fsr-3407	331	433	3.78	3.78	NUM
fsr-3407	331	434	%	%	NOUN
fsr-3407	331	435	0.50	0.50	NUM
fsr-3407	331	436	%	%	NOUN
fsr-3407	331	437	4.72	4.72	NUM
fsr-3407	331	438	%	%	NOUN
fsr-3407	331	439	0.23	0.23	NUM
fsr-3407	331	440	%	%	NOUN
fsr-3407	331	441	�	�	NOUN
fsr-3407	331	442	0.27	0.27	NUM
fsr-3407	331	443	%	%	NOUN
fsr-3407	331	444	2016	2016	NUM
fsr-3407	331	445	250	250	NUM
fsr-3407	331	446	2.65	2.65	NUM
fsr-3407	331	447	%	%	NOUN
fsr-3407	331	448	3.19	3.19	NUM
fsr-3407	331	449	%	%	NOUN
fsr-3407	331	450	2.60	2.60	NUM
fsr-3407	331	451	%	%	NOUN
fsr-3407	331	452	3.99	3.99	NUM
fsr-3407	331	453	%	%	NOUN
fsr-3407	331	454	2.78	2.78	NUM
fsr-3407	331	455	%	%	NOUN
fsr-3407	331	456	0.19	0.19	NUM
fsr-3407	331	457	%	%	NOUN
fsr-3407	331	458	2017	2017	NUM
fsr-3407	331	459	250	250	NUM
fsr-3407	331	460	3.54	3.54	NUM
fsr-3407	331	461	%	%	NOUN
fsr-3407	331	462	2.80	2.80	NUM
fsr-3407	331	463	%	%	NOUN
fsr-3407	331	464	3.49	3.49	NUM
fsr-3407	331	465	%	%	NOUN
fsr-3407	331	466	3.50	3.50	NUM
fsr-3407	331	467	%	%	NOUN
fsr-3407	331	468	3.75	3.75	NUM
fsr-3407	331	469	%	%	NOUN
fsr-3407	331	470	0.26	0.26	NUM
fsr-3407	331	471	%	%	NOUN
fsr-3407	331	472	note	note	NOUN
fsr-3407	331	473	:	:	PUNCT
fsr-3407	331	474	etf	etf	PROPN
fsr-3407	331	475	�	�	PROPN
fsr-3407	331	476	exchange	exchange	NOUN
fsr-3407	331	477	-	-	PUNCT
fsr-3407	331	478	traded	trade	VERB
fsr-3407	331	479	funds	fund	NOUN
fsr-3407	331	480	.	.	PUNCT
fsr-3407	332	1	431j	431j	NOUN
fsr-3407	332	2	.	.	PUNCT
fsr-3407	333	1	dilellio	dilellio	PROPN
fsr-3407	333	2	/	/	SYM
fsr-3407	333	3	financial	financial	ADJ
fsr-3407	333	4	services	service	NOUN
fsr-3407	333	5	review	review	VERB
fsr-3407	333	6	27	27	NUM
fsr-3407	333	7	(	(	PUNCT
fsr-3407	333	8	2018	2018	NUM
fsr-3407	333	9	)	)	PUNCT
fsr-3407	333	10	413	413	NUM
fsr-3407	333	11	-	-	SYM
fsr-3407	333	12	432	432	NUM
fsr-3407	333	13	fama	fama	NOUN
fsr-3407	333	14	,	,	PUNCT
fsr-3407	333	15	e.	e.	PROPN
fsr-3407	333	16	(	(	PUNCT
fsr-3407	333	17	1965a	1965a	NUM
fsr-3407	333	18	)	)	PUNCT
fsr-3407	333	19	.	.	PUNCT
fsr-3407	334	1	random	random	ADJ
fsr-3407	334	2	walks	walk	NOUN
fsr-3407	334	3	in	in	ADP
fsr-3407	334	4	stock	stock	NOUN
fsr-3407	334	5	-	-	PUNCT
fsr-3407	334	6	market	market	NOUN
fsr-3407	334	7	prices	price	NOUN
fsr-3407	334	8	.	.	PUNCT
fsr-3407	335	1	selected	select	VERB
fsr-3407	335	2	papers	paper	NOUN
fsr-3407	335	3	no	no	INTJ
