id	sid	tid	token	lemma	pos
fsr-3414	1	1	a	a	DET
fsr-3414	1	2	portfolio	portfolio	NOUN
fsr-3414	1	3	of	of	ADP
fsr-3414	1	4	leveraged	leveraged	ADJ
fsr-3414	1	5	exchange	exchange	NOUN
fsr-3414	1	6	traded	trade	VERB
fsr-3414	1	7	funds	fund	NOUN
fsr-3414	1	8	william	william	PROPN
fsr-3414	1	9	j.	j.	PROPN
fsr-3414	1	10	trainor	trainor	PROPN
fsr-3414	1	11	,	,	PUNCT
fsr-3414	1	12	jr.a	jr.a	PROPN
fsr-3414	1	13	,	,	PUNCT
fsr-3414	1	14	*	*	PUNCT
fsr-3414	1	15	,	,	PUNCT
fsr-3414	1	16	indudeep	indudeep	NOUN
fsr-3414	1	17	chhachhib	chhachhib	NOUN
fsr-3414	1	18	,	,	PUNCT
fsr-3414	1	19	christopher	christopher	PROPN
fsr-3414	1	20	l.	l.	PROPN
fsr-3414	1	21	brownb	brownb	PROPN
fsr-3414	1	22	aeast	aeast	PROPN
fsr-3414	1	23	tennessee	tennessee	PROPN
fsr-3414	1	24	state	state	PROPN
fsr-3414	1	25	university	university	PROPN
fsr-3414	1	26	,	,	PUNCT
fsr-3414	1	27	department	department	NOUN
fsr-3414	1	28	of	of	ADP
fsr-3414	1	29	economics	economic	NOUN
fsr-3414	1	30	and	and	CCONJ
fsr-3414	1	31	finance	finance	NOUN
fsr-3414	1	32	,	,	PUNCT
fsr-3414	1	33	box	box	NOUN
fsr-3414	1	34	70686	70686	NUM
fsr-3414	1	35	,	,	PUNCT
fsr-3414	1	36	johnson	johnson	PROPN
fsr-3414	1	37	city	city	PROPN
fsr-3414	1	38	,	,	PUNCT
fsr-3414	1	39	tn	tn	PROPN
fsr-3414	1	40	37614	37614	NUM
fsr-3414	1	41	,	,	PUNCT
fsr-3414	1	42	usa	usa	PROPN
fsr-3414	1	43	bwestern	bwestern	PROPN
fsr-3414	1	44	kentucky	kentucky	PROPN
fsr-3414	1	45	university	university	PROPN
fsr-3414	1	46	,	,	PUNCT
fsr-3414	1	47	department	department	NOUN
fsr-3414	1	48	of	of	ADP
fsr-3414	1	49	finance	finance	NOUN
fsr-3414	1	50	,	,	PUNCT
fsr-3414	1	51	1906	1906	NUM
fsr-3414	1	52	college	college	NOUN
fsr-3414	1	53	heights	height	NOUN
fsr-3414	1	54	boulevard	boulevard	NOUN
fsr-3414	1	55	,	,	PUNCT
fsr-3414	1	56	bowling	bowling	NOUN
fsr-3414	1	57	green	green	NOUN
fsr-3414	1	58	,	,	PUNCT
fsr-3414	1	59	ky	ky	PROPN
fsr-3414	1	60	42101	42101	NUM
fsr-3414	1	61	-	-	SYM
fsr-3414	1	62	1061	1061	NUM
fsr-3414	1	63	,	,	PUNCT
fsr-3414	1	64	usa	usa	PROPN
fsr-3414	1	65	abstract	abstract	NOUN
fsr-3414	1	66	this	this	DET
fsr-3414	1	67	study	study	NOUN
fsr-3414	1	68	demonstrates	demonstrate	VERB
fsr-3414	1	69	how	how	SCONJ
fsr-3414	1	70	a	a	DET
fsr-3414	1	71	portfolio	portfolio	NOUN
fsr-3414	1	72	of	of	ADP
fsr-3414	1	73	leveraged	leveraged	ADJ
fsr-3414	1	74	exchange	exchange	NOUN
fsr-3414	1	75	traded	trade	VERB
fsr-3414	1	76	funds	fund	NOUN
fsr-3414	1	77	(	(	PUNCT
fsr-3414	1	78	letfs	letfs	PROPN
fsr-3414	1	79	)	)	PUNCT
fsr-3414	1	80	targeting	target	VERB
fsr-3414	1	81	a	a	DET
fsr-3414	1	82	unit	unit	NOUN
fsr-3414	1	83	exposure	exposure	NOUN
fsr-3414	1	84	to	to	ADP
fsr-3414	1	85	their	their	PRON
fsr-3414	1	86	underlying	underlie	VERB
fsr-3414	1	87	indexes	index	NOUN
fsr-3414	1	88	outperforms	outperform	NOUN
fsr-3414	1	89	a	a	DET
fsr-3414	1	90	portfolio	portfolio	NOUN
fsr-3414	1	91	using	use	VERB
fsr-3414	1	92	traditional	traditional	ADJ
fsr-3414	1	93	etfs	etfs	NOUN
fsr-3414	1	94	while	while	SCONJ
fsr-3414	1	95	simultaneously	simultaneously	ADV
fsr-3414	1	96	reducing	reduce	VERB
fsr-3414	1	97	downside	downside	ADJ
fsr-3414	1	98	risk	risk	NOUN
fsr-3414	1	99	.	.	PUNCT
fsr-3414	2	1	by	by	ADP
fsr-3414	2	2	extension	extension	NOUN
fsr-3414	2	3	,	,	PUNCT
fsr-3414	2	4	a	a	DET
fsr-3414	2	5	3x	3x	NUM
fsr-3414	2	6	letf	letf	ADJ
fsr-3414	2	7	portfolio	portfolio	NOUN
fsr-3414	2	8	designed	design	VERB
fsr-3414	2	9	to	to	PART
fsr-3414	2	10	mimic	mimic	VERB
fsr-3414	2	11	2x	2x	NUM
fsr-3414	2	12	letfs	letfs	PROPN
fsr-3414	2	13	outperforms	outperform	VERB
fsr-3414	2	14	the	the	DET
fsr-3414	2	15	underlying	underlie	VERB
fsr-3414	2	16	2x	2x	NUM
fsr-3414	2	17	letf	letf	ADJ
fsr-3414	2	18	portfolio	portfolio	NOUN
fsr-3414	2	19	.	.	PUNCT
fsr-3414	3	1	the	the	DET
fsr-3414	3	2	results	result	NOUN
fsr-3414	3	3	are	be	AUX
fsr-3414	3	4	primarily	primarily	ADV
fsr-3414	3	5	a	a	DET
fsr-3414	3	6	function	function	NOUN
fsr-3414	3	7	of	of	ADP
fsr-3414	3	8	letfs	letfs	PROPN
fsr-3414	3	9	borrowing	borrow	VERB
fsr-3414	3	10	short	short	ADJ
fsr-3414	3	11	while	while	SCONJ
fsr-3414	3	12	the	the	DET
fsr-3414	3	13	investor	investor	NOUN
fsr-3414	3	14	lends	lend	VERB
fsr-3414	3	15	the	the	DET
fsr-3414	3	16	additional	additional	ADJ
fsr-3414	3	17	wealth	wealth	NOUN
fsr-3414	3	18	generated	generate	VERB
fsr-3414	3	19	from	from	ADP
fsr-3414	3	20	this	this	DET
fsr-3414	3	21	leverage	leverage	NOUN
fsr-3414	3	22	in	in	ADP
fsr-3414	3	23	oneto	oneto	ADJ
fsr-3414	3	24	seven	seven	NUM
fsr-3414	3	25	-	-	PUNCT
fsr-3414	3	26	year	year	NOUN
fsr-3414	3	27	treasury	treasury	NOUN
fsr-3414	3	28	bonds	bond	NOUN
fsr-3414	3	29	or	or	CCONJ
fsr-3414	3	30	similar	similar	ADJ
fsr-3414	3	31	type	type	NOUN
fsr-3414	3	32	of	of	ADP
fsr-3414	3	33	assets	asset	NOUN
fsr-3414	3	34	.	.	PUNCT
fsr-3414	4	1	for	for	ADP
fsr-3414	4	2	every	every	DET
fsr-3414	4	3	one	one	NUM
fsr-3414	4	4	percent	percent	NOUN
fsr-3414	4	5	earned	earn	VERB
fsr-3414	4	6	above	above	ADP
fsr-3414	4	7	the	the	DET
fsr-3414	4	8	implied	imply	VERB
fsr-3414	4	9	borrowing	borrowing	NOUN
fsr-3414	4	10	rate	rate	NOUN
fsr-3414	4	11	,	,	PUNCT
fsr-3414	4	12	a	a	DET
fsr-3414	4	13	portfolio	portfolio	NOUN
fsr-3414	4	14	of	of	ADP
fsr-3414	4	15	2x	2x	NUM
fsr-3414	4	16	and	and	CCONJ
fsr-3414	4	17	3x	3x	NUM
fsr-3414	4	18	letfs	letfs	PROPN
fsr-3414	4	19	outperforms	outperform	VERB
fsr-3414	4	20	a	a	DET
fsr-3414	4	21	traditional	traditional	ADJ
fsr-3414	4	22	portfolio	portfolio	NOUN
fsr-3414	4	23	by	by	ADP
fsr-3414	4	24	0.41	0.41	NUM
fsr-3414	4	25	%	%	NOUN
fsr-3414	4	26	and	and	CCONJ
fsr-3414	4	27	0.63	0.63	NUM
fsr-3414	4	28	%	%	NOUN
fsr-3414	4	29	,	,	PUNCT
fsr-3414	4	30	respectively	respectively	ADV
fsr-3414	4	31	,	,	PUNCT
fsr-3414	4	32	corresponding	correspond	VERB
fsr-3414	4	33	roughly	roughly	ADV
fsr-3414	4	34	to	to	ADP
fsr-3414	4	35	the	the	DET
fsr-3414	4	36	additional	additional	ADJ
fsr-3414	4	37	return	return	NOUN
fsr-3414	4	38	on	on	ADP
fsr-3414	4	39	the	the	DET
fsr-3414	4	40	50	50	NUM
fsr-3414	4	41	%	%	NOUN
fsr-3414	4	42	and	and	CCONJ
fsr-3414	4	43	67	67	NUM
fsr-3414	4	44	%	%	NOUN
fsr-3414	4	45	of	of	ADP
fsr-3414	4	46	the	the	DET
fsr-3414	4	47	wealth	wealth	NOUN
fsr-3414	4	48	invested	invest	VERB
fsr-3414	4	49	in	in	ADP
fsr-3414	4	50	bonds	bond	NOUN
fsr-3414	4	51	.	.	PUNCT
fsr-3414	5	1	more	more	ADJ
fsr-3414	5	2	than	than	ADP
fsr-3414	5	3	90	90	NUM
fsr-3414	5	4	%	%	NOUN
fsr-3414	5	5	of	of	ADP
fsr-3414	5	6	letfs	letfs	PROPN
fsr-3414	5	7	outperformance	outperformance	NOUN
fsr-3414	5	8	is	be	AUX
fsr-3414	5	9	explained	explain	VERB
fsr-3414	5	10	by	by	ADP
fsr-3414	5	11	the	the	DET
fsr-3414	5	12	borrowing	borrowing	NOUN
fsr-3414	5	13	lending	lending	NOUN
fsr-3414	5	14	differential	differential	NOUN
fsr-3414	5	15	.	.	PUNCT
fsr-3414	6	1	©	©	PROPN
fsr-3414	6	2	2020	2020	NUM
fsr-3414	6	3	academy	academy	NOUN
fsr-3414	6	4	of	of	ADP
fsr-3414	6	5	financial	financial	ADJ
fsr-3414	6	6	services	service	NOUN
fsr-3414	6	7	.	.	PUNCT
fsr-3414	7	1	all	all	DET
fsr-3414	7	2	rights	right	NOUN
fsr-3414	7	3	reserved	reserve	VERB
fsr-3414	7	4	.	.	PUNCT
fsr-3414	8	1	jel	jel	PROPN
fsr-3414	8	2	classification	classification	NOUN
fsr-3414	8	3	:	:	PUNCT
fsr-3414	8	4	g11	g11	NOUN
fsr-3414	8	5	;	;	PUNCT
fsr-3414	8	6	g17	g17	NOUN
fsr-3414	8	7	keywords	keyword	NOUN
fsr-3414	8	8	:	:	PUNCT
fsr-3414	8	9	diversified	diversified	ADJ
fsr-3414	8	10	portfolios	portfolio	NOUN
fsr-3414	8	11	;	;	PUNCT
fsr-3414	8	12	leveraged	leveraged	ADJ
fsr-3414	8	13	exchange	exchange	NOUN
fsr-3414	8	14	traded	trade	VERB
fsr-3414	8	15	funds	fund	NOUN
fsr-3414	8	16	1	1	NUM
fsr-3414	8	17	.	.	PUNCT
fsr-3414	9	1	introduction	introduction	NOUN
fsr-3414	9	2	leveraged	leverage	VERB
fsr-3414	9	3	exchange	exchange	NOUN
fsr-3414	9	4	traded	trade	VERB
fsr-3414	9	5	funds	fund	NOUN
fsr-3414	9	6	(	(	PUNCT
fsr-3414	9	7	letfs	letfs	PROPN
fsr-3414	9	8	)	)	PUNCT
fsr-3414	9	9	were	be	AUX
fsr-3414	9	10	first	first	ADV
fsr-3414	9	11	listed	list	VERB
fsr-3414	9	12	in	in	ADP
fsr-3414	9	13	2006	2006	NUM
fsr-3414	9	14	by	by	ADP
fsr-3414	9	15	proshares	proshare	NOUN
fsr-3414	9	16	,	,	PUNCT
fsr-3414	9	17	although	although	SCONJ
fsr-3414	9	18	leveraged	leveraged	ADJ
fsr-3414	9	19	mutual	mutual	ADJ
fsr-3414	9	20	funds	fund	NOUN
fsr-3414	9	21	have	have	AUX
fsr-3414	9	22	been	be	AUX
fsr-3414	9	23	around	around	ADV
fsr-3414	9	24	since	since	SCONJ
fsr-3414	9	25	1993	1993	NUM
fsr-3414	9	26	.	.	PUNCT
fsr-3414	10	1	while	while	SCONJ
fsr-3414	10	2	proshares	proshare	NOUN
fsr-3414	10	3	introduced	introduce	VERB
fsr-3414	10	4	�	�	PROPN
fsr-3414	10	5	2x	2x	NUM
fsr-3414	10	6	products	product	NOUN
fsr-3414	10	7	,	,	PUNCT
fsr-3414	10	8	direxion	direxion	NOUN
fsr-3414	10	9	upped	up	VERB
fsr-3414	10	10	the	the	DET
fsr-3414	10	11	leverage	leverage	NOUN
fsr-3414	10	12	ante	ante	NOUN
fsr-3414	10	13	with	with	ADP
fsr-3414	10	14	�	�	PROPN
fsr-3414	10	15	3x	3x	NUM
fsr-3414	10	16	funds	fund	NOUN
fsr-3414	10	17	in	in	ADP
fsr-3414	10	18	late	late	ADJ
fsr-3414	10	19	2008	2008	NUM
fsr-3414	10	20	.	.	PUNCT
fsr-3414	11	1	because	because	SCONJ
fsr-3414	11	2	letfs	letfs	PROPN
fsr-3414	11	3	are	be	AUX
fsr-3414	11	4	designed	design	VERB
fsr-3414	11	5	to	to	PART
fsr-3414	11	6	return	return	VERB
fsr-3414	11	7	a	a	DET
fsr-3414	11	8	daily	daily	ADJ
fsr-3414	11	9	multiple	multiple	NOUN
fsr-3414	11	10	,	,	PUNCT
fsr-3414	11	11	the	the	DET
fsr-3414	11	12	constant	constant	ADJ
fsr-3414	11	13	daily	daily	ADJ
fsr-3414	11	14	leverage	leverage	NOUN
fsr-3414	11	15	results	result	NOUN
fsr-3414	11	16	in	in	ADP
fsr-3414	11	17	uncertain	uncertain	ADJ
fsr-3414	11	18	realized	realize	VERB
fsr-3414	11	19	*	*	PUNCT
fsr-3414	11	20	corresponding	correspond	VERB
fsr-3414	11	21	author	author	NOUN
fsr-3414	11	22	.	.	PUNCT
fsr-3414	12	1	tel	tel	PROPN
fsr-3414	12	2	.	.	PUNCT
fsr-3414	12	3	:	:	PUNCT
fsr-3414	13	1	�	�	PROPN
fsr-3414	13	2	1	1	NUM
fsr-3414	13	3	-	-	SYM
fsr-3414	13	4	423	423	NUM
fsr-3414	13	5	-	-	PUNCT
fsr-3414	13	6	439	439	NUM
fsr-3414	13	7	-	-	PUNCT
fsr-3414	13	8	5668	5668	NUM
fsr-3414	13	9	;	;	PUNCT
fsr-3414	13	10	fax	fax	NOUN
fsr-3414	13	11	:	:	PUNCT
fsr-3414	13	12	�	�	PROPN
fsr-3414	13	13	1	1	NUM
fsr-3414	13	14	-	-	SYM
fsr-3414	13	15	423	423	NUM
fsr-3414	13	16	-	-	PUNCT
fsr-3414	13	17	439	439	NUM
fsr-3414	13	18	-	-	PUNCT
fsr-3414	13	19	8381	8381	NUM
fsr-3414	13	20	.	.	PUNCT
fsr-3414	14	1	e	e	X
fsr-3414	14	2	-	-	NOUN
fsr-3414	14	3	mail	mail	NOUN
fsr-3414	14	4	address	address	NOUN
fsr-3414	14	5	:	:	PUNCT
fsr-3414	14	6	trainor@etsu.edu	trainor@etsu.edu	PROPN
fsr-3414	14	7	(	(	PUNCT
fsr-3414	14	8	w.j	w.j	PROPN
fsr-3414	14	9	.	.	PROPN
fsr-3414	14	10	trainor	trainor	PROPN
fsr-3414	14	11	)	)	PUNCT
fsr-3414	14	12	financial	financial	ADJ
fsr-3414	14	13	services	service	NOUN
fsr-3414	14	14	review	review	VERB
fsr-3414	14	15	28	28	NUM
fsr-3414	14	16	(	(	PUNCT
fsr-3414	14	17	2020	2020	NUM
fsr-3414	14	18	)	)	PUNCT
fsr-3414	14	19	35	35	NUM
fsr-3414	14	20	-	-	SYM
fsr-3414	14	21	48	48	NUM
fsr-3414	14	22	1057	1057	NUM
fsr-3414	14	23	-	-	SYM
fsr-3414	14	24	0810/20/$	0810/20/$	NUM
fsr-3414	14	25	–	–	PUNCT
fsr-3414	14	26	see	see	VERB
fsr-3414	14	27	front	front	ADJ
fsr-3414	14	28	matter	matter	NOUN
fsr-3414	14	29	©	©	PROPN
fsr-3414	14	30	2020	2020	NUM
fsr-3414	14	31	academy	academy	NOUN
fsr-3414	14	32	of	of	ADP
fsr-3414	14	33	financial	financial	ADJ
fsr-3414	14	34	services	service	NOUN
fsr-3414	14	35	.	.	PUNCT
fsr-3414	15	1	all	all	DET
fsr-3414	15	2	rights	right	NOUN
fsr-3414	15	3	reserved	reserve	VERB
fsr-3414	15	4	.	.	PUNCT
fsr-3414	16	1	leverage	leverage	NOUN
fsr-3414	16	2	over	over	ADP
fsr-3414	16	3	longer	long	ADJ
fsr-3414	16	4	periods	period	NOUN
fsr-3414	16	5	of	of	ADP
fsr-3414	16	6	time	time	NOUN
fsr-3414	16	7	.	.	PUNCT
fsr-3414	17	1	in	in	ADP
fsr-3414	17	2	general	general	ADJ
fsr-3414	17	3	,	,	PUNCT
fsr-3414	17	4	realized	realize	VERB
fsr-3414	17	5	leverage	leverage	NOUN
fsr-3414	17	6	tends	tend	VERB
fsr-3414	17	7	to	to	PART
fsr-3414	17	8	fall	fall	VERB
fsr-3414	17	9	over	over	ADP
fsr-3414	17	10	time	time	NOUN
fsr-3414	17	11	because	because	SCONJ
fsr-3414	17	12	of	of	ADP
fsr-3414	17	13	the	the	DET
fsr-3414	17	14	volatility	volatility	NOUN
fsr-3414	17	15	of	of	ADP
fsr-3414	17	16	returns	return	NOUN
fsr-3414	17	17	(	(	PUNCT
fsr-3414	17	18	avenllaneda	avenllaneda	PROPN
fsr-3414	17	19	and	and	CCONJ
fsr-3414	17	20	zhang	zhang	PROPN
fsr-3414	17	21	,	,	PUNCT
fsr-3414	17	22	2010	2010	NUM
fsr-3414	17	23	;	;	PUNCT
fsr-3414	17	24	carver	carver	NOUN
fsr-3414	17	25	,	,	PUNCT
fsr-3414	17	26	2009	2009	NUM
fsr-3414	17	27	;	;	PUNCT
fsr-3414	17	28	cheng	cheng	PROPN
fsr-3414	17	29	and	and	CCONJ
fsr-3414	17	30	madhavan	madhavan	PROPN
fsr-3414	17	31	,	,	PUNCT
fsr-3414	17	32	2009	2009	NUM
fsr-3414	17	33	;	;	PUNCT
fsr-3414	17	34	trainor	trainor	NOUN
fsr-3414	17	35	and	and	CCONJ
fsr-3414	17	36	baryla	baryla	NOUN
fsr-3414	17	37	,	,	PUNCT
fsr-3414	17	38	2008	2008	NUM
fsr-3414	17	39	)	)	PUNCT
fsr-3414	17	40	.	.	PUNCT
fsr-3414	18	1	historically	historically	ADV
fsr-3414	18	2	,	,	PUNCT
fsr-3414	18	3	investors	investor	NOUN
fsr-3414	18	4	have	have	AUX
fsr-3414	18	5	used	use	VERB
fsr-3414	18	6	margin	margin	NOUN
fsr-3414	18	7	to	to	PART
fsr-3414	18	8	create	create	VERB
fsr-3414	18	9	leverage	leverage	NOUN
fsr-3414	18	10	in	in	ADP
fsr-3414	18	11	their	their	PRON
fsr-3414	18	12	investments	investment	NOUN
fsr-3414	18	13	.	.	PUNCT
fsr-3414	19	1	however	however	ADV
fsr-3414	19	2	,	,	PUNCT
fsr-3414	19	3	with	with	ADP
fsr-3414	19	4	letfs	letfs	PROPN
fsr-3414	19	5	expansion	expansion	NOUN
fsr-3414	19	6	into	into	ADP
fsr-3414	19	7	everything	everything	PRON
fsr-3414	19	8	from	from	ADP
fsr-3414	19	9	equity	equity	NOUN
fsr-3414	19	10	indexes	index	NOUN
fsr-3414	19	11	to	to	ADP
fsr-3414	19	12	oil	oil	NOUN
fsr-3414	19	13	,	,	PUNCT
fsr-3414	19	14	gold	gold	NOUN
fsr-3414	19	15	,	,	PUNCT
fsr-3414	19	16	currencies	currency	NOUN
fsr-3414	19	17	,	,	PUNCT
fsr-3414	19	18	and	and	CCONJ
fsr-3414	19	19	treasuries	treasury	NOUN
fsr-3414	19	20	,	,	PUNCT
fsr-3414	19	21	it	it	PRON
fsr-3414	19	22	is	be	AUX
fsr-3414	19	23	now	now	ADV
fsr-3414	19	24	possible	possible	ADJ
fsr-3414	19	25	to	to	PART
fsr-3414	19	26	create	create	VERB
fsr-3414	19	27	a	a	DET
fsr-3414	19	28	diversified	diversified	ADJ
fsr-3414	19	29	portfolio	portfolio	NOUN
fsr-3414	19	30	of	of	ADP
fsr-3414	19	31	letfs	letfs	PROPN
fsr-3414	19	32	that	that	PRON
fsr-3414	19	33	mimic	mimic	VERB
fsr-3414	19	34	a	a	DET
fsr-3414	19	35	typical	typical	ADJ
fsr-3414	19	36	investor	investor	NOUN
fsr-3414	19	37	’s	’s	PART
fsr-3414	19	38	portfolio	portfolio	NOUN
fsr-3414	19	39	.	.	PUNCT
fsr-3414	20	1	this	this	PRON
fsr-3414	20	2	can	can	AUX
fsr-3414	20	3	be	be	AUX
fsr-3414	20	4	done	do	VERB
fsr-3414	20	5	by	by	ADP
fsr-3414	20	6	creating	create	VERB
fsr-3414	20	7	unit	unit	NOUN
fsr-3414	20	8	exposure	exposure	NOUN
fsr-3414	20	9	to	to	ADP
fsr-3414	20	10	the	the	DET
fsr-3414	20	11	underlying	underlie	VERB
fsr-3414	20	12	asset	asset	NOUN
fsr-3414	20	13	classes	class	NOUN
fsr-3414	20	14	freeing	free	VERB
fsr-3414	20	15	up	up	ADP
fsr-3414	20	16	wealth	wealth	NOUN
fsr-3414	20	17	to	to	PART
fsr-3414	20	18	enhance	enhance	VERB
fsr-3414	20	19	returns	return	NOUN
fsr-3414	20	20	.	.	PUNCT
fsr-3414	21	1	specifically	specifically	ADV
fsr-3414	21	2	,	,	PUNCT
fsr-3414	21	3	2x	2x	NUM
fsr-3414	21	4	and	and	CCONJ
fsr-3414	21	5	3x	3x	NUM
fsr-3414	21	6	letfs	letfs	PROPN
fsr-3414	21	7	only	only	ADV
fsr-3414	21	8	require	require	VERB
fsr-3414	21	9	50	50	NUM
fsr-3414	21	10	%	%	NOUN
fsr-3414	21	11	and	and	CCONJ
fsr-3414	21	12	33	33	NUM
fsr-3414	21	13	%	%	NOUN
fsr-3414	21	14	of	of	ADP
fsr-3414	21	15	investor	investor	NOUN
fsr-3414	21	16	’s	’s	PART
fsr-3414	21	17	wealth	wealth	NOUN
fsr-3414	21	18	to	to	PART
fsr-3414	21	19	create	create	VERB
fsr-3414	21	20	the	the	DET
fsr-3414	21	21	same	same	ADJ
fsr-3414	21	22	exposure	exposure	NOUN
fsr-3414	21	23	as	as	ADP
fsr-3414	21	24	investing	invest	VERB
fsr-3414	21	25	100	100	NUM
fsr-3414	21	26	%	%	NOUN
fsr-3414	21	27	of	of	ADP
fsr-3414	21	28	an	an	DET
fsr-3414	21	29	investor	investor	NOUN
fsr-3414	21	30	’s	’s	PART
fsr-3414	21	31	wealth	wealth	NOUN
fsr-3414	21	32	in	in	ADP
fsr-3414	21	33	the	the	DET
fsr-3414	21	34	underlying	underlie	VERB
fsr-3414	21	35	etfs	etfs	NOUN
fsr-3414	21	36	or	or	CCONJ
fsr-3414	21	37	mutual	mutual	ADJ
fsr-3414	21	38	funds	fund	NOUN
fsr-3414	21	39	.	.	PUNCT
fsr-3414	22	1	the	the	DET
fsr-3414	22	2	advantages	advantage	NOUN
fsr-3414	22	3	of	of	ADP
fsr-3414	22	4	using	use	VERB
fsr-3414	22	5	letfs	letfs	NOUN
fsr-3414	22	6	,	,	PUNCT
fsr-3414	22	7	instead	instead	ADV
fsr-3414	22	8	of	of	ADP
fsr-3414	22	9	margin	margin	NOUN
fsr-3414	22	10	,	,	PUNCT
fsr-3414	22	11	are	be	AUX
fsr-3414	22	12	leverage	leverage	NOUN
fsr-3414	22	13	can	can	AUX
fsr-3414	22	14	be	be	AUX
fsr-3414	22	15	theoretically	theoretically	ADV
fsr-3414	22	16	increased	increase	VERB
fsr-3414	22	17	to	to	ADP
fsr-3414	22	18	3x	3x	NUM
fsr-3414	22	19	;	;	PUNCT
fsr-3414	22	20	no	no	DET
fsr-3414	22	21	explicit	explicit	ADJ
fsr-3414	22	22	interest	interest	NOUN
fsr-3414	22	23	costs	cost	NOUN
fsr-3414	22	24	,	,	PUNCT
fsr-3414	22	25	no	no	DET
fsr-3414	22	26	possibility	possibility	NOUN
fsr-3414	22	27	of	of	ADP
fsr-3414	22	28	margin	margin	NOUN
fsr-3414	22	29	calls	call	NOUN
fsr-3414	22	30	,	,	PUNCT
fsr-3414	22	31	and	and	CCONJ
fsr-3414	22	32	unlike	unlike	ADP
fsr-3414	22	33	margin	margin	NOUN
fsr-3414	22	34	,	,	PUNCT
fsr-3414	22	35	letfs	letfs	PROPN
fsr-3414	22	36	can	can	AUX
fsr-3414	22	37	be	be	AUX
fsr-3414	22	38	used	use	VERB
fsr-3414	22	39	in	in	ADP
fsr-3414	22	40	most	most	ADJ
fsr-3414	22	41	retirement	retirement	NOUN
fsr-3414	22	42	accounts	account	NOUN
fsr-3414	22	43	.	.	PUNCT
fsr-3414	23	1	however	however	ADV
fsr-3414	23	2	,	,	PUNCT
fsr-3414	23	3	letf	letf	ADJ
fsr-3414	23	4	’s	’s	PART
fsr-3414	23	5	leverage	leverage	NOUN
fsr-3414	23	6	is	be	AUX
fsr-3414	23	7	not	not	PART
fsr-3414	23	8	free	free	ADJ
fsr-3414	23	9	as	as	SCONJ
fsr-3414	23	10	there	there	PRON
fsr-3414	23	11	are	be	VERB
fsr-3414	23	12	implicit	implicit	ADJ
fsr-3414	23	13	lending	lending	NOUN
fsr-3414	23	14	costs	cost	NOUN
fsr-3414	23	15	.	.	PUNCT
fsr-3414	24	1	in	in	ADP
fsr-3414	24	2	addition	addition	NOUN
fsr-3414	24	3	,	,	PUNCT
fsr-3414	24	4	letfs	letfs	PROPN
fsr-3414	24	5	have	have	VERB
fsr-3414	24	6	higher	high	ADJ
fsr-3414	24	7	expense	expense	NOUN
fsr-3414	24	8	ratios	ratio	NOUN
fsr-3414	24	9	and	and	CCONJ
fsr-3414	24	10	general	general	ADJ
fsr-3414	24	11	leverage	leverage	NOUN
fsr-3414	24	12	decay	decay	NOUN
fsr-3414	24	13	.	.	PUNCT
fsr-3414	25	1	to	to	ADP
fsr-3414	25	2	the	the	DET
fsr-3414	25	3	extent	extent	NOUN
fsr-3414	25	4	an	an	DET
fsr-3414	25	5	investor	investor	NOUN
fsr-3414	25	6	seeks	seek	VERB
fsr-3414	25	7	to	to	PART
fsr-3414	25	8	maintain	maintain	VERB
fsr-3414	25	9	a	a	DET
fsr-3414	25	10	specific	specific	ADJ
fsr-3414	25	11	asset	asset	NOUN
fsr-3414	25	12	allocation	allocation	NOUN
fsr-3414	25	13	,	,	PUNCT
fsr-3414	25	14	frequent	frequent	ADJ
fsr-3414	25	15	rebalancing	rebalancing	NOUN
fsr-3414	25	16	is	be	AUX
fsr-3414	25	17	required	require	VERB
fsr-3414	25	18	along	along	ADP
fsr-3414	25	19	with	with	ADP
fsr-3414	25	20	the	the	DET
fsr-3414	25	21	associated	associated	ADJ
fsr-3414	25	22	trading	trading	NOUN
fsr-3414	25	23	costs	cost	NOUN
fsr-3414	25	24	and	and	CCONJ
fsr-3414	25	25	taxes	taxis	NOUN
fsr-3414	25	26	on	on	ADP
fsr-3414	25	27	realized	realize	VERB
fsr-3414	25	28	gains	gain	NOUN
fsr-3414	25	29	.	.	PUNCT
fsr-3414	26	1	a	a	DET
fsr-3414	26	2	letf	letf	ADJ
fsr-3414	26	3	portfolio	portfolio	NOUN
fsr-3414	26	4	structured	structure	VERB
fsr-3414	26	5	for	for	ADP
fsr-3414	26	6	unit	unit	NOUN
fsr-3414	26	7	exposure	exposure	NOUN
fsr-3414	26	8	will	will	AUX
fsr-3414	26	9	outperform	outperform	VERB
fsr-3414	26	10	its	its	PRON
fsr-3414	26	11	traditional	traditional	ADJ
fsr-3414	26	12	counterpart	counterpart	NOUN
fsr-3414	26	13	if	if	SCONJ
fsr-3414	26	14	and	and	CCONJ
fsr-3414	26	15	only	only	ADV
fsr-3414	26	16	if	if	SCONJ
fsr-3414	26	17	the	the	DET
fsr-3414	26	18	return	return	NOUN
fsr-3414	26	19	to	to	ADP
fsr-3414	26	20	the	the	DET
fsr-3414	26	21	invested	invest	VERB
fsr-3414	26	22	excess	excess	ADJ
fsr-3414	26	23	wealth	wealth	NOUN
fsr-3414	26	24	exceeds	exceed	VERB
fsr-3414	26	25	the	the	DET
fsr-3414	26	26	implicit	implicit	ADJ
fsr-3414	26	27	financing	financing	NOUN
fsr-3414	26	28	costs	cost	NOUN
fsr-3414	26	29	and	and	CCONJ
fsr-3414	26	30	higher	high	ADJ
fsr-3414	26	31	costs	cost	NOUN
fsr-3414	26	32	of	of	ADP
fsr-3414	26	33	using	use	VERB
fsr-3414	26	34	letfs	letfs	PROPN
fsr-3414	26	35	.	.	PUNCT
fsr-3414	27	1	in	in	ADP
fsr-3414	27	2	contrast	contrast	NOUN
fsr-3414	27	3	to	to	ADP
fsr-3414	27	4	previous	previous	ADJ
fsr-3414	27	5	research	research	NOUN
fsr-3414	27	6	,	,	PUNCT
fsr-3414	27	7	this	this	DET
fsr-3414	27	8	study	study	NOUN
fsr-3414	27	9	examines	examine	VERB
fsr-3414	27	10	how	how	SCONJ
fsr-3414	27	11	a	a	DET
fsr-3414	27	12	portfolio	portfolio	NOUN
fsr-3414	27	13	composed	compose	VERB
fsr-3414	27	14	almost	almost	ADV
fsr-3414	27	15	entirely	entirely	ADV
fsr-3414	27	16	of	of	ADP
fsr-3414	27	17	letfs	letfs	PROPN
fsr-3414	27	18	can	can	AUX
fsr-3414	27	19	be	be	AUX
fsr-3414	27	20	created	create	VERB
fsr-3414	27	21	to	to	PART
fsr-3414	27	22	maintain	maintain	VERB
fsr-3414	27	23	unit	unit	NOUN
fsr-3414	27	24	exposure	exposure	NOUN
fsr-3414	27	25	to	to	ADP
fsr-3414	27	26	the	the	DET
fsr-3414	27	27	underlying	underlie	VERB
fsr-3414	27	28	indexes	index	NOUN
fsr-3414	27	29	without	without	ADP
fsr-3414	27	30	increasing	increase	VERB
fsr-3414	27	31	the	the	DET
fsr-3414	27	32	overall	overall	ADJ
fsr-3414	27	33	risk	risk	NOUN
fsr-3414	27	34	.	.	PUNCT
fsr-3414	28	1	george	george	NOUN
fsr-3414	28	2	and	and	CCONJ
fsr-3414	28	3	trainor	trainor	NOUN
fsr-3414	28	4	(	(	PUNCT
fsr-3414	28	5	2017	2017	NUM
fsr-3414	28	6	)	)	PUNCT
fsr-3414	28	7	use	use	VERB
fsr-3414	28	8	similar	similar	ADJ
fsr-3414	28	9	methodology	methodology	NOUN
fsr-3414	28	10	,	,	PUNCT
fsr-3414	28	11	but	but	CCONJ
fsr-3414	28	12	where	where	SCONJ
fsr-3414	28	13	they	they	PRON
fsr-3414	28	14	use	use	VERB
fsr-3414	28	15	a	a	DET
fsr-3414	28	16	single	single	ADJ
fsr-3414	28	17	letf	letf	NOUN