fsr-3407	335	4	.	.	NOUN
fsr-3407	335	5	16	16	NUM
fsr-3407	335	6	,	,	PUNCT
fsr-3407	335	7	booth	booth	NOUN
fsr-3407	335	8	school	school	NOUN
fsr-3407	335	9	of	of	ADP
fsr-3407	335	10	economics	economic	NOUN
fsr-3407	335	11	,	,	PUNCT
fsr-3407	335	12	university	university	NOUN
fsr-3407	335	13	of	of	ADP
fsr-3407	335	14	chicago	chicago	PROPN
fsr-3407	335	15	,	,	PUNCT
fsr-3407	335	16	p.	p.	NOUN
fsr-3407	335	17	7	7	NUM
fsr-3407	335	18	.	.	PUNCT
fsr-3407	336	1	fama	fama	PROPN
fsr-3407	336	2	,	,	PUNCT
fsr-3407	336	3	e.	e.	PROPN
fsr-3407	336	4	(	(	PUNCT
fsr-3407	336	5	1965b	1965b	NUM
fsr-3407	336	6	)	)	PUNCT
fsr-3407	336	7	the	the	DET
fsr-3407	336	8	behavior	behavior	NOUN
fsr-3407	336	9	of	of	ADP
fsr-3407	336	10	stock	stock	NOUN
fsr-3407	336	11	-	-	PUNCT
fsr-3407	336	12	market	market	NOUN
fsr-3407	336	13	prices	price	NOUN
fsr-3407	336	14	.	.	PUNCT
fsr-3407	337	1	journal	journal	NOUN
fsr-3407	337	2	of	of	ADP
fsr-3407	337	3	business	business	NOUN
fsr-3407	337	4	,	,	PUNCT
fsr-3407	337	5	64	64	NUM
fsr-3407	337	6	,	,	PUNCT
fsr-3407	337	7	34–105	34–105	NUM
fsr-3407	337	8	.	.	PUNCT
fsr-3407	337	9	giese	giese	PROPN
fsr-3407	337	10	,	,	PUNCT
fsr-3407	337	11	g.	g.	PROPN
fsr-3407	337	12	(	(	PUNCT
fsr-3407	337	13	2010	2010	NUM
fsr-3407	337	14	)	)	PUNCT
fsr-3407	337	15	.	.	PUNCT
fsr-3407	338	1	on	on	ADP
fsr-3407	338	2	the	the	DET
fsr-3407	338	3	risk	risk	NOUN
fsr-3407	338	4	-	-	PUNCT
fsr-3407	338	5	return	return	NOUN
fsr-3407	338	6	profile	profile	NOUN
fsr-3407	338	7	of	of	ADP
fsr-3407	338	8	leveraged	leveraged	ADJ
fsr-3407	338	9	and	and	CCONJ
fsr-3407	338	10	inverse	inverse	NOUN
fsr-3407	338	11	etfs	etfs	PROPN
fsr-3407	338	12	.	.	PUNCT
fsr-3407	339	1	journal	journal	PROPN
fsr-3407	339	2	of	of	ADP
fsr-3407	339	3	asset	asset	NOUN
fsr-3407	339	4	management	management	NOUN
fsr-3407	339	5	,	,	PUNCT
fsr-3407	339	6	11	11	NUM
fsr-3407	339	7	,	,	PUNCT
fsr-3407	339	8	219–228	219–228	NUM
fsr-3407	339	9	.	.	PUNCT
fsr-3407	340	1	guedj	guedj	PROPN
fsr-3407	340	2	,	,	PUNCT
fsr-3407	340	3	i.	i.	PROPN
fsr-3407	340	4	,	,	PUNCT
fsr-3407	340	5	guohua	guohua	PROPN
fsr-3407	340	6	,	,	PUNCT
fsr-3407	340	7	l.	l.	PROPN
fsr-3407	340	8	,	,	PUNCT
fsr-3407	340	9	&	&	CCONJ
fsr-3407	340	10	mccann	mccann	PROPN
fsr-3407	340	11	,	,	PUNCT
fsr-3407	340	12	c.	c.	PROPN
fsr-3407	340	13	(	(	PUNCT
fsr-3407	340	14	2010	2010	NUM
fsr-3407	340	15	)	)	PUNCT
fsr-3407	340	16	.	.	PUNCT
fsr-3407	341	1	leveraged	leveraged	ADJ
fsr-3407	341	2	and	and	CCONJ
fsr-3407	341	3	inverse	inverse	NOUN
fsr-3407	341	4	etfs	etfs	NOUN
fsr-3407	341	5	,	,	PUNCT
fsr-3407	341	6	holding	hold	VERB
fsr-3407	341	7	periods	period	NOUN
fsr-3407	341	8	,	,	PUNCT
fsr-3407	341	9	and	and	CCONJ
fsr-3407	341	10	investment	investment	NOUN
fsr-3407	341	11	shortfalls	shortfall	NOUN
fsr-3407	341	12	.	.	PUNCT
fsr-3407	342	1	journal	journal	NOUN
fsr-3407	342	2	of	of	ADP
fsr-3407	342	3	index	index	NOUN
fsr-3407	342	4	investing	investing	NOUN
fsr-3407	342	5	,	,	PUNCT
fsr-3407	342	6	1	1	NUM
fsr-3407	342	7	,	,	PUNCT
fsr-3407	342	8	45–57	45–57	NUM
fsr-3407	342	9	.	.	PUNCT
fsr-3407	343	1	johnson	johnson	PROPN
fsr-3407	343	2	,	,	PUNCT
fsr-3407	343	3	n.	n.	PROPN
fsr-3407	343	4	,	,	PUNCT
fsr-3407	343	5	vaik	vaik	NOUN
fsr-3407	343	6	,	,	PUNCT
fsr-3407	343	7	v.	v.	ADV
fsr-3407	343	8	,	,	PUNCT
fsr-3407	343	9	pedersen	pedersen	NOUN
fsr-3407	343	10	,	,	PUNCT
fsr-3407	343	11	n.	n.	NOUN
fsr-3407	343	12	,	,	PUNCT
fsr-3407	343	13	&	&	CCONJ
fsr-3407	343	14	sapra	sapra	PROPN
fsr-3407	343	15	,	,	PUNCT
fsr-3407	343	16	s.	s.	PROPN
fsr-3407	343	17	(	(	PUNCT
fsr-3407	343	18	2013	2013	NUM
fsr-3407	343	19	)	)	PUNCT
fsr-3407	343	20	.	.	PUNCT
fsr-3407	344	1	the	the	DET
fsr-3407	344	2	stock	stock	NOUN
fsr-3407	344	3	-	-	PUNCT
fsr-3407	344	4	bond	bond	NOUN
fsr-3407	344	5	correlation	correlation	NOUN
fsr-3407	344	6	.	.	PUNCT
fsr-3407	345	1	pimco	pimco	PROPN
fsr-3407	345	2	quantitative	quantitative	ADJ
fsr-3407	345	3	research	research	NOUN
fsr-3407	345	4	.	.	PUNCT
fsr-3407	346	1	https://nl.pimco.com/en-nl/insights/viewpoints/quantitative-research-and-analytics/the-stock-bondcorrelation/	https://nl.pimco.com/en-nl/insights/viewpoints/quantitative-research-and-analytics/the-stock-bondcorrelation/	PROPN
fsr-3407	346	2	,	,	PUNCT
fsr-3407	346	3	p.	p.	PROPN
fsr-3407	346	4	1–12	1–12	PROPN
fsr-3407	346	5	.	.	PUNCT
fsr-3407	347	1	lu	lu	PROPN
fsr-3407	347	2	,	,	PUNCT
fsr-3407	347	3	l.	l.	PROPN
fsr-3407	347	4	,	,	PUNCT
fsr-3407	347	5	wang	wang	PROPN
fsr-3407	347	6	,	,	PUNCT
fsr-3407	347	7	j.	j.	PROPN
fsr-3407	347	8	,	,	PUNCT
fsr-3407	347	9	&	&	CCONJ
fsr-3407	347	10	zhang	zhang	PROPN
fsr-3407	347	11	,	,	PUNCT
fsr-3407	347	12	ge	ge	PROPN
fsr-3407	347	13	.	.	PUNCT
fsr-3407	347	14	(	(	PUNCT
fsr-3407	347	15	2012	2012	NUM