fsr-3414	28	18	to	to	PART
fsr-3414	28	19	demonstrate	demonstrate	VERB
fsr-3414	28	20	how	how	SCONJ
fsr-3414	28	21	it	it	PRON
fsr-3414	28	22	can	can	AUX
fsr-3414	28	23	be	be	AUX
fsr-3414	28	24	used	use	VERB
fsr-3414	28	25	within	within	ADP
fsr-3414	28	26	a	a	DET
fsr-3414	28	27	portfolio	portfolio	NOUN
fsr-3414	28	28	insurance	insurance	NOUN
fsr-3414	28	29	setting	setting	NOUN
fsr-3414	28	30	,	,	PUNCT
fsr-3414	28	31	this	this	DET
fsr-3414	28	32	study	study	NOUN
fsr-3414	28	33	uses	use	VERB
fsr-3414	28	34	a	a	DET
fsr-3414	28	35	portfolio	portfolio	NOUN
fsr-3414	28	36	of	of	ADP
fsr-3414	28	37	letfs	letfs	PROPN
fsr-3414	28	38	to	to	PART
fsr-3414	28	39	maintain	maintain	VERB
fsr-3414	28	40	an	an	DET
fsr-3414	28	41	asset	asset	NOUN
fsr-3414	28	42	allocation	allocation	NOUN
fsr-3414	28	43	comparable	comparable	ADJ
fsr-3414	28	44	with	with	ADP
fsr-3414	28	45	traditional	traditional	ADJ
fsr-3414	28	46	buy	buy	NOUN
fsr-3414	28	47	-	-	PUNCT
fsr-3414	28	48	and	and	CCONJ
fsr-3414	28	49	-	-	PUNCT
fsr-3414	28	50	hold	hold	VERB
fsr-3414	28	51	portfolios	portfolio	NOUN
fsr-3414	28	52	created	create	VERB
fsr-3414	28	53	from	from	ADP
fsr-3414	28	54	mutual	mutual	ADJ
fsr-3414	28	55	funds	fund	NOUN
fsr-3414	28	56	or	or	CCONJ
fsr-3414	28	57	etfs	etfs	NOUN
fsr-3414	28	58	.	.	PUNCT
fsr-3414	29	1	in	in	ADP
fsr-3414	29	2	addition	addition	NOUN
fsr-3414	29	3	,	,	PUNCT
fsr-3414	29	4	for	for	ADP
fsr-3414	29	5	risk	risk	NOUN
fsr-3414	29	6	-	-	PUNCT
fsr-3414	29	7	seeking	seek	VERB
fsr-3414	29	8	investors	investor	NOUN
fsr-3414	29	9	looking	look	VERB
fsr-3414	29	10	to	to	PART
fsr-3414	29	11	invest	invest	VERB
fsr-3414	29	12	in	in	ADP
fsr-3414	29	13	a	a	DET
fsr-3414	29	14	diversified	diversified	ADJ
fsr-3414	29	15	portfolio	portfolio	NOUN
fsr-3414	29	16	with	with	ADP
fsr-3414	29	17	up	up	ADP
fsr-3414	29	18	to	to	PART
fsr-3414	29	19	2x	2x	NUM
fsr-3414	29	20	leverage	leverage	NOUN
fsr-3414	29	21	,	,	PUNCT
fsr-3414	29	22	this	this	DET
fsr-3414	29	23	study	study	NOUN
fsr-3414	29	24	examines	examine	VERB
fsr-3414	29	25	if	if	SCONJ
fsr-3414	29	26	3x	3x	PROPN
fsr-3414	29	27	letfs	letfs	PROPN
fsr-3414	29	28	may	may	AUX
fsr-3414	29	29	be	be	AUX
fsr-3414	29	30	used	use	VERB
fsr-3414	29	31	to	to	ADP
fsr-3414	29	32	the	the	DET
fsr-3414	29	33	same	same	ADJ
fsr-3414	29	34	effect	effect	NOUN
fsr-3414	29	35	.	.	PUNCT
fsr-3414	30	1	investing	invest	VERB
fsr-3414	30	2	67	67	NUM
fsr-3414	30	3	%	%	NOUN
fsr-3414	30	4	in	in	ADP
fsr-3414	30	5	a	a	DET
fsr-3414	30	6	3x	3x	NUM
fsr-3414	30	7	letf	letf	NOUN
fsr-3414	30	8	is	be	AUX
fsr-3414	30	9	equivalent	equivalent	ADJ
fsr-3414	30	10	to	to	ADP
fsr-3414	30	11	100	100	NUM
fsr-3414	30	12	%	%	NOUN
fsr-3414	30	13	in	in	ADP
fsr-3414	30	14	a	a	DET
fsr-3414	30	15	2x	2x	NUM
fsr-3414	30	16	letf	letf	NOUN
fsr-3414	30	17	.	.	PUNCT
fsr-3414	31	1	if	if	SCONJ
fsr-3414	31	2	the	the	DET
fsr-3414	31	3	return	return	NOUN
fsr-3414	31	4	to	to	ADP
fsr-3414	31	5	the	the	DET
fsr-3414	31	6	remaining	remain	VERB
fsr-3414	31	7	33	33	NUM
fsr-3414	31	8	%	%	NOUN
fsr-3414	31	9	of	of	ADP
fsr-3414	31	10	the	the	DET
fsr-3414	31	11	investor	investor	NOUN
fsr-3414	31	12	’s	’s	PART
fsr-3414	31	13	wealth	wealth	NOUN
fsr-3414	31	14	exceeds	exceed	VERB
fsr-3414	31	15	the	the	DET
fsr-3414	31	16	additional	additional	ADJ
fsr-3414	31	17	borrowing	borrowing	NOUN
fsr-3414	31	18	cost	cost	NOUN
fsr-3414	31	19	,	,	PUNCT
fsr-3414	31	20	the	the	DET
fsr-3414	31	21	3x	3x	NUM
fsr-3414	31	22	letf	letf	NOUN
fsr-3414	31	23	will	will	AUX
fsr-3414	31	24	outperform	outperform	VERB
fsr-3414	31	25	.	.	PUNCT
fsr-3414	32	1	a	a	DET
fsr-3414	32	2	critical	critical	ADJ
fsr-3414	32	3	question	question	NOUN
fsr-3414	32	4	for	for	ADP
fsr-3414	32	5	the	the	DET
fsr-3414	32	6	2x	2x	NUM
fsr-3414	32	7	or	or	CCONJ
fsr-3414	32	8	3x	3x	NUM
fsr-3414	32	9	strategy	strategy	NOUN
fsr-3414	32	10	suggested	suggest	VERB
fsr-3414	32	11	above	above	ADV
fsr-3414	32	12	is	be	AUX
fsr-3414	32	13	where	where	SCONJ
fsr-3414	32	14	to	to	PART
fsr-3414	32	15	invest	invest	VERB
fsr-3414	32	16	the	the	DET
fsr-3414	32	17	freed	free	VERB
fsr-3414	32	18	-	-	PUNCT
fsr-3414	32	19	up	up	ADP
fsr-3414	32	20	wealth	wealth	NOUN
fsr-3414	32	21	.	.	PUNCT
fsr-3414	33	1	this	this	DET
fsr-3414	33	2	study	study	NOUN
fsr-3414	33	3	investigates	investigate	VERB
fsr-3414	33	4	leveraging	leverage	VERB
fsr-3414	33	5	bonds	bond	NOUN
fsr-3414	33	6	instead	instead	ADV
fsr-3414	33	7	of	of	ADP
fsr-3414	33	8	equity	equity	NOUN
fsr-3414	33	9	as	as	SCONJ
fsr-3414	33	10	this	this	PRON
fsr-3414	33	11	will	will	AUX
fsr-3414	33	12	maintain	maintain	VERB
fsr-3414	33	13	the	the	DET
fsr-3414	33	14	risk	risk	NOUN
fsr-3414	33	15	and	and	CCONJ
fsr-3414	33	16	structural	structural	ADJ
fsr-3414	33	17	characteristics	characteristic	NOUN
fsr-3414	33	18	of	of	ADP
fsr-3414	33	19	the	the	DET
fsr-3414	33	20	underlying	underlying	ADJ
fsr-3414	33	21	unleveraged	unleveraged	ADJ
fsr-3414	33	22	portfolio	portfolio	NOUN
fsr-3414	33	23	.	.	PUNCT
fsr-3414	34	1	because	because	SCONJ
fsr-3414	34	2	letfs	letfs	PROPN
fsr-3414	34	3	typically	typically	ADV
fsr-3414	34	4	borrow	borrow	VERB
fsr-3414	34	5	short	short	ADJ
fsr-3414	34	6	to	to	PART
fsr-3414	34	7	attain	attain	VERB
fsr-3414	34	8	their	their	PRON
fsr-3414	34	9	exposure	exposure	NOUN
fsr-3414	34	10	,	,	PUNCT
fsr-3414	34	11	the	the	DET
fsr-3414	34	12	portfolios	portfolio	NOUN
fsr-3414	34	13	investigated	investigate	VERB
fsr-3414	34	14	in	in	ADP
fsr-3414	34	15	this	this	DET
fsr-3414	34	16	study	study	NOUN
fsr-3414	34	17	are	be	AUX
fsr-3414	34	18	in	in	ADP
fsr-3414	34	19	effect	effect	NOUN
fsr-3414	34	20	borrowing	borrow	VERB
fsr-3414	34	21	short	short	ADJ
fsr-3414	34	22	to	to	PART
fsr-3414	34	23	lend	lend	VERB
fsr-3414	34	24	long	long	ADV
fsr-3414	34	25	.	.	PUNCT
fsr-3414	35	1	this	this	DET
fsr-3414	35	2	strategy	strategy	NOUN
fsr-3414	35	3	should	should	AUX
fsr-3414	35	4	moderately	moderately	ADV
fsr-3414	35	5	increase	increase	VERB
fsr-3414	35	6	expected	expect	VERB
fsr-3414	35	7	return	return	NOUN
fsr-3414	35	8	and	and	CCONJ
fsr-3414	35	9	reduce	reduce	VERB
fsr-3414	35	10	downside	downside	ADJ
fsr-3414	35	11	risk	risk	NOUN
fsr-3414	35	12	as	as	SCONJ
fsr-3414	35	13	most	most	ADJ
fsr-3414	35	14	of	of	ADP
fsr-3414	35	15	the	the	DET
fsr-3414	35	16	portfolio	portfolio	NOUN
fsr-3414	35	17	is	be	AUX
fsr-3414	35	18	invested	invest	VERB
fsr-3414	35	19	in	in	ADP
fsr-3414	35	20	less	less	ADV
fsr-3414	35	21	risky	risky	ADJ
fsr-3414	35	22	bonds	bond	NOUN
fsr-3414	35	23	.	.	PUNCT
fsr-3414	36	1	results	result	NOUN
fsr-3414	36	2	suggest	suggest	VERB
fsr-3414	36	3	a	a	DET
fsr-3414	36	4	portfolio	portfolio	NOUN
fsr-3414	36	5	composed	compose	VERB
fsr-3414	36	6	of	of	ADP
fsr-3414	36	7	2x	2x	NUM
fsr-3414	36	8	or	or	CCONJ
fsr-3414	36	9	3x	3x	NUM
fsr-3414	36	10	letfs	letfs	PROPN
fsr-3414	36	11	outperforms	outperform	VERB
fsr-3414	36	12	a	a	DET
fsr-3414	36	13	portfolio	portfolio	NOUN
fsr-3414	36	14	using	use	VERB
fsr-3414	36	15	standard	standard	ADJ
fsr-3414	36	16	etfs	etfs	NOUN
fsr-3414	36	17	based	base	VERB
fsr-3414	36	18	on	on	ADP
fsr-3414	36	19	the	the	DET
fsr-3414	36	20	same	same	ADJ
fsr-3414	36	21	underlying	underlying	ADJ
fsr-3414	36	22	indexes	index	NOUN
fsr-3414	36	23	.	.	PUNCT
fsr-3414	37	1	even	even	ADV
fsr-3414	37	2	in	in	ADP
fsr-3414	37	3	the	the	DET
fsr-3414	37	4	low	low	ADJ
fsr-3414	37	5	interest	interest	NOUN
fsr-3414	37	6	environment	environment	NOUN
fsr-3414	37	7	from	from	ADP
fsr-3414	37	8	2010	2010	NUM
fsr-3414	37	9	to	to	ADP
fsr-3414	37	10	17	17	NUM
fsr-3414	37	11	and	and	CCONJ
fsr-3414	37	12	using	use	VERB
fsr-3414	37	13	an	an	DET
fsr-3414	37	14	aggregate	aggregate	ADJ
fsr-3414	37	15	bond	bond	NOUN
fsr-3414	37	16	index	index	NOUN
fsr-3414	37	17	for	for	ADP
fsr-3414	37	18	the	the	DET
fsr-3414	37	19	remaining	remain	VERB
fsr-3414	37	20	wealth	wealth	NOUN
fsr-3414	37	21	,	,	PUNCT
fsr-3414	37	22	a	a	DET
fsr-3414	37	23	portfolio	portfolio	NOUN
fsr-3414	37	24	of	of	ADP
fsr-3414	37	25	2x	2x	NUM
fsr-3414	37	26	or	or	CCONJ
fsr-3414	37	27	3x	3x	NUM
fsr-3414	37	28	letfs	letfs	PROPN
fsr-3414	37	29	outperforms	outperform	VERB
fsr-3414	37	30	a	a	DET
fsr-3414	37	31	portfolio	portfolio	NOUN
fsr-3414	37	32	of	of	ADP
fsr-3414	37	33	standard	standard	PROPN
fsr-3414	37	34	etfs	etfs	PROPN
fsr-3414	37	35	by	by	ADP
fsr-3414	37	36	0.9	0.9	NUM
fsr-3414	37	37	%	%	NOUN
fsr-3414	37	38	and	and	CCONJ
fsr-3414	37	39	1.8	1.8	NUM
fsr-3414	37	40	%	%	NOUN
fsr-3414	37	41	,	,	PUNCT
fsr-3414	37	42	respectively	respectively	ADV
fsr-3414	37	43	,	,	PUNCT
fsr-3414	37	44	on	on	ADP
fsr-3414	37	45	an	an	DET
fsr-3414	37	46	annual	annual	ADJ
fsr-3414	37	47	basis	basis	NOUN
fsr-3414	37	48	.	.	PUNCT
fsr-3414	38	1	for	for	ADP
fsr-3414	38	2	risk	risk	NOUN
fsr-3414	38	3	seekers	seeker	NOUN
fsr-3414	38	4	,	,	PUNCT
fsr-3414	38	5	using	use	VERB
fsr-3414	38	6	3x	3x	PROPN
fsr-3414	38	7	letfs	letfs	PROPN
fsr-3414	38	8	to	to	PART
fsr-3414	38	9	mimic	mimic	VERB
fsr-3414	38	10	the	the	DET
fsr-3414	38	11	exposure	exposure	NOUN
fsr-3414	38	12	of	of	ADP
fsr-3414	38	13	2x	2x	NUM
fsr-3414	38	14	letfs	letfs	PROPN
fsr-3414	38	15	outperforms	outperform	NOUN
fsr-3414	38	16	by	by	ADP
fsr-3414	38	17	1.5	1.5	NUM
fsr-3414	38	18	%	%	NOUN
fsr-3414	38	19	annually	annually	ADV
fsr-3414	38	20	during	during	ADP
fsr-3414	38	21	this	this	DET
fsr-3414	38	22	period	period	NOUN
fsr-3414	38	23	.	.	PUNCT
fsr-3414	39	1	the	the	DET
fsr-3414	39	2	critical	critical	ADJ
fsr-3414	39	3	input	input	NOUN
fsr-3414	39	4	is	be	AUX
fsr-3414	39	5	the	the	DET
fsr-3414	39	6	borrowing	borrowing	NOUN
fsr-3414	39	7	-	-	PUNCT
fsr-3414	39	8	lending	lending	NOUN
fsr-3414	39	9	differential	differential	NOUN
fsr-3414	39	10	that	that	PRON
fsr-3414	39	11	explains	explain	VERB
fsr-3414	39	12	90	90	NUM
fsr-3414	39	13	%	%	NOUN
fsr-3414	39	14	or	or	CCONJ
fsr-3414	39	15	more	more	ADJ
fsr-3414	39	16	of	of	ADP
fsr-3414	39	17	the	the	DET
fsr-3414	39	18	letf	letf	ADJ
fsr-3414	39	19	portfolio	portfolio	NOUN
fsr-3414	39	20	’s	’s	PART
fsr-3414	39	21	greater	great	ADJ
fsr-3414	39	22	return	return	NOUN
fsr-3414	39	23	.	.	PUNCT
fsr-3414	40	1	the	the	DET
fsr-3414	40	2	results	result	NOUN
fsr-3414	40	3	are	be	AUX
fsr-3414	40	4	essentially	essentially	ADV
fsr-3414	40	5	confirmed	confirm	VERB
fsr-3414	40	6	with	with	ADP
fsr-3414	40	7	simulated	simulated	ADJ
fsr-3414	40	8	letf	letf	ADJ
fsr-3414	40	9	returns	return	NOUN
fsr-3414	40	10	since	since	SCONJ
fsr-3414	40	11	1946	1946	NUM
fsr-3414	40	12	.	.	PUNCT
fsr-3414	41	1	36	36	NUM
fsr-3414	41	2	w.j	w.j	PROPN
fsr-3414	41	3	.	.	PROPN
fsr-3414	41	4	trainor	trainor	PROPN
fsr-3414	41	5	et	et	PROPN
fsr-3414	41	6	al	al	PROPN
fsr-3414	41	7	.	.	PUNCT
fsr-3414	41	8	/	/	SYM
fsr-3414	41	9	financial	financial	ADJ
fsr-3414	41	10	services	service	NOUN
fsr-3414	41	11	review	review	VERB
fsr-3414	41	12	28	28	NUM
fsr-3414	41	13	(	(	PUNCT
fsr-3414	41	14	2020	2020	NUM
fsr-3414	41	15	)	)	PUNCT
fsr-3414	41	16	35	35	NUM
fsr-3414	41	17	-	-	SYM
fsr-3414	41	18	48	48	NUM
fsr-3414	41	19	the	the	DET
fsr-3414	41	20	caveat	caveat	NOUN
fsr-3414	41	21	to	to	ADP
fsr-3414	41	22	this	this	DET
fsr-3414	41	23	type	type	NOUN
fsr-3414	41	24	of	of	ADP
fsr-3414	41	25	strategy	strategy	NOUN
fsr-3414	41	26	is	be	AUX
fsr-3414	41	27	letf	letf	ADJ
fsr-3414	41	28	portfolios	portfolio	NOUN
fsr-3414	41	29	must	must	AUX
fsr-3414	41	30	be	be	AUX
fsr-3414	41	31	rebalanced	rebalance	VERB
fsr-3414	41	32	more	more	ADV
fsr-3414	41	33	often	often	ADV
fsr-3414	41	34	as	as	SCONJ
fsr-3414	41	35	their	their	PRON
fsr-3414	41	36	initial	initial	ADJ
fsr-3414	41	37	positions	position	NOUN
fsr-3414	41	38	deviate	deviate	VERB
fsr-3414	41	39	from	from	ADP
fsr-3414	41	40	“	"	PUNCT
fsr-3414	41	41	optimal	optimal	ADJ
fsr-3414	41	42	”	"	PUNCT
fsr-3414	41	43	asset	asset	NOUN
fsr-3414	41	44	allocations	allocation	NOUN
fsr-3414	41	45	even	even	ADV
fsr-3414	41	46	faster	fast	ADV
fsr-3414	41	47	than	than	ADP
fsr-3414	41	48	standard	standard	ADJ
fsr-3414	41	49	portfolios	portfolio	NOUN
fsr-3414	41	50	.	.	PUNCT
fsr-3414	42	1	a	a	DET
fsr-3414	42	2	10	10	NUM
fsr-3414	42	3	%	%	NOUN
fsr-3414	42	4	barrier	barrier	NOUN
fsr-3414	42	5	threshold	threshold	NOUN
fsr-3414	42	6	defined	define	VERB
fsr-3414	42	7	as	as	ADP
fsr-3414	42	8	a	a	DET
fsr-3414	42	9	relative	relative	ADJ
fsr-3414	42	10	deviation	deviation	NOUN
fsr-3414	42	11	of	of	ADP
fsr-3414	42	12	10	10	NUM
fsr-3414	42	13	%	%	NOUN
fsr-3414	42	14	from	from	ADP
fsr-3414	42	15	the	the	DET
fsr-3414	42	16	initial	initial	ADJ
fsr-3414	42	17	allocation	allocation	NOUN
fsr-3414	42	18	is	be	AUX
fsr-3414	42	19	used	use	VERB
fsr-3414	42	20	to	to	PART
fsr-3414	42	21	determine	determine	VERB
fsr-3414	42	22	when	when	SCONJ
fsr-3414	42	23	portfolios	portfolio	NOUN
fsr-3414	42	24	are	be	AUX
fsr-3414	42	25	rebalanced	rebalance	VERB
fsr-3414	42	26	.	.	PUNCT
fsr-3414	43	1	this	this	DET
fsr-3414	43	2	active	active	ADJ
fsr-3414	43	3	management	management	NOUN
fsr-3414	43	4	keeps	keep	VERB
fsr-3414	43	5	the	the	DET
fsr-3414	43	6	risk	risk	NOUN
fsr-3414	43	7	exposure	exposure	NOUN
fsr-3414	43	8	within	within	ADP
fsr-3414	43	9	reasonable	reasonable	ADJ
fsr-3414	43	10	bounds	bound	NOUN
fsr-3414	43	11	while	while	SCONJ
fsr-3414	43	12	keeping	keep	VERB
fsr-3414	43	13	2x	2x	NUM
fsr-3414	43	14	and	and	CCONJ
fsr-3414	43	15	3x	3x	NUM
fsr-3414	43	16	rebalancing	rebalancing	NOUN
fsr-3414	43	17	requirements	requirement	NOUN
fsr-3414	43	18	to	to	PART
fsr-3414	43	19	approximately	approximately	ADV
fsr-3414	43	20	quarterly	quarterly	ADV
fsr-3414	43	21	and	and	CCONJ
fsr-3414	43	22	monthly	monthly	ADV
fsr-3414	43	23	,	,	PUNCT
fsr-3414	43	24	respectively	respectively	ADV
fsr-3414	43	25	.	.	PUNCT
fsr-3414	44	1	because	because	SCONJ
fsr-3414	44	2	of	of	ADP
fsr-3414	44	3	tax	tax	NOUN
fsr-3414	44	4	effects	effect	NOUN
fsr-3414	44	5	,	,	PUNCT
fsr-3414	44	6	the	the	DET
fsr-3414	44	7	strategies	strategy	NOUN
fsr-3414	44	8	outlined	outline	VERB
fsr-3414	44	9	above	above	ADV
fsr-3414	44	10	are	be	AUX
fsr-3414	44	11	more	more	ADV
fsr-3414	44	12	suited	suited	ADJ
fsr-3414	44	13	to	to	ADP
fsr-3414	44	14	qualified	qualified	ADJ
fsr-3414	44	15	nontaxable	nontaxable	ADJ
fsr-3414	44	16	accounts	account	NOUN
fsr-3414	44	17	.	.	PUNCT
fsr-3414	45	1	2	2	X
fsr-3414	45	2	.	.	X
fsr-3414	45	3	mathematics	mathematic	NOUN
fsr-3414	45	4	of	of	ADP
fsr-3414	45	5	letfs	letfs	PROPN
fsr-3414	45	6	letfs	letfs	PROPN
fsr-3414	45	7	magnify	magnify	VERB
fsr-3414	45	8	the	the	DET
fsr-3414	45	9	daily	daily	ADJ
fsr-3414	45	10	return	return	NOUN
fsr-3414	45	11	of	of	ADP
fsr-3414	45	12	an	an	DET
fsr-3414	45	13	underlying	underlying	ADJ
fsr-3414	45	14	index	index	NOUN
fsr-3414	45	15	.	.	PUNCT
fsr-3414	46	1	because	because	SCONJ
fsr-3414	46	2	of	of	ADP
fsr-3414	46	3	this	this	DET
fsr-3414	46	4	constant	constant	ADJ
fsr-3414	46	5	daily	daily	ADJ
fsr-3414	46	6	leverage	leverage	NOUN
fsr-3414	46	7	,	,	PUNCT
fsr-3414	46	8	the	the	DET
fsr-3414	46	9	realized	realize	VERB
fsr-3414	46	10	leverage	leverage	NOUN
fsr-3414	46	11	over	over	ADP
fsr-3414	46	12	any	any	DET
fsr-3414	46	13	multiday	multiday	NOUN
fsr-3414	46	14	period	period	NOUN
fsr-3414	46	15	can	can	AUX
fsr-3414	46	16	be	be	AUX
fsr-3414	46	17	virtually	virtually	ADV
fsr-3414	46	18	anything	anything	PRON
fsr-3414	46	19	and	and	CCONJ
fsr-3414	46	20	is	be	AUX
fsr-3414	46	21	a	a	DET
fsr-3414	46	22	function	function	NOUN
fsr-3414	46	23	of	of	ADP
fsr-3414	46	24	the	the	DET
fsr-3414	46	25	daily	daily	ADJ
fsr-3414	46	26	leverage	leverage	NOUN
fsr-3414	46	27	ratio	ratio	NOUN
fsr-3414	46	28	,	,	PUNCT
fsr-3414	46	29	time	time	NOUN
fsr-3414	46	30	,	,	PUNCT
fsr-3414	46	31	return	return	NOUN
fsr-3414	46	32	,	,	PUNCT
fsr-3414	46	33	and	and	CCONJ
fsr-3414	46	34	variance	variance	NOUN
fsr-3414	46	35	with	with	ADP
fsr-3414	46	36	the	the	DET
fsr-3414	46	37	latter	latter	ADJ
fsr-3414	46	38	generally	generally	ADV
fsr-3414	46	39	having	have	VERB
fsr-3414	46	40	the	the	DET
fsr-3414	46	41	largest	large	ADJ
fsr-3414	46	42	effect	effect	NOUN
fsr-3414	46	43	.	.	PUNCT
fsr-3414	47	1	realized	realize	VERB
fsr-3414	47	2	leverage	leverage	NOUN
fsr-3414	47	3	can	can	AUX
fsr-3414	47	4	mathematically	mathematically	ADV
fsr-3414	47	5	be	be	AUX
fsr-3414	47	6	expressed	express	VERB
fsr-3414	47	7	by	by	ADP
fsr-3414	47	8	:	:	PUNCT
fsr-3414	47	9	lrt	lrt	PROPN
fsr-3414	47	10	xrt	xrt	PROPN
fsr-3414	47	11	�	�	PROPN
fsr-3414	47	12	(	(	PUNCT
fsr-3414	47	13	1	1	NUM
fsr-3414	47	14	�	�	PROPN
fsr-3414	47	15	xrt)l	xrt)l	PROPN
fsr-3414	47	16	exp	exp	NOUN
fsr-3414	47	17	�	�	PROPN
fsr-3414	47	18	�	�	PROPN
fsr-3414	47	19	l	l	PROPN
fsr-3414	47	20	�	�	PROPN
fsr-3414	47	21	l2	l2	PROPN
fsr-3414	47	22	�	�	PROPN
fsr-3414	47	23	�	�	PROPN
fsr-3414	47	24	2	2	NUM
fsr-3414	47	25	t	t	PROPN
fsr-3414	47	26	2	2	NUM
fsr-3414	47	27	�	�	PROPN
fsr-3414	47	28	�	�	PROPN
fsr-3414	47	29	1	1	NUM
fsr-3414	47	30	xrt	xrt	PROPN
fsr-3414	47	31	(	(	PUNCT
fsr-3414	47	32	1	1	NUM
fsr-3414	47	33	)	)	PUNCT
fsr-3414	47	34	where	where	SCONJ
fsr-3414	47	35	lrt	lrt	PROPN
fsr-3414	47	36	is	be	AUX
fsr-3414	47	37	the	the	DET
fsr-3414	47	38	return	return	NOUN
fsr-3414	47	39	to	to	ADP
fsr-3414	47	40	the	the	DET
fsr-3414	47	41	leveraged	leverage	VERB
fsr-3414	47	42	fund	fund	NOUN
fsr-3414	47	43	,	,	PUNCT
fsr-3414	47	44	xrt	xrt	PROPN
fsr-3414	47	45	is	be	AUX
fsr-3414	47	46	the	the	DET
fsr-3414	47	47	underlying	underlying	ADJ
fsr-3414	47	48	index	index	NOUN
fsr-3414	47	49	return	return	NOUN
fsr-3414	47	50	,	,	PUNCT
fsr-3414	47	51	l	l	NOUN
fsr-3414	47	52	is	be	AUX
fsr-3414	47	53	the	the	DET
fsr-3414	47	54	daily	daily	ADJ
fsr-3414	47	55	leverage	leverage	NOUN
fsr-3414	47	56	ratio	ratio	NOUN
fsr-3414	47	57	,	,	PUNCT
fsr-3414	47	58	t	t	PROPN
fsr-3414	47	59	is	be	AUX
fsr-3414	47	60	time	time	NOUN
fsr-3414	47	61	in	in	ADP
fsr-3414	47	62	days	day	NOUN
fsr-3414	47	63	,	,	PUNCT
fsr-3414	47	64	and	and	CCONJ
fsr-3414	47	65	�	�	PROPN
fsr-3414	47	66	2	2	NUM
fsr-3414	47	67	is	be	AUX
fsr-3414	47	68	the	the	DET
fsr-3414	47	69	standard	standard	ADJ
fsr-3414	47	70	daily	daily	ADJ
fsr-3414	47	71	population	population	NOUN
fsr-3414	47	72	variance	variance	NOUN
fsr-3414	47	73	,	,	PUNCT
fsr-3414	47	74	(	(	PUNCT
fsr-3414	47	75	avellaneda	avellaneda	PROPN
fsr-3414	47	76	and	and	CCONJ
fsr-3414	47	77	zhang	zhang	PROPN
fsr-3414	47	78	,	,	PUNCT
fsr-3414	47	79	2010	2010	NUM
fsr-3414	47	80	;	;	PUNCT
fsr-3414	47	81	cheng	cheng	PROPN
fsr-3414	47	82	and	and	CCONJ
fsr-3414	47	83	madhaven	madhaven	ADJ
fsr-3414	47	84	,	,	PUNCT
fsr-3414	47	85	2009	2009	NUM
fsr-3414	47	86	)	)	PUNCT
fsr-3414	47	87	.	.	PUNCT
fsr-3414	48	1	on	on	ADP
fsr-3414	48	2	average	average	ADJ
fsr-3414	48	3	,	,	PUNCT
fsr-3414	48	4	the	the	DET
fsr-3414	48	5	variance	variance	NOUN
fsr-3414	48	6	dominates	dominate	VERB
fsr-3414	48	7	and	and	CCONJ
fsr-3414	48	8	realized	realize	VERB
fsr-3414	48	9	leverage	leverage	NOUN
fsr-3414	48	10	over	over	ADP
fsr-3414	48	11	time	time	NOUN
fsr-3414	48	12	tends	tend	VERB
fsr-3414	48	13	to	to	PART
fsr-3414	48	14	decline	decline	VERB
fsr-3414	48	15	.	.	PUNCT
fsr-3414	49	1	this	this	DET
fsr-3414	49	2	effect	effect	NOUN
fsr-3414	49	3	is	be	AUX
fsr-3414	49	4	greater	great	ADJ
fsr-3414	49	5	with	with	ADP
fsr-3414	49	6	higher	high	ADJ
fsr-3414	49	7	leverage	leverage	NOUN
fsr-3414	49	8	since	since	SCONJ
fsr-3414	49	9	a	a	DET
fsr-3414	49	10	daily	daily	ADJ
fsr-3414	49	11	leverage	leverage	NOUN
fsr-3414	49	12	ratio	ratio	NOUN
fsr-3414	49	13	of	of	ADP
fsr-3414	49	14	2x	2x	NUM
fsr-3414	49	15	multiplies	multiplie	NOUN
fsr-3414	49	16	the	the	DET
fsr-3414	49	17	term	term	NOUN
fsr-3414	49	18	(	(	PUNCT
fsr-3414	49	19	1	1	NUM
fsr-3414	49	20	�	�	PROPN
fsr-3414	49	21	xrt)l	xrt)l	PROPN
fsr-3414	49	22	by	by	ADP
fsr-3414	49	23	exp(-	exp(-	NUM
fsr-3414	49	24	�	�	PROPN
fsr-3414	49	25	2	2	NUM
fsr-3414	49	26	t	t	NOUN
fsr-3414	49	27	)	)	PUNCT
fsr-3414	49	28	but	but	CCONJ
fsr-3414	49	29	a	a	DET
fsr-3414	49	30	daily	daily	ADJ
fsr-3414	49	31	leverage	leverage	NOUN
fsr-3414	49	32	ratio	ratio	NOUN
fsr-3414	49	33	of	of	ADP
fsr-3414	49	34	3x	3x	NUM
fsr-3414	49	35	multiplies	multiplie	NOUN
fsr-3414	49	36	this	this	DET
fsr-3414	49	37	term	term	NOUN
fsr-3414	49	38	by	by	ADP
fsr-3414	49	39	exp(-3	exp(-3	PROPN
fsr-3414	49	40	�	�	PROPN
fsr-3414	49	41	2t).1	2t).1	NUM
fsr-3414	49	42	equation	equation	NOUN
fsr-3414	49	43	(	(	PUNCT
fsr-3414	49	44	1	1	X
fsr-3414	49	45	)	)	PUNCT
fsr-3414	49	46	is	be	AUX
fsr-3414	49	47	related	relate	VERB
fsr-3414	49	48	to	to	ADP
fsr-3414	49	49	volatility	volatility	NOUN
fsr-3414	49	50	drag	drag	PROPN
fsr-3414	49	51	,	,	PUNCT
fsr-3414	49	52	which	which	PRON
fsr-3414	49	53	is	be	AUX
fsr-3414	49	54	the	the	DET
fsr-3414	49	55	difference	difference	NOUN
fsr-3414	49	56	between	between	ADP
fsr-3414	49	57	geometric	geometric	ADJ
fsr-3414	49	58	and	and	CCONJ
fsr-3414	49	59	arithmetic	arithmetic	ADJ
fsr-3414	49	60	average	average	ADJ
fsr-3414	49	61	returns	return	NOUN
fsr-3414	49	62	and	and	CCONJ
fsr-3414	49	63	is	be	AUX
fsr-3414	49	64	a	a	DET
fsr-3414	49	65	major	major	ADJ
fsr-3414	49	66	hindrance	hindrance	NOUN
fsr-3414	49	67	to	to	PART
fsr-3414	49	68	letf	letf	ADJ
fsr-3414	49	69	returns	return	NOUN
fsr-3414	49	70	over	over	ADP
fsr-3414	49	71	extended	extended	ADJ
fsr-3414	49	72	periods	period	NOUN
fsr-3414	49	73	of	of	ADP
fsr-3414	49	74	time	time	NOUN
fsr-3414	49	75	.	.	PUNCT
fsr-3414	50	1	the	the	DET
fsr-3414	50	2	relationship	relationship	NOUN
fsr-3414	50	3	between	between	ADP
fsr-3414	50	4	the	the	DET
fsr-3414	50	5	geometric	geometric	ADJ
fsr-3414	50	6	and	and	CCONJ
fsr-3414	50	7	arithmetic	arithmetic	ADJ
fsr-3414	50	8	return	return	NOUN
fsr-3414	50	9	of	of	ADP
fsr-3414	50	10	any	any	DET
fsr-3414	50	11	asset	asset	NOUN
fsr-3414	50	12	is	be	AUX
fsr-3414	50	13	written	write	VERB
fsr-3414	50	14	as	as	ADP
fsr-3414	50	15	:	:	PUNCT
fsr-3414	50	16	xpt	xpt	PROPN
fsr-3414	50	17	�	�	PROPN
fsr-3414	50	18	xrt	xrt	PROPN
fsr-3414	50	19	�	�	PROPN
fsr-3414	50	20	0.5	0.5	NUM
fsr-3414	50	21	�	�	PROPN
fsr-3414	50	22	t	t	PROPN
fsr-3414	50	23	2	2	NUM
fsr-3414	50	24	(	(	PUNCT
fsr-3414	50	25	2	2	NUM
fsr-3414	50	26	)	)	PUNCT
fsr-3414	50	27	where	where	SCONJ
fsr-3414	50	28	xpt	xpt	PROPN
fsr-3414	50	29	is	be	AUX
fsr-3414	50	30	the	the	DET
fsr-3414	50	31	geometric	geometric	ADJ
fsr-3414	50	32	return	return	NOUN
fsr-3414	50	33	,	,	PUNCT
fsr-3414	50	34	xrt	xrt	PROPN
fsr-3414	50	35	is	be	AUX
fsr-3414	50	36	the	the	DET
fsr-3414	50	37	arithmetic	arithmetic	ADJ
fsr-3414	50	38	return	return	NOUN
fsr-3414	50	39	,	,	PUNCT
fsr-3414	50	40	and	and	CCONJ
fsr-3414	50	41	�	�	PROPN
fsr-3414	50	42	t	t	NOUN
fsr-3414	50	43	2	2	NUM
fsr-3414	50	44	is	be	AUX
fsr-3414	50	45	the	the	DET
fsr-3414	50	46	variance	variance	NOUN
fsr-3414	50	47	of	of	ADP
fsr-3414	50	48	returns	return	NOUN
fsr-3414	50	49	.	.	PUNCT
fsr-3414	51	1	as	as	ADP
fsr-3414	51	2	an	an	DET
fsr-3414	51	3	example	example	NOUN
fsr-3414	51	4	,	,	PUNCT
fsr-3414	51	5	assume	assume	VERB
fsr-3414	51	6	a	a	DET
fsr-3414	51	7	daily	daily	ADJ
fsr-3414	51	8	return	return	NOUN
fsr-3414	51	9	and	and	CCONJ
fsr-3414	51	10	standard	standard	ADJ
fsr-3414	51	11	deviation	deviation	NOUN
fsr-3414	51	12	of	of	ADP
fsr-3414	51	13	0.045	0.045	NUM
fsr-3414	51	14	%	%	NOUN
fsr-3414	51	15	and	and	CCONJ
fsr-3414	51	16	1.0	1.0	NUM
fsr-3414	51	17	%	%	NOUN
fsr-3414	51	18	,	,	PUNCT
fsr-3414	51	19	respectively	respectively	ADV
fsr-3414	51	20	,	,	PUNCT
fsr-3414	51	21	which	which	PRON
fsr-3414	51	22	roughly	roughly	ADV
fsr-3414	51	23	corresponds	correspond	VERB
fsr-3414	51	24	to	to	ADP
fsr-3414	51	25	the	the	DET
fsr-3414	51	26	s&p	s&p	PROPN
fsr-3414	51	27	500	500	NUM
fsr-3414	51	28	market	market	NOUN
fsr-3414	51	29	averages	average	NOUN
fsr-3414	51	30	from	from	ADP
fsr-3414	51	31	1946	1946	NUM
fsr-3414	51	32	to	to	ADP
fsr-3414	51	33	2017	2017	NUM
fsr-3414	51	34	.	.	PUNCT
fsr-3414	52	1	a	a	DET
fsr-3414	52	2	3x	3x	NUM
fsr-3414	52	3	letf	letf	ADJ
fsr-3414	52	4	multiplies	multiplie	NOUN
fsr-3414	52	5	these	these	DET
fsr-3414	52	6	numbers	number	NOUN
fsr-3414	52	7	by	by	ADP
fsr-3414	52	8	3	3	NUM
fsr-3414	52	9	.	.	PUNCT
fsr-3414	53	1	thus	thus	ADV
fsr-3414	53	2	,	,	PUNCT
fsr-3414	53	3	the	the	DET
fsr-3414	53	4	geometric	geometric	ADJ
fsr-3414	53	5	return	return	NOUN
fsr-3414	53	6	over	over	ADP
fsr-3414	53	7	a	a	DET
fsr-3414	53	8	year	year	NOUN
fsr-3414	53	9	for	for	ADP
fsr-3414	53	10	the	the	DET
fsr-3414	53	11	underlying	underlying	ADJ
fsr-3414	53	12	index	index	NOUN
fsr-3414	53	13	assuming	assume	VERB
fsr-3414	53	14	252	252	NUM
fsr-3414	53	15	trading	trading	NOUN
fsr-3414	53	16	days	day	NOUN
fsr-3414	53	17	is	be	AUX
fsr-3414	53	18	252	252	NUM
fsr-3414	53	19	*	*	NUM
fsr-3414	53	20	0.045	0.045	NUM
fsr-3414	53	21	%	%	NOUN
fsr-3414	53	22	�	�	PROPN
fsr-3414	53	23	0.5	0.5	NUM
fsr-3414	53	24	*	*	NUM
fsr-3414	53	25	2.52	2.52	NUM
fsr-3414	53	26	%	%	NOUN
fsr-3414	53	27	�	�	PROPN
fsr-3414	53	28	10.08	10.08	NUM
fsr-3414	53	29	%	%	NOUN
fsr-3414	53	30	,	,	PUNCT
fsr-3414	53	31	and	and	CCONJ
fsr-3414	53	32	for	for	ADP
fsr-3414	53	33	a	a	DET
fsr-3414	53	34	3x	3x	PROPN
fsr-3414	53	35	this	this	DET
fsr-3414	53	36	return	return	NOUN
fsr-3414	53	37	is	be	AUX
fsr-3414	53	38	252	252	NUM
fsr-3414	53	39	*	*	NUM
fsr-3414	53	40	0.135	0.135	NUM
fsr-3414	53	41	%	%	NOUN
fsr-3414	53	42	�	�	PROPN
fsr-3414	53	43	0.5	0.5	NUM
fsr-3414	53	44	*	*	SYM
fsr-3414	53	45	22.68	22.68	NUM
fsr-3414	53	46	%	%	NOUN
fsr-3414	53	47	�	�	PROPN
fsr-3414	53	48	22.68%.2	22.68%.2	PROPN
fsr-3414	53	49	for	for	ADP
fsr-3414	53	50	long	long	ADJ
fsr-3414	53	51	-	-	PUNCT
fsr-3414	53	52	term	term	NOUN
fsr-3414	53	53	holdings	holding	NOUN
fsr-3414	53	54	of	of	ADP
fsr-3414	53	55	letfs	letfs	PROPN
fsr-3414	53	56	,	,	PUNCT
fsr-3414	53	57	this	this	DET
fsr-3414	53	58	volatility	volatility	NOUN
fsr-3414	53	59	drag	drag	NOUN
fsr-3414	53	60	is	be	AUX
fsr-3414	53	61	a	a	DET
fsr-3414	53	62	major	major	ADJ
fsr-3414	53	63	drawback	drawback	NOUN
fsr-3414	53	64	and	and	CCONJ
fsr-3414	53	65	clearly	clearly	ADV
fsr-3414	53	66	shows	show	VERB
fsr-3414	53	67	why	why	SCONJ
fsr-3414	53	68	leveraged	leveraged	ADJ
fsr-3414	53	69	funds	fund	NOUN
fsr-3414	53	70	usually	usually	ADV
fsr-3414	53	71	do	do	AUX
fsr-3414	53	72	not	not	PART
fsr-3414	53	73	return	return	VERB
fsr-3414	53	74	the	the	DET
fsr-3414	53	75	daily	daily	ADJ
fsr-3414	53	76	multiple	multiple	NOUN
fsr-3414	53	77	of	of	ADP
fsr-3414	53	78	the	the	DET
fsr-3414	53	79	underlying	underlying	ADJ
fsr-3414	53	80	index	index	NOUN
fsr-3414	53	81	over	over	ADP
fsr-3414	53	82	time	time	NOUN
fsr-3414	53	83	.	.	PUNCT
fsr-3414	54	1	expanding	expand	VERB
fsr-3414	54	2	on	on	ADP
fsr-3414	54	3	the	the	DET
fsr-3414	54	4	work	work	NOUN
fsr-3414	54	5	of	of	ADP
fsr-3414	54	6	scott	scott	PROPN
fsr-3414	54	7	and	and	CCONJ
fsr-3414	54	8	watsun	watsun	PROPN
fsr-3414	54	9	(	(	PUNCT
fsr-3414	54	10	2013	2013	NUM
fsr-3414	54	11	)	)	PUNCT
fsr-3414	54	12	,	,	PUNCT
fsr-3414	54	13	ott	ott	PROPN
fsr-3414	54	14	and	and	CCONJ
fsr-3414	54	15	zimmer	zimmer	PROPN
fsr-3414	54	16	(	(	PUNCT
fsr-3414	54	17	2016	2016	NUM
fsr-3414	54	18	)	)	PUNCT
fsr-3414	54	19	show	show	VERB
fsr-3414	54	20	the	the	DET
fsr-3414	54	21	return	return	NOUN
fsr-3414	54	22	of	of	ADP
fsr-3414	54	23	an	an	DET
fsr-3414	54	24	investment	investment	NOUN
fsr-3414	54	25	with	with	ADP
fsr-3414	54	26	leverage	leverage	NOUN
fsr-3414	54	27	l	l	NOUN
fsr-3414	54	28	is	be	AUX
fsr-3414	54	29	:	:	PUNCT
fsr-3414	55	1	37w.j	37w.j	NUM
fsr-3414	55	2	.	.	PUNCT
fsr-3414	56	1	trainor	trainor	PROPN
fsr-3414	56	2	et	et	PROPN
fsr-3414	56	3	al	al	PROPN
fsr-3414	56	4	.	.	PUNCT
fsr-3414	56	5	/	/	SYM
fsr-3414	56	6	financial	financial	ADJ
fsr-3414	56	7	services	service	NOUN
fsr-3414	56	8	review	review	VERB
fsr-3414	56	9	28	28	NUM
fsr-3414	56	10	(	(	PUNCT
fsr-3414	56	11	2020	2020	NUM
fsr-3414	56	12	)	)	PUNCT
fsr-3414	56	13	35	35	NUM
fsr-3414	56	14	-	-	SYM
fsr-3414	56	15	48	48	NUM
fsr-3414	56	16	lrt	lrt	PROPN
fsr-3414	56	17	�	�	PROPN
fsr-3414	56	18	xrt	xrt	PROPN
fsr-3414	56	19	�	�	PROPN
fsr-3414	56	20	(	(	PUNCT
fsr-3414	56	21	xrt	xrt	PROPN
fsr-3414	56	22	�	�	PROPN
fsr-3414	56	23	rb	rb	PROPN
fsr-3414	56	24	)	)	PUNCT
fsr-3414	56	25	(	(	PUNCT
fsr-3414	56	26	l	l	X
fsr-3414	56	27	�	�	PROPN
fsr-3414	56	28	1	1	NUM
fsr-3414	56	29	)	)	PUNCT
fsr-3414	56	30	�	�	PROPN
fsr-3414	56	31	1⁄2	1⁄2	X
fsr-3414	56	32	(	(	PUNCT
fsr-3414	56	33	�	�	NOUN
fsr-3414	56	34	2	2	NUM
fsr-3414	56	35	l2	l2	NOUN
fsr-3414	56	36	)	)	PUNCT
fsr-3414	56	37	(	(	PUNCT
fsr-3414	56	38	3	3	X
fsr-3414	56	39	)	)	PUNCT
fsr-3414	56	40	where	where	SCONJ
fsr-3414	56	41	lrt	lrt	PROPN
fsr-3414	56	42	is	be	AUX
fsr-3414	56	43	the	the	DET
fsr-3414	56	44	leverage	leverage	NOUN
fsr-3414	56	45	return	return	NOUN
fsr-3414	56	46	,	,	PUNCT
fsr-3414	56	47	xrt	xrt	PROPN
fsr-3414	56	48	is	be	AUX
fsr-3414	56	49	the	the	DET
fsr-3414	56	50	underlying	underlying	ADJ
fsr-3414	56	51	index	index	NOUN
fsr-3414	56	52	return	return	NOUN
fsr-3414	56	53	,	,	PUNCT
fsr-3414	56	54	rb	rb	NOUN
fsr-3414	56	55	is	be	AUX
fsr-3414	56	56	the	the	DET
fsr-3414	56	57	borrowing	borrowing	NOUN
fsr-3414	56	58	rate	rate	NOUN
fsr-3414	56	59	,	,	PUNCT
fsr-3414	56	60	l	l	NOUN
fsr-3414	56	61	is	be	AUX
fsr-3414	56	62	the	the	DET
fsr-3414	56	63	leverage	leverage	NOUN
fsr-3414	56	64	ratio	ratio	NOUN
fsr-3414	56	65	,	,	PUNCT
fsr-3414	56	66	and	and	CCONJ
fsr-3414	56	67	�	�	PROPN
fsr-3414	56	68	2	2	NUM
fsr-3414	56	69	is	be	AUX
fsr-3414	56	70	the	the	DET
fsr-3414	56	71	variance	variance	NOUN
fsr-3414	56	72	of	of	ADP
fsr-3414	56	73	the	the	DET
fsr-3414	56	74	underlying	underlying	ADJ
fsr-3414	56	75	index	index	NOUN
fsr-3414	56	76	.	.	PUNCT
fsr-3414	57	1	to	to	PART
fsr-3414	57	2	reduce	reduce	VERB
fsr-3414	57	3	volatility	volatility	NOUN
fsr-3414	57	4	drag	drag	NOUN
fsr-3414	57	5	relative	relative	ADJ
fsr-3414	57	6	to	to	ADP
fsr-3414	57	7	the	the	DET
fsr-3414	57	8	underlying	underlying	ADJ
fsr-3414	57	9	index	index	NOUN
fsr-3414	57	10	,	,	PUNCT
fsr-3414	57	11	this	this	DET
fsr-3414	57	12	study	study	NOUN
fsr-3414	57	13	suggests	suggest	VERB
fsr-3414	57	14	using	use	VERB
fsr-3414	57	15	only	only	ADV
fsr-3414	57	16	a	a	DET
fsr-3414	57	17	portion	portion	NOUN
fsr-3414	57	18	of	of	ADP
fsr-3414	57	19	the	the	DET
fsr-3414	57	20	investor	investor	NOUN
fsr-3414	57	21	’s	’s	PART
fsr-3414	57	22	portfolio	portfolio	NOUN
fsr-3414	57	23	to	to	PART
fsr-3414	57	24	invest	invest	VERB
fsr-3414	57	25	in	in	ADP
fsr-3414	57	26	the	the	DET
fsr-3414	57	27	letf	letf	NOUN
fsr-3414	57	28	.	.	PUNCT
fsr-3414	58	1	this	this	DET
fsr-3414	58	2	percentage	percentage	NOUN
fsr-3414	58	3	is	be	AUX
fsr-3414	58	4	set	set	VERB
fsr-3414	58	5	so	so	SCONJ
fsr-3414	58	6	the	the	DET
fsr-3414	58	7	effective	effective	ADJ
fsr-3414	58	8	exposure	exposure	NOUN
fsr-3414	58	9	to	to	ADP
fsr-3414	58	10	the	the	DET
fsr-3414	58	11	index	index	NOUN
fsr-3414	58	12	is	be	AUX
fsr-3414	58	13	the	the	DET
fsr-3414	58	14	same	same	ADJ
fsr-3414	58	15	as	as	ADP
fsr-3414	58	16	if	if	SCONJ
fsr-3414	58	17	the	the	DET
fsr-3414	58	18	investor	investor	NOUN
fsr-3414	58	19	invested	invest	VERB
fsr-3414	58	20	only	only	ADV
fsr-3414	58	21	in	in	ADP
fsr-3414	58	22	the	the	DET
fsr-3414	58	23	underlying	underlying	ADJ
fsr-3414	58	24	index	index	NOUN
fsr-3414	58	25	.	.	PUNCT
fsr-3414	59	1	in	in	ADP
fsr-3414	59	2	effect	effect	NOUN
fsr-3414	59	3	,	,	PUNCT
fsr-3414	59	4	the	the	DET
fsr-3414	59	5	volatility	volatility	NOUN
fsr-3414	59	6	of	of	ADP
fsr-3414	59	7	the	the	DET
fsr-3414	59	8	position	position	NOUN
fsr-3414	59	9	in	in	ADP
fsr-3414	59	10	a	a	DET
fsr-3414	59	11	letf	letf	NOUN
fsr-3414	59	12	is	be	AUX
fsr-3414	59	13	no	no	ADV
fsr-3414	59	14	greater	great	ADJ
fsr-3414	59	15	than	than	ADP
fsr-3414	59	16	investing	invest	VERB
fsr-3414	59	17	directly	directly	ADV
fsr-3414	59	18	in	in	ADP
fsr-3414	59	19	the	the	DET
fsr-3414	59	20	underlying	underlying	ADJ
fsr-3414	59	21	index	index	NOUN
fsr-3414	59	22	.	.	PUNCT
fsr-3414	60	1	this	this	DET
fsr-3414	60	2	results	result	NOUN
fsr-3414	60	3	in	in	ADP
fsr-3414	60	4	additional	additional	ADJ
fsr-3414	60	5	wealth	wealth	NOUN
fsr-3414	60	6	available	available	ADJ
fsr-3414	60	7	to	to	PART
fsr-3414	60	8	offset	offset	VERB
fsr-3414	60	9	the	the	DET
fsr-3414	60	10	implied	imply	VERB
fsr-3414	60	11	borrowing	borrowing	NOUN
fsr-3414	60	12	costs	cost	NOUN
fsr-3414	60	13	and	and	CCONJ
fsr-3414	60	14	higher	high	ADJ
fsr-3414	60	15	expense	expense	NOUN
fsr-3414	60	16	ratio	ratio	NOUN
fsr-3414	60	17	of	of	ADP
fsr-3414	60	18	the	the	DET
fsr-3414	60	19	letfs	letfs	PROPN
fsr-3414	60	20	.	.	PUNCT
fsr-3414	61	1	in	in	ADP
fsr-3414	61	2	this	this	DET
fsr-3414	61	3	way	way	NOUN
fsr-3414	61	4	,	,	PUNCT
fsr-3414	61	5	equation	equation	NOUN
fsr-3414	61	6	(	(	PUNCT
fsr-3414	61	7	3	3	X
fsr-3414	61	8	)	)	PUNCT
fsr-3414	61	9	can	can	AUX
fsr-3414	61	10	be	be	AUX
fsr-3414	61	11	modified	modify	VERB
fsr-3414	61	12	to	to	PART
fsr-3414	61	13	account	account	VERB
fsr-3414	61	14	for	for	ADP
fsr-3414	61	15	the	the	DET
fsr-3414	61	16	return	return	NOUN
fsr-3414	61	17	of	of	ADP
fsr-3414	61	18	a	a	DET
fsr-3414	61	19	portfolio	portfolio	NOUN
fsr-3414	61	20	of	of	ADP
fsr-3414	61	21	etfs	etfs	PROPN
fsr-3414	61	22	or	or	CCONJ
fsr-3414	61	23	a	a	DET
fsr-3414	61	24	portfolio	portfolio	NOUN
fsr-3414	61	25	of	of	ADP
fsr-3414	61	26	letfs	letfs	PROPN
fsr-3414	61	27	.	.	PUNCT
fsr-3414	62	1	to	to	PART
fsr-3414	62	2	simplify	simplify	VERB
fsr-3414	62	3	,	,	PUNCT
fsr-3414	62	4	assume	assume	VERB
fsr-3414	62	5	a	a	DET
fsr-3414	62	6	portfolio	portfolio	NOUN
fsr-3414	62	7	is	be	AUX
fsr-3414	62	8	composed	compose	VERB
fsr-3414	62	9	of	of	ADP
fsr-3414	62	10	just	just	ADV
fsr-3414	62	11	one	one	NUM
fsr-3414	62	12	underlying	underlie	VERB
fsr-3414	62	13	index	index	NOUN
fsr-3414	62	14	.	.	PUNCT
fsr-3414	63	1	accounting	account	VERB
fsr-3414	63	2	for	for	ADP
fsr-3414	63	3	the	the	DET
fsr-3414	63	4	letf	letf	NOUN
fsr-3414	63	5	’s	’s	PART
fsr-3414	63	6	higher	high	ADJ
fsr-3414	63	7	expense	expense	NOUN
fsr-3414	63	8	ratio	ratio	NOUN
fsr-3414	63	9	along	along	ADP
fsr-3414	63	10	with	with	ADP
fsr-3414	63	11	the	the	DET
fsr-3414	63	12	additional	additional	ADJ
fsr-3414	63	13	wealth	wealth	NOUN
fsr-3414	63	14	created	create	VERB
fsr-3414	63	15	from	from	ADP
fsr-3414	63	16	using	use	VERB
fsr-3414	63	17	letfs	letfs	PROPN
fsr-3414	63	18	,	,	PUNCT
fsr-3414	63	19	equation	equation	NOUN
fsr-3414	63	20	(	(	PUNCT
fsr-3414	63	21	3	3	X
fsr-3414	63	22	)	)	PUNCT
fsr-3414	63	23	becomes	become	VERB
fsr-3414	63	24	the	the	DET
fsr-3414	63	25	following	following	NOUN
fsr-3414	63	26	:	:	PUNCT
fsr-3414	64	1	lpt	lpt	PROPN
fsr-3414	64	2	�	�	PROPN
fsr-3414	64	3	1	1	NUM
fsr-3414	64	4	l	l	NOUN
fsr-3414	65	1	[	[	X
fsr-3414	65	2	xrt	xrt	PROPN
fsr-3414	65	3	�	�	PROPN
fsr-3414	65	4	(	(	PUNCT
fsr-3414	65	5	xrt	xrt	PROPN
fsr-3414	65	6	�	�	PROPN
fsr-3414	65	7	rb)(l	rb)(l	PROPN
fsr-3414	65	8	�	�	PROPN
fsr-3414	65	9	1	1	NUM
fsr-3414	65	10	)	)	PUNCT
fsr-3414	65	11	�	�	PROPN
fsr-3414	65	12	rexp	rexp	PROPN
fsr-3414	65	13	]	]	X
fsr-3414	65	14	�	�	PROPN
fsr-3414	65	15	1	1	NUM
fsr-3414	65	16	2	2	NUM
fsr-3414	65	17	�	�	SYM
fsr-3414	65	18	2	2	NUM
fsr-3414	65	19	�	�	PROPN
fsr-3414	65	20	�	�	PROPN
fsr-3414	65	21	1	1	NUM
fsr-3414	65	22	�	�	PROPN
fsr-3414	65	23	1	1	NUM
fsr-3414	65	24	l	l	NOUN
fsr-3414	65	25	�	�	X
fsr-3414	65	26	rf	rf	ADJ
fsr-3414	65	27	(	(	PUNCT
fsr-3414	65	28	4	4	NUM
fsr-3414	65	29	)	)	PUNCT
fsr-3414	65	30	where	where	SCONJ
fsr-3414	65	31	lpt	lpt	PROPN
fsr-3414	65	32	is	be	AUX
fsr-3414	65	33	the	the	DET
fsr-3414	65	34	return	return	NOUN
fsr-3414	65	35	to	to	ADP
fsr-3414	65	36	the	the	DET
fsr-3414	65	37	portfolio	portfolio	NOUN
fsr-3414	65	38	using	use	VERB
fsr-3414	65	39	the	the	DET
fsr-3414	65	40	letf	letf	NOUN
fsr-3414	65	41	,	,	PUNCT
fsr-3414	65	42	rexp	rexp	NOUN
fsr-3414	65	43	is	be	AUX
fsr-3414	65	44	the	the	DET
fsr-3414	65	45	letf	letf	ADJ
fsr-3414	65	46	expense	expense	NOUN
fsr-3414	65	47	ratio	ratio	NOUN
fsr-3414	65	48	,	,	PUNCT
fsr-3414	65	49	and	and	CCONJ
fsr-3414	65	50	rf	rf	PRON
fsr-3414	65	51	is	be	AUX
fsr-3414	65	52	the	the	DET
fsr-3414	65	53	return	return	NOUN
fsr-3414	65	54	to	to	ADP
fsr-3414	65	55	the	the	DET
fsr-3414	65	56	risk	risk	NOUN
fsr-3414	65	57	-	-	PUNCT
fsr-3414	65	58	free	free	ADJ
fsr-3414	65	59	asset.3	asset.3	NOUN
fsr-3414	65	60	if	if	SCONJ
fsr-3414	65	61	this	this	DET
fsr-3414	65	62	asset	asset	NOUN
fsr-3414	65	63	is	be	AUX
fsr-3414	65	64	not	not	PART
fsr-3414	65	65	risk	risk	NOUN
fsr-3414	65	66	-	-	PUNCT
fsr-3414	65	67	free	free	ADJ
fsr-3414	65	68	,	,	PUNCT
fsr-3414	65	69	there	there	PRON
fsr-3414	65	70	is	be	VERB
fsr-3414	65	71	volatility	volatility	NOUN
fsr-3414	65	72	drag	drag	NOUN
fsr-3414	65	73	to	to	ADP
fsr-3414	65	74	this	this	DET
fsr-3414	65	75	asset	asset	NOUN
fsr-3414	65	76	’s	’s	PART
fsr-3414	65	77	return	return	NOUN
fsr-3414	65	78	which	which	PRON
fsr-3414	65	79	could	could	AUX
fsr-3414	65	80	easily	easily	ADV
fsr-3414	65	81	be	be	AUX
fsr-3414	65	82	adjusted	adjust	VERB
fsr-3414	65	83	for	for	ADP
fsr-3414	65	84	in	in	ADP
fsr-3414	65	85	equation	equation	NOUN
fsr-3414	65	86	(	(	PUNCT
fsr-3414	65	87	4	4	NUM
fsr-3414	65	88	)	)	PUNCT
fsr-3414	65	89	.	.	PUNCT
fsr-3414	66	1	the	the	DET
fsr-3414	66	2	returns	return	NOUN
fsr-3414	66	3	are	be	AUX
fsr-3414	66	4	multiplied	multiply	VERB
fsr-3414	66	5	by	by	ADP
fsr-3414	66	6	1	1	NUM
fsr-3414	66	7	/	/	SYM
fsr-3414	66	8	l	l	NOUN
fsr-3414	66	9	because	because	SCONJ
fsr-3414	66	10	only	only	ADV
fsr-3414	66	11	a	a	DET
fsr-3414	66	12	portion	portion	NOUN
fsr-3414	66	13	of	of	ADP
fsr-3414	66	14	the	the	DET
fsr-3414	66	15	portfolio	portfolio	NOUN
fsr-3414	66	16	relative	relative	ADJ
fsr-3414	66	17	to	to	ADP
fsr-3414	66	18	the	the	DET
fsr-3414	66	19	underlying	underlying	ADJ
fsr-3414	66	20	index	index	NOUN
fsr-3414	66	21	is	be	AUX
fsr-3414	66	22	invested	invest	VERB
fsr-3414	66	23	in	in	ADP
fsr-3414	66	24	the	the	DET
fsr-3414	66	25	letf	letf	NOUN
fsr-3414	66	26	.	.	PUNCT
fsr-3414	67	1	when	when	SCONJ
fsr-3414	67	2	l	l	NOUN
fsr-3414	67	3	is	be	AUX
fsr-3414	67	4	1	1	NUM
fsr-3414	67	5	,	,	PUNCT
fsr-3414	67	6	signifying	signify	VERB
fsr-3414	67	7	no	no	DET
fsr-3414	67	8	leverage	leverage	NOUN
fsr-3414	67	9	,	,	PUNCT
fsr-3414	67	10	equation	equation	NOUN
fsr-3414	67	11	(	(	PUNCT
fsr-3414	67	12	4	4	X
fsr-3414	67	13	)	)	PUNCT
fsr-3414	67	14	basically	basically	ADV
fsr-3414	67	15	reduces	reduce	VERB
fsr-3414	67	16	to	to	ADP
fsr-3414	67	17	equation	equation	NOUN
fsr-3414	67	18	(	(	PUNCT
fsr-3414	67	19	2	2	NUM
fsr-3414	67	20	)	)	PUNCT
fsr-3414	67	21	.	.	PUNCT
fsr-3414	68	1	with	with	ADP
fsr-3414	68	2	leverage	leverage	NOUN
fsr-3414	68	3	,	,	PUNCT
fsr-3414	68	4	the	the	DET
fsr-3414	68	5	letf	letf	ADJ
fsr-3414	68	6	return	return	NOUN
fsr-3414	68	7	is	be	AUX
fsr-3414	68	8	multiplied	multiply	VERB
fsr-3414	68	9	by	by	ADP
fsr-3414	68	10	the	the	DET
fsr-3414	68	11	inverse	inverse	NOUN
fsr-3414	68	12	of	of	ADP
fsr-3414	68	13	the	the	DET
fsr-3414	68	14	leverage	leverage	NOUN
fsr-3414	68	15	.	.	PUNCT
fsr-3414	69	1	for	for	ADP
fsr-3414	69	2	example	example	NOUN
fsr-3414	69	3	,	,	PUNCT
fsr-3414	69	4	with	with	ADP
fsr-3414	69	5	l	l	NOUN
fsr-3414	69	6	equal	equal	ADJ
fsr-3414	69	7	to	to	ADP
fsr-3414	69	8	3	3	NUM
fsr-3414	69	9	,	,	PUNCT
fsr-3414	69	10	the	the	DET
fsr-3414	69	11	investor	investor	NOUN
fsr-3414	69	12	attains	attain	VERB
fsr-3414	69	13	exactly	exactly	ADV
fsr-3414	69	14	xrt	xrt	PROPN
fsr-3414	69	15	assuming	assume	VERB
fsr-3414	69	16	no	no	DET
fsr-3414	69	17	borrowing	borrowing	NOUN
fsr-3414	69	18	costs	cost	NOUN
fsr-3414	69	19	or	or	CCONJ
fsr-3414	69	20	expenses	expense	NOUN
fsr-3414	69	21	.	.	PUNCT
fsr-3414	70	1	this	this	DET
fsr-3414	70	2	result	result	NOUN
fsr-3414	70	3	attains	attain	VERB
fsr-3414	70	4	since	since	SCONJ
fsr-3414	70	5	one	one	NUM
fsr-3414	70	6	third	third	NOUN
fsr-3414	70	7	of	of	ADP
fsr-3414	70	8	an	an	DET
fsr-3414	70	9	investor	investor	NOUN
fsr-3414	70	10	’s	’s	PART
fsr-3414	70	11	wealth	wealth	NOUN
fsr-3414	70	12	in	in	ADP
fsr-3414	70	13	a	a	DET
fsr-3414	70	14	3x	3x	PROPN
fsr-3414	70	15	is	be	AUX
fsr-3414	70	16	basically	basically	ADV
fsr-3414	70	17	the	the	DET
fsr-3414	70	18	same	same	ADJ
fsr-3414	70	19	as	as	SCONJ
fsr-3414	70	20	if	if	SCONJ
fsr-3414	70	21	they	they	PRON
fsr-3414	70	22	had	have	AUX
fsr-3414	70	23	invested	invest	VERB
fsr-3414	70	24	100	100	NUM
fsr-3414	70	25	%	%	NOUN
fsr-3414	70	26	in	in	ADP
fsr-3414	70	27	the	the	DET
fsr-3414	70	28	underlying	underlying	ADJ
fsr-3414	70	29	index	index	NOUN
fsr-3414	70	30	.	.	PUNCT
fsr-3414	71	1	with	with	ADP
fsr-3414	71	2	borrowing	borrowing	NOUN
fsr-3414	71	3	costs	cost	NOUN
fsr-3414	71	4	and	and	CCONJ
fsr-3414	71	5	higher	high	ADJ
fsr-3414	71	6	expenses	expense	NOUN
fsr-3414	71	7	,	,	PUNCT
fsr-3414	71	8	they	they	PRON
fsr-3414	71	9	are	be	AUX
fsr-3414	71	10	not	not	PART
fsr-3414	71	11	equivalent	equivalent	ADJ
fsr-3414	71	12	.	.	PUNCT
fsr-3414	72	1	however	however	ADV
fsr-3414	72	2	,	,	PUNCT
fsr-3414	72	3	the	the	DET
fsr-3414	72	4	difference	difference	NOUN
fsr-3414	72	5	is	be	AUX
fsr-3414	72	6	offset	offset	VERB
fsr-3414	72	7	by	by	ADP
fsr-3414	72	8	the	the	DET
fsr-3414	72	9	return	return	NOUN
fsr-3414	72	10	in	in	ADP
fsr-3414	72	11	a	a	DET
fsr-3414	72	12	risk	risk	NOUN
fsr-3414	72	13	-	-	PUNCT
fsr-3414	72	14	free	free	ADJ
fsr-3414	72	15	or	or	CCONJ
fsr-3414	72	16	some	some	DET
fsr-3414	72	17	other	other	ADJ
fsr-3414	72	18	alternative	alternative	ADJ
fsr-3414	72	19	asset	asset	NOUN
fsr-3414	72	20	represented	represent	VERB
fsr-3414	72	21	by	by	ADP
fsr-3414	72	22	rf	rf	PROPN
fsr-3414	72	23	.	.	PROPN
fsr-3414	72	24	volatility	volatility	NOUN
fsr-3414	72	25	drag	drag	VERB
fsr-3414	72	26	for	for	ADP
fsr-3414	72	27	wealth	wealth	NOUN
fsr-3414	72	28	in	in	ADP
fsr-3414	72	29	the	the	DET
fsr-3414	72	30	letf	letf	NOUN
fsr-3414	72	31	or	or	CCONJ
fsr-3414	72	32	in	in	ADP
fsr-3414	72	33	the	the	DET
fsr-3414	72	34	underlying	underlying	ADJ
fsr-3414	72	35	index	index	NOUN
fsr-3414	72	36	is	be	AUX
fsr-3414	72	37	the	the	DET
fsr-3414	72	38	same	same	ADJ
fsr-3414	72	39	as	as	SCONJ
fsr-3414	72	40	both	both	PRON
fsr-3414	72	41	have	have	VERB
fsr-3414	72	42	equal	equal	ADJ
fsr-3414	72	43	variance	variance	NOUN
fsr-3414	72	44	.	.	PUNCT
fsr-3414	73	1	the	the	DET
fsr-3414	73	2	volatility	volatility	NOUN
fsr-3414	73	3	drag	drag	NOUN
fsr-3414	73	4	will	will	AUX
fsr-3414	73	5	only	only	ADV
fsr-3414	73	6	become	become	VERB
fsr-3414	73	7	an	an	DET
fsr-3414	73	8	issue	issue	NOUN
fsr-3414	73	9	if	if	SCONJ
fsr-3414	73	10	the	the	DET
fsr-3414	73	11	percentage	percentage	NOUN
fsr-3414	73	12	in	in	ADP
fsr-3414	73	13	the	the	DET
fsr-3414	73	14	underlying	underlie	VERB
fsr-3414	73	15	letf	letf	NOUN
fsr-3414	73	16	varies	vary	VERB
fsr-3414	73	17	to	to	ADP
fsr-3414	73	18	the	the	DET
fsr-3414	73	19	point	point	NOUN
fsr-3414	73	20	where	where	SCONJ
fsr-3414	73	21	the	the	DET
fsr-3414	73	22	effective	effective	ADJ
fsr-3414	73	23	exposure	exposure	NOUN
fsr-3414	73	24	of	of	ADP
fsr-3414	73	25	the	the	DET
fsr-3414	73	26	letf	letf	ADJ
fsr-3414	73	27	portfolio	portfolio	NOUN
fsr-3414	73	28	diverges	diverge	VERB
fsr-3414	73	29	from	from	ADP
fsr-3414	73	30	a	a	DET
fsr-3414	73	31	portfolio	portfolio	NOUN
fsr-3414	73	32	using	use	VERB
fsr-3414	73	33	the	the	DET
fsr-3414	73	34	underlying	underlying	ADJ
fsr-3414	73	35	index	index	NOUN
fsr-3414	73	36	.	.	PUNCT
fsr-3414	74	1	with	with	ADP
fsr-3414	74	2	constant	constant	ADJ
fsr-3414	74	3	rebalancing	rebalancing	NOUN
fsr-3414	74	4	,	,	PUNCT
fsr-3414	74	5	this	this	DET
fsr-3414	74	6	discrepancy	discrepancy	NOUN
fsr-3414	74	7	can	can	AUX
fsr-3414	74	8	be	be	AUX
fsr-3414	74	9	eliminated	eliminate	VERB
fsr-3414	74	10	or	or	CCONJ
fsr-3414	74	11	at	at	ADP
fsr-3414	74	12	least	least	ADJ
fsr-3414	74	13	effectively	effectively	ADV
fsr-3414	74	14	managed	manage	VERB
fsr-3414	74	15	.	.	PUNCT
fsr-3414	75	1	constant	constant	ADJ
fsr-3414	75	2	or	or	CCONJ
fsr-3414	75	3	daily	daily	ADJ
fsr-3414	75	4	rebalancing	rebalancing	NOUN
fsr-3414	75	5	is	be	AUX
fsr-3414	75	6	infeasible	infeasible	ADJ
fsr-3414	75	7	for	for	ADP
fsr-3414	75	8	most	most	ADJ
fsr-3414	75	9	investors	investor	NOUN
fsr-3414	75	10	because	because	SCONJ
fsr-3414	75	11	of	of	ADP
fsr-3414	75	12	transaction	transaction	NOUN
fsr-3414	75	13	costs	cost	NOUN
fsr-3414	75	14	but	but	CCONJ
fsr-3414	75	15	can	can	AUX
fsr-3414	75	16	be	be	AUX
fsr-3414	75	17	mitigated	mitigate	VERB
fsr-3414	75	18	by	by	ADP
fsr-3414	75	19	periodic	periodic	ADJ
fsr-3414	75	20	rebalancing	rebalancing	NOUN