fsr-3407	347	16	)	)	PUNCT
fsr-3407	347	17	.	.	PUNCT
fsr-3407	348	1	long	long	ADJ
fsr-3407	348	2	term	term	NOUN
fsr-3407	348	3	performance	performance	NOUN
fsr-3407	348	4	of	of	ADP
fsr-3407	348	5	leveraged	leveraged	ADJ
fsr-3407	348	6	etfs	etfs	NOUN
fsr-3407	348	7	.	.	PUNCT
fsr-3407	349	1	financial	financial	ADJ
fsr-3407	349	2	services	services	PROPN
fsr-3407	349	3	review	review	PROPN
fsr-3407	349	4	,	,	PUNCT
fsr-3407	349	5	21	21	NUM
fsr-3407	349	6	,	,	PUNCT
fsr-3407	349	7	63–80	63–80	PROPN
fsr-3407	349	8	.	.	PUNCT
fsr-3407	350	1	mulvey	mulvey	PROPN
fsr-3407	350	2	,	,	PUNCT
fsr-3407	350	3	j.	j.	PROPN
fsr-3407	350	4	m.	m.	PROPN
fsr-3407	350	5	,	,	PUNCT
fsr-3407	350	6	ural	ural	PROPN
fsr-3407	350	7	,	,	PUNCT
fsr-3407	350	8	c.	c.	PROPN
fsr-3407	350	9	,	,	PUNCT
fsr-3407	350	10	&	&	CCONJ
fsr-3407	350	11	zhang	zhang	PROPN
fsr-3407	350	12	,	,	PUNCT
fsr-3407	350	13	z.	z.	PROPN
fsr-3407	350	14	(	(	PUNCT
fsr-3407	350	15	2007	2007	NUM
fsr-3407	350	16	)	)	PUNCT
fsr-3407	350	17	.	.	PUNCT
fsr-3407	351	1	improving	improve	VERB
fsr-3407	351	2	performance	performance	NOUN
fsr-3407	351	3	for	for	ADP
fsr-3407	351	4	long	long	ADJ
fsr-3407	351	5	-	-	PUNCT
fsr-3407	351	6	term	term	NOUN
fsr-3407	351	7	investors	investor	NOUN
fsr-3407	351	8	:	:	PUNCT
fsr-3407	351	9	wide	wide	ADJ
fsr-3407	351	10	diversification	diversification	NOUN
fsr-3407	351	11	,	,	PUNCT
fsr-3407	351	12	leverage	leverage	NOUN
fsr-3407	351	13	,	,	PUNCT
fsr-3407	351	14	and	and	CCONJ
fsr-3407	351	15	overlay	overlay	NOUN
fsr-3407	351	16	strategies	strategy	NOUN
fsr-3407	351	17	.	.	PUNCT
fsr-3407	352	1	quantitative	quantitative	ADJ
fsr-3407	352	2	finance	finance	NOUN
fsr-3407	352	3	,	,	PUNCT
fsr-3407	352	4	7	7	NUM
fsr-3407	352	5	,	,	PUNCT
fsr-3407	352	6	175–187	175–187	NUM
fsr-3407	352	7	.	.	PUNCT
fsr-3407	353	1	ott	ott	PROPN
fsr-3407	353	2	,	,	PUNCT
fsr-3407	353	3	r.	r.	PROPN
fsr-3407	353	4	a.	a.	PROPN
fsr-3407	353	5	,	,	PUNCT
fsr-3407	353	6	&	&	CCONJ
fsr-3407	353	7	zimmer	zimmer	PROPN
fsr-3407	353	8	,	,	PUNCT
fsr-3407	353	9	t.	t.	PROPN
fsr-3407	353	10	e.	e.	PROPN
fsr-3407	353	11	(	(	PUNCT
fsr-3407	353	12	2016	2016	NUM
fsr-3407	353	13	)	)	PUNCT
fsr-3407	353	14	.	.	PUNCT
fsr-3407	354	1	determining	determine	VERB
fsr-3407	354	2	the	the	DET
fsr-3407	354	3	return	return	NOUN
fsr-3407	354	4	maximizing	maximize	VERB
fsr-3407	354	5	portfolio	portfolio	NOUN