fsr-3414	75	21	to	to	PART
fsr-3414	75	22	keep	keep	VERB
fsr-3414	75	23	the	the	DET
fsr-3414	75	24	1	1	NUM
fsr-3414	75	25	/	/	SYM
fsr-3414	75	26	l	l	NOUN
fsr-3414	75	27	ratio	ratio	NOUN
fsr-3414	75	28	relatively	relatively	ADV
fsr-3414	75	29	constant	constant	ADJ
fsr-3414	75	30	over	over	ADP
fsr-3414	75	31	time	time	NOUN
fsr-3414	75	32	.	.	PUNCT
fsr-3414	76	1	lu	lu	PROPN
fsr-3414	76	2	,	,	PUNCT
fsr-3414	76	3	wang	wang	PROPN
fsr-3414	76	4	,	,	PUNCT
fsr-3414	76	5	and	and	CCONJ
fsr-3414	76	6	zhang	zhang	PROPN
fsr-3414	76	7	(	(	PUNCT
fsr-3414	76	8	2012	2012	NUM
fsr-3414	76	9	)	)	PUNCT
fsr-3414	76	10	find	find	VERB
fsr-3414	76	11	an	an	DET
fsr-3414	76	12	investor	investor	NOUN
fsr-3414	76	13	can	can	AUX
fsr-3414	76	14	assume	assume	VERB
fsr-3414	76	15	a	a	DET
fsr-3414	76	16	2x/-2x	2x/-2x	NUM
fsr-3414	76	17	letf	letf	NOUN
fsr-3414	76	18	will	will	AUX
fsr-3414	76	19	maintain	maintain	VERB
fsr-3414	76	20	its	its	PRON
fsr-3414	76	21	leverage	leverage	NOUN
fsr-3414	76	22	ratio	ratio	NOUN
fsr-3414	76	23	for	for	ADP
fsr-3414	76	24	holding	hold	VERB
fsr-3414	76	25	periods	period	NOUN
fsr-3414	76	26	up	up	ADP
fsr-3414	76	27	to	to	ADP
fsr-3414	76	28	one	one	NUM
fsr-3414	76	29	month	month	NOUN
fsr-3414	76	30	.	.	PUNCT
fsr-3414	77	1	thus	thus	ADV
fsr-3414	77	2	,	,	PUNCT
fsr-3414	77	3	daily	daily	ADJ
fsr-3414	77	4	rebalancing	rebalancing	NOUN
fsr-3414	77	5	is	be	AUX
fsr-3414	77	6	likely	likely	ADV
fsr-3414	77	7	not	not	PART
fsr-3414	77	8	needed	need	VERB
fsr-3414	77	9	.	.	PUNCT
fsr-3414	78	1	to	to	PART
fsr-3414	78	2	calculate	calculate	VERB
fsr-3414	78	3	the	the	DET
fsr-3414	78	4	return	return	NOUN
fsr-3414	78	5	from	from	ADP
fsr-3414	78	6	using	use	VERB
fsr-3414	78	7	a	a	DET
fsr-3414	78	8	letf	letf	ADJ
fsr-3414	78	9	relative	relative	NOUN
fsr-3414	78	10	to	to	ADP
fsr-3414	78	11	investing	invest	VERB
fsr-3414	78	12	in	in	ADP
fsr-3414	78	13	the	the	DET
fsr-3414	78	14	underlying	underlying	ADJ
fsr-3414	78	15	index	index	NOUN
fsr-3414	78	16	,	,	PUNCT
fsr-3414	78	17	equation	equation	NOUN
fsr-3414	78	18	(	(	PUNCT
fsr-3414	78	19	2	2	X
fsr-3414	78	20	)	)	PUNCT
fsr-3414	78	21	is	be	AUX
fsr-3414	78	22	subtracted	subtract	VERB
fsr-3414	78	23	from	from	ADP
fsr-3414	78	24	equation	equation	NOUN
fsr-3414	78	25	(	(	PUNCT
fsr-3414	78	26	4	4	NUM
fsr-3414	78	27	)	)	PUNCT
fsr-3414	78	28	to	to	PART
fsr-3414	78	29	attain	attain	VERB
fsr-3414	78	30	the	the	DET
fsr-3414	78	31	following	following	NOUN
fsr-3414	78	32	:	:	PUNCT
fsr-3414	78	33	lpt	lpt	PROPN
fsr-3414	78	34	�	�	PROPN
fsr-3414	78	35	xpt	xpt	PROPN
fsr-3414	78	36	�	�	PROPN
fsr-3414	78	37	(	(	PUNCT
fsr-3414	78	38	1	1	NUM
fsr-3414	78	39	�	�	PROPN
fsr-3414	78	40	1	1	NUM
fsr-3414	78	41	l	l	NOUN
fsr-3414	78	42	)	)	PUNCT
fsr-3414	78	43	rf	rf	NOUN
fsr-3414	78	44	�	�	PROPN
fsr-3414	78	45	1	1	NUM
fsr-3414	78	46	/	/	SYM
fsr-3414	78	47	l[(rb)(l	l[(rb)(l	PROPN
fsr-3414	78	48	�	�	NOUN
fsr-3414	78	49	1	1	NUM
fsr-3414	78	50	)	)	PUNCT
fsr-3414	78	51	�	�	PROPN
fsr-3414	78	52	rexp	rexp	PROPN
fsr-3414	78	53	]	]	PUNCT
fsr-3414	78	54	(	(	PUNCT
fsr-3414	78	55	5	5	NUM
fsr-3414	78	56	)	)	PUNCT
fsr-3414	78	57	38	38	NUM
fsr-3414	78	58	w.j	w.j	PROPN
fsr-3414	78	59	.	.	PROPN
fsr-3414	78	60	trainor	trainor	PROPN
fsr-3414	78	61	et	et	PROPN
fsr-3414	78	62	al	al	PROPN
fsr-3414	78	63	.	.	PUNCT
fsr-3414	78	64	/	/	SYM
fsr-3414	78	65	financial	financial	ADJ
fsr-3414	78	66	services	service	NOUN
fsr-3414	78	67	review	review	VERB
fsr-3414	78	68	28	28	NUM
fsr-3414	78	69	(	(	PUNCT
fsr-3414	78	70	2020	2020	NUM
fsr-3414	78	71	)	)	PUNCT
fsr-3414	78	72	35	35	NUM
fsr-3414	78	73	-	-	SYM
fsr-3414	78	74	48	48	NUM
fsr-3414	78	75	equation	equation	NOUN
fsr-3414	78	76	(	(	PUNCT
fsr-3414	78	77	5	5	X
fsr-3414	78	78	)	)	PUNCT
fsr-3414	78	79	can	can	AUX
fsr-3414	78	80	be	be	AUX
fsr-3414	78	81	extended	extend	VERB
fsr-3414	78	82	to	to	PART
fsr-3414	78	83	account	account	VERB
fsr-3414	78	84	for	for	ADP
fsr-3414	78	85	multiple	multiple	ADJ
fsr-3414	78	86	underlying	underlie	VERB
fsr-3414	78	87	asset	asset	NOUN
fsr-3414	78	88	classes	class	NOUN
fsr-3414	78	89	that	that	PRON
fsr-3414	78	90	may	may	AUX
fsr-3414	78	91	be	be	AUX
fsr-3414	78	92	used	use	VERB
fsr-3414	78	93	by	by	ADP
fsr-3414	78	94	an	an	DET
fsr-3414	78	95	investor	investor	NOUN
fsr-3414	78	96	.	.	PUNCT
fsr-3414	79	1	similarly	similarly	ADV
fsr-3414	79	2	,	,	PUNCT
fsr-3414	79	3	one	one	PRON
fsr-3414	79	4	can	can	AUX
fsr-3414	79	5	compare	compare	VERB
fsr-3414	79	6	a	a	DET
fsr-3414	79	7	3x	3x	NUM
fsr-3414	79	8	letf	letf	NOUN
fsr-3414	79	9	with	with	ADP
fsr-3414	79	10	a	a	DET
fsr-3414	79	11	2x	2x	NUM
fsr-3414	79	12	letf	letf	NOUN
fsr-3414	79	13	.	.	PUNCT
fsr-3414	80	1	however	however	ADV
fsr-3414	80	2	,	,	PUNCT
fsr-3414	80	3	the	the	DET
fsr-3414	80	4	basic	basic	ADJ
fsr-3414	80	5	implication	implication	NOUN
fsr-3414	80	6	of	of	ADP
fsr-3414	80	7	equation	equation	NOUN
fsr-3414	80	8	(	(	PUNCT
fsr-3414	80	9	5	5	X
fsr-3414	80	10	)	)	PUNCT
fsr-3414	80	11	remains	remain	VERB
fsr-3414	80	12	the	the	DET
fsr-3414	80	13	same	same	ADJ
fsr-3414	80	14	.	.	PUNCT
fsr-3414	81	1	if	if	SCONJ
fsr-3414	81	2	the	the	DET
fsr-3414	81	3	excess	excess	ADJ
fsr-3414	81	4	wealth	wealth	NOUN
fsr-3414	81	5	from	from	ADP
fsr-3414	81	6	using	use	VERB
fsr-3414	81	7	letfs	letfs	PROPN
fsr-3414	81	8	to	to	PART
fsr-3414	81	9	create	create	VERB
fsr-3414	81	10	a	a	DET
fsr-3414	81	11	portfolio	portfolio	NOUN
fsr-3414	81	12	(	(	PUNCT
fsr-3414	81	13	the	the	DET
fsr-3414	81	14	first	first	ADJ
fsr-3414	81	15	term	term	NOUN
fsr-3414	81	16	in	in	ADP
fsr-3414	81	17	equation	equation	NOUN
fsr-3414	81	18	[	[	X
fsr-3414	81	19	5	5	NUM
fsr-3414	81	20	]	]	PUNCT
fsr-3414	81	21	)	)	PUNCT
fsr-3414	81	22	is	be	AUX
fsr-3414	81	23	greater	great	ADJ
fsr-3414	81	24	than	than	ADP
fsr-3414	81	25	the	the	DET
fsr-3414	81	26	borrowing	borrowing	NOUN
fsr-3414	81	27	costs	cost	NOUN
fsr-3414	81	28	and	and	CCONJ
fsr-3414	81	29	higher	high	ADJ
fsr-3414	81	30	expense	expense	NOUN
fsr-3414	81	31	ratio	ratio	NOUN
fsr-3414	81	32	of	of	ADP
fsr-3414	81	33	the	the	DET
fsr-3414	81	34	letfs	letfs	PROPN
fsr-3414	81	35	,	,	PUNCT
fsr-3414	81	36	then	then	ADV
fsr-3414	81	37	the	the	DET
fsr-3414	81	38	return	return	NOUN
fsr-3414	81	39	from	from	ADP
fsr-3414	81	40	using	use	VERB
fsr-3414	81	41	letfs	letfs	PROPN
fsr-3414	81	42	will	will	AUX
fsr-3414	81	43	be	be	AUX
fsr-3414	81	44	greater	great	ADJ
fsr-3414	81	45	than	than	ADP
fsr-3414	81	46	the	the	DET
fsr-3414	81	47	return	return	NOUN
fsr-3414	81	48	from	from	ADP
fsr-3414	81	49	using	use	VERB
fsr-3414	81	50	the	the	DET
fsr-3414	81	51	underlying	underlie	VERB
fsr-3414	81	52	indexes	index	NOUN
fsr-3414	81	53	.	.	PUNCT
fsr-3414	82	1	for	for	ADP
fsr-3414	82	2	the	the	DET
fsr-3414	82	3	comparison	comparison	NOUN
fsr-3414	82	4	of	of	ADP
fsr-3414	82	5	two	two	NUM
fsr-3414	82	6	letfs	letfs	NOUN
fsr-3414	82	7	,	,	PUNCT
fsr-3414	82	8	the	the	DET
fsr-3414	82	9	expense	expense	NOUN
fsr-3414	82	10	ratios	ratio	NOUN
fsr-3414	82	11	will	will	AUX
fsr-3414	82	12	be	be	AUX
fsr-3414	82	13	approximately	approximately	ADV
fsr-3414	82	14	the	the	DET
fsr-3414	82	15	same	same	ADJ
fsr-3414	82	16	which	which	PRON
fsr-3414	82	17	reduces	reduce	VERB
fsr-3414	82	18	equation	equation	NOUN
fsr-3414	82	19	(	(	PUNCT
fsr-3414	82	20	5	5	NUM
fsr-3414	82	21	)	)	PUNCT
fsr-3414	82	22	to	to	ADP
fsr-3414	82	23	whether	whether	SCONJ
fsr-3414	82	24	the	the	DET
fsr-3414	82	25	additional	additional	ADJ
fsr-3414	82	26	wealth	wealth	NOUN
fsr-3414	82	27	gained	gain	VERB
fsr-3414	82	28	from	from	ADP
fsr-3414	82	29	the	the	DET
fsr-3414	82	30	higher	high	ADJ
fsr-3414	82	31	leveraged	leverage	VERB
fsr-3414	82	32	letf	letf	NOUN
fsr-3414	82	33	earns	earn	VERB
fsr-3414	82	34	a	a	DET
fsr-3414	82	35	return	return	NOUN
fsr-3414	82	36	that	that	PRON
fsr-3414	82	37	exceeds	exceed	VERB
fsr-3414	82	38	its	its	PRON
fsr-3414	82	39	additional	additional	ADJ
fsr-3414	82	40	financing	financing	NOUN
fsr-3414	82	41	costs	cost	NOUN
fsr-3414	82	42	.	.	PUNCT
fsr-3414	83	1	this	this	DET
fsr-3414	83	2	study	study	NOUN
fsr-3414	83	3	determines	determine	VERB
fsr-3414	83	4	whether	whether	SCONJ
fsr-3414	83	5	this	this	PRON
fsr-3414	83	6	is	be	AUX
fsr-3414	83	7	the	the	DET
fsr-3414	83	8	case	case	NOUN
fsr-3414	83	9	.	.	PUNCT
fsr-3414	84	1	3	3	X
fsr-3414	84	2	.	.	X
fsr-3414	84	3	data	datum	NOUN
fsr-3414	84	4	and	and	CCONJ
fsr-3414	84	5	methodology	methodology	NOUN
fsr-3414	84	6	because	because	SCONJ
fsr-3414	84	7	most	most	ADJ
fsr-3414	84	8	letfs	letfs	PROPN
fsr-3414	84	9	were	be	AUX
fsr-3414	84	10	only	only	ADV
fsr-3414	84	11	recently	recently	ADV
fsr-3414	84	12	introduced	introduce	VERB
fsr-3414	84	13	to	to	ADP
fsr-3414	84	14	the	the	DET
fsr-3414	84	15	market	market	NOUN
fsr-3414	84	16	,	,	PUNCT
fsr-3414	84	17	empirical	empirical	ADJ
fsr-3414	84	18	research	research	NOUN
fsr-3414	84	19	is	be	AUX
fsr-3414	84	20	limited	limited	ADJ
fsr-3414	84	21	.	.	PUNCT
fsr-3414	85	1	however	however	ADV
fsr-3414	85	2	,	,	PUNCT
fsr-3414	85	3	there	there	PRON
fsr-3414	85	4	are	be	VERB
fsr-3414	85	5	now	now	ADV
fsr-3414	85	6	2x	2x	NUM
fsr-3414	85	7	and	and	CCONJ
fsr-3414	85	8	3x	3x	NUM
fsr-3414	85	9	letfs	letfs	NOUN
fsr-3414	85	10	that	that	PRON
fsr-3414	85	11	cover	cover	VERB
fsr-3414	85	12	the	the	DET
fsr-3414	85	13	main	main	ADJ
fsr-3414	85	14	asset	asset	NOUN
fsr-3414	85	15	categories	category	NOUN
fsr-3414	85	16	found	find	VERB
fsr-3414	85	17	in	in	ADP
fsr-3414	85	18	a	a	DET
fsr-3414	85	19	typical	typical	ADJ
fsr-3414	85	20	diversified	diversified	ADJ
fsr-3414	85	21	portfolio	portfolio	NOUN
fsr-3414	85	22	including	include	VERB
fsr-3414	85	23	small	small	ADJ
fsr-3414	85	24	,	,	PUNCT
fsr-3414	85	25	mid	mid	ADJ
fsr-3414	85	26	,	,	PUNCT
fsr-3414	85	27	and	and	CCONJ
fsr-3414	85	28	large	large	ADJ
fsr-3414	85	29	cap	cap	NOUN
fsr-3414	85	30	equity	equity	NOUN
fsr-3414	85	31	funds	fund	NOUN
fsr-3414	85	32	,	,	PUNCT
fsr-3414	85	33	international	international	ADJ
fsr-3414	85	34	funds	fund	NOUN
fsr-3414	85	35	,	,	PUNCT
fsr-3414	85	36	short	short	ADJ
fsr-3414	85	37	and	and	CCONJ
fsr-3414	85	38	long	long	ADJ
fsr-3414	85	39	-	-	PUNCT
fsr-3414	85	40	term	term	NOUN
fsr-3414	85	41	bond	bond	NOUN
fsr-3414	85	42	funds	fund	NOUN
fsr-3414	85	43	,	,	PUNCT
fsr-3414	85	44	reits	reit	NOUN
fsr-3414	85	45	,	,	PUNCT
fsr-3414	85	46	and	and	CCONJ
fsr-3414	85	47	a	a	DET
fsr-3414	85	48	variety	variety	NOUN
fsr-3414	85	49	of	of	ADP
fsr-3414	85	50	commodity	commodity	NOUN
fsr-3414	85	51	funds	fund	NOUN
fsr-3414	85	52	including	include	VERB
fsr-3414	85	53	gold	gold	NOUN
fsr-3414	85	54	,	,	PUNCT
fsr-3414	85	55	oil	oil	NOUN
fsr-3414	85	56	,	,	PUNCT
fsr-3414	85	57	and	and	CCONJ
fsr-3414	85	58	currencies	currency	NOUN
fsr-3414	85	59	for	for	ADP
fsr-3414	85	60	those	those	PRON
fsr-3414	85	61	using	use	VERB
fsr-3414	85	62	less	less	ADV
fsr-3414	85	63	traditional	traditional	ADJ
fsr-3414	85	64	portfolios	portfolio	NOUN
fsr-3414	85	65	.	.	PUNCT
fsr-3414	86	1	to	to	PART
fsr-3414	86	2	compare	compare	VERB
fsr-3414	86	3	portfolio	portfolio	NOUN
fsr-3414	86	4	results	result	NOUN
fsr-3414	86	5	using	use	VERB
fsr-3414	86	6	tradeable	tradeable	ADJ
fsr-3414	86	7	etfs	etfs	NOUN
fsr-3414	86	8	,	,	PUNCT
fsr-3414	86	9	table	table	NOUN
fsr-3414	86	10	1	1	NUM
fsr-3414	86	11	shows	show	VERB
fsr-3414	86	12	a	a	DET
fsr-3414	86	13	portfolio	portfolio	NOUN
fsr-3414	86	14	of	of	ADP
fsr-3414	86	15	etfs	etfs	PROPN
fsr-3414	86	16	and	and	CCONJ
fsr-3414	86	17	their	their	PRON
fsr-3414	86	18	2x	2x	NUM
fsr-3414	86	19	and	and	CCONJ
fsr-3414	86	20	3x	3x	NUM
fsr-3414	86	21	counterparts	counterpart	NOUN
fsr-3414	86	22	along	along	ADP
fsr-3414	86	23	with	with	ADP
fsr-3414	86	24	the	the	DET
fsr-3414	86	25	effective	effective	ADJ
fsr-3414	86	26	percentages	percentage	NOUN
fsr-3414	86	27	in	in	ADP
fsr-3414	86	28	each	each	DET
fsr-3414	86	29	asset	asset	NOUN
fsr-3414	86	30	.	.	PUNCT
fsr-3414	87	1	the	the	DET
fsr-3414	87	2	percentages	percentage	NOUN
fsr-3414	87	3	are	be	AUX
fsr-3414	87	4	based	base	VERB
fsr-3414	87	5	on	on	ADP
fsr-3414	87	6	an	an	DET
fsr-3414	87	7	investor	investor	NOUN
fsr-3414	87	8	who	who	PRON
fsr-3414	87	9	has	have	VERB
fsr-3414	87	10	50	50	NUM
fsr-3414	87	11	%	%	NOUN
fsr-3414	87	12	in	in	ADP
fsr-3414	87	13	domestic	domestic	ADJ
fsr-3414	87	14	equity	equity	NOUN
fsr-3414	87	15	,	,	PUNCT
fsr-3414	87	16	20	20	NUM
fsr-3414	87	17	%	%	NOUN
fsr-3414	87	18	in	in	ADP
fsr-3414	87	19	international	international	ADJ
fsr-3414	87	20	equites	equite	NOUN
fsr-3414	87	21	,	,	PUNCT
fsr-3414	87	22	five	five	NUM
fsr-3414	87	23	percent	percent	NOUN
fsr-3414	87	24	in	in	ADP
fsr-3414	87	25	a	a	DET
fsr-3414	87	26	reit	reit	NOUN
fsr-3414	87	27	,	,	PUNCT
fsr-3414	87	28	and	and	CCONJ
fsr-3414	87	29	25	25	NUM
fsr-3414	87	30	%	%	NOUN
fsr-3414	87	31	in	in	ADP
fsr-3414	87	32	bonds	bond	NOUN
fsr-3414	87	33	.	.	PUNCT
fsr-3414	88	1	the	the	DET
fsr-3414	88	2	domestic	domestic	ADJ
fsr-3414	88	3	equity	equity	NOUN
fsr-3414	88	4	is	be	AUX
fsr-3414	88	5	split	split	VERB
fsr-3414	88	6	between	between	ADP
fsr-3414	88	7	30	30	NUM
fsr-3414	88	8	%	%	NOUN
fsr-3414	88	9	in	in	ADP
fsr-3414	88	10	the	the	DET
fsr-3414	88	11	s&p	s&p	PROPN
fsr-3414	88	12	500	500	NUM
fsr-3414	88	13	with	with	ADP
fsr-3414	88	14	10	10	NUM
fsr-3414	88	15	%	%	NOUN
fsr-3414	88	16	each	each	PRON
fsr-3414	88	17	in	in	ADP
fsr-3414	88	18	mid	mid	ADJ
fsr-3414	88	19	and	and	CCONJ
fsr-3414	88	20	small	small	ADJ
fsr-3414	88	21	caps	cap	NOUN
fsr-3414	88	22	.	.	PUNCT
fsr-3414	89	1	the	the	DET
fsr-3414	89	2	international	international	ADJ
fsr-3414	89	3	equity	equity	NOUN
fsr-3414	89	4	is	be	AUX
fsr-3414	89	5	split	split	VERB
fsr-3414	89	6	with	with	ADP
fsr-3414	89	7	10	10	NUM
fsr-3414	89	8	%	%	NOUN
fsr-3414	89	9	in	in	ADP
fsr-3414	89	10	developed	develop	VERB
fsr-3414	89	11	and	and	CCONJ
fsr-3414	89	12	10	10	NUM
fsr-3414	89	13	%	%	NOUN
fsr-3414	89	14	in	in	ADP
fsr-3414	89	15	emerging	emerge	VERB
fsr-3414	89	16	markets	market	NOUN
fsr-3414	89	17	.	.	PUNCT
fsr-3414	90	1	the	the	DET
fsr-3414	90	2	25	25	NUM
fsr-3414	90	3	%	%	NOUN
fsr-3414	90	4	in	in	ADP
fsr-3414	90	5	bonds	bond	NOUN
fsr-3414	90	6	is	be	AUX
fsr-3414	90	7	further	far	ADV
fsr-3414	90	8	delineated	delineate	VERB
fsr-3414	90	9	by	by	ADP
fsr-3414	90	10	five	five	NUM
fsr-3414	90	11	percent	percent	NOUN
fsr-3414	90	12	in	in	ADP
fsr-3414	90	13	20	20	NUM
fsr-3414	90	14	�	�	PROPN
fsr-3414	90	15	year	year	NOUN
fsr-3414	90	16	t	t	PROPN
fsr-3414	90	17	-	-	PUNCT
fsr-3414	90	18	bonds	bond	NOUN
fsr-3414	90	19	,	,	PUNCT
fsr-3414	90	20	five	five	NUM
fsr-3414	90	21	percent	percent	NOUN
fsr-3414	90	22	in	in	ADP
fsr-3414	90	23	seven	seven	NUM
fsr-3414	90	24	to	to	PART
fsr-3414	90	25	10	10	NUM
fsr-3414	90	26	-	-	PUNCT
fsr-3414	90	27	year	year	NOUN
fsr-3414	90	28	t	t	NOUN
fsr-3414	90	29	-	-	PUNCT
fsr-3414	90	30	bonds	bond	NOUN
fsr-3414	90	31	,	,	PUNCT
fsr-3414	90	32	and	and	CCONJ
fsr-3414	90	33	the	the	DET
fsr-3414	90	34	remaining	remain	VERB
fsr-3414	90	35	15	15	NUM
fsr-3414	90	36	%	%	NOUN
fsr-3414	90	37	in	in	ADP
fsr-3414	90	38	an	an	DET
fsr-3414	90	39	aggregate	aggregate	ADJ
fsr-3414	90	40	bond	bond	NOUN
fsr-3414	90	41	portfolio	portfolio	NOUN
fsr-3414	90	42	.	.	PUNCT
fsr-3414	91	1	a	a	DET
fsr-3414	91	2	similar	similar	ADJ
fsr-3414	91	3	mix	mix	NOUN
fsr-3414	91	4	is	be	AUX
fsr-3414	91	5	used	use	VERB
fsr-3414	91	6	by	by	ADP
fsr-3414	91	7	considine	considine	NOUN
fsr-3414	91	8	(	(	PUNCT
fsr-3414	91	9	2006	2006	NUM
fsr-3414	91	10	)	)	PUNCT
fsr-3414	91	11	comparing	compare	VERB
fsr-3414	91	12	portfolios	portfolio	NOUN
fsr-3414	91	13	of	of	ADP
fsr-3414	91	14	etfs	etfs	PROPN
fsr-3414	91	15	to	to	ADP
fsr-3414	91	16	mutual	mutual	ADJ
fsr-3414	91	17	funds	fund	NOUN
fsr-3414	91	18	.	.	PUNCT
fsr-3414	92	1	the	the	DET
fsr-3414	92	2	exact	exact	ADJ
fsr-3414	92	3	percentages	percentage	NOUN
fsr-3414	92	4	are	be	AUX
fsr-3414	92	5	not	not	PART
fsr-3414	92	6	critical	critical	ADJ
fsr-3414	92	7	to	to	ADP
fsr-3414	92	8	the	the	DET
fsr-3414	92	9	results	result	NOUN
fsr-3414	92	10	but	but	CCONJ
fsr-3414	92	11	are	be	AUX
fsr-3414	92	12	created	create	VERB
fsr-3414	92	13	to	to	PART
fsr-3414	92	14	represent	represent	VERB
fsr-3414	92	15	what	what	PRON
fsr-3414	92	16	a	a	DET
fsr-3414	92	17	typical	typical	ADJ
fsr-3414	92	18	investor	investor	NOUN
fsr-3414	92	19	might	might	AUX
fsr-3414	92	20	have	have	VERB
fsr-3414	92	21	.	.	PUNCT
fsr-3414	93	1	the	the	DET
fsr-3414	93	2	portfolio	portfolio	NOUN
fsr-3414	93	3	described	describe	VERB
fsr-3414	93	4	above	above	ADV
fsr-3414	93	5	can	can	AUX
fsr-3414	93	6	be	be	AUX
fsr-3414	93	7	also	also	ADV
fsr-3414	93	8	be	be	AUX
fsr-3414	93	9	created	create	VERB
fsr-3414	93	10	using	use	VERB
fsr-3414	93	11	letfs	letfs	PROPN
fsr-3414	93	12	.	.	PUNCT
fsr-3414	94	1	for	for	ADP
fsr-3414	94	2	an	an	DET
fsr-3414	94	3	investor	investor	NOUN
fsr-3414	94	4	using	use	VERB
fsr-3414	94	5	2x	2x	NUM
fsr-3414	94	6	letfs	letfs	PROPN
fsr-3414	94	7	,	,	PUNCT
fsr-3414	94	8	only	only	ADV
fsr-3414	94	9	half	half	DET
fsr-3414	94	10	as	as	ADV
fsr-3414	94	11	much	much	ADJ
fsr-3414	94	12	wealth	wealth	NOUN
fsr-3414	94	13	is	be	AUX
fsr-3414	94	14	needed	need	VERB
fsr-3414	94	15	in	in	ADP
fsr-3414	94	16	each	each	DET
fsr-3414	94	17	letf	letf	NOUN
fsr-3414	94	18	to	to	PART
fsr-3414	94	19	obtain	obtain	VERB
fsr-3414	94	20	the	the	DET
fsr-3414	94	21	same	same	ADJ
fsr-3414	94	22	amount	amount	NOUN
fsr-3414	94	23	of	of	ADP
fsr-3414	94	24	table	table	NOUN
fsr-3414	94	25	1	1	NUM
fsr-3414	94	26	portfolio	portfolio	NOUN
fsr-3414	94	27	composition	composition	NOUN
fsr-3414	94	28	using	use	VERB
fsr-3414	94	29	standard	standard	ADJ
fsr-3414	94	30	etfs	etfs	PROPN
fsr-3414	94	31	and	and	CCONJ
fsr-3414	94	32	letfs	letfs	PROPN
fsr-3414	94	33	asset	asset	NOUN
fsr-3414	94	34	class	class	NOUN
fsr-3414	94	35	etf	etf	NOUN
fsr-3414	94	36	2x	2x	NUM
fsr-3414	94	37	letf	letf	ADJ
fsr-3414	94	38	3x	3x	NUM
fsr-3414	94	39	letf	letf	ADJ
fsr-3414	94	40	s&p	s&p	PROPN
fsr-3414	94	41	500	500	NUM
fsr-3414	94	42	spy	spy	NOUN
fsr-3414	94	43	,	,	PUNCT
fsr-3414	94	44	30	30	NUM
fsr-3414	94	45	%	%	NOUN
fsr-3414	94	46	sso	sso	NOUN
fsr-3414	94	47	,	,	PUNCT
fsr-3414	94	48	15	15	NUM
fsr-3414	94	49	%	%	NOUN
fsr-3414	94	50	upro	upro	PROPN
fsr-3414	94	51	,	,	PUNCT
fsr-3414	94	52	10	10	NUM
fsr-3414	94	53	%	%	NOUN
fsr-3414	94	54	mid	mid	ADJ
fsr-3414	94	55	cap	cap	NOUN
fsr-3414	94	56	ijh	ijh	NOUN
fsr-3414	94	57	,	,	PUNCT
fsr-3414	94	58	10	10	NUM
fsr-3414	94	59	%	%	NOUN
fsr-3414	94	60	mvv	mvv	NOUN
fsr-3414	94	61	,	,	PUNCT
fsr-3414	94	62	5	5	NUM
fsr-3414	94	63	%	%	NOUN
fsr-3414	94	64	midu	midu	NOUN
fsr-3414	94	65	,	,	PUNCT
fsr-3414	94	66	3.33	3.33	NUM
fsr-3414	94	67	%	%	NOUN
fsr-3414	94	68	small	small	ADJ
fsr-3414	94	69	cap	cap	NOUN
fsr-3414	94	70	iwm	iwm	NOUN
fsr-3414	94	71	,	,	PUNCT
fsr-3414	94	72	10	10	NUM
fsr-3414	94	73	%	%	NOUN
fsr-3414	94	74	uwm	uwm	PROPN
fsr-3414	94	75	,	,	PUNCT
fsr-3414	94	76	5	5	NUM
fsr-3414	94	77	%	%	NOUN
fsr-3414	94	78	tna	tna	NOUN
fsr-3414	94	79	,	,	PUNCT
fsr-3414	94	80	3.33	3.33	NUM
fsr-3414	94	81	%	%	NOUN
fsr-3414	94	82	international	international	ADJ
fsr-3414	94	83	developed	develop	VERB
fsr-3414	94	84	efa	efa	PROPN
fsr-3414	94	85	,	,	PUNCT
fsr-3414	94	86	10	10	NUM
fsr-3414	94	87	%	%	NOUN
fsr-3414	94	88	efo	efo	NOUN
fsr-3414	94	89	,	,	PUNCT
fsr-3414	94	90	5	5	NUM
fsr-3414	94	91	%	%	NOUN
fsr-3414	94	92	eurl	eurl	ADV
fsr-3414	94	93	,	,	PUNCT
fsr-3414	94	94	3.33	3.33	NUM
fsr-3414	94	95	%	%	NOUN
fsr-3414	94	96	emerging	emerge	VERB
fsr-3414	94	97	markets	market	NOUN
fsr-3414	94	98	eem	eem	VERB
fsr-3414	94	99	,	,	PUNCT
fsr-3414	94	100	10	10	NUM
fsr-3414	94	101	%	%	NOUN
fsr-3414	94	102	eet	eet	NOUN
fsr-3414	94	103	,	,	PUNCT
fsr-3414	94	104	5	5	NUM
fsr-3414	94	105	%	%	NOUN
fsr-3414	94	106	edc	edc	PROPN
fsr-3414	94	107	,	,	PUNCT
fsr-3414	94	108	3.33	3.33	NUM
fsr-3414	94	109	%	%	NOUN
fsr-3414	94	110	real	real	ADJ
fsr-3414	94	111	estate	estate	NOUN
fsr-3414	94	112	iyr	iyr	NOUN
fsr-3414	94	113	,	,	PUNCT
fsr-3414	94	114	5	5	NUM
fsr-3414	94	115	%	%	NOUN
fsr-3414	94	116	ure	ure	NOUN
fsr-3414	94	117	,	,	PUNCT
fsr-3414	94	118	2.5	2.5	NUM
fsr-3414	94	119	%	%	NOUN
fsr-3414	94	120	drn	drn	NOUN
fsr-3414	94	121	,	,	PUNCT
fsr-3414	94	122	1.67	1.67	NUM
fsr-3414	94	123	%	%	NOUN
fsr-3414	94	124	20	20	NUM
fsr-3414	94	125	-	-	PUNCT
fsr-3414	94	126	year	year	NOUN
fsr-3414	94	127	t	t	NOUN
fsr-3414	94	128	-	-	PUNCT
fsr-3414	94	129	bonds	bond	NOUN
fsr-3414	94	130	tlt	tlt	NOUN
fsr-3414	94	131	,	,	PUNCT
fsr-3414	94	132	5	5	NUM
fsr-3414	94	133	%	%	NOUN
fsr-3414	94	134	ubt	ubt	NOUN
fsr-3414	94	135	,	,	PUNCT
fsr-3414	94	136	2.5	2.5	NUM
fsr-3414	94	137	%	%	NOUN
fsr-3414	94	138	tmf	tmf	NOUN
fsr-3414	94	139	,	,	PUNCT
fsr-3414	94	140	1.67	1.67	NUM
fsr-3414	94	141	%	%	NOUN
fsr-3414	94	142	7	7	NUM
fsr-3414	94	143	to	to	PART
fsr-3414	94	144	10	10	NUM
fsr-3414	94	145	-	-	PUNCT
fsr-3414	94	146	year	year	NOUN
fsr-3414	94	147	t	t	PROPN
fsr-3414	94	148	-	-	PUNCT
fsr-3414	94	149	bonds	bond	NOUN
fsr-3414	94	150	ief	ief	NOUN
fsr-3414	94	151	,	,	PUNCT
fsr-3414	94	152	5	5	NUM
fsr-3414	94	153	%	%	NOUN
fsr-3414	94	154	ust	ust	NOUN
fsr-3414	94	155	,	,	PUNCT
fsr-3414	94	156	2.5	2.5	NUM
fsr-3414	94	157	%	%	NOUN
fsr-3414	94	158	tyd	tyd	NOUN
fsr-3414	94	159	,	,	PUNCT
fsr-3414	94	160	1.67	1.67	NUM
fsr-3414	94	161	%	%	NOUN
fsr-3414	94	162	aggregate	aggregate	NOUN
fsr-3414	94	163	bonds	bond	NOUN
fsr-3414	94	164	bnd	bnd	VERB
fsr-3414	94	165	,	,	PUNCT
fsr-3414	94	166	15	15	NUM
fsr-3414	94	167	%	%	NOUN
fsr-3414	94	168	bnd	bnd	NOUN
fsr-3414	94	169	,	,	PUNCT
fsr-3414	94	170	57.5	57.5	NUM
fsr-3414	94	171	%	%	NOUN
fsr-3414	94	172	bnd	bnd	NOUN
fsr-3414	94	173	,	,	PUNCT
fsr-3414	94	174	71.67	71.67	NUM
fsr-3414	94	175	%	%	NOUN
fsr-3414	94	176	note	note	NOUN
fsr-3414	94	177	:	:	PUNCT
fsr-3414	94	178	the	the	DET
fsr-3414	94	179	base	base	ADJ
fsr-3414	94	180	percentage	percentage	NOUN
fsr-3414	94	181	in	in	ADP
fsr-3414	94	182	each	each	DET
fsr-3414	94	183	asset	asset	NOUN
fsr-3414	94	184	class	class	NOUN
fsr-3414	94	185	is	be	AUX
fsr-3414	94	186	set	set	VERB
fsr-3414	94	187	by	by	ADP
fsr-3414	94	188	the	the	DET
fsr-3414	94	189	initial	initial	ADJ
fsr-3414	94	190	percentages	percentage	NOUN
fsr-3414	94	191	in	in	ADP
fsr-3414	94	192	the	the	DET
fsr-3414	94	193	etfs	etfs	NOUN
fsr-3414	94	194	.	.	PUNCT
fsr-3414	95	1	ticker	ticker	PROPN
fsr-3414	95	2	symbols	symbol	NOUN
fsr-3414	95	3	used	use	VERB
fsr-3414	95	4	to	to	PART
fsr-3414	95	5	calculate	calculate	VERB
fsr-3414	95	6	results	result	NOUN
fsr-3414	95	7	are	be	AUX
fsr-3414	95	8	shown	show	VERB
fsr-3414	95	9	with	with	ADP
fsr-3414	95	10	each	each	DET
fsr-3414	95	11	percentage	percentage	NOUN
fsr-3414	95	12	.	.	PUNCT
fsr-3414	96	1	39w.j	39w.j	NUM
fsr-3414	96	2	.	.	PUNCT
fsr-3414	97	1	trainor	trainor	PROPN
fsr-3414	97	2	et	et	PROPN
fsr-3414	97	3	al	al	PROPN
fsr-3414	97	4	.	.	PUNCT
fsr-3414	97	5	/	/	SYM
fsr-3414	97	6	financial	financial	ADJ
fsr-3414	97	7	services	service	NOUN
fsr-3414	97	8	review	review	VERB
fsr-3414	97	9	28	28	NUM
fsr-3414	97	10	(	(	PUNCT
fsr-3414	97	11	2020	2020	NUM
fsr-3414	97	12	)	)	PUNCT
fsr-3414	97	13	35	35	NUM
fsr-3414	97	14	-	-	SYM
fsr-3414	97	15	48	48	NUM
fsr-3414	97	16	exposure	exposure	NOUN
fsr-3414	97	17	using	use	VERB
fsr-3414	97	18	the	the	DET
fsr-3414	97	19	underlying	underlie	VERB
fsr-3414	97	20	etfs	etfs	NOUN
fsr-3414	97	21	.	.	PUNCT
fsr-3414	98	1	for	for	ADP
fsr-3414	98	2	3x	3x	PROPN
fsr-3414	98	3	letfs	letfs	PROPN
fsr-3414	98	4	,	,	PUNCT
fsr-3414	98	5	only	only	ADV
fsr-3414	98	6	a	a	DET
fsr-3414	98	7	third	third	NOUN
fsr-3414	98	8	of	of	ADP
fsr-3414	98	9	the	the	DET
fsr-3414	98	10	wealth	wealth	NOUN
fsr-3414	98	11	is	be	AUX
fsr-3414	98	12	needed	need	VERB
fsr-3414	98	13	.	.	PUNCT
fsr-3414	99	1	thus	thus	ADV
fsr-3414	99	2	,	,	PUNCT
fsr-3414	99	3	to	to	PART
fsr-3414	99	4	attain	attain	VERB
fsr-3414	99	5	30	30	NUM
fsr-3414	99	6	%	%	NOUN
fsr-3414	99	7	exposure	exposure	NOUN
fsr-3414	99	8	to	to	ADP
fsr-3414	99	9	the	the	DET
fsr-3414	99	10	s&p	s&p	PROPN
fsr-3414	99	11	500	500	NUM
fsr-3414	99	12	,	,	PUNCT
fsr-3414	99	13	an	an	DET
fsr-3414	99	14	investor	investor	NOUN
fsr-3414	99	15	needs	need	VERB
fsr-3414	99	16	15	15	NUM
fsr-3414	99	17	%	%	NOUN
fsr-3414	99	18	in	in	ADP
fsr-3414	99	19	a	a	DET
fsr-3414	99	20	2x	2x	NUM
fsr-3414	99	21	s&p	s&p	PROPN
fsr-3414	99	22	500	500	NUM
fsr-3414	99	23	letf	letf	ADJ
fsr-3414	99	24	or	or	CCONJ
fsr-3414	99	25	10	10	NUM
fsr-3414	99	26	%	%	NOUN
fsr-3414	99	27	in	in	ADP
fsr-3414	99	28	a	a	DET
fsr-3414	99	29	3x	3x	PROPN
fsr-3414	99	30	s&p	s&p	PROPN
fsr-3414	99	31	500	500	NUM
fsr-3414	99	32	letf	letf	ADJ
fsr-3414	99	33	.	.	PUNCT
fsr-3414	100	1	all	all	DET
fsr-3414	100	2	the	the	DET
fsr-3414	100	3	asset	asset	NOUN
fsr-3414	100	4	classes	class	NOUN
fsr-3414	100	5	,	,	PUNCT
fsr-3414	100	6	except	except	SCONJ
fsr-3414	100	7	for	for	ADP
fsr-3414	100	8	aggregate	aggregate	ADJ
fsr-3414	100	9	bonds	bond	NOUN
fsr-3414	100	10	,	,	PUNCT
fsr-3414	100	11	have	have	VERB
fsr-3414	100	12	a	a	DET
fsr-3414	100	13	corresponding	corresponding	ADJ
fsr-3414	100	14	letf	letf	NOUN
fsr-3414	100	15	.	.	PUNCT
fsr-3414	101	1	the	the	DET
fsr-3414	101	2	aggregate	aggregate	ADJ
fsr-3414	101	3	bond	bond	NOUN
fsr-3414	101	4	asset	asset	NOUN
fsr-3414	101	5	class	class	NOUN
fsr-3414	101	6	is	be	AUX
fsr-3414	101	7	used	use	VERB
fsr-3414	101	8	as	as	ADP
fsr-3414	101	9	the	the	DET
fsr-3414	101	10	alternative	alternative	NOUN
fsr-3414	101	11	for	for	SCONJ
fsr-3414	101	12	the	the	DET
fsr-3414	101	13	excess	excess	ADJ
fsr-3414	101	14	wealth	wealth	NOUN
fsr-3414	101	15	available	available	ADJ
fsr-3414	101	16	when	when	SCONJ
fsr-3414	101	17	using	use	VERB
fsr-3414	101	18	letfs	letfs	PROPN
fsr-3414	101	19	to	to	PART
fsr-3414	101	20	build	build	VERB
fsr-3414	101	21	a	a	DET
fsr-3414	101	22	portfolio	portfolio	NOUN
fsr-3414	101	23	.	.	PUNCT
fsr-3414	102	1	this	this	DET
fsr-3414	102	2	results	result	VERB
fsr-3414	102	3	in	in	ADP
fsr-3414	102	4	the	the	DET
fsr-3414	102	5	2x	2x	NOUN
fsr-3414	102	6	and	and	CCONJ
fsr-3414	102	7	3x	3x	NUM
fsr-3414	102	8	letf	letf	ADJ
fsr-3414	102	9	portfolios	portfolio	NOUN
fsr-3414	102	10	investing	invest	VERB
fsr-3414	102	11	57.5	57.5	NUM
fsr-3414	102	12	%	%	NOUN
fsr-3414	102	13	and	and	CCONJ
fsr-3414	102	14	71.67	71.67	NUM
fsr-3414	102	15	%	%	NOUN
fsr-3414	102	16	of	of	ADP
fsr-3414	102	17	the	the	DET
fsr-3414	102	18	portfolio	portfolio	NOUN
fsr-3414	102	19	,	,	PUNCT
fsr-3414	102	20	respectively	respectively	ADV
fsr-3414	102	21	,	,	PUNCT
fsr-3414	102	22	in	in	ADP
fsr-3414	102	23	a	a	DET
fsr-3414	102	24	relatively	relatively	ADV
fsr-3414	102	25	safe	safe	ADJ
fsr-3414	102	26	bond	bond	NOUN
fsr-3414	102	27	portfolio	portfolio	NOUN
fsr-3414	102	28	.	.	PUNCT
fsr-3414	103	1	in	in	ADP
fsr-3414	103	2	absolute	absolute	ADJ
fsr-3414	103	3	terms	term	NOUN
fsr-3414	103	4	,	,	PUNCT
fsr-3414	103	5	80	80	NUM
fsr-3414	103	6	%	%	NOUN
fsr-3414	103	7	of	of	ADP
fsr-3414	103	8	the	the	DET
fsr-3414	103	9	etf	etf	NOUN
fsr-3414	103	10	portfolio	portfolio	NOUN
fsr-3414	103	11	is	be	AUX
fsr-3414	103	12	at	at	ADP
fsr-3414	103	13	moderate	moderate	ADJ
fsr-3414	103	14	to	to	PART
fsr-3414	103	15	high	high	ADJ
fsr-3414	103	16	risk	risk	NOUN
fsr-3414	103	17	based	base	VERB
fsr-3414	103	18	on	on	ADP
fsr-3414	103	19	volatility	volatility	NOUN
fsr-3414	103	20	of	of	ADP
fsr-3414	103	21	the	the	DET
fsr-3414	103	22	underlying	underlie	VERB
fsr-3414	103	23	assets	asset	NOUN
fsr-3414	103	24	whereas	whereas	SCONJ
fsr-3414	103	25	only	only	ADV
fsr-3414	103	26	40	40	NUM
fsr-3414	103	27	%	%	NOUN
fsr-3414	103	28	and	and	CCONJ
fsr-3414	103	29	27	27	NUM
fsr-3414	103	30	%	%	NOUN
fsr-3414	103	31	of	of	ADP
fsr-3414	103	32	the	the	DET
fsr-3414	103	33	2x	2x	NUM
fsr-3414	103	34	and	and	CCONJ
fsr-3414	103	35	3x	3x	NUM
fsr-3414	103	36	portfolios	portfolio	NOUN
fsr-3414	103	37	,	,	PUNCT
fsr-3414	103	38	respectively	respectively	ADV
fsr-3414	103	39	,	,	PUNCT
fsr-3414	103	40	are	be	AUX
fsr-3414	103	41	exposed	expose	VERB
fsr-3414	103	42	to	to	ADP
fsr-3414	103	43	equity	equity	NOUN
fsr-3414	103	44	markets	market	NOUN
fsr-3414	103	45	.	.	PUNCT
fsr-3414	104	1	for	for	ADP
fsr-3414	104	2	comparison	comparison	NOUN
fsr-3414	104	3	of	of	ADP
fsr-3414	104	4	the	the	DET
fsr-3414	104	5	3x	3x	PROPN
fsr-3414	104	6	letf	letf	ADJ
fsr-3414	104	7	portfolio	portfolio	NOUN
fsr-3414	104	8	to	to	ADP
fsr-3414	104	9	the	the	DET
fsr-3414	104	10	2x	2x	NUM
fsr-3414	104	11	letf	letf	ADJ
fsr-3414	104	12	portfolio	portfolio	NOUN
fsr-3414	104	13	,	,	PUNCT
fsr-3414	104	14	it	it	PRON
fsr-3414	104	15	is	be	AUX
fsr-3414	104	16	assumed	assume	VERB
fsr-3414	104	17	the	the	DET
fsr-3414	104	18	percentage	percentage	NOUN
fsr-3414	104	19	in	in	ADP
fsr-3414	104	20	the	the	DET
fsr-3414	104	21	underlying	underlie	VERB
fsr-3414	104	22	2x	2x	NUM
fsr-3414	104	23	letfs	letfs	NOUN
fsr-3414	104	24	are	be	AUX
fsr-3414	104	25	the	the	DET
fsr-3414	104	26	same	same	ADJ
fsr-3414	104	27	as	as	ADP
fsr-3414	104	28	the	the	DET
fsr-3414	104	29	underlying	underlying	ADJ
fsr-3414	104	30	index	index	NOUN
fsr-3414	104	31	portfolio	portfolio	NOUN
fsr-3414	104	32	,	,	PUNCT
fsr-3414	104	33	that	that	ADV
fsr-3414	104	34	is	is	ADV
fsr-3414	104	35	,	,	PUNCT
fsr-3414	104	36	30	30	NUM
fsr-3414	104	37	%	%	NOUN
fsr-3414	104	38	is	be	AUX
fsr-3414	104	39	invested	invest	VERB
fsr-3414	104	40	in	in	ADP
fsr-3414	104	41	the	the	DET
fsr-3414	104	42	2x	2x	NUM
fsr-3414	104	43	s&p	s&p	PROPN
fsr-3414	104	44	,	,	PUNCT
fsr-3414	104	45	and	and	CCONJ
fsr-3414	104	46	so	so	ADV
fsr-3414	104	47	forth	forth	ADV
fsr-3414	104	48	.	.	PUNCT
fsr-3414	105	1	for	for	SCONJ
fsr-3414	105	2	the	the	DET
fsr-3414	105	3	3x	3x	NUM
fsr-3414	105	4	to	to	PART
fsr-3414	105	5	attain	attain	VERB
fsr-3414	105	6	the	the	DET
fsr-3414	105	7	same	same	ADJ
fsr-3414	105	8	exposure	exposure	NOUN
fsr-3414	105	9	as	as	ADP
fsr-3414	105	10	the	the	DET
fsr-3414	105	11	2x	2x	NUM
fsr-3414	105	12	,	,	PUNCT
fsr-3414	105	13	20	20	NUM
fsr-3414	105	14	%	%	NOUN
fsr-3414	105	15	is	be	AUX
fsr-3414	105	16	invested	invest	VERB
fsr-3414	105	17	in	in	ADP
fsr-3414	105	18	the	the	DET
fsr-3414	105	19	3x	3x	PROPN
fsr-3414	105	20	s&p	s&p	PROPN
fsr-3414	105	21	and	and	CCONJ
fsr-3414	105	22	so	so	ADV
fsr-3414	105	23	forth	forth	ADV
fsr-3414	105	24	.	.	PUNCT
fsr-3414	106	1	with	with	ADP
fsr-3414	106	2	limited	limited	ADJ
fsr-3414	106	3	historical	historical	ADJ
fsr-3414	106	4	letf	letf	ADJ
fsr-3414	106	5	data	datum	NOUN
fsr-3414	106	6	,	,	PUNCT
fsr-3414	106	7	additional	additional	ADJ
fsr-3414	106	8	theoretical	theoretical	ADJ
fsr-3414	106	9	letf	letf	ADJ
fsr-3414	106	10	returns	return	NOUN
fsr-3414	106	11	are	be	AUX
fsr-3414	106	12	calculated	calculate	VERB
fsr-3414	106	13	for	for	ADP
fsr-3414	106	14	the	the	DET
fsr-3414	106	15	period	period	NOUN
fsr-3414	106	16	before	before	ADP
fsr-3414	106	17	their	their	PRON
fsr-3414	106	18	inception	inception	NOUN
fsr-3414	106	19	.	.	PUNCT
fsr-3414	107	1	because	because	SCONJ
fsr-3414	107	2	letfs	letfs	PROPN
fsr-3414	107	3	attain	attain	VERB
fsr-3414	107	4	their	their	PRON
fsr-3414	107	5	exposure	exposure	NOUN
fsr-3414	107	6	using	use	VERB
fsr-3414	107	7	a	a	DET
fsr-3414	107	8	variety	variety	NOUN
fsr-3414	107	9	of	of	ADP
fsr-3414	107	10	derivative	derivative	ADJ
fsr-3414	107	11	assets	asset	NOUN
fsr-3414	107	12	including	include	VERB
fsr-3414	107	13	swaps	swap	NOUN
fsr-3414	107	14	,	,	PUNCT
fsr-3414	107	15	there	there	PRON
fsr-3414	107	16	are	be	VERB
fsr-3414	107	17	embedded	embed	VERB
fsr-3414	107	18	financing	financing	NOUN
fsr-3414	107	19	costs	cost	NOUN
fsr-3414	107	20	increasing	increase	VERB
fsr-3414	107	21	with	with	ADP
fsr-3414	107	22	leverage	leverage	NOUN
fsr-3414	107	23	(	(	PUNCT
fsr-3414	107	24	charupat	charupat	NOUN
fsr-3414	107	25	and	and	CCONJ
fsr-3414	107	26	miu	miu	PROPN
fsr-3414	107	27	,	,	PUNCT
fsr-3414	107	28	2014	2014	NUM
fsr-3414	107	29	)	)	PUNCT
fsr-3414	107	30	.	.	PUNCT
fsr-3414	108	1	based	base	VERB
fsr-3414	108	2	on	on	ADP
fsr-3414	108	3	the	the	DET
fsr-3414	108	4	methodology	methodology	NOUN
fsr-3414	108	5	of	of	ADP
fsr-3414	108	6	scott	scott	PROPN
fsr-3414	108	7	and	and	CCONJ
fsr-3414	108	8	watsun	watsun	PROPN
fsr-3414	108	9	(	(	PUNCT
fsr-3414	108	10	2013	2013	NUM
fsr-3414	108	11	)	)	PUNCT
fsr-3414	108	12	,	,	PUNCT
fsr-3414	108	13	letf	letf	ADJ
fsr-3414	108	14	returns	return	NOUN
fsr-3414	108	15	are	be	AUX
fsr-3414	108	16	calculated	calculate	VERB
fsr-3414	108	17	based	base	VERB
fsr-3414	108	18	on	on	ADP
fsr-3414	108	19	data	datum	NOUN
fsr-3414	108	20	going	go	VERB
fsr-3414	108	21	back	back	ADV
fsr-3414	108	22	to	to	ADP
fsr-3414	108	23	1946	1946	NUM
fsr-3414	108	24	.	.	PUNCT
fsr-3414	109	1	this	this	PRON
fsr-3414	109	2	shows	show	VERB
fsr-3414	109	3	how	how	SCONJ
fsr-3414	109	4	letf	letf	ADJ
fsr-3414	109	5	portfolios	portfolio	NOUN
fsr-3414	109	6	are	be	AUX
fsr-3414	109	7	likely	likely	ADJ
fsr-3414	109	8	to	to	PART
fsr-3414	109	9	perform	perform	VERB
fsr-3414	109	10	in	in	ADP
fsr-3414	109	11	a	a	DET
fsr-3414	109	12	variety	variety	NOUN
fsr-3414	109	13	of	of	ADP
fsr-3414	109	14	market	market	NOUN
fsr-3414	109	15	environments	environment	NOUN
fsr-3414	109	16	including	include	VERB
fsr-3414	109	17	the	the	DET
fsr-3414	109	18	very	very	ADV
fsr-3414	109	19	high	high	ADJ
fsr-3414	109	20	interest	interest	NOUN
fsr-3414	109	21	rate	rate	NOUN
fsr-3414	109	22	period	period	NOUN
fsr-3414	109	23	during	during	ADP
fsr-3414	109	24	the	the	DET
fsr-3414	109	25	early	early	ADJ
fsr-3414	109	26	1980s	1980s	NUM
fsr-3414	109	27	.	.	PUNCT
fsr-3414	110	1	the	the	DET
fsr-3414	110	2	equation	equation	NOUN
fsr-3414	110	3	to	to	PART
fsr-3414	110	4	calculate	calculate	VERB
fsr-3414	110	5	daily	daily	ADJ
fsr-3414	110	6	returns	return	NOUN
fsr-3414	110	7	using	use	VERB
fsr-3414	110	8	the	the	DET
fsr-3414	110	9	s&p	s&p	PROPN
fsr-3414	110	10	500	500	NUM
fsr-3414	110	11	letf	letf	NOUN
fsr-3414	110	12	as	as	SCONJ
fsr-3414	110	13	an	an	DET
fsr-3414	110	14	example	example	NOUN
fsr-3414	110	15	is	be	AUX
fsr-3414	110	16	:	:	PUNCT
fsr-3414	110	17	rl	rl	PART
fsr-3414	110	18	�	�	PROPN
fsr-3414	110	19	l*rs&p	l*rs&p	NOUN
fsr-3414	110	20	�	�	PROPN
fsr-3414	110	21	rexp	rexp	PROPN
fsr-3414	110	22	�	�	PROPN
fsr-3414	110	23	(	(	PUNCT
fsr-3414	110	24	l	l	PROPN
fsr-3414	110	25	�	�	PROPN
fsr-3414	110	26	1)*rb	1)*rb	NUM
fsr-3414	110	27	(	(	PUNCT
fsr-3414	110	28	6	6	NUM
fsr-3414	110	29	)	)	PUNCT
fsr-3414	110	30	where	where	SCONJ
fsr-3414	110	31	rl	rl	PROPN
fsr-3414	110	32	is	be	AUX
fsr-3414	110	33	the	the	DET
fsr-3414	110	34	daily	daily	ADJ
fsr-3414	110	35	return	return	NOUN
fsr-3414	110	36	to	to	ADP
fsr-3414	110	37	the	the	DET
fsr-3414	110	38	letf	letf	NOUN
fsr-3414	110	39	with	with	ADP
fsr-3414	110	40	a	a	DET
fsr-3414	110	41	daily	daily	ADJ
fsr-3414	110	42	leverage	leverage	NOUN
fsr-3414	110	43	ratio	ratio	NOUN
fsr-3414	110	44	of	of	ADP
fsr-3414	110	45	l	l	NOUN
fsr-3414	110	46	,	,	PUNCT
fsr-3414	110	47	rs&p	rs&p	PROPN
fsr-3414	110	48	is	be	AUX
fsr-3414	110	49	the	the	DET
fsr-3414	110	50	daily	daily	ADJ
fsr-3414	110	51	return	return	NOUN
fsr-3414	110	52	of	of	ADP
fsr-3414	110	53	the	the	DET
fsr-3414	110	54	s&p	s&p	PROPN
fsr-3414	110	55	,	,	PUNCT
fsr-3414	110	56	rexp	rexp	NOUN
fsr-3414	110	57	is	be	AUX
fsr-3414	110	58	the	the	DET
fsr-3414	110	59	daily	daily	ADJ
fsr-3414	110	60	expense	expense	NOUN
fsr-3414	110	61	ratio	ratio	NOUN
fsr-3414	110	62	,	,	PUNCT
fsr-3414	110	63	and	and	CCONJ
fsr-3414	110	64	rb	rb	NOUN
fsr-3414	110	65	is	be	AUX
fsr-3414	110	66	the	the	DET
fsr-3414	110	67	borrowing	borrowing	NOUN
fsr-3414	110	68	rate	rate	NOUN
fsr-3414	110	69	using	use	VERB
fsr-3414	110	70	the	the	DET
fsr-3414	110	71	90	90	NUM
fsr-3414	110	72	-	-	PUNCT
fsr-3414	110	73	day	day	NOUN
fsr-3414	110	74	t	t	PROPN
fsr-3414	110	75	-	-	PUNCT
fsr-3414	110	76	bill	bill	NOUN
fsr-3414	110	77	rate	rate	NOUN
fsr-3414	110	78	as	as	ADP
fsr-3414	110	79	a	a	DET
fsr-3414	110	80	proxy	proxy	NOUN
fsr-3414	110	81	.	.	PUNCT
fsr-3414	111	1	strictly	strictly	ADV
fsr-3414	111	2	speaking	speak	VERB
fsr-3414	111	3	,	,	PUNCT
fsr-3414	111	4	the	the	DET
fsr-3414	111	5	one	one	NUM
fsr-3414	111	6	-	-	PUNCT
fsr-3414	111	7	week	week	NOUN
fsr-3414	111	8	/	/	SYM
fsr-3414	111	9	month	month	NOUN
fsr-3414	111	10	libor	libor	PROPN
fsr-3414	111	11	rate	rate	NOUN
fsr-3414	111	12	should	should	AUX
fsr-3414	111	13	be	be	AUX
fsr-3414	111	14	used	use	VERB
fsr-3414	111	15	,	,	PUNCT
fsr-3414	111	16	but	but	CCONJ
fsr-3414	111	17	libor	libor	PROPN
fsr-3414	111	18	data	data	PROPN
fsr-3414	111	19	begins	begin	VERB
fsr-3414	111	20	in	in	ADP
fsr-3414	111	21	1986	1986	NUM
fsr-3414	111	22	and	and	CCONJ
fsr-3414	111	23	to	to	PART
fsr-3414	111	24	remain	remain	VERB
fsr-3414	111	25	consistent	consistent	ADJ
fsr-3414	111	26	with	with	ADP
fsr-3414	111	27	sampled	sample	VERB
fsr-3414	111	28	returns	return	NOUN
fsr-3414	111	29	before	before	ADP
fsr-3414	111	30	this	this	DET
fsr-3414	111	31	date	date	NOUN
fsr-3414	111	32	,	,	PUNCT
fsr-3414	111	33	the	the	DET
fsr-3414	111	34	90	90	NUM
fsr-3414	111	35	-	-	PUNCT
fsr-3414	111	36	day	day	NOUN
fsr-3414	111	37	t	t	PROPN
fsr-3414	111	38	-	-	PUNCT
fsr-3414	111	39	bill	bill	NOUN
fsr-3414	111	40	rate	rate	NOUN
fsr-3414	111	41	is	be	AUX
fsr-3414	111	42	used	use	VERB
fsr-3414	111	43	.	.	PUNCT
fsr-3414	112	1	the	the	DET
fsr-3414	112	2	90	90	NUM
fsr-3414	112	3	-	-	PUNCT
fsr-3414	112	4	day	day	NOUN
fsr-3414	112	5	t	t	PROPN
fsr-3414	112	6	-	-	PUNCT
fsr-3414	112	7	bill	bill	NOUN
fsr-3414	112	8	has	have	VERB
fsr-3414	112	9	a	a	DET
fsr-3414	112	10	98	98	NUM
fsr-3414	112	11	%	%	NOUN
fsr-3414	112	12	correlation	correlation	NOUN
fsr-3414	112	13	with	with	ADP
fsr-3414	112	14	libor	libor	PROPN
fsr-3414	112	15	and	and	CCONJ
fsr-3414	112	16	averages	average	NOUN
fsr-3414	112	17	0.2	0.2	NUM
fsr-3414	112	18	%	%	NOUN
fsr-3414	112	19	less	less	ADJ
fsr-3414	112	20	than	than	ADP
fsr-3414	112	21	libor	libor	PROPN
fsr-3414	112	22	.	.	PUNCT
fsr-3414	113	1	thus	thus	ADV
fsr-3414	113	2	,	,	PUNCT
fsr-3414	113	3	the	the	DET
fsr-3414	113	4	borrowing	borrowing	NOUN
fsr-3414	113	5	rate	rate	NOUN
fsr-3414	113	6	is	be	AUX
fsr-3414	113	7	set	set	VERB
fsr-3414	113	8	at	at	ADP
fsr-3414	113	9	the	the	DET
fsr-3414	113	10	90	90	NUM
fsr-3414	113	11	-	-	PUNCT
fsr-3414	113	12	day	day	NOUN
fsr-3414	113	13	t	t	PROPN
fsr-3414	113	14	-	-	PUNCT
fsr-3414	113	15	bill	bill	NOUN
fsr-3414	113	16	yield	yield	NOUN
fsr-3414	113	17	�	�	NOUN
fsr-3414	113	18	0.2	0.2	NUM
fsr-3414	113	19	%	%	NOUN
fsr-3414	113	20	.	.	PUNCT
fsr-3414	114	1	the	the	DET
fsr-3414	114	2	logic	logic	NOUN
fsr-3414	114	3	behind	behind	ADP
fsr-3414	114	4	equation	equation	NOUN
fsr-3414	114	5	(	(	PUNCT
fsr-3414	114	6	6	6	NUM
fsr-3414	114	7	)	)	PUNCT
fsr-3414	114	8	is	be	AUX
fsr-3414	114	9	a	a	DET
fsr-3414	114	10	2x	2x	NUM
fsr-3414	114	11	letf	letf	ADJ
fsr-3414	114	12	increases	increase	NOUN
fsr-3414	114	13	exposure	exposure	NOUN
fsr-3414	114	14	by	by	ADP
fsr-3414	114	15	borrowing	borrow	VERB
fsr-3414	114	16	$	$	SYM
fsr-3414	114	17	1	1	NUM
fsr-3414	114	18	for	for	ADP
fsr-3414	114	19	every	every	DET
fsr-3414	114	20	$	$	SYM
fsr-3414	114	21	1	1	NUM
fsr-3414	114	22	invested	invest	VERB
fsr-3414	114	23	.	.	PUNCT
fsr-3414	115	1	a	a	DET
fsr-3414	115	2	3x	3x	NUM
fsr-3414	115	3	letf	letf	NOUN
fsr-3414	115	4	borrows	borrow	VERB
fsr-3414	115	5	$	$	SYM
fsr-3414	115	6	2	2	NUM
fsr-3414	115	7	for	for	ADP
fsr-3414	115	8	every	every	DET
fsr-3414	115	9	$	$	SYM
fsr-3414	115	10	1	1	NUM
fsr-3414	115	11	invested	invest	VERB
fsr-3414	115	12	.	.	PUNCT
fsr-3414	116	1	to	to	PART
fsr-3414	116	2	determine	determine	VERB
fsr-3414	116	3	the	the	DET
fsr-3414	116	4	validity	validity	NOUN
fsr-3414	116	5	of	of	ADP
fsr-3414	116	6	equation	equation	NOUN
fsr-3414	116	7	(	(	PUNCT
fsr-3414	116	8	6	6	NUM
fsr-3414	116	9	)	)	PUNCT
fsr-3414	116	10	,	,	PUNCT
fsr-3414	116	11	theoretical	theoretical	ADJ
fsr-3414	116	12	daily	daily	ADV
fsr-3414	116	13	,	,	PUNCT
fsr-3414	116	14	monthly	monthly	ADV
fsr-3414	116	15	,	,	PUNCT
fsr-3414	116	16	and	and	CCONJ
fsr-3414	116	17	annual	annual	ADJ
fsr-3414	116	18	returns	return	NOUN
fsr-3414	116	19	are	be	AUX
fsr-3414	116	20	compared	compare	VERB
fsr-3414	116	21	with	with	ADP
fsr-3414	116	22	the	the	DET
fsr-3414	116	23	actual	actual	ADJ
fsr-3414	116	24	daily	daily	NOUN
fsr-3414	116	25	,	,	PUNCT
fsr-3414	116	26	monthly	monthly	ADV
fsr-3414	116	27	,	,	PUNCT
fsr-3414	116	28	and	and	CCONJ
fsr-3414	116	29	annual	annual	ADJ
fsr-3414	116	30	returns	return	NOUN
fsr-3414	116	31	for	for	ADP
fsr-3414	116	32	the	the	DET
fsr-3414	116	33	letfs	letfs	PROPN
fsr-3414	116	34	listed	list	VERB
fsr-3414	116	35	in	in	ADP
fsr-3414	116	36	table	table	NOUN
fsr-3414	116	37	1	1	NUM
fsr-3414	116	38	.	.	PUNCT
fsr-3414	117	1	all	all	DET
fsr-3414	117	2	return	return	NOUN
fsr-3414	117	3	data	datum	NOUN
fsr-3414	117	4	are	be	AUX
fsr-3414	117	5	from	from	ADP
fsr-3414	117	6	the	the	DET
fsr-3414	117	7	center	center	NOUN
fsr-3414	117	8	for	for	ADP
fsr-3414	117	9	research	research	NOUN
fsr-3414	117	10	in	in	ADP
fsr-3414	117	11	security	security	NOUN
fsr-3414	117	12	prices	price	NOUN
fsr-3414	117	13	(	(	PUNCT
fsr-3414	117	14	crsp	crsp	NOUN
fsr-3414	117	15	)	)	PUNCT
fsr-3414	117	16	.	.	PUNCT
fsr-3414	118	1	monthly	monthly	ADJ
fsr-3414	118	2	return	return	NOUN
fsr-3414	118	3	differences	difference	NOUN
fsr-3414	118	4	as	as	SCONJ
fsr-3414	118	5	measured	measure	VERB
fsr-3414	118	6	by	by	ADP
fsr-3414	118	7	simulated	simulated	ADJ
fsr-3414	118	8	returns	return	NOUN
fsr-3414	118	9	minus	minus	CCONJ
fsr-3414	118	10	the	the	DET
fsr-3414	118	11	letf	letf	ADJ
fsr-3414	118	12	returns	return	NOUN
fsr-3414	118	13	average	average	ADJ
fsr-3414	118	14	0.01	0.01	NUM
fsr-3414	118	15	%	%	NOUN
fsr-3414	118	16	assuming	assume	VERB
fsr-3414	118	17	an	an	DET
fsr-3414	118	18	additional	additional	ADJ
fsr-3414	118	19	1.2	1.2	NUM
fsr-3414	118	20	%	%	NOUN
fsr-3414	118	21	annual	annual	ADJ
fsr-3414	118	22	expense	expense	NOUN
fsr-3414	118	23	ratio	ratio	NOUN
fsr-3414	118	24	.	.	PUNCT
fsr-3414	119	1	although	although	SCONJ
fsr-3414	119	2	letf	letf	ADJ
fsr-3414	119	3	’s	’s	PART
fsr-3414	119	4	average	average	ADJ
fsr-3414	119	5	expense	expense	NOUN
fsr-3414	119	6	ratio	ratio	NOUN
fsr-3414	119	7	is	be	AUX
fsr-3414	119	8	approximately	approximately	ADV
fsr-3414	119	9	one	one	NUM
fsr-3414	119	10	percent	percent	NOUN
fsr-3414	119	11	,	,	PUNCT
fsr-3414	119	12	there	there	PRON
fsr-3414	119	13	are	be	VERB
fsr-3414	119	14	embedded	embed	VERB
fsr-3414	119	15	costs	cost	NOUN
fsr-3414	119	16	associated	associate	VERB
fsr-3414	119	17	with	with	ADP
fsr-3414	119	18	derivatives	derivative	NOUN
fsr-3414	119	19	not	not	PART
fsr-3414	119	20	accounted	account	VERB
fsr-3414	119	21	for	for	ADP
fsr-3414	119	22	.	.	PUNCT
fsr-3414	120	1	using	use	VERB
fsr-3414	120	2	a	a	DET
fsr-3414	120	3	1.2	1.2	NUM
fsr-3414	120	4	%	%	NOUN
fsr-3414	120	5	expense	expense	NOUN
fsr-3414	120	6	ratio	ratio	NOUN
fsr-3414	120	7	reduces	reduce	VERB
fsr-3414	120	8	the	the	DET
fsr-3414	120	9	average	average	ADJ
fsr-3414	120	10	differences	difference	NOUN
fsr-3414	120	11	for	for	ADP
fsr-3414	120	12	daily	daily	ADV
fsr-3414	120	13	,	,	PUNCT
fsr-3414	120	14	monthly	monthly	ADV
fsr-3414	120	15	,	,	PUNCT
fsr-3414	120	16	and	and	CCONJ
fsr-3414	120	17	annual	annual	ADJ
fsr-3414	120	18	returns	return	NOUN
fsr-3414	120	19	to	to	ADP
fsr-3414	120	20	near	near	ADP
fsr-3414	120	21	zero	zero	NUM
fsr-3414	120	22	for	for	ADP
fsr-3414	120	23	the	the	DET
fsr-3414	120	24	eight	eight	NUM
fsr-3414	120	25	asset	asset	NOUN
fsr-3414	120	26	classes	class	NOUN
fsr-3414	120	27	.	.	PUNCT
fsr-3414	121	1	monthly	monthly	ADJ
fsr-3414	121	2	differences	difference	NOUN
fsr-3414	121	3	ranged	range	VERB
fsr-3414	121	4	from	from	ADP
fsr-3414	121	5	�	�	NOUN
fsr-3414	121	6	0.07	0.07	NUM
fsr-3414	121	7	%	%	NOUN
fsr-3414	121	8	for	for	ADP
fsr-3414	121	9	the	the	DET
fsr-3414	121	10	2x	2x	NUM
fsr-3414	121	11	ubt	ubt	PROPN
fsr-3414	121	12	(	(	PUNCT
fsr-3414	121	13	20	20	NUM
fsr-3414	121	14	�	�	PROPN
fsr-3414	121	15	year	year	NOUN
fsr-3414	121	16	treasury	treasury	NOUN
fsr-3414	121	17	)	)	PUNCT
fsr-3414	121	18	to	to	ADP
fsr-3414	121	19	0.17	0.17	NUM
fsr-3414	121	20	%	%	NOUN
fsr-3414	121	21	for	for	ADP
fsr-3414	121	22	3x	3x	NUM
fsr-3414	121	23	emerging	emerge	VERB
fsr-3414	121	24	markets	market	NOUN
fsr-3414	121	25	eet	eet	X
fsr-3414	121	26	.	.	PUNCT
fsr-3414	122	1	thus	thus	ADV
fsr-3414	122	2	,	,	PUNCT
fsr-3414	122	3	equation	equation	NOUN
fsr-3414	122	4	(	(	PUNCT