fsr-3407	354	6	leverage	leverage	NOUN
fsr-3407	354	7	and	and	CCONJ
fsr-3407	354	8	its	its	PRON
fsr-3407	354	9	limitations	limitation	NOUN
fsr-3407	354	10	.	.	PUNCT
fsr-3407	355	1	financial	financial	ADJ
fsr-3407	355	2	services	service	NOUN
fsr-3407	355	3	review	review	PROPN
fsr-3407	355	4	,	,	PUNCT
fsr-3407	355	5	25	25	NUM
fsr-3407	355	6	,	,	PUNCT
fsr-3407	355	7	415–425	415–425	NUM
fsr-3407	355	8	.	.	PUNCT
fsr-3407	356	1	sharpe	sharpe	PROPN
fsr-3407	356	2	,	,	PUNCT
fsr-3407	356	3	w.	w.	PROPN
fsr-3407	356	4	f.	f.	PROPN
fsr-3407	356	5	(	(	PUNCT
fsr-3407	356	6	1994	1994	NUM
fsr-3407	356	7	)	)	PUNCT
fsr-3407	356	8	.	.	PUNCT
fsr-3407	357	1	the	the	DET
fsr-3407	357	2	sharpe	sharpe	PROPN
fsr-3407	357	3	ratio	ratio	PROPN
fsr-3407	357	4	.	.	PUNCT
fsr-3407	358	1	journal	journal	PROPN
fsr-3407	358	2	of	of	ADP
fsr-3407	358	3	portfolio	portfolio	PROPN
fsr-3407	358	4	management	management	NOUN
fsr-3407	358	5	,	,	PUNCT
fsr-3407	358	6	21	21	NUM
fsr-3407	358	7	,	,	PUNCT
fsr-3407	358	8	49–59	49–59	NOUN
fsr-3407	358	9	.	.	PUNCT
fsr-3407	359	1	trainor	trainor	PROPN
fsr-3407	359	2	,	,	PUNCT
fsr-3407	359	3	w.	w.	PROPN
fsr-3407	359	4	j.	j.	PROPN
fsr-3407	359	5	,	,	PUNCT
fsr-3407	359	6	&	&	CCONJ
fsr-3407	359	7	baryla	baryla	PROPN
fsr-3407	359	8	,	,	PUNCT
fsr-3407	359	9	e.	e.	PROPN
fsr-3407	359	10	a.	a.	PROPN
fsr-3407	359	11	(	(	PUNCT
fsr-3407	359	12	2008	2008	NUM
fsr-3407	359	13	)	)	PUNCT
fsr-3407	359	14	.	.	PUNCT
fsr-3407	360	1	leveraged	leveraged	ADJ
fsr-3407	360	2	etfs	etfs	NOUN
fsr-3407	360	3	:	:	PUNCT
fsr-3407	360	4	a	a	DET
fsr-3407	360	5	risky	risky	ADJ
fsr-3407	360	6	double	double	NOUN
fsr-3407	360	7	that	that	PRON
fsr-3407	360	8	does	do	AUX
fsr-3407	360	9	n’t	not	PART
fsr-3407	360	10	multiply	multiply	VERB
fsr-3407	360	11	by	by	ADP
fsr-3407	360	12	two	two	NUM
fsr-3407	360	13	.	.	PUNCT
fsr-3407	361	1	journal	journal	NOUN
fsr-3407	361	2	of	of	ADP
fsr-3407	361	3	financial	financial	ADJ
fsr-3407	361	4	planning	planning	NOUN
fsr-3407	361	5	,	,	PUNCT
fsr-3407	361	6	21	21	NUM
fsr-3407	361	7	,	,	PUNCT
fsr-3407	361	8	48–55	48–55	NUM
fsr-3407	361	9	.	.	PUNCT
fsr-3407	362	1	trainor	trainor	PROPN
fsr-3407	362	2	,	,	PUNCT
fsr-3407	362	3	w.	w.	PROPN
fsr-3407	362	4	j.	j.	PROPN
fsr-3407	362	5	,	,	PUNCT
fsr-3407	362	6	&	&	CCONJ
fsr-3407	362	7	carroll	carroll	PROPN
fsr-3407	362	8	,	,	PUNCT
fsr-3407	362	9	m.	m.	NOUN
fsr-3407	362	10	g.	g.	PROPN
fsr-3407	362	11	(	(	PUNCT
fsr-3407	362	12	2013	2013	NUM
fsr-3407	362	13	)	)	PUNCT
fsr-3407	362	14	.	.	PUNCT
fsr-3407	363	1	forecasting	forecast	VERB
fsr-3407	363	2	holding	hold	VERB
fsr-3407	363	3	periods	period	NOUN
fsr-3407	363	4	for	for	ADP
fsr-3407	363	5	leveraged	leveraged	ADJ
fsr-3407	363	6	etfs	etfs	NOUN
fsr-3407	363	7	using	use	VERB
fsr-3407	363	8	decay	decay	NOUN
fsr-3407	363	9	thresholds	threshold	NOUN
fsr-3407	363	10	:	:	PUNCT
fsr-3407	363	11	theory	theory	NOUN
fsr-3407	363	12	and	and	CCONJ
fsr-3407	363	13	applications	application	NOUN
fsr-3407	363	14	.	.	PUNCT
fsr-3407	364	1	journal	journal	NOUN
fsr-3407	364	2	of	of	ADP
fsr-3407	364	3	financial	financial	ADJ
fsr-3407	364	4	studies	study	NOUN
fsr-3407	364	5	and	and	CCONJ
fsr-3407	364	6	research	research	NOUN
fsr-3407	364	7	,	,	PUNCT
fsr-3407	364	8	2013	2013	NUM
fsr-3407	364	9	.	.	PUNCT
fsr-3407	365	1	article	article	NOUN
fsr-3407	365	2	i	i	PROPN
fsr-3407	365	3	d	d	PROPN
fsr-3407	365	4	715425	715425	NUM
fsr-3407	365	5	,	,	PUNCT
fsr-3407	365	6	12	12	NUM
fsr-3407	365	7	pages	page	NOUN
fsr-3407	365	8	.	.	PUNCT
fsr-3407	366	1	winston	winston	PROPN
fsr-3407	366	2	,	,	PUNCT
fsr-3407	366	3	w.	w.	PROPN
fsr-3407	366	4	(	(	PUNCT
fsr-3407	366	5	2008	2008	NUM
fsr-3407	366	6	)	)	PUNCT
fsr-3407	366	7	.	.	PUNCT
fsr-3407	367	1	financial	financial	ADJ
fsr-3407	367	2	models	model	NOUN
fsr-3407	367	3	2	2	NUM
fsr-3407	367	4	:	:	PUNCT
fsr-3407	367	5	using	use	VERB
fsr-3407	367	6	simulation	simulation	NOUN
fsr-3407	367	7	and	and	CCONJ
fsr-3407	367	8	optimization	optimization	NOUN
fsr-3407	367	9	(	(	PUNCT
fsr-3407	367	10	2nd	2nd	ADJ
fsr-3407	367	11	ed	ed	NOUN
fsr-3407	367	12	.	.	PUNCT
fsr-3407	367	13	)	)	PUNCT
fsr-3407	367	14	.	.	PUNCT
fsr-3407	368	1	ithaca	ithaca	PROPN
fsr-3407	368	2	,	,	PUNCT
fsr-3407	368	3	ny	ny	PROPN
fsr-3407	368	4	:	:	PUNCT
fsr-3407	368	5	palisade	palisade	ADJ
fsr-3407	368	6	.	.	PUNCT
fsr-3407	369	1	432	432	NUM
fsr-3407	369	2	j.	j.	PROPN
fsr-3407	369	3	dilellio	dilellio	PROPN
fsr-3407	369	4	/	/	SYM
fsr-3407	369	5	financial	financial	ADJ
fsr-3407	369	6	services	service	NOUN
fsr-3407	369	7	review	review	VERB
fsr-3407	369	8	27	27	NUM
fsr-3407	369	9	(	(	PUNCT
fsr-3407	369	10	2018	2018	NUM
fsr-3407	369	11	)	)	PUNCT
fsr-3407	369	12	413	413	NUM
fsr-3407	369	13	-	-	SYM
fsr-3407	369	14	432	432	NUM