fsr-3414	122	5	6	6	NUM
fsr-3414	122	6	)	)	PUNCT
fsr-3414	122	7	appears	appear	VERB
fsr-3414	122	8	to	to	PART
fsr-3414	122	9	approximate	approximate	VERB
fsr-3414	122	10	returns	return	NOUN
fsr-3414	122	11	accurately	accurately	ADV
fsr-3414	122	12	enough	enough	ADV
fsr-3414	122	13	to	to	PART
fsr-3414	122	14	simulate	simulate	VERB
fsr-3414	122	15	letf	letf	ADJ
fsr-3414	122	16	returns	return	NOUN
fsr-3414	122	17	from	from	ADP
fsr-3414	122	18	index	index	NOUN
fsr-3414	122	19	data	datum	NOUN
fsr-3414	122	20	predating	predate	VERB
fsr-3414	122	21	letf	letf	NOUN
fsr-3414	122	22	’s	’s	PART
fsr-3414	122	23	introduction	introduction	NOUN
fsr-3414	122	24	.	.	PUNCT
fsr-3414	123	1	40	40	NUM
fsr-3414	123	2	w.j	w.j	PROPN
fsr-3414	123	3	.	.	PROPN
fsr-3414	123	4	trainor	trainor	PROPN
fsr-3414	123	5	et	et	PROPN
fsr-3414	123	6	al	al	PROPN
fsr-3414	123	7	.	.	PUNCT
fsr-3414	123	8	/	/	SYM
fsr-3414	123	9	financial	financial	ADJ
fsr-3414	123	10	services	service	NOUN
fsr-3414	123	11	review	review	VERB
fsr-3414	123	12	28	28	NUM
fsr-3414	123	13	(	(	PUNCT
fsr-3414	123	14	2020	2020	NUM
fsr-3414	123	15	)	)	PUNCT
fsr-3414	123	16	35	35	NUM
fsr-3414	123	17	-	-	SYM
fsr-3414	123	18	48	48	NUM
fsr-3414	123	19	for	for	ADP
fsr-3414	123	20	historical	historical	ADJ
fsr-3414	123	21	index	index	NOUN
fsr-3414	123	22	data	datum	NOUN
fsr-3414	123	23	,	,	PUNCT
fsr-3414	123	24	asset	asset	NOUN
fsr-3414	123	25	classes	class	NOUN
fsr-3414	123	26	are	be	AUX
fsr-3414	123	27	defined	define	VERB
fsr-3414	123	28	as	as	ADP
fsr-3414	123	29	crsp	crsp	PROPN
fsr-3414	123	30	’s	’s	PART
fsr-3414	123	31	s&p	s&p	PROPN
fsr-3414	123	32	500	500	NUM
fsr-3414	123	33	index	index	NOUN
fsr-3414	123	34	,	,	PUNCT
fsr-3414	123	35	the	the	DET
fsr-3414	123	36	2–4	2–4	NUM
fsr-3414	123	37	value	value	NOUN
fsr-3414	123	38	weighted	weight	VERB
fsr-3414	123	39	deciles	decile	NOUN
fsr-3414	123	40	proxy	proxy	NOUN
fsr-3414	123	41	for	for	ADP
fsr-3414	123	42	a	a	DET
fsr-3414	123	43	small	small	ADJ
fsr-3414	123	44	-	-	PUNCT
fsr-3414	123	45	cap	cap	NOUN
fsr-3414	123	46	fund	fund	NOUN
fsr-3414	123	47	,	,	PUNCT
fsr-3414	123	48	and	and	CCONJ
fsr-3414	123	49	5–7	5–7	NUM
fsr-3414	123	50	value	value	NOUN
fsr-3414	123	51	weighted	weight	VERB
fsr-3414	123	52	deciles	decile	NOUN
fsr-3414	123	53	proxy	proxy	NOUN
fsr-3414	123	54	for	for	ADP
fsr-3414	123	55	a	a	DET
fsr-3414	123	56	midcap	midcap	NOUN
fsr-3414	123	57	fund	fund	NOUN
fsr-3414	123	58	.	.	PUNCT
fsr-3414	124	1	the	the	DET
fsr-3414	124	2	20	20	NUM
fsr-3414	124	3	-	-	PUNCT
fsr-3414	124	4	year	year	NOUN
fsr-3414	124	5	t	t	NOUN
fsr-3414	124	6	-	-	PUNCT
fsr-3414	124	7	bond	bond	NOUN
fsr-3414	124	8	and	and	CCONJ
fsr-3414	124	9	an	an	DET
fsr-3414	124	10	average	average	NOUN
fsr-3414	124	11	of	of	ADP
fsr-3414	124	12	seven	seven	NUM
fsr-3414	124	13	to	to	PART
fsr-3414	124	14	10	10	NUM
fsr-3414	124	15	-	-	PUNCT
fsr-3414	124	16	year	year	NOUN
fsr-3414	124	17	t	t	NOUN
fsr-3414	124	18	-	-	PUNCT
fsr-3414	124	19	bonds	bond	NOUN
fsr-3414	124	20	proxy	proxy	NOUN
fsr-3414	124	21	for	for	ADP
fsr-3414	124	22	two	two	NUM
fsr-3414	124	23	additional	additional	ADJ
fsr-3414	124	24	bond	bond	NOUN
fsr-3414	124	25	funds	fund	NOUN
fsr-3414	124	26	.	.	PUNCT
fsr-3414	125	1	the	the	DET
fsr-3414	125	2	remainder	remainder	NOUN
fsr-3414	125	3	of	of	ADP
fsr-3414	125	4	a	a	DET
fsr-3414	125	5	letf	letf	NOUN
fsr-3414	125	6	’s	’s	PART
fsr-3414	125	7	portfolio	portfolio	NOUN
fsr-3414	125	8	is	be	AUX
fsr-3414	125	9	invested	invest	VERB
fsr-3414	125	10	equally	equally	ADV
fsr-3414	125	11	in	in	ADP
fsr-3414	125	12	one	one	NUM
fsr-3414	125	13	,	,	PUNCT
fsr-3414	125	14	two	two	NUM
fsr-3414	125	15	,	,	PUNCT
fsr-3414	125	16	five	five	NUM
fsr-3414	125	17	,	,	PUNCT
fsr-3414	125	18	and	and	CCONJ
fsr-3414	125	19	seven	seven	NUM
fsr-3414	125	20	-	-	PUNCT
fsr-3414	125	21	year	year	NOUN
fsr-3414	125	22	treasury	treasury	NOUN
fsr-3414	125	23	bonds	bond	NOUN
fsr-3414	125	24	.	.	PUNCT
fsr-3414	126	1	no	no	DET
fsr-3414	126	2	reliable	reliable	ADJ
fsr-3414	126	3	daily	daily	ADJ
fsr-3414	126	4	international	international	ADJ
fsr-3414	126	5	data	datum	NOUN
fsr-3414	126	6	are	be	AUX
fsr-3414	126	7	available	available	ADJ
fsr-3414	126	8	before	before	ADP
fsr-3414	126	9	1991	1991	NUM
fsr-3414	126	10	so	so	SCONJ
fsr-3414	126	11	the	the	DET
fsr-3414	126	12	portfolio	portfolio	NOUN
fsr-3414	126	13	comparisons	comparison	NOUN
fsr-3414	126	14	are	be	AUX
fsr-3414	126	15	limited	limit	VERB
fsr-3414	126	16	to	to	ADP
fsr-3414	126	17	domestic	domestic	ADJ
fsr-3414	126	18	data	datum	NOUN
fsr-3414	126	19	.	.	PUNCT
fsr-3414	127	1	table	table	NOUN
fsr-3414	127	2	2	2	NUM
fsr-3414	127	3	shows	show	VERB
fsr-3414	127	4	the	the	DET
fsr-3414	127	5	portfolio	portfolio	NOUN
fsr-3414	127	6	weights	weight	VERB
fsr-3414	127	7	for	for	ADP
fsr-3414	127	8	the	the	DET
fsr-3414	127	9	theoretical	theoretical	ADJ
fsr-3414	127	10	historical	historical	ADJ
fsr-3414	127	11	portfolios	portfolio	NOUN
fsr-3414	127	12	.	.	PUNCT
fsr-3414	128	1	as	as	ADP
fsr-3414	128	2	above	above	ADV
fsr-3414	128	3	,	,	PUNCT
fsr-3414	128	4	when	when	SCONJ
fsr-3414	128	5	comparing	compare	VERB
fsr-3414	128	6	the	the	DET
fsr-3414	128	7	3x	3x	NUM
fsr-3414	128	8	to	to	ADP
fsr-3414	128	9	the	the	DET
fsr-3414	128	10	2x	2x	NUM
fsr-3414	128	11	letf	letf	NOUN
fsr-3414	128	12	,	,	PUNCT
fsr-3414	128	13	it	it	PRON
fsr-3414	128	14	is	be	AUX
fsr-3414	128	15	assumed	assume	VERB
fsr-3414	128	16	100	100	NUM
fsr-3414	128	17	%	%	NOUN
fsr-3414	128	18	of	of	ADP
fsr-3414	128	19	the	the	DET
fsr-3414	128	20	portfolio	portfolio	NOUN
fsr-3414	128	21	is	be	AUX
fsr-3414	128	22	in	in	ADP
fsr-3414	128	23	2x	2x	NUM
fsr-3414	128	24	letfs	letfs	PROPN
fsr-3414	128	25	.	.	PUNCT
fsr-3414	129	1	this	this	PRON
fsr-3414	129	2	requires	require	VERB
fsr-3414	129	3	two	two	NUM
fsr-3414	129	4	-	-	PUNCT
fsr-3414	129	5	thirds	third	NOUN
fsr-3414	129	6	of	of	ADP
fsr-3414	129	7	the	the	DET
fsr-3414	129	8	3x	3x	PROPN
fsr-3414	129	9	letf	letf	ADJ
fsr-3414	129	10	portfolio	portfolio	NOUN
fsr-3414	129	11	to	to	PART
fsr-3414	129	12	be	be	AUX
fsr-3414	129	13	invested	invest	VERB
fsr-3414	129	14	in	in	ADP
fsr-3414	129	15	the	the	DET
fsr-3414	129	16	3x	3x	PROPN
fsr-3414	129	17	letfs	letfs	PROPN
fsr-3414	129	18	.	.	PUNCT
fsr-3414	130	1	the	the	DET
fsr-3414	130	2	final	final	ADJ
fsr-3414	130	3	question	question	NOUN
fsr-3414	130	4	is	be	AUX
fsr-3414	130	5	rebalancing	rebalance	VERB
fsr-3414	130	6	.	.	PUNCT
fsr-3414	131	1	if	if	SCONJ
fsr-3414	131	2	it	it	PRON
fsr-3414	131	3	is	be	AUX
fsr-3414	131	4	assumed	assume	VERB
fsr-3414	131	5	the	the	DET
fsr-3414	131	6	weights	weight	NOUN
fsr-3414	131	7	in	in	ADP
fsr-3414	131	8	tables	table	NOUN
fsr-3414	131	9	1	1	NUM
fsr-3414	131	10	and	and	CCONJ
fsr-3414	131	11	2	2	NUM
fsr-3414	131	12	are	be	AUX
fsr-3414	131	13	optimal	optimal	ADJ
fsr-3414	131	14	,	,	PUNCT
fsr-3414	131	15	the	the	DET
fsr-3414	131	16	investor	investor	NOUN
fsr-3414	131	17	must	must	AUX
fsr-3414	131	18	determine	determine	VERB
fsr-3414	131	19	to	to	ADP
fsr-3414	131	20	what	what	DET
fsr-3414	131	21	extent	extent	NOUN
fsr-3414	131	22	they	they	PRON
fsr-3414	131	23	can	can	AUX
fsr-3414	131	24	deviate	deviate	VERB
fsr-3414	131	25	from	from	ADP
fsr-3414	131	26	those	those	DET
fsr-3414	131	27	percentages	percentage	NOUN
fsr-3414	131	28	.	.	PUNCT
fsr-3414	132	1	a	a	DET
fsr-3414	132	2	variety	variety	NOUN
fsr-3414	132	3	of	of	ADP
fsr-3414	132	4	equity	equity	NOUN
fsr-3414	132	5	variance	variance	NOUN
fsr-3414	132	6	thresholds	threshold	NOUN
fsr-3414	132	7	are	be	AUX
fsr-3414	132	8	tested	test	VERB
fsr-3414	132	9	to	to	PART
fsr-3414	132	10	determine	determine	VERB
fsr-3414	132	11	when	when	SCONJ
fsr-3414	132	12	the	the	DET
fsr-3414	132	13	portfolios	portfolio	NOUN
fsr-3414	132	14	need	need	VERB
fsr-3414	132	15	to	to	PART
fsr-3414	132	16	be	be	AUX
fsr-3414	132	17	rebalanced	rebalance	VERB
fsr-3414	132	18	.	.	PUNCT
fsr-3414	133	1	for	for	ADP
fsr-3414	133	2	example	example	NOUN
fsr-3414	133	3	,	,	PUNCT
fsr-3414	133	4	a	a	DET
fsr-3414	133	5	10	10	NUM
fsr-3414	133	6	%	%	NOUN
fsr-3414	133	7	threshold	threshold	NOUN
fsr-3414	133	8	implies	imply	VERB
fsr-3414	133	9	an	an	DET
fsr-3414	133	10	initial	initial	ADJ
fsr-3414	133	11	70	70	NUM
fsr-3414	133	12	%	%	NOUN
fsr-3414	133	13	equity	equity	NOUN
fsr-3414	133	14	exposure	exposure	NOUN
fsr-3414	133	15	is	be	AUX
fsr-3414	133	16	rebalanced	rebalance	VERB
fsr-3414	133	17	when	when	SCONJ
fsr-3414	133	18	the	the	DET
fsr-3414	133	19	combined	combined	ADJ
fsr-3414	133	20	equity	equity	NOUN
fsr-3414	133	21	position	position	NOUN
fsr-3414	133	22	breaches	breach	NOUN
fsr-3414	133	23	63	63	NUM
fsr-3414	133	24	%	%	NOUN
fsr-3414	133	25	or	or	CCONJ
fsr-3414	133	26	77	77	NUM
fsr-3414	133	27	%	%	NOUN
fsr-3414	133	28	.	.	PUNCT
fsr-3414	134	1	the	the	DET
fsr-3414	134	2	effective	effective	ADJ
fsr-3414	134	3	exposure	exposure	NOUN
fsr-3414	134	4	for	for	ADP
fsr-3414	134	5	the	the	DET
fsr-3414	134	6	2x	2x	NUM
fsr-3414	134	7	and	and	CCONJ
fsr-3414	134	8	3x	3x	NUM
fsr-3414	134	9	portfolios	portfolio	NOUN
fsr-3414	134	10	is	be	AUX
fsr-3414	134	11	under	under	ADP
fsr-3414	134	12	the	the	DET
fsr-3414	134	13	same	same	ADJ
fsr-3414	134	14	constraint	constraint	NOUN
fsr-3414	134	15	.	.	PUNCT
fsr-3414	135	1	for	for	ADP
fsr-3414	135	2	the	the	DET
fsr-3414	135	3	2x	2x	NUM
fsr-3414	135	4	,	,	PUNCT
fsr-3414	135	5	this	this	PRON
fsr-3414	135	6	means	mean	VERB
fsr-3414	135	7	the	the	DET
fsr-3414	135	8	amount	amount	NOUN
fsr-3414	135	9	of	of	ADP
fsr-3414	135	10	wealth	wealth	NOUN
fsr-3414	135	11	in	in	ADP
fsr-3414	135	12	equities	equity	NOUN
fsr-3414	135	13	can	can	AUX
fsr-3414	135	14	only	only	ADV
fsr-3414	135	15	deviate	deviate	VERB
fsr-3414	135	16	from	from	ADP
fsr-3414	135	17	35	35	NUM
fsr-3414	135	18	%	%	NOUN
fsr-3414	135	19	by	by	ADP
fsr-3414	135	20	�	�	PROPN
fsr-3414	135	21	3.5	3.5	NUM
fsr-3414	135	22	%	%	NOUN
fsr-3414	135	23	without	without	ADP
fsr-3414	135	24	initiating	initiate	VERB
fsr-3414	135	25	a	a	DET
fsr-3414	135	26	rebalance	rebalance	NOUN
fsr-3414	135	27	.	.	PUNCT
fsr-3414	136	1	daily	daily	ADV
fsr-3414	136	2	,	,	PUNCT
fsr-3414	136	3	monthly	monthly	ADV
fsr-3414	136	4	,	,	PUNCT
fsr-3414	136	5	and	and	CCONJ
fsr-3414	136	6	quarterly	quarterly	ADJ
fsr-3414	136	7	rebalancing	rebalancing	NOUN
fsr-3414	136	8	is	be	AUX
fsr-3414	136	9	also	also	ADV
fsr-3414	136	10	investigated	investigate	VERB
fsr-3414	136	11	.	.	PUNCT
fsr-3414	137	1	4	4	X
fsr-3414	137	2	.	.	X
fsr-3414	137	3	results	result	VERB
fsr-3414	137	4	4.1	4.1	NUM
fsr-3414	137	5	.	.	PUNCT
fsr-3414	138	1	rebalancing	rebalancing	NOUN
fsr-3414	138	2	to	to	PART
fsr-3414	138	3	determine	determine	VERB
fsr-3414	138	4	how	how	SCONJ
fsr-3414	138	5	often	often	ADV
fsr-3414	138	6	rebalancing	rebalancing	NOUN
fsr-3414	138	7	is	be	AUX
fsr-3414	138	8	required	require	VERB
fsr-3414	138	9	to	to	PART
fsr-3414	138	10	maintain	maintain	VERB
fsr-3414	138	11	a	a	DET
fsr-3414	138	12	consistent	consistent	ADJ
fsr-3414	138	13	risk	risk	NOUN
fsr-3414	138	14	-	-	PUNCT
fsr-3414	138	15	profile	profile	NOUN
fsr-3414	138	16	,	,	PUNCT
fsr-3414	138	17	monthly	monthly	ADJ
fsr-3414	138	18	,	,	PUNCT
fsr-3414	138	19	quarterly	quarterly	ADJ
fsr-3414	138	20	,	,	PUNCT
fsr-3414	138	21	and	and	CCONJ
fsr-3414	138	22	allocation	allocation	NOUN
fsr-3414	138	23	thresholds	threshold	NOUN
fsr-3414	138	24	are	be	AUX
fsr-3414	138	25	tested	test	VERB
fsr-3414	138	26	on	on	ADP
fsr-3414	138	27	simulated	simulated	ADJ
fsr-3414	138	28	historical	historical	ADJ
fsr-3414	138	29	data	datum	NOUN
fsr-3414	138	30	from	from	ADP
fsr-3414	138	31	1946	1946	NUM
fsr-3414	138	32	to	to	ADP
fsr-3414	138	33	2017	2017	NUM
fsr-3414	138	34	.	.	PUNCT
fsr-3414	139	1	table	table	NOUN
fsr-3414	139	2	3	3	NUM
fsr-3414	139	3	gives	give	VERB
fsr-3414	139	4	summary	summary	NOUN
fsr-3414	139	5	statistics	statistic	NOUN
fsr-3414	139	6	using	use	VERB
fsr-3414	139	7	monthly	monthly	ADJ
fsr-3414	139	8	or	or	CCONJ
fsr-3414	139	9	a	a	DET
fsr-3414	139	10	10	10	NUM
fsr-3414	139	11	%	%	NOUN
fsr-3414	139	12	variance	variance	NOUN
fsr-3414	139	13	threshold	threshold	NOUN
fsr-3414	139	14	for	for	ADP
fsr-3414	139	15	rebalancing	rebalancing	NOUN
fsr-3414	139	16	relative	relative	ADJ
fsr-3414	139	17	to	to	ADP
fsr-3414	139	18	initial	initial	ADJ
fsr-3414	139	19	asset	asset	NOUN
fsr-3414	139	20	allocations	allocation	NOUN
fsr-3414	139	21	described	describe	VERB
fsr-3414	139	22	in	in	ADP
fsr-3414	139	23	table	table	NOUN
fsr-3414	139	24	2	2	NUM
fsr-3414	139	25	.	.	X
fsr-3414	140	1	results	result	NOUN
fsr-3414	140	2	for	for	ADP
fsr-3414	140	3	the	the	DET
fsr-3414	140	4	2x	2x	NUM
fsr-3414	140	5	and	and	CCONJ
fsr-3414	140	6	3x	3x	NUM
fsr-3414	140	7	are	be	AUX
fsr-3414	140	8	based	base	VERB
fsr-3414	140	9	on	on	ADP
fsr-3414	140	10	their	their	PRON
fsr-3414	140	11	effective	effective	ADJ
fsr-3414	140	12	exposure	exposure	NOUN
fsr-3414	140	13	.	.	PUNCT
fsr-3414	141	1	with	with	ADP
fsr-3414	141	2	monthly	monthly	ADJ
fsr-3414	141	3	rebalancing	rebalancing	NOUN
fsr-3414	141	4	,	,	PUNCT
fsr-3414	141	5	a	a	DET
fsr-3414	141	6	standard	standard	ADJ
fsr-3414	141	7	portfolio	portfolio	NOUN
fsr-3414	141	8	with	with	ADP
fsr-3414	141	9	70	70	NUM
fsr-3414	141	10	%	%	NOUN
fsr-3414	141	11	exposure	exposure	NOUN
fsr-3414	141	12	to	to	ADP
fsr-3414	141	13	equities	equity	NOUN
fsr-3414	141	14	deviates	deviate	VERB
fsr-3414	141	15	from	from	ADP
fsr-3414	141	16	62.65	62.65	NUM
fsr-3414	141	17	%	%	NOUN
fsr-3414	141	18	to	to	ADP
fsr-3414	141	19	73.44	73.44	NUM
fsr-3414	141	20	%	%	NOUN
fsr-3414	141	21	.	.	PUNCT
fsr-3414	142	1	however	however	ADV
fsr-3414	142	2	,	,	PUNCT
fsr-3414	142	3	the	the	DET
fsr-3414	142	4	2x	2x	NUM
fsr-3414	142	5	letf	letf	ADJ
fsr-3414	142	6	portfolio	portfolio	NOUN
fsr-3414	142	7	deviates	deviate	VERB
fsr-3414	142	8	from	from	ADP
fsr-3414	142	9	43	43	NUM
fsr-3414	142	10	%	%	NOUN
fsr-3414	142	11	to	to	ADP
fsr-3414	142	12	84	84	NUM
fsr-3414	142	13	%	%	NOUN
fsr-3414	142	14	,	,	PUNCT
fsr-3414	142	15	while	while	SCONJ
fsr-3414	142	16	a	a	DET
fsr-3414	142	17	3x	3x	NUM
fsr-3414	142	18	letf	letf	ADJ
fsr-3414	142	19	portfolio	portfolio	NOUN
fsr-3414	142	20	deviates	deviate	VERB
fsr-3414	142	21	from	from	ADP
fsr-3414	142	22	27	27	NUM
fsr-3414	142	23	%	%	NOUN
fsr-3414	142	24	to	to	ADP
fsr-3414	142	25	97%.4	97%.4	NUM
fsr-3414	142	26	quarterly	quarterly	ADJ
fsr-3414	142	27	rebalancing	rebalancing	NOUN
fsr-3414	142	28	saw	see	VERB
fsr-3414	142	29	greater	great	ADJ
fsr-3414	142	30	extremes	extreme	NOUN
fsr-3414	142	31	as	as	SCONJ
fsr-3414	142	32	would	would	AUX
fsr-3414	142	33	be	be	AUX
fsr-3414	142	34	expected	expect	VERB
fsr-3414	142	35	suggesting	suggest	VERB
fsr-3414	142	36	a	a	DET
fsr-3414	142	37	variance	variance	NOUN
fsr-3414	142	38	threshold	threshold	NOUN
fsr-3414	142	39	must	must	AUX
fsr-3414	142	40	be	be	AUX
fsr-3414	142	41	set	set	VERB
fsr-3414	142	42	for	for	ADP
fsr-3414	142	43	letf	letf	ADJ
fsr-3414	142	44	portfolios	portfolio	NOUN
fsr-3414	142	45	to	to	PART
fsr-3414	142	46	keep	keep	VERB
fsr-3414	142	47	the	the	DET
fsr-3414	142	48	risk	risk	NOUN
fsr-3414	142	49	profile	profile	NOUN
fsr-3414	142	50	comparable	comparable	ADJ
fsr-3414	142	51	with	with	ADP
fsr-3414	142	52	using	use	VERB
fsr-3414	142	53	standard	standard	ADJ
fsr-3414	142	54	etfs	etfs	NOUN
fsr-3414	142	55	.	.	PUNCT
fsr-3414	143	1	using	use	VERB
fsr-3414	143	2	a	a	DET
fsr-3414	143	3	10	10	NUM
fsr-3414	143	4	%	%	NOUN
fsr-3414	143	5	variance	variance	NOUN
fsr-3414	143	6	threshold	threshold	NOUN
fsr-3414	143	7	demonstrates	demonstrate	VERB
fsr-3414	143	8	improved	improved	ADJ
fsr-3414	143	9	results	result	NOUN
fsr-3414	143	10	in	in	ADP
fsr-3414	143	11	terms	term	NOUN
fsr-3414	143	12	of	of	ADP
fsr-3414	143	13	absolute	absolute	ADJ
fsr-3414	143	14	deviations	deviation	NOUN
fsr-3414	143	15	in	in	ADP
fsr-3414	143	16	exposure	exposure	NOUN
fsr-3414	143	17	relative	relative	ADJ
fsr-3414	143	18	to	to	ADP
fsr-3414	143	19	being	be	AUX
fsr-3414	143	20	invested	invest	VERB
fsr-3414	143	21	in	in	ADP
fsr-3414	143	22	the	the	DET
fsr-3414	143	23	underlying	underlying	ADJ
fsr-3414	143	24	index	index	NOUN
fsr-3414	143	25	.	.	PUNCT
fsr-3414	144	1	using	use	VERB
fsr-3414	144	2	a	a	DET
fsr-3414	144	3	10	10	NUM
fsr-3414	144	4	%	%	NOUN
fsr-3414	144	5	table	table	NOUN
fsr-3414	144	6	2	2	NUM
fsr-3414	144	7	portfolio	portfolio	NOUN
fsr-3414	144	8	composition	composition	NOUN
fsr-3414	144	9	using	use	VERB
fsr-3414	144	10	1946–2017	1946–2017	NUM
fsr-3414	144	11	historical	historical	ADJ
fsr-3414	144	12	data	datum	NOUN
fsr-3414	144	13	asset	asset	NOUN
fsr-3414	144	14	class	class	NOUN
fsr-3414	144	15	portfolio	portfolio	NOUN
fsr-3414	144	16	2x	2x	NUM
fsr-3414	144	17	letf	letf	ADJ
fsr-3414	144	18	3x	3x	NUM
fsr-3414	144	19	letf	letf	ADJ
fsr-3414	144	20	s&p	s&p	PROPN
fsr-3414	144	21	500	500	NUM
fsr-3414	144	22	50	50	NUM
fsr-3414	144	23	%	%	NOUN
fsr-3414	144	24	25	25	NUM
fsr-3414	144	25	%	%	NOUN
fsr-3414	144	26	16.67	16.67	NUM
fsr-3414	144	27	%	%	NOUN
fsr-3414	144	28	mid	mid	ADJ
fsr-3414	144	29	cap	cap	NOUN
fsr-3414	144	30	10	10	NUM
fsr-3414	144	31	%	%	NOUN
fsr-3414	144	32	5	5	NUM
fsr-3414	144	33	%	%	NOUN
fsr-3414	144	34	3.33	3.33	NUM
fsr-3414	144	35	%	%	NOUN
fsr-3414	144	36	small	small	ADJ
fsr-3414	144	37	cap	cap	NOUN
fsr-3414	144	38	10	10	NUM
fsr-3414	144	39	%	%	NOUN
fsr-3414	144	40	5	5	NUM
fsr-3414	144	41	%	%	NOUN
fsr-3414	144	42	3.33	3.33	NUM
fsr-3414	144	43	%	%	NOUN
fsr-3414	144	44	20	20	NUM
fsr-3414	144	45	-	-	PUNCT
fsr-3414	144	46	year	year	NOUN
fsr-3414	144	47	t	t	NOUN
fsr-3414	144	48	-	-	PUNCT
fsr-3414	144	49	bonds	bond	NOUN
fsr-3414	144	50	15	15	NUM
fsr-3414	144	51	%	%	NOUN
fsr-3414	144	52	7.5	7.5	NUM
fsr-3414	144	53	%	%	NOUN
fsr-3414	144	54	5.00	5.00	NUM
fsr-3414	144	55	%	%	NOUN
fsr-3414	144	56	7	7	NUM
fsr-3414	144	57	to	to	PART
fsr-3414	144	58	10	10	NUM
fsr-3414	144	59	-	-	PUNCT
fsr-3414	144	60	year	year	NOUN
fsr-3414	144	61	t	t	NOUN
fsr-3414	144	62	-	-	PUNCT
fsr-3414	144	63	bonds	bond	NOUN
fsr-3414	144	64	15	15	NUM
fsr-3414	144	65	%	%	NOUN
fsr-3414	144	66	7.5	7.5	NUM
fsr-3414	144	67	%	%	NOUN
fsr-3414	144	68	5.00	5.00	NUM
fsr-3414	144	69	%	%	NOUN
fsr-3414	144	70	bond	bond	NOUN
fsr-3414	144	71	ladder	ladder	NOUN
fsr-3414	144	72	,	,	PUNCT
fsr-3414	144	73	1	1	NUM
fsr-3414	144	74	to	to	PART
fsr-3414	144	75	7	7	NUM
fsr-3414	144	76	years	year	NOUN
fsr-3414	144	77	0	0	NUM
fsr-3414	144	78	%	%	NOUN
fsr-3414	144	79	50	50	NUM
fsr-3414	144	80	%	%	NOUN
fsr-3414	144	81	66.67	66.67	NUM
fsr-3414	144	82	%	%	NOUN
fsr-3414	144	83	41w.j	41w.j	NUM
fsr-3414	144	84	.	.	PUNCT
fsr-3414	145	1	trainor	trainor	NOUN
fsr-3414	145	2	et	et	PROPN
fsr-3414	145	3	al	al	PROPN
fsr-3414	145	4	.	.	PUNCT
fsr-3414	145	5	/	/	SYM
fsr-3414	145	6	financial	financial	ADJ
fsr-3414	145	7	services	service	NOUN
fsr-3414	145	8	review	review	VERB
fsr-3414	145	9	28	28	NUM
fsr-3414	145	10	(	(	PUNCT
fsr-3414	145	11	2020	2020	NUM
fsr-3414	145	12	)	)	PUNCT
fsr-3414	145	13	35	35	NUM
fsr-3414	145	14	-	-	SYM
fsr-3414	145	15	48	48	NUM
fsr-3414	145	16	variance	variance	NOUN
fsr-3414	145	17	threshold	threshold	NOUN
fsr-3414	145	18	gives	give	VERB
fsr-3414	145	19	results	result	NOUN
fsr-3414	145	20	approximately	approximately	ADV
fsr-3414	145	21	equal	equal	ADJ
fsr-3414	145	22	to	to	ADP
fsr-3414	145	23	daily	daily	ADJ
fsr-3414	145	24	rebalancing	rebalancing	NOUN
fsr-3414	145	25	.	.	PUNCT
fsr-3414	146	1	for	for	ADP
fsr-3414	146	2	portfolios	portfolio	NOUN
fsr-3414	146	3	using	use	VERB
fsr-3414	146	4	either	either	CCONJ
fsr-3414	146	5	2x	2x	NUM
fsr-3414	146	6	or	or	CCONJ
fsr-3414	146	7	3x	3x	NUM
fsr-3414	146	8	letfs	letfs	PROPN
fsr-3414	146	9	,	,	PUNCT
fsr-3414	146	10	maximum	maximum	ADJ
fsr-3414	146	11	exposure	exposure	NOUN
fsr-3414	146	12	to	to	ADP
fsr-3414	146	13	equities	equity	NOUN
fsr-3414	146	14	is	be	AUX
fsr-3414	146	15	reduced	reduce	VERB
fsr-3414	146	16	.	.	PUNCT
fsr-3414	147	1	a	a	DET
fsr-3414	147	2	3x	3x	PROPN
fsr-3414	147	3	still	still	ADV
fsr-3414	147	4	reaches	reach	VERB
fsr-3414	147	5	a	a	DET
fsr-3414	147	6	maximum	maximum	ADJ
fsr-3414	147	7	equity	equity	NOUN
fsr-3414	147	8	exposure	exposure	NOUN
fsr-3414	147	9	of	of	ADP
fsr-3414	147	10	85	85	NUM
fsr-3414	147	11	%	%	NOUN
fsr-3414	147	12	,	,	PUNCT
fsr-3414	147	13	but	but	CCONJ
fsr-3414	147	14	this	this	PRON
fsr-3414	147	15	is	be	AUX
fsr-3414	147	16	the	the	DET
fsr-3414	147	17	same	same	ADJ
fsr-3414	147	18	exposure	exposure	NOUN
fsr-3414	147	19	reached	reach	VERB
fsr-3414	147	20	using	use	VERB
fsr-3414	147	21	daily	daily	ADJ
fsr-3414	147	22	rebalancing	rebalancing	NOUN
fsr-3414	147	23	.	.	PUNCT
fsr-3414	148	1	thus	thus	ADV
fsr-3414	148	2	,	,	PUNCT
fsr-3414	148	3	a	a	DET
fsr-3414	148	4	tighter	tight	ADJ
fsr-3414	148	5	variance	variance	NOUN
fsr-3414	148	6	threshold	threshold	NOUN
fsr-3414	148	7	is	be	AUX
fsr-3414	148	8	not	not	PART
fsr-3414	148	9	warranted	warrant	VERB
fsr-3414	148	10	.	.	PUNCT
fsr-3414	149	1	in	in	ADP
fsr-3414	149	2	addition	addition	NOUN
fsr-3414	149	3	,	,	PUNCT
fsr-3414	149	4	the	the	DET
fsr-3414	149	5	standard	standard	ADJ
fsr-3414	149	6	deviation	deviation	NOUN
fsr-3414	149	7	of	of	ADP
fsr-3414	149	8	the	the	DET
fsr-3414	149	9	exposure	exposure	NOUN
fsr-3414	149	10	to	to	ADP
fsr-3414	149	11	equities	equity	NOUN
fsr-3414	149	12	is	be	AUX
fsr-3414	149	13	significantly	significantly	ADV
fsr-3414	149	14	reduced	reduce	VERB
fsr-3414	149	15	,	,	PUNCT
fsr-3414	149	16	especially	especially	ADV
fsr-3414	149	17	for	for	ADP
fsr-3414	149	18	3x	3x	NUM
fsr-3414	149	19	letf	letf	ADJ
fsr-3414	149	20	portfolios	portfolio	NOUN
fsr-3414	149	21	.	.	PUNCT
fsr-3414	150	1	over	over	ADP
fsr-3414	150	2	72	72	NUM
fsr-3414	150	3	years	year	NOUN
fsr-3414	150	4	,	,	PUNCT
fsr-3414	150	5	using	use	VERB
fsr-3414	150	6	a	a	DET
fsr-3414	150	7	10	10	NUM
fsr-3414	150	8	%	%	NOUN
fsr-3414	150	9	threshold	threshold	NOUN
fsr-3414	150	10	results	result	NOUN
fsr-3414	150	11	in	in	ADP
fsr-3414	150	12	24	24	NUM
fsr-3414	150	13	rebalances	rebalance	NOUN
fsr-3414	150	14	for	for	ADP
fsr-3414	150	15	the	the	DET
fsr-3414	150	16	standard	standard	ADJ
fsr-3414	150	17	portfolio	portfolio	NOUN
fsr-3414	150	18	,	,	PUNCT
fsr-3414	150	19	243	243	NUM
fsr-3414	150	20	for	for	ADP
fsr-3414	150	21	the	the	DET
fsr-3414	150	22	2x	2x	NUM
fsr-3414	150	23	,	,	PUNCT
fsr-3414	150	24	and	and	CCONJ
fsr-3414	150	25	651	651	NUM
fsr-3414	150	26	for	for	ADP
fsr-3414	150	27	the	the	DET
fsr-3414	150	28	3x	3x	NUM
fsr-3414	150	29	.	.	PUNCT
fsr-3414	151	1	this	this	DET
fsr-3414	151	2	results	result	VERB
fsr-3414	151	3	in	in	ADP
fsr-3414	151	4	rebalancing	rebalancing	NOUN
fsr-3414	151	5	for	for	ADP
fsr-3414	151	6	a	a	DET
fsr-3414	151	7	standard	standard	ADJ
fsr-3414	151	8	portfolio	portfolio	NOUN
fsr-3414	151	9	,	,	PUNCT
fsr-3414	151	10	2x	2x	NUM
fsr-3414	151	11	,	,	PUNCT
fsr-3414	151	12	and	and	CCONJ
fsr-3414	151	13	3x	3x	NUM
fsr-3414	151	14	on	on	ADP
fsr-3414	151	15	average	average	ADJ
fsr-3414	151	16	every	every	DET
fsr-3414	151	17	three	three	NUM
fsr-3414	151	18	years	year	NOUN
fsr-3414	151	19	,	,	PUNCT
fsr-3414	151	20	quarterly	quarterly	ADV
fsr-3414	151	21	,	,	PUNCT
fsr-3414	151	22	and	and	CCONJ
fsr-3414	151	23	45	45	NUM
fsr-3414	151	24	days	day	NOUN
fsr-3414	151	25	,	,	PUNCT
fsr-3414	151	26	respectively	respectively	ADV
fsr-3414	151	27	.	.	PUNCT
fsr-3414	152	1	in	in	ADP
fsr-3414	152	2	terms	term	NOUN
fsr-3414	152	3	of	of	ADP
fsr-3414	152	4	transaction	transaction	NOUN
fsr-3414	152	5	costs	cost	NOUN
fsr-3414	152	6	,	,	PUNCT
fsr-3414	152	7	assuming	assume	VERB
fsr-3414	152	8	six	six	NUM
fsr-3414	152	9	trades	trade	NOUN
fsr-3414	152	10	at	at	ADP
fsr-3414	152	11	$	$	SYM
fsr-3414	152	12	5	5	NUM
fsr-3414	152	13	a	a	DET
fsr-3414	152	14	trade	trade	NOUN
fsr-3414	152	15	is	be	AUX
fsr-3414	152	16	needed	need	VERB
fsr-3414	152	17	at	at	ADP
fsr-3414	152	18	each	each	DET
fsr-3414	152	19	rebalance	rebalance	NOUN
fsr-3414	152	20	,	,	PUNCT
fsr-3414	152	21	a	a	DET
fsr-3414	152	22	standard	standard	ADJ
fsr-3414	152	23	portfolio	portfolio	NOUN
fsr-3414	152	24	valued	value	VERB
fsr-3414	152	25	at	at	ADP
fsr-3414	152	26	$	$	SYM
fsr-3414	152	27	100,000	100,000	NUM
fsr-3414	152	28	would	would	AUX
fsr-3414	152	29	have	have	VERB
fsr-3414	152	30	0.01	0.01	NUM
fsr-3414	152	31	%	%	NOUN
fsr-3414	152	32	additional	additional	ADJ
fsr-3414	152	33	annual	annual	ADJ
fsr-3414	152	34	expenses	expense	NOUN
fsr-3414	152	35	,	,	PUNCT
fsr-3414	152	36	a	a	DET
fsr-3414	152	37	2x	2x	NUM
fsr-3414	152	38	would	would	AUX
fsr-3414	152	39	have	have	VERB
fsr-3414	152	40	0.1	0.1	NUM
fsr-3414	152	41	%	%	NOUN
fsr-3414	152	42	,	,	PUNCT
fsr-3414	152	43	and	and	CCONJ
fsr-3414	152	44	a	a	DET
fsr-3414	152	45	3x	3x	PROPN
fsr-3414	152	46	would	would	AUX
fsr-3414	152	47	have	have	VERB
fsr-3414	152	48	0.27	0.27	NUM
fsr-3414	152	49	%	%	NOUN
fsr-3414	152	50	.	.	PUNCT
fsr-3414	153	1	for	for	ADP
fsr-3414	153	2	taxable	taxable	ADJ
fsr-3414	153	3	accounts	account	NOUN
fsr-3414	153	4	,	,	PUNCT
fsr-3414	153	5	the	the	DET
fsr-3414	153	6	additional	additional	ADJ
fsr-3414	153	7	trading	trading	NOUN
fsr-3414	153	8	required	require	VERB
fsr-3414	153	9	using	use	VERB
fsr-3414	153	10	letfs	letfs	PROPN
fsr-3414	153	11	will	will	AUX
fsr-3414	153	12	have	have	VERB
fsr-3414	153	13	a	a	DET
fsr-3414	153	14	greater	great	ADJ
fsr-3414	153	15	tax	tax	NOUN
fsr-3414	153	16	burden	burden	NOUN
fsr-3414	153	17	that	that	PRON
fsr-3414	153	18	could	could	AUX
fsr-3414	153	19	nullify	nullify	VERB
fsr-3414	153	20	any	any	DET
fsr-3414	153	21	excess	excess	ADJ
fsr-3414	153	22	returns	return	NOUN
fsr-3414	153	23	.	.	PUNCT
fsr-3414	154	1	these	these	DET
fsr-3414	154	2	tax	tax	NOUN
fsr-3414	154	3	effect	effect	NOUN
fsr-3414	154	4	differentials	differential	NOUN
fsr-3414	154	5	are	be	AUX
fsr-3414	154	6	discussed	discuss	VERB
fsr-3414	154	7	in	in	ADP
fsr-3414	154	8	the	the	DET
fsr-3414	154	9	empirical	empirical	ADJ
fsr-3414	154	10	results	result	NOUN
fsr-3414	154	11	.	.	PUNCT
fsr-3414	155	1	the	the	DET
fsr-3414	155	2	reported	report	VERB
fsr-3414	155	3	results	result	NOUN
fsr-3414	155	4	in	in	ADP
fsr-3414	155	5	this	this	DET
fsr-3414	155	6	research	research	NOUN
fsr-3414	155	7	are	be	AUX
fsr-3414	155	8	based	base	VERB
fsr-3414	155	9	on	on	ADP
fsr-3414	155	10	using	use	VERB
fsr-3414	155	11	a	a	DET
fsr-3414	155	12	10	10	NUM
fsr-3414	155	13	%	%	NOUN
fsr-3414	155	14	equity	equity	NOUN
fsr-3414	155	15	variance	variance	NOUN
fsr-3414	155	16	threshold	threshold	NOUN
fsr-3414	155	17	for	for	ADP
fsr-3414	155	18	rebalancing	rebalancing	NOUN
fsr-3414	155	19	.	.	PUNCT
fsr-3414	156	1	it	it	PRON
fsr-3414	156	2	should	should	AUX
fsr-3414	156	3	be	be	AUX
fsr-3414	156	4	noted	note	VERB
fsr-3414	156	5	24	24	NUM
fsr-3414	156	6	rebalances	rebalance	NOUN
fsr-3414	156	7	over	over	ADP
fsr-3414	156	8	72	72	NUM
fsr-3414	156	9	years	year	NOUN
fsr-3414	156	10	using	use	VERB
fsr-3414	156	11	standard	standard	ADJ
fsr-3414	156	12	etfs	etfs	PROPN
fsr-3414	156	13	might	might	AUX
fsr-3414	156	14	seem	seem	VERB
fsr-3414	156	15	small	small	ADJ
fsr-3414	156	16	but	but	CCONJ
fsr-3414	156	17	consider	consider	VERB
fsr-3414	156	18	a	a	DET
fsr-3414	156	19	20	20	NUM
fsr-3414	156	20	%	%	NOUN
fsr-3414	156	21	increase	increase	NOUN
fsr-3414	156	22	in	in	ADP
fsr-3414	156	23	equities	equity	NOUN
fsr-3414	156	24	.	.	PUNCT
fsr-3414	157	1	with	with	ADP
fsr-3414	157	2	an	an	DET
fsr-3414	157	3	initial	initial	ADJ
fsr-3414	157	4	$	$	SYM
fsr-3414	157	5	100	100	NUM
fsr-3414	157	6	portfolio	portfolio	NOUN
fsr-3414	157	7	,	,	PUNCT
fsr-3414	157	8	the	the	DET
fsr-3414	157	9	value	value	NOUN
fsr-3414	157	10	of	of	ADP
fsr-3414	157	11	equities	equity	NOUN
fsr-3414	157	12	would	would	AUX
fsr-3414	157	13	increase	increase	VERB
fsr-3414	157	14	from	from	ADP
fsr-3414	157	15	$	$	SYM
fsr-3414	157	16	70	70	NUM
fsr-3414	157	17	to	to	PART
fsr-3414	157	18	$	$	SYM
fsr-3414	157	19	84	84	NUM
fsr-3414	157	20	,	,	PUNCT
fsr-3414	157	21	but	but	CCONJ
fsr-3414	157	22	the	the	DET
fsr-3414	157	23	percentage	percentage	NOUN
fsr-3414	157	24	in	in	ADP
fsr-3414	157	25	equities	equity	NOUN
fsr-3414	157	26	only	only	ADV
fsr-3414	157	27	increases	increase	VERB
fsr-3414	157	28	to	to	ADP
fsr-3414	157	29	$	$	SYM
fsr-3414	157	30	84/$114	84/$114	NUM
fsr-3414	157	31	or	or	CCONJ
fsr-3414	157	32	73.7	73.7	NUM
fsr-3414	157	33	%	%	NOUN
fsr-3414	157	34	.	.	PUNCT
fsr-3414	158	1	this	this	PRON
fsr-3414	158	2	still	still	ADV
fsr-3414	158	3	does	do	AUX
fsr-3414	158	4	not	not	PART
fsr-3414	158	5	breach	breach	VERB
fsr-3414	158	6	the	the	DET
fsr-3414	158	7	10	10	NUM
fsr-3414	158	8	%	%	NOUN
fsr-3414	158	9	barrier	barrier	NOUN
fsr-3414	158	10	even	even	ADV
fsr-3414	158	11	with	with	ADP
fsr-3414	158	12	no	no	DET
fsr-3414	158	13	increase	increase	NOUN
fsr-3414	158	14	in	in	ADP
fsr-3414	158	15	the	the	DET
fsr-3414	158	16	bond	bond	NOUN
fsr-3414	158	17	position	position	NOUN
fsr-3414	158	18	.	.	PUNCT
fsr-3414	159	1	thus	thus	ADV
fsr-3414	159	2	,	,	PUNCT
fsr-3414	159	3	a	a	DET
fsr-3414	159	4	relatively	relatively	ADV
fsr-3414	159	5	large	large	ADJ
fsr-3414	159	6	move	move	NOUN
fsr-3414	159	7	is	be	AUX
fsr-3414	159	8	required	require	VERB
fsr-3414	159	9	to	to	PART
fsr-3414	159	10	breach	breach	VERB
fsr-3414	159	11	the	the	DET
fsr-3414	159	12	barrier	barrier	NOUN
fsr-3414	159	13	.	.	PUNCT
fsr-3414	160	1	a	a	DET
fsr-3414	160	2	variety	variety	NOUN
fsr-3414	160	3	of	of	ADP
fsr-3414	160	4	variance	variance	NOUN
fsr-3414	160	5	thresholds	threshold	NOUN
fsr-3414	160	6	are	be	AUX
fsr-3414	160	7	tested	test	VERB
fsr-3414	160	8	but	but	CCONJ
fsr-3414	160	9	return	return	VERB
fsr-3414	160	10	differences	difference	NOUN
fsr-3414	160	11	are	be	AUX
fsr-3414	160	12	not	not	PART
fsr-3414	160	13	significantly	significantly	ADV
fsr-3414	160	14	different	different	ADJ
fsr-3414	160	15	across	across	ADP
fsr-3414	160	16	portfolios	portfolio	NOUN
fsr-3414	160	17	based	base	VERB
fsr-3414	160	18	on	on	ADP
fsr-3414	160	19	rebalancing	rebalancing	NOUN
fsr-3414	160	20	rules	rule	NOUN
fsr-3414	160	21	.	.	PUNCT
fsr-3414	161	1	a	a	DET
fsr-3414	161	2	10	10	NUM
fsr-3414	161	3	%	%	NOUN
fsr-3414	161	4	threshold	threshold	NOUN
fsr-3414	161	5	effectively	effectively	ADV
fsr-3414	161	6	controls	control	VERB
fsr-3414	161	7	asset	asset	NOUN
fsr-3414	161	8	exposure	exposure	NOUN
fsr-3414	161	9	without	without	ADP
fsr-3414	161	10	requiring	require	VERB
fsr-3414	161	11	excessive	excessive	ADJ
fsr-3414	161	12	trading	trading	NOUN
fsr-3414	161	13	.	.	PUNCT
fsr-3414	162	1	thus	thus	ADV
fsr-3414	162	2	,	,	PUNCT
fsr-3414	162	3	only	only	ADV
fsr-3414	162	4	the	the	DET
fsr-3414	162	5	10	10	NUM
fsr-3414	162	6	%	%	NOUN
fsr-3414	162	7	variance	variance	NOUN
fsr-3414	162	8	threshold	threshold	NOUN
fsr-3414	162	9	is	be	AUX
fsr-3414	162	10	reported	report	VERB
fsr-3414	162	11	.	.	PUNCT
fsr-3414	163	1	4.2	4.2	NUM
fsr-3414	163	2	.	.	X
fsr-3414	163	3	2010	2010	NUM
fsr-3414	163	4	to	to	ADP
fsr-3414	163	5	2017	2017	NUM
fsr-3414	163	6	portfolio	portfolio	NOUN
fsr-3414	163	7	returns	return	NOUN
fsr-3414	163	8	table	table	NOUN
fsr-3414	163	9	4	4	NUM
fsr-3414	163	10	shows	show	VERB
fsr-3414	163	11	the	the	DET
fsr-3414	163	12	portfolio	portfolio	NOUN
fsr-3414	163	13	results	result	VERB
fsr-3414	163	14	for	for	ADP
fsr-3414	163	15	using	use	VERB
fsr-3414	163	16	the	the	DET
fsr-3414	163	17	etfs	etfs	NOUN
fsr-3414	163	18	and	and	CCONJ
fsr-3414	163	19	letfs	letfs	PROPN
fsr-3414	163	20	shown	show	VERB
fsr-3414	163	21	in	in	ADP
fsr-3414	163	22	table	table	NOUN
fsr-3414	163	23	1	1	NUM
fsr-3414	163	24	from	from	ADP
fsr-3414	163	25	2010	2010	NUM
fsr-3414	163	26	to	to	ADP
fsr-3414	163	27	2017	2017	NUM
fsr-3414	163	28	.	.	PUNCT
fsr-3414	164	1	the	the	DET
fsr-3414	164	2	average	average	ADJ
fsr-3414	164	3	annual	annual	ADJ
fsr-3414	164	4	portfolio	portfolio	NOUN
fsr-3414	164	5	return	return	NOUN
fsr-3414	164	6	using	use	VERB
fsr-3414	164	7	standard	standard	ADJ
fsr-3414	164	8	etfs	etfs	NOUN
fsr-3414	164	9	is	be	AUX
fsr-3414	164	10	10.26	10.26	NUM
fsr-3414	164	11	%	%	NOUN
fsr-3414	164	12	.	.	PUNCT
fsr-3414	165	1	using	use	VERB
fsr-3414	165	2	2x	2x	NUM
fsr-3414	165	3	letfs	letfs	PROPN
fsr-3414	165	4	with	with	ADP
fsr-3414	165	5	unit	unit	NOUN
fsr-3414	165	6	exposure	exposure	NOUN
fsr-3414	165	7	to	to	ADP
fsr-3414	165	8	the	the	DET
fsr-3414	165	9	underlying	underlie	VERB
fsr-3414	165	10	indexes	index	NOUN
fsr-3414	165	11	increases	increase	VERB
fsr-3414	165	12	this	this	DET
fsr-3414	165	13	average	average	ADJ
fsr-3414	165	14	return	return	NOUN
fsr-3414	165	15	to	to	ADP
fsr-3414	165	16	11.19	11.19	NUM
fsr-3414	165	17	%	%	NOUN
fsr-3414	165	18	,	,	PUNCT
fsr-3414	165	19	while	while	SCONJ
fsr-3414	165	20	using	use	VERB
fsr-3414	165	21	3x	3x	PROPN
fsr-3414	165	22	letfs	letfs	PROPN
fsr-3414	165	23	increases	increase	VERB
fsr-3414	165	24	this	this	DET
fsr-3414	165	25	return	return	NOUN
fsr-3414	165	26	to	to	ADP
fsr-3414	165	27	12.06	12.06	NUM
fsr-3414	165	28	%	%	NOUN
fsr-3414	165	29	.	.	PUNCT
fsr-3414	166	1	in	in	ADP
fsr-3414	166	2	any	any	DET
fsr-3414	166	3	individual	individual	ADJ
fsr-3414	166	4	year	year	NOUN
fsr-3414	166	5	,	,	PUNCT
fsr-3414	166	6	the	the	DET
fsr-3414	166	7	portfolio	portfolio	NOUN
fsr-3414	166	8	returns	return	NOUN
fsr-3414	166	9	are	be	AUX
fsr-3414	166	10	relatively	relatively	ADV
fsr-3414	166	11	similar	similar	ADJ
fsr-3414	166	12	demonstrating	demonstrating	NOUN
fsr-3414	166	13	the	the	DET
fsr-3414	166	14	use	use	NOUN
fsr-3414	166	15	of	of	ADP
fsr-3414	166	16	letfs	letfs	PROPN
fsr-3414	166	17	does	do	AUX
fsr-3414	166	18	not	not	PART
fsr-3414	166	19	result	result	VERB
fsr-3414	166	20	in	in	ADP
fsr-3414	166	21	any	any	DET
fsr-3414	166	22	discernable	discernable	ADJ
fsr-3414	166	23	increases	increase	NOUN
fsr-3414	166	24	in	in	ADP
fsr-3414	166	25	risk	risk	NOUN
fsr-3414	166	26	.	.	PUNCT
fsr-3414	167	1	table	table	NOUN
fsr-3414	167	2	3	3	NUM
fsr-3414	167	3	equity	equity	NOUN
fsr-3414	167	4	portfolio	portfolio	NOUN
fsr-3414	167	5	exposure	exposure	NOUN
fsr-3414	167	6	for	for	ADP
fsr-3414	167	7	etf	etf	NOUN
fsr-3414	167	8	and	and	CCONJ
fsr-3414	167	9	letfs	letfs	PROPN
fsr-3414	167	10	standard	standard	PROPN
fsr-3414	167	11	etfs	etfs	PROPN
fsr-3414	167	12	2x	2x	NUM
fsr-3414	167	13	letfs	letfs	PROPN
fsr-3414	167	14	3x	3x	PROPN
fsr-3414	167	15	letfs	letfs	PROPN
fsr-3414	167	16	monthly	monthly	ADJ
fsr-3414	167	17	10	10	NUM
fsr-3414	167	18	%	%	NOUN
fsr-3414	167	19	rebal	rebal	ADJ
fsr-3414	167	20	monthly	monthly	ADJ
fsr-3414	167	21	10	10	NUM
fsr-3414	167	22	%	%	NOUN
fsr-3414	167	23	rebal	rebal	ADJ
fsr-3414	167	24	monthly	monthly	ADJ
fsr-3414	167	25	10	10	NUM
fsr-3414	167	26	%	%	NOUN
fsr-3414	167	27	rebal	rebal	ADJ
fsr-3414	167	28	average	average	NOUN
fsr-3414	167	29	70.08	70.08	NUM
fsr-3414	167	30	%	%	NOUN
fsr-3414	167	31	71.59	71.59	NUM
fsr-3414	167	32	%	%	NOUN
fsr-3414	167	33	70.44	70.44	NUM
fsr-3414	167	34	%	%	NOUN
fsr-3414	167	35	71.05	71.05	NUM
fsr-3414	167	36	%	%	NOUN
fsr-3414	167	37	70.87	70.87	NUM
fsr-3414	167	38	%	%	NOUN
fsr-3414	167	39	70.94	70.94	NUM
fsr-3414	167	40	%	%	NOUN
fsr-3414	167	41	standard	standard	ADJ
fsr-3414	167	42	deviation	deviation	NOUN
fsr-3414	167	43	0.98	0.98	NUM
fsr-3414	167	44	%	%	NOUN
fsr-3414	167	45	2.80	2.80	NUM
fsr-3414	167	46	%	%	NOUN
fsr-3414	167	47	3.91	3.91	NUM
fsr-3414	167	48	%	%	NOUN
fsr-3414	167	49	3.10	3.10	NUM
fsr-3414	167	50	%	%	NOUN
fsr-3414	167	51	6.86	6.86	NUM
fsr-3414	167	52	%	%	NOUN
fsr-3414	167	53	3.41	3.41	NUM
fsr-3414	167	54	%	%	NOUN
fsr-3414	167	55	min	min	NOUN
fsr-3414	167	56	62.65	62.65	NUM
fsr-3414	167	57	%	%	NOUN
fsr-3414	167	58	62.59	62.59	NUM
fsr-3414	167	59	%	%	NOUN
fsr-3414	167	60	43.28	43.28	NUM
fsr-3414	167	61	%	%	NOUN
fsr-3414	167	62	51.22	51.22	NUM
fsr-3414	167	63	%	%	NOUN
fsr-3414	167	64	26.72	26.72	NUM
fsr-3414	167	65	%	%	NOUN
fsr-3414	167	66	36.91	36.91	NUM
fsr-3414	167	67	%	%	NOUN
fsr-3414	167	68	max	max	PROPN
fsr-3414	167	69	73.44	73.44	NUM
fsr-3414	167	70	%	%	NOUN
fsr-3414	167	71	77.28	77.28	NUM
fsr-3414	167	72	%	%	NOUN
fsr-3414	167	73	83.98	83.98	NUM
fsr-3414	167	74	%	%	NOUN
fsr-3414	167	75	81.03	81.03	NUM
fsr-3414	167	76	%	%	NOUN
fsr-3414	167	77	96.92	96.92	NUM
fsr-3414	167	78	%	%	NOUN
fsr-3414	167	79	85.34	85.34	NUM
fsr-3414	167	80	%	%	NOUN
fsr-3414	167	81	note	note	NOUN
fsr-3414	167	82	:	:	PUNCT
fsr-3414	167	83	summary	summary	NOUN
fsr-3414	167	84	of	of	ADP
fsr-3414	167	85	portfolio	portfolio	NOUN
fsr-3414	167	86	exposure	exposure	NOUN
fsr-3414	167	87	for	for	ADP
fsr-3414	167	88	etf	etf	NOUN
fsr-3414	167	89	and	and	CCONJ
fsr-3414	167	90	letfs	letfs	PROPN
fsr-3414	167	91	from	from	ADP
fsr-3414	167	92	1946	1946	NUM
fsr-3414	167	93	to	to	ADP
fsr-3414	167	94	2017	2017	NUM
fsr-3414	167	95	based	base	VERB
fsr-3414	167	96	on	on	ADP
fsr-3414	167	97	monthly	monthly	ADJ
fsr-3414	167	98	and	and	CCONJ
fsr-3414	167	99	10	10	NUM
fsr-3414	167	100	%	%	NOUN
fsr-3414	167	101	threshold	threshold	NOUN
fsr-3414	167	102	rebalancing	rebalancing	NOUN
fsr-3414	167	103	.	.	PUNCT
fsr-3414	168	1	initial	initial	ADJ
fsr-3414	168	2	and	and	CCONJ
fsr-3414	168	3	rebalanced	rebalance	VERB
fsr-3414	168	4	weights	weight	NOUN
fsr-3414	168	5	are	be	AUX
fsr-3414	168	6	70	70	NUM
fsr-3414	168	7	%	%	NOUN
fsr-3414	168	8	equities	equity	NOUN
fsr-3414	168	9	,	,	PUNCT
fsr-3414	168	10	30	30	NUM
fsr-3414	168	11	%	%	NOUN
fsr-3414	168	12	bonds	bond	NOUN
fsr-3414	168	13	.	.	PUNCT
fsr-3414	169	1	weights	weight	NOUN
fsr-3414	169	2	for	for	ADP
fsr-3414	169	3	the	the	DET
fsr-3414	169	4	letfs	letfs	PROPN
fsr-3414	169	5	are	be	AUX
fsr-3414	169	6	effective	effective	ADJ
fsr-3414	169	7	exposure	exposure	NOUN
fsr-3414	169	8	.	.	PUNCT
fsr-3414	170	1	42	42	NUM
fsr-3414	170	2	w.j	w.j	PROPN
fsr-3414	170	3	.	.	PROPN
fsr-3414	170	4	trainor	trainor	PROPN
fsr-3414	170	5	et	et	PROPN
fsr-3414	170	6	al	al	PROPN
fsr-3414	170	7	.	.	PUNCT
fsr-3414	170	8	/	/	SYM
fsr-3414	170	9	financial	financial	ADJ
fsr-3414	170	10	services	service	NOUN
fsr-3414	170	11	review	review	VERB
fsr-3414	170	12	28	28	NUM
fsr-3414	170	13	(	(	PUNCT
fsr-3414	170	14	2020	2020	NUM
fsr-3414	170	15	)	)	PUNCT
fsr-3414	170	16	35	35	NUM
fsr-3414	170	17	-	-	SYM
fsr-3414	170	18	48	48	NUM
fsr-3414	170	19	as	as	SCONJ
fsr-3414	170	20	expected	expect	VERB
fsr-3414	170	21	,	,	PUNCT
fsr-3414	170	22	the	the	DET
fsr-3414	170	23	letf	letf	ADJ
fsr-3414	170	24	portfolio	portfolio	NOUN
fsr-3414	170	25	returns	return	NOUN
fsr-3414	170	26	relative	relative	ADJ
fsr-3414	170	27	to	to	ADP
fsr-3414	170	28	using	use	VERB
fsr-3414	170	29	standard	standard	ADJ
fsr-3414	170	30	etfs	etfs	NOUN
fsr-3414	170	31	rely	rely	VERB
fsr-3414	170	32	heavily	heavily	ADV
fsr-3414	170	33	on	on	ADP
fsr-3414	170	34	the	the	DET
fsr-3414	170	35	return	return	NOUN
fsr-3414	170	36	to	to	ADP
fsr-3414	170	37	the	the	DET
fsr-3414	170	38	aggregate	aggregate	ADJ
fsr-3414	170	39	bond	bond	NOUN
fsr-3414	170	40	portfolio	portfolio	NOUN
fsr-3414	170	41	(	(	PUNCT
fsr-3414	170	42	bnd	bnd	PROPN
fsr-3414	170	43	)	)	PUNCT
fsr-3414	170	44	.	.	PUNCT
fsr-3414	171	1	in	in	ADP
fsr-3414	171	2	2013	2013	NUM
fsr-3414	171	3	,	,	PUNCT
fsr-3414	171	4	the	the	DET
fsr-3414	171	5	bnd	bnd	PROPN
fsr-3414	171	6	etf	etf	NOUN
fsr-3414	171	7	has	have	VERB
fsr-3414	171	8	a	a	DET
fsr-3414	171	9	return	return	NOUN
fsr-3414	171	10	of	of	ADP
fsr-3414	171	11	�	�	NOUN
fsr-3414	171	12	2.10	2.10	NUM
fsr-3414	171	13	%	%	NOUN
fsr-3414	171	14	which	which	PRON
fsr-3414	171	15	leads	lead	VERB
fsr-3414	171	16	to	to	ADP
fsr-3414	171	17	letf	letf	ADJ
fsr-3414	171	18	portfolios	portfolio	NOUN
fsr-3414	171	19	underperforming	underperform	VERB
fsr-3414	171	20	.	.	PUNCT
fsr-3414	172	1	in	in	ADP
fsr-3414	172	2	2015	2015	NUM
fsr-3414	172	3	,	,	PUNCT
fsr-3414	172	4	the	the	DET
fsr-3414	172	5	bnd	bnd	PROPN
fsr-3414	172	6	return	return	NOUN
fsr-3414	172	7	is	be	AUX
fsr-3414	172	8	0.56	0.56	NUM
fsr-3414	172	9	%	%	NOUN
fsr-3414	172	10	also	also	ADV
fsr-3414	172	11	resulting	result	VERB
fsr-3414	172	12	in	in	ADP
fsr-3414	172	13	slight	slight	ADJ
fsr-3414	172	14	underperformance	underperformance	NOUN
fsr-3414	172	15	by	by	ADP
fsr-3414	172	16	letf	letf	ADJ
fsr-3414	172	17	portfolios	portfolio	NOUN
fsr-3414	172	18	.	.	PUNCT
fsr-3414	173	1	however	however	ADV
fsr-3414	173	2	,	,	PUNCT
fsr-3414	173	3	in	in	ADP
fsr-3414	173	4	2010	2010	NUM
fsr-3414	173	5	,	,	PUNCT
fsr-3414	173	6	2011	2011	NUM
fsr-3414	173	7	,	,	PUNCT
fsr-3414	173	8	2012	2012	NUM
fsr-3414	173	9	,	,	PUNCT
fsr-3414	173	10	2014	2014	NUM
fsr-3414	173	11	,	,	PUNCT
fsr-3414	173	12	2016	2016	NUM
fsr-3414	173	13	,	,	PUNCT
fsr-3414	173	14	and	and	CCONJ
fsr-3414	173	15	2017	2017	NUM
fsr-3414	173	16	when	when	SCONJ
fsr-3414	173	17	the	the	DET
fsr-3414	173	18	aggregate	aggregate	ADJ
fsr-3414	173	19	bond	bond	NOUN
fsr-3414	173	20	fund	fund	NOUN
fsr-3414	173	21	did	do	VERB
fsr-3414	173	22	relatively	relatively	ADV
fsr-3414	173	23	well	well	ADV
fsr-3414	173	24	,	,	PUNCT
fsr-3414	173	25	the	the	DET
fsr-3414	173	26	letf	letf	ADJ
fsr-3414	173	27	portfolios	portfolio	NOUN
fsr-3414	173	28	outperform	outperform	VERB
fsr-3414	173	29	by	by	ADP
fsr-3414	173	30	up	up	ADP
fsr-3414	173	31	to	to	PART
fsr-3414	173	32	five	five	NUM
fsr-3414	173	33	percent	percent	NOUN
fsr-3414	173	34	over	over	ADP
fsr-3414	173	35	a	a	DET
fsr-3414	173	36	traditional	traditional	ADJ
fsr-3414	173	37	portfolio	portfolio	NOUN
fsr-3414	173	38	(	(	PUNCT
fsr-3414	173	39	see	see	VERB
fsr-3414	173	40	the	the	DET
fsr-3414	173	41	3x	3x	NUM
fsr-3414	173	42	letf	letf	ADJ
fsr-3414	173	43	portfolio	portfolio	NOUN
fsr-3414	173	44	in	in	ADP
fsr-3414	173	45	2011	2011	NUM
fsr-3414	173	46	)	)	PUNCT
fsr-3414	173	47	.	.	PUNCT
fsr-3414	174	1	on	on	ADP
fsr-3414	174	2	average	average	ADJ
fsr-3414	174	3	,	,	PUNCT
fsr-3414	174	4	even	even	ADV
fsr-3414	174	5	under	under	ADP
fsr-3414	174	6	a	a	DET
fsr-3414	174	7	near	near	ADJ
fsr-3414	174	8	zero	zero	NUM
fsr-3414	174	9	interest	interest	NOUN
fsr-3414	174	10	rate	rate	NOUN
fsr-3414	174	11	environment	environment	NOUN
fsr-3414	174	12	over	over	ADP
fsr-3414	174	13	the	the	DET
fsr-3414	174	14	last	last	ADJ
fsr-3414	174	15	eight	eight	NUM
fsr-3414	174	16	years	year	NOUN
fsr-3414	174	17	,	,	PUNCT
fsr-3414	174	18	a	a	DET
fsr-3414	174	19	portfolio	portfolio	NOUN
fsr-3414	174	20	of	of	ADP
fsr-3414	174	21	letfs	letfs	PROPN
fsr-3414	174	22	outperforms	outperform	VERB
fsr-3414	174	23	a	a	DET
fsr-3414	174	24	traditional	traditional	ADJ
fsr-3414	174	25	portfolio	portfolio	NOUN
fsr-3414	174	26	.	.	PUNCT
fsr-3414	175	1	the	the	DET
fsr-3414	175	2	100	100	NUM
fsr-3414	175	3	%	%	NOUN
fsr-3414	175	4	in	in	ADP
fsr-3414	175	5	2x	2x	NUM
fsr-3414	175	6	and	and	CCONJ
fsr-3414	175	7	67	67	NUM
fsr-3414	175	8	%	%	NOUN
fsr-3414	175	9	in	in	ADP
fsr-3414	175	10	3x	3x	PROPN
fsr-3414	175	11	columns	column	NOUN
fsr-3414	175	12	show	show	VERB
fsr-3414	175	13	the	the	DET
fsr-3414	175	14	returns	return	NOUN
fsr-3414	175	15	for	for	ADP
fsr-3414	175	16	doubling	double	VERB
fsr-3414	175	17	the	the	DET
fsr-3414	175	18	exposure	exposure	NOUN
fsr-3414	175	19	to	to	ADP
fsr-3414	175	20	the	the	DET
fsr-3414	175	21	underlying	underlie	VERB
fsr-3414	175	22	indexes	index	NOUN
fsr-3414	175	23	.	.	PUNCT
fsr-3414	176	1	returns	return	NOUN
fsr-3414	176	2	for	for	ADP
fsr-3414	176	3	most	most	ADJ
fsr-3414	176	4	years	year	NOUN
fsr-3414	176	5	are	be	AUX
fsr-3414	176	6	approximately	approximately	ADV
fsr-3414	176	7	doubled	double	VERB
fsr-3414	176	8	,	,	PUNCT
fsr-3414	176	9	but	but	CCONJ
fsr-3414	176	10	so	so	ADV
fsr-3414	176	11	are	be	AUX
fsr-3414	176	12	the	the	DET
fsr-3414	176	13	standard	standard	ADJ
fsr-3414	176	14	deviations	deviation	NOUN
fsr-3414	176	15	.	.	PUNCT
fsr-3414	177	1	the	the	DET
fsr-3414	177	2	compounding	compound	VERB
fsr-3414	177	3	issue	issue	NOUN
fsr-3414	177	4	is	be	AUX
fsr-3414	177	5	easily	easily	ADV
fsr-3414	177	6	seen	see	VERB
fsr-3414	177	7	in	in	ADP
fsr-3414	177	8	2011	2011	NUM
fsr-3414	177	9	as	as	SCONJ
fsr-3414	177	10	the	the	DET
fsr-3414	177	11	etf	etf	NOUN
fsr-3414	177	12	portfolio	portfolio	NOUN
fsr-3414	177	13	is	be	AUX
fsr-3414	177	14	slightly	slightly	ADV
fsr-3414	177	15	positive	positive	ADJ
fsr-3414	177	16	,	,	PUNCT
fsr-3414	177	17	but	but	CCONJ
fsr-3414	177	18	the	the	DET
fsr-3414	177	19	fully	fully	ADV
fsr-3414	177	20	leveraged	leverage	VERB
fsr-3414	177	21	2x	2x	NUM
fsr-3414	177	22	portfolio	portfolio	NOUN
fsr-3414	177	23	is	be	AUX
fsr-3414	177	24	negative	negative	ADJ
fsr-3414	177	25	.	.	PUNCT
fsr-3414	178	1	finally	finally	ADV
fsr-3414	178	2	,	,	PUNCT
fsr-3414	178	3	the	the	DET
fsr-3414	178	4	portfolio	portfolio	NOUN
fsr-3414	178	5	using	use	VERB
fsr-3414	178	6	3x	3x	PROPN
fsr-3414	178	7	letfs	letfs	PROPN
fsr-3414	178	8	to	to	PART
fsr-3414	178	9	create	create	VERB
fsr-3414	178	10	exposure	exposure	NOUN
fsr-3414	178	11	equivalent	equivalent	ADJ
fsr-3414	178	12	to	to	ADP
fsr-3414	178	13	the	the	DET
fsr-3414	178	14	2x	2x	NUM
fsr-3414	178	15	letfs	letfs	PROPN
fsr-3414	178	16	outperforms	outperform	VERB
fsr-3414	178	17	the	the	DET
fsr-3414	178	18	2x	2x	NUM
fsr-3414	178	19	letf	letf	ADJ
fsr-3414	178	20	portfolio	portfolio	NOUN
fsr-3414	178	21	by	by	ADP
fsr-3414	178	22	approximately	approximately	ADV
fsr-3414	178	23	1.5	1.5	NUM
fsr-3414	178	24	%	%	NOUN
fsr-3414	178	25	annually	annually	ADV
fsr-3414	178	26	.	.	PUNCT
fsr-3414	179	1	to	to	PART
fsr-3414	179	2	further	far	ADV
fsr-3414	179	3	break	break	VERB
fsr-3414	179	4	down	down	ADP
fsr-3414	179	5	the	the	DET
fsr-3414	179	6	performance	performance	NOUN
fsr-3414	179	7	of	of	ADP
fsr-3414	179	8	letfs	letfs	PROPN
fsr-3414	179	9	relative	relative	ADJ
fsr-3414	179	10	to	to	ADP
fsr-3414	179	11	comparable	comparable	ADJ
fsr-3414	179	12	etfs	etfs	NOUN
fsr-3414	179	13	,	,	PUNCT
fsr-3414	179	14	table	table	NOUN
fsr-3414	179	15	5	5	NUM
fsr-3414	179	16	shows	show	VERB
fsr-3414	179	17	the	the	DET
fsr-3414	179	18	returns	return	NOUN
fsr-3414	179	19	as	as	SCONJ
fsr-3414	179	20	if	if	SCONJ
fsr-3414	179	21	100	100	NUM
fsr-3414	179	22	%	%	NOUN
fsr-3414	179	23	is	be	AUX
fsr-3414	179	24	invested	invest	VERB
fsr-3414	179	25	in	in	ADP
fsr-3414	179	26	each	each	DET
fsr-3414	179	27	asset	asset	NOUN
fsr-3414	179	28	class	class	NOUN
fsr-3414	179	29	relative	relative	ADJ
fsr-3414	179	30	to	to	ADP
fsr-3414	179	31	50	50	NUM
fsr-3414	179	32	%	%	NOUN
fsr-3414	179	33	in	in	ADP
fsr-3414	179	34	the	the	DET
fsr-3414	179	35	2x	2x	NUM
fsr-3414	179	36	letf	letf	ADJ
fsr-3414	179	37	table	table	NOUN
fsr-3414	179	38	4	4	NUM
fsr-3414	179	39	portfolio	portfolio	NOUN
fsr-3414	179	40	returns	return	NOUN
fsr-3414	179	41	from	from	ADP
fsr-3414	179	42	2010	2010	NUM
fsr-3414	179	43	to	to	ADP
fsr-3414	179	44	2017	2017	NUM
fsr-3414	179	45	etfs	etfs	NOUN
fsr-3414	179	46	50	50	NUM
fsr-3414	179	47	%	%	NOUN
fsr-3414	179	48	in	in	ADP
fsr-3414	179	49	2x	2x	NUM
fsr-3414	179	50	33	33	NUM
fsr-3414	179	51	%	%	NOUN
fsr-3414	179	52	in	in	ADP
fsr-3414	179	53	3x	3x	NUM
fsr-3414	179	54	100	100	NUM
fsr-3414	179	55	%	%	NOUN
fsr-3414	179	56	in	in	ADP
fsr-3414	179	57	2x	2x	NUM
fsr-3414	179	58	67	67	NUM
fsr-3414	179	59	%	%	NOUN
fsr-3414	179	60	in	in	ADP
fsr-3414	179	61	3x	3x	PROPN
fsr-3414	179	62	bnd	bnd	NOUN
fsr-3414	179	63	return	return	VERB
fsr-3414	179	64	2010	2010	NUM
fsr-3414	179	65	17.11	17.11	NUM
fsr-3414	179	66	%	%	NOUN
fsr-3414	179	67	19.98	19.98	NUM
fsr-3414	179	68	%	%	NOUN
fsr-3414	179	69	20.17	20.17	NUM
fsr-3414	179	70	%	%	NOUN
fsr-3414	179	71	30.57	30.57	NUM
fsr-3414	179	72	%	%	NOUN
fsr-3414	179	73	34.52	34.52	NUM
fsr-3414	179	74	%	%	NOUN
fsr-3414	179	75	4.94	4.94	NUM
fsr-3414	179	76	%	%	NOUN
fsr-3414	179	77	2011	2011	NUM
fsr-3414	179	78	0.42	0.42	NUM
fsr-3414	179	79	%	%	NOUN
fsr-3414	179	80	2.78	2.78	NUM
fsr-3414	179	81	%	%	NOUN
fsr-3414	179	82	5.34	5.34	NUM
fsr-3414	179	83	%	%	NOUN
fsr-3414	179	84	�	�	NOUN
fsr-3414	179	85	3.77	3.77	NUM
fsr-3414	179	86	%	%	NOUN
fsr-3414	179	87	�	�	NOUN
fsr-3414	179	88	1.82	1.82	NUM
fsr-3414	179	89	%	%	NOUN
fsr-3414	179	90	7.92	7.92	NUM
fsr-3414	179	91	%	%	NOUN
fsr-3414	179	92	2012	2012	NUM
fsr-3414	179	93	13.62	13.62	NUM
fsr-3414	179	94	%	%	NOUN
fsr-3414	179	95	15.11	15.11	NUM
fsr-3414	179	96	%	%	NOUN
fsr-3414	179	97	16.62	16.62	NUM
fsr-3414	179	98	%	%	NOUN
fsr-3414	179	99	25.29	25.29	NUM
fsr-3414	179	100	%	%	NOUN
fsr-3414	179	101	28.44	28.44	NUM
fsr-3414	179	102	%	%	NOUN
fsr-3414	179	103	3.89	3.89	NUM
fsr-3414	179	104	%	%	NOUN
fsr-3414	179	105	2013	2013	NUM
fsr-3414	179	106	17.19	17.19	NUM
fsr-3414	179	107	%	%	NOUN
fsr-3414	179	108	14.85	14.85	NUM
fsr-3414	179	109	%	%	NOUN
fsr-3414	179	110	14.03	14.03	NUM
fsr-3414	179	111	%	%	NOUN
fsr-3414	179	112	34.88	34.88	NUM
fsr-3414	179	113	%	%	NOUN
fsr-3414	179	114	33.28	33.28	NUM
fsr-3414	179	115	%	%	NOUN
fsr-3414	179	116	�	�	NOUN
fsr-3414	179	117	2.10	2.10	NUM
fsr-3414	179	118	%	%	NOUN
fsr-3414	179	119	2014	2014	NUM
fsr-3414	179	120	8.43	8.43	NUM
fsr-3414	179	121	%	%	NOUN
fsr-3414	179	122	10.13	10.13	NUM
fsr-3414	179	123	%	%	NOUN
fsr-3414	179	124	12.55	12.55	NUM
fsr-3414	179	125	%	%	NOUN
fsr-3414	179	126	14.29	14.29	NUM
fsr-3414	179	127	%	%	NOUN
fsr-3414	179	128	16.46	16.46	NUM
fsr-3414	179	129	%	%	NOUN
fsr-3414	179	130	5.82	5.82	NUM
fsr-3414	179	131	%	%	NOUN
fsr-3414	179	132	2015	2015	NUM
fsr-3414	179	133	�	�	NOUN
fsr-3414	179	134	1.77	1.77	NUM
fsr-3414	179	135	%	%	NOUN
fsr-3414	179	136	�	�	NOUN
fsr-3414	179	137	1.99	1.99	NUM
fsr-3414	179	138	%	%	NOUN
fsr-3414	179	139	�	�	PROPN
fsr-3414	179	140	2.06	2.06	NUM
fsr-3414	179	141	%	%	NOUN
fsr-3414	179	142	�	�	NOUN
fsr-3414	179	143	6.17	6.17	NUM
fsr-3414	179	144	%	%	NOUN
fsr-3414	179	145	�	�	PROPN
fsr-3414	179	146	6.88	6.88	NUM
fsr-3414	179	147	%	%	NOUN
fsr-3414	179	148	0.56	0.56	NUM
fsr-3414	179	149	%	%	NOUN
fsr-3414	179	150	2016	2016	NUM
fsr-3414	179	151	9.83	9.83	NUM
fsr-3414	179	152	%	%	NOUN
fsr-3414	179	153	10.25	10.25	NUM
fsr-3414	179	154	%	%	NOUN
fsr-3414	179	155	11.54	11.54	NUM
fsr-3414	179	156	%	%	NOUN
fsr-3414	179	157	16.21	16.21	NUM
fsr-3414	179	158	%	%	NOUN
fsr-3414	179	159	18.02	18.02	NUM
fsr-3414	179	160	%	%	NOUN
fsr-3414	179	161	2.53	2.53	NUM
fsr-3414	179	162	%	%	NOUN
fsr-3414	179	163	2017	2017	NUM
fsr-3414	179	164	17.21	17.21	NUM
fsr-3414	179	165	%	%	NOUN
fsr-3414	179	166	18.44	18.44	NUM
fsr-3414	179	167	%	%	NOUN
fsr-3414	179	168	18.31	18.31	NUM
fsr-3414	179	169	%	%	NOUN
fsr-3414	179	170	34.90	34.90	NUM
fsr-3414	179	171	%	%	NOUN
fsr-3414	179	172	36.62	36.62	NUM
fsr-3414	179	173	%	%	NOUN
fsr-3414	179	174	3.57	3.57	NUM
fsr-3414	179	175	%	%	NOUN
fsr-3414	179	176	average	average	ADJ
fsr-3414	179	177	10.26	10.26	NUM
fsr-3414	179	178	%	%	NOUN
fsr-3414	179	179	11.19	11.19	NUM
fsr-3414	179	180	%	%	NOUN
fsr-3414	179	181	12.06	12.06	NUM
fsr-3414	179	182	%	%	NOUN
fsr-3414	179	183	18.27	18.27	NUM
fsr-3414	179	184	%	%	NOUN
fsr-3414	179	185	19.83	19.83	NUM
fsr-3414	179	186	%	%	NOUN
fsr-3414	179	187	3.39	3.39	NUM
fsr-3414	179	188	%	%	NOUN
fsr-3414	179	189	standard	standard	ADJ
fsr-3414	179	190	deviation	deviation	NOUN
fsr-3414	179	191	7.56	7.56	NUM
fsr-3414	179	192	%	%	NOUN
fsr-3414	179	193	7.61	7.61	NUM
fsr-3414	179	194	%	%	NOUN
fsr-3414	179	195	7.31	7.31	NUM
fsr-3414	179	196	%	%	NOUN
fsr-3414	179	197	16.28	16.28	NUM
fsr-3414	179	198	%	%	NOUN
fsr-3414	179	199	16.69	16.69	NUM
fsr-3414	179	200	%	%	NOUN
fsr-3414	179	201	3.12	3.12	NUM
fsr-3414	179	202	%	%	NOUN
fsr-3414	179	203	note	note	NOUN
fsr-3414	179	204	:	:	PUNCT
fsr-3414	179	205	annual	annual	ADJ
fsr-3414	179	206	returns	return	NOUN
fsr-3414	179	207	for	for	ADP
fsr-3414	179	208	a	a	DET
fsr-3414	179	209	portfolio	portfolio	NOUN
fsr-3414	179	210	of	of	ADP
fsr-3414	179	211	etfs	etfs	PROPN
fsr-3414	179	212	,	,	PUNCT
fsr-3414	179	213	2x	2x	NUM
fsr-3414	179	214	letfs	letfs	PROPN
fsr-3414	179	215	,	,	PUNCT
fsr-3414	179	216	and	and	CCONJ
fsr-3414	179	217	3x	3x	NUM
fsr-3414	179	218	letfs	letfs	PROPN
fsr-3414	179	219	along	along	ADP
fsr-3414	179	220	with	with	ADP
fsr-3414	179	221	the	the	DET
fsr-3414	179	222	bnd	bnd	PROPN
fsr-3414	179	223	etf	etf	NOUN
fsr-3414	179	224	returns	return	NOUN
fsr-3414	179	225	to	to	PART
fsr-3414	179	226	show	show	VERB
fsr-3414	179	227	what	what	PRON
fsr-3414	179	228	return	return	VERB
fsr-3414	179	229	the	the	DET
fsr-3414	179	230	excess	excess	ADJ
fsr-3414	179	231	wealth	wealth	NOUN
fsr-3414	179	232	from	from	ADP
fsr-3414	179	233	letf	letf	ADJ
fsr-3414	179	234	portfolios	portfolio	NOUN
fsr-3414	179	235	attained	attain	VERB
fsr-3414	179	236	.	.	PUNCT
fsr-3414	180	1	table	table	NOUN
fsr-3414	180	2	5	5	NUM
fsr-3414	180	3	100	100	NUM
fsr-3414	180	4	%	%	NOUN
fsr-3414	180	5	effective	effective	ADJ
fsr-3414	180	6	exposure	exposure	NOUN
fsr-3414	180	7	for	for	ADP
fsr-3414	180	8	etf	etf	NOUN
fsr-3414	180	9	and	and	CCONJ
fsr-3414	180	10	corresponding	correspond	VERB
fsr-3414	180	11	letfs	letfs	PROPN
fsr-3414	180	12	etf	etf	PROPN
fsr-3414	180	13	asset	asset	PROPN
fsr-3414	180	14	etf	etf	NOUN
fsr-3414	180	15	etf	etf	PROPN
fsr-3414	180	16	2x	2x	NUM
fsr-3414	180	17	relative	relative	ADJ
fsr-3414	180	18	3x	3x	PROPN
fsr-3414	180	19	relative	relative	ADJ
fsr-3414	180	20	ticker	ticker	NOUN
fsr-3414	180	21	class	class	NOUN
fsr-3414	180	22	average	average	ADJ
fsr-3414	180	23	return	return	NOUN
fsr-3414	180	24	standard	standard	ADJ
fsr-3414	180	25	deviation	deviation	NOUN
fsr-3414	180	26	performance	performance	NOUN
fsr-3414	180	27	performance	performance	NOUN
fsr-3414	180	28	spy	spy	NOUN
fsr-3414	180	29	large	large	ADJ
fsr-3414	180	30	cap	cap	NOUN
fsr-3414	180	31	14.50	14.50	NUM
fsr-3414	180	32	%	%	NOUN
fsr-3414	180	33	10.15	10.15	NUM
fsr-3414	180	34	%	%	NOUN
fsr-3414	180	35	�	�	NOUN
fsr-3414	180	36	0.99	0.99	NUM
fsr-3414	180	37	%	%	NOUN
fsr-3414	180	38	�	�	NOUN
fsr-3414	180	39	0.67	0.67	NUM
fsr-3414	180	40	%	%	NOUN
fsr-3414	180	41	ijh	ijh	VERB
fsr-3414	180	42	mid	mid	ADJ
fsr-3414	180	43	cap	cap	NOUN
fsr-3414	180	44	15.11	15.11	NUM
fsr-3414	180	45	%	%	NOUN
fsr-3414	180	46	12.88	12.88	NUM
fsr-3414	180	47	%	%	NOUN
fsr-3414	180	48	�	�	NOUN
fsr-3414	180	49	0.68	0.68	NUM
fsr-3414	180	50	%	%	NOUN
fsr-3414	180	51	�	�	NOUN
fsr-3414	180	52	1.08	1.08	NUM
fsr-3414	180	53	%	%	NOUN
fsr-3414	180	54	iwm	iwm	NOUN
fsr-3414	180	55	small	small	ADJ
fsr-3414	180	56	cap	cap	NOUN
fsr-3414	180	57	14.51	14.51	NUM
fsr-3414	180	58	%	%	NOUN
fsr-3414	180	59	15.31	15.31	NUM
fsr-3414	180	60	%	%	NOUN
fsr-3414	180	61	�	�	NOUN
fsr-3414	180	62	0.88	0.88	NUM
fsr-3414	180	63	%	%	NOUN
fsr-3414	180	64	�	�	NOUN
fsr-3414	180	65	1.23	1.23	NUM
fsr-3414	180	66	%	%	NOUN
fsr-3414	180	67	efa	efa	PROPN
fsr-3414	180	68	developed	develop	VERB
fsr-3414	180	69	7.28	7.28	NUM
fsr-3414	180	70	%	%	NOUN
fsr-3414	180	71	13.78	13.78	NUM
fsr-3414	180	72	%	%	NOUN
fsr-3414	180	73	�	�	PROPN
fsr-3414	180	74	1.49	1.49	NUM
fsr-3414	180	75	%	%	NOUN
fsr-3414	180	76	�	�	NOUN
fsr-3414	180	77	0.84	0.84	NUM
fsr-3414	180	78	%	%	NOUN
fsr-3414	180	79	eem	eem	VERB
fsr-3414	180	80	emerging	emerge	VERB
fsr-3414	180	81	5.84	5.84	NUM
fsr-3414	180	82	%	%	NOUN
fsr-3414	180	83	19.76	19.76	NUM
fsr-3414	180	84	%	%	NOUN
fsr-3414	180	85	�	�	PROPN
fsr-3414	180	86	1.14	1.14	NUM
fsr-3414	180	87	%	%	NOUN
fsr-3414	180	88	�	�	PROPN
fsr-3414	180	89	1.58	1.58	NUM
fsr-3414	180	90	%	%	NOUN
fsr-3414	180	91	iyr	iyr	NOUN
fsr-3414	180	92	real	real	ADJ
fsr-3414	180	93	estate	estate	NOUN
fsr-3414	180	94	12.78	12.78	NUM
fsr-3414	180	95	%	%	NOUN
fsr-3414	180	96	11.81	11.81	NUM
fsr-3414	180	97	%	%	NOUN
fsr-3414	180	98	�	�	NOUN
fsr-3414	180	99	0.70	0.70	NUM
fsr-3414	180	100	%	%	NOUN
fsr-3414	180	101	�	�	NOUN
fsr-3414	180	102	0.18	0.18	NUM
fsr-3414	180	103	%	%	NOUN
fsr-3414	180	104	tlt	tlt	NOUN
fsr-3414	180	105	20	20	NUM
fsr-3414	180	106	-	-	PUNCT
fsr-3414	180	107	year	year	NOUN
fsr-3414	180	108	8.20	8.20	NUM
fsr-3414	180	109	%	%	NOUN
fsr-3414	180	110	15.48	15.48	NUM
fsr-3414	180	111	%	%	NOUN
fsr-3414	180	112	�	�	PROPN
fsr-3414	180	113	0.47	0.47	NUM
fsr-3414	180	114	%	%	NOUN
fsr-3414	180	115	�	�	NOUN
fsr-3414	180	116	0.95	0.95	NUM
fsr-3414	180	117	%	%	NOUN
fsr-3414	180	118	ief	ief	NOUN
fsr-3414	180	119	7–10	7–10	PROPN
fsr-3414	180	120	year	year	NOUN
fsr-3414	180	121	4.29	4.29	NUM
fsr-3414	180	122	%	%	NOUN
fsr-3414	180	123	6.42	6.42	NUM
fsr-3414	180	124	%	%	NOUN
fsr-3414	180	125	�	�	PROPN
fsr-3414	180	126	0.41	0.41	NUM
fsr-3414	180	127	%	%	NOUN
fsr-3414	180	128	�	�	NOUN
fsr-3414	180	129	0.44	0.44	NUM
fsr-3414	180	130	%	%	NOUN
fsr-3414	180	131	average	average	ADJ
fsr-3414	180	132	10.31	10.31	NUM
fsr-3414	180	133	%	%	NOUN
fsr-3414	180	134	13.20	13.20	NUM
fsr-3414	180	135	%	%	NOUN
fsr-3414	180	136	�	�	NOUN
fsr-3414	180	137	0.85	0.85	NUM
fsr-3414	180	138	%	%	NOUN
fsr-3414	180	139	�	�	NOUN
fsr-3414	180	140	0.87	0.87	NUM
fsr-3414	180	141	%	%	NOUN
fsr-3414	180	142	note	note	NOUN
fsr-3414	180	143	:	:	PUNCT
fsr-3414	180	144	comparison	comparison	NOUN
fsr-3414	180	145	of	of	ADP
fsr-3414	180	146	annual	annual	ADJ
fsr-3414	180	147	results	result	NOUN
fsr-3414	180	148	for	for	ADP
fsr-3414	180	149	100	100	NUM
fsr-3414	180	150	%	%	NOUN
fsr-3414	180	151	in	in	ADP
fsr-3414	180	152	the	the	DET
fsr-3414	180	153	underlying	underlie	VERB
fsr-3414	180	154	etf	etf	NOUN
fsr-3414	180	155	,	,	PUNCT
fsr-3414	180	156	50	50	NUM
fsr-3414	180	157	%	%	NOUN
fsr-3414	180	158	in	in	ADP
fsr-3414	180	159	a	a	DET
fsr-3414	180	160	2x	2x	NUM
fsr-3414	180	161	,	,	PUNCT
fsr-3414	180	162	and	and	CCONJ
fsr-3414	180	163	33.3	33.3	NUM
fsr-3414	180	164	%	%	NOUN
fsr-3414	180	165	in	in	ADP
fsr-3414	180	166	a	a	DET
fsr-3414	180	167	3x	3x	NOUN
fsr-3414	180	168	for	for	ADP
fsr-3414	180	169	each	each	DET
fsr-3414	180	170	etf	etf	NOUN
fsr-3414	180	171	or	or	CCONJ
fsr-3414	180	172	letf	letf	ADJ
fsr-3414	180	173	from	from	ADP
fsr-3414	180	174	2010	2010	NUM
fsr-3414	180	175	to	to	ADP
fsr-3414	180	176	2017	2017	NUM
fsr-3414	180	177	.	.	PUNCT
fsr-3414	181	1	remaining	remain	VERB
fsr-3414	181	2	wealth	wealth	NOUN
fsr-3414	181	3	in	in	ADP
fsr-3414	181	4	letfs	letfs	PROPN
fsr-3414	181	5	assumed	assume	VERB
fsr-3414	181	6	to	to	PART
fsr-3414	181	7	earn	earn	VERB
fsr-3414	181	8	zero	zero	NUM
fsr-3414	181	9	.	.	PUNCT
fsr-3414	182	1	no	no	DET
fsr-3414	182	2	statistical	statistical	ADJ
fsr-3414	182	3	return	return	NOUN
fsr-3414	182	4	differences	difference	NOUN
fsr-3414	182	5	between	between	ADP
fsr-3414	182	6	the	the	DET
fsr-3414	182	7	etfs	etfs	NOUN
fsr-3414	182	8	or	or	CCONJ
fsr-3414	182	9	letfs	letfs	PROPN
fsr-3414	182	10	.	.	PUNCT
fsr-3414	183	1	43w.j	43w.j	NUM
fsr-3414	183	2	.	.	PUNCT
fsr-3414	184	1	trainor	trainor	NOUN
fsr-3414	184	2	et	et	PROPN
fsr-3414	184	3	al	al	PROPN
fsr-3414	184	4	.	.	PUNCT
fsr-3414	184	5	/	/	SYM
fsr-3414	184	6	financial	financial	ADJ
fsr-3414	184	7	services	service	NOUN
fsr-3414	184	8	review	review	VERB
fsr-3414	184	9	28	28	NUM
fsr-3414	184	10	(	(	PUNCT
fsr-3414	184	11	2020	2020	NUM
fsr-3414	184	12	)	)	PUNCT
fsr-3414	184	13	35	35	NUM
fsr-3414	184	14	-	-	SYM
fsr-3414	184	15	48	48	NUM
fsr-3414	184	16	and	and	CCONJ
fsr-3414	184	17	33.3	33.3	NUM
fsr-3414	184	18	%	%	NOUN
fsr-3414	184	19	in	in	ADP
fsr-3414	184	20	the	the	DET
fsr-3414	184	21	corresponding	corresponding	ADJ
fsr-3414	184	22	3x	3x	NUM
fsr-3414	184	23	letf	letf	NOUN
fsr-3414	184	24	.	.	PUNCT
fsr-3414	185	1	the	the	DET
fsr-3414	185	2	remaining	remain	VERB
fsr-3414	185	3	wealth	wealth	NOUN
fsr-3414	185	4	for	for	ADP
fsr-3414	185	5	the	the	DET
fsr-3414	185	6	letf	letf	ADJ
fsr-3414	185	7	portfolios	portfolio	NOUN
fsr-3414	185	8	is	be	AUX
fsr-3414	185	9	assumed	assume	VERB
fsr-3414	185	10	to	to	PART
fsr-3414	185	11	earn	earn	VERB
fsr-3414	185	12	zero	zero	NUM
fsr-3414	185	13	.	.	PUNCT
fsr-3414	186	1	the	the	DET
fsr-3414	186	2	10	10	NUM
fsr-3414	186	3	%	%	NOUN
fsr-3414	186	4	variance	variance	NOUN
fsr-3414	186	5	rebalancing	rebalancing	NOUN
fsr-3414	186	6	rule	rule	NOUN
fsr-3414	186	7	is	be	AUX
fsr-3414	186	8	applied	apply	VERB
fsr-3414	186	9	to	to	ADP
fsr-3414	186	10	each	each	DET
fsr-3414	186	11	asset	asset	NOUN
fsr-3414	186	12	class	class	NOUN
fsr-3414	186	13	to	to	PART
fsr-3414	186	14	keep	keep	VERB
fsr-3414	186	15	the	the	DET
fsr-3414	186	16	exposure	exposure	NOUN
fsr-3414	186	17	close	close	ADV
fsr-3414	186	18	to	to	PART
fsr-3414	186	19	100	100	NUM
fsr-3414	186	20	%	%	NOUN
fsr-3414	186	21	while	while	SCONJ
fsr-3414	186	22	still	still	ADV
fsr-3414	186	23	being	be	AUX
fsr-3414	186	24	able	able	ADJ
fsr-3414	186	25	to	to	PART
fsr-3414	186	26	estimate	estimate	VERB
fsr-3414	186	27	beta	beta	ADJ
fsr-3414	186	28	decay	decay	NOUN
fsr-3414	186	29	and	and	CCONJ
fsr-3414	186	30	the	the	DET
fsr-3414	186	31	higher	high	ADJ
fsr-3414	186	32	costs	cost	NOUN
fsr-3414	186	33	of	of	ADP
fsr-3414	186	34	letfs	letfs	PROPN
fsr-3414	186	35	.	.	PUNCT
fsr-3414	187	1	on	on	ADP
fsr-3414	187	2	average	average	ADJ
fsr-3414	187	3	,	,	PUNCT
fsr-3414	187	4	50	50	NUM
fsr-3414	187	5	%	%	NOUN
fsr-3414	187	6	of	of	ADP
fsr-3414	187	7	a	a	DET
fsr-3414	187	8	2x	2x	NUM
fsr-3414	187	9	or	or	CCONJ
fsr-3414	187	10	33	33	NUM
fsr-3414	187	11	%	%	NOUN
fsr-3414	187	12	of	of	ADP
fsr-3414	187	13	a	a	DET
fsr-3414	187	14	3x	3x	PROPN
fsr-3414	187	15	underperforms	underperform	VERB
fsr-3414	187	16	its	its	PRON
fsr-3414	187	17	100	100	NUM
fsr-3414	187	18	%	%	NOUN
fsr-3414	187	19	etf	etf	NOUN
fsr-3414	187	20	counterpart	counterpart	NOUN
fsr-3414	187	21	by	by	ADP
fsr-3414	187	22	0.85	0.85	NUM
fsr-3414	187	23	%	%	NOUN
fsr-3414	187	24	for	for	ADP
fsr-3414	187	25	2x	2x	NUM
fsr-3414	187	26	letfs	letfs	PROPN
fsr-3414	187	27	and	and	CCONJ
fsr-3414	187	28	0.87	0.87	NUM
fsr-3414	187	29	%	%	NOUN
fsr-3414	187	30	for	for	ADP
fsr-3414	187	31	3x	3x	PROPN
fsr-3414	187	32	letfs	letfs	PROPN
fsr-3414	187	33	.	.	PUNCT
fsr-3414	188	1	for	for	ADP
fsr-3414	188	2	2x	2x	NUM
fsr-3414	188	3	letfs	letfs	PROPN
fsr-3414	188	4	,	,	PUNCT
fsr-3414	188	5	the	the	DET
fsr-3414	188	6	underperformance	underperformance	NOUN
fsr-3414	188	7	ranges	range	VERB
fsr-3414	188	8	from	from	ADP
fsr-3414	188	9	�	�	NOUN
fsr-3414	188	10	0.41	0.41	NUM
fsr-3414	188	11	%	%	NOUN
fsr-3414	188	12	for	for	ADP
fsr-3414	188	13	7	7	NUM
fsr-3414	188	14	to	to	PART
fsr-3414	188	15	10	10	NUM
fsr-3414	188	16	-	-	PUNCT
fsr-3414	188	17	year	year	NOUN
fsr-3414	188	18	treasuries	treasury	NOUN
fsr-3414	188	19	to	to	ADP
fsr-3414	188	20	�	�	PROPN
fsr-3414	188	21	1.49	1.49	NUM
fsr-3414	188	22	%	%	NOUN
fsr-3414	188	23	for	for	ADP
fsr-3414	188	24	developed	developed	ADJ
fsr-3414	188	25	equity	equity	NOUN
fsr-3414	188	26	.	.	PUNCT
fsr-3414	189	1	the	the	DET
fsr-3414	189	2	3x	3x	PROPN
fsr-3414	189	3	letfs	letfs	PROPN
fsr-3414	189	4	underperformance	underperformance	NOUN
fsr-3414	189	5	ranges	range	VERB
fsr-3414	189	6	from	from	ADP
fsr-3414	189	7	�	�	NOUN
fsr-3414	189	8	0.018	0.018	NUM
fsr-3414	189	9	%	%	NOUN
fsr-3414	189	10	for	for	ADP
fsr-3414	189	11	real	real	ADJ
fsr-3414	189	12	estate	estate	NOUN
fsr-3414	189	13	to	to	ADP
fsr-3414	189	14	�	�	VERB
fsr-3414	189	15	1.58	1.58	NUM
fsr-3414	189	16	%	%	NOUN
fsr-3414	189	17	for	for	ADP
fsr-3414	189	18	emerging	emerge	VERB
fsr-3414	189	19	markets	market	NOUN
fsr-3414	189	20	.	.	PUNCT
fsr-3414	190	1	the	the	DET
fsr-3414	190	2	discrepancy	discrepancy	NOUN
fsr-3414	190	3	in	in	ADP
fsr-3414	190	4	ranges	range	NOUN
fsr-3414	190	5	is	be	AUX
fsr-3414	190	6	due	due	ADJ
fsr-3414	190	7	in	in	ADP
fsr-3414	190	8	part	part	NOUN
fsr-3414	190	9	to	to	ADP
fsr-3414	190	10	differences	difference	NOUN
fsr-3414	190	11	in	in	ADP
fsr-3414	190	12	the	the	DET
fsr-3414	190	13	volatility	volatility	NOUN
fsr-3414	190	14	/	/	SYM
fsr-3414	190	15	return	return	NOUN
fsr-3414	190	16	differences	difference	NOUN
fsr-3414	190	17	across	across	ADP
fsr-3414	190	18	assets	asset	NOUN
fsr-3414	190	19	and	and	CCONJ
fsr-3414	190	20	tracking	tracking	NOUN
fsr-3414	190	21	error	error	NOUN
fsr-3414	190	22	.	.	PUNCT
fsr-3414	191	1	it	it	PRON
fsr-3414	191	2	is	be	AUX
fsr-3414	191	3	not	not	PART
fsr-3414	191	4	surprising	surprising	ADJ
fsr-3414	191	5	the	the	DET
fsr-3414	191	6	worst	bad	ADJ
fsr-3414	191	7	underperformance	underperformance	NOUN
fsr-3414	191	8	for	for	ADP
fsr-3414	191	9	the	the	DET
fsr-3414	191	10	letfs	letfs	PROPN
fsr-3414	191	11	occurs	occur	VERB
fsr-3414	191	12	in	in	ADP
fsr-3414	191	13	the	the	DET
fsr-3414	191	14	volatile	volatile	ADJ
fsr-3414	191	15	international	international	ADJ
fsr-3414	191	16	markets	market	NOUN
fsr-3414	191	17	that	that	PRON
fsr-3414	191	18	have	have	VERB
fsr-3414	191	19	substandard	substandard	ADJ
fsr-3414	191	20	returns	return	NOUN
fsr-3414	191	21	given	give	VERB
fsr-3414	191	22	their	their	PRON
fsr-3414	191	23	volatility	volatility	NOUN
fsr-3414	191	24	.	.	PUNCT
fsr-3414	192	1	the	the	DET
fsr-3414	192	2	standard	standard	ADJ
fsr-3414	192	3	deviations	deviation	NOUN
fsr-3414	192	4	for	for	ADP
fsr-3414	192	5	the	the	DET
fsr-3414	192	6	etfs	etfs	PROPN
fsr-3414	192	7	and	and	CCONJ
fsr-3414	192	8	letfs	letfs	PROPN
fsr-3414	192	9	are	be	AUX
fsr-3414	192	10	virtually	virtually	ADV
fsr-3414	192	11	identical	identical	ADJ
fsr-3414	192	12	and	and	CCONJ
fsr-3414	192	13	thus	thus	ADV
fsr-3414	192	14	,	,	PUNCT
fsr-3414	192	15	only	only	ADV
fsr-3414	192	16	the	the	DET
fsr-3414	192	17	etf	etf	NOUN
fsr-3414	192	18	standard	standard	ADJ
fsr-3414	192	19	deviations	deviation	NOUN
fsr-3414	192	20	are	be	AUX
fsr-3414	192	21	shown	show	VERB
fsr-3414	192	22	.	.	PUNCT
fsr-3414	193	1	in	in	ADP
fsr-3414	193	2	summary	summary	NOUN
fsr-3414	193	3	,	,	PUNCT
fsr-3414	193	4	these	these	DET
fsr-3414	193	5	results	result	NOUN
fsr-3414	193	6	show	show	VERB
fsr-3414	193	7	the	the	DET
fsr-3414	193	8	inherent	inherent	ADJ
fsr-3414	193	9	costs	cost	NOUN
fsr-3414	193	10	of	of	ADP
fsr-3414	193	11	the	the	DET
fsr-3414	193	12	higher	high	ADJ
fsr-3414	193	13	expense	expense	NOUN
fsr-3414	193	14	ratio	ratio	NOUN
fsr-3414	193	15	and	and	CCONJ
fsr-3414	193	16	financing	financing	NOUN
fsr-3414	193	17	costs	cost	NOUN
fsr-3414	193	18	of	of	ADP
fsr-3414	193	19	letfs	letfs	PROPN
fsr-3414	193	20	.	.	PUNCT
fsr-3414	194	1	from	from	ADP
fsr-3414	194	2	a	a	DET
fsr-3414	194	3	portfolio	portfolio	NOUN
fsr-3414	194	4	standpoint	standpoint	NOUN
fsr-3414	194	5	,	,	PUNCT
fsr-3414	194	6	the	the	DET
fsr-3414	194	7	remaining	remain	VERB
fsr-3414	194	8	funds	fund	NOUN
fsr-3414	194	9	available	available	ADJ
fsr-3414	194	10	from	from	ADP
fsr-3414	194	11	using	use	VERB
fsr-3414	194	12	letfs	letfs	NOUN
fsr-3414	194	13	need	need	VERB
fsr-3414	194	14	to	to	PART
fsr-3414	194	15	overcome	overcome	VERB
fsr-3414	194	16	this	this	DET
fsr-3414	194	17	performance	performance	NOUN
fsr-3414	194	18	lag	lag	NOUN
fsr-3414	194	19	.	.	PUNCT
fsr-3414	195	1	to	to	PART
fsr-3414	195	2	determine	determine	VERB
fsr-3414	195	3	how	how	SCONJ
fsr-3414	195	4	well	well	ADV
fsr-3414	195	5	each	each	DET
fsr-3414	195	6	letf	letf	ADJ
fsr-3414	195	7	tracks	track	VERB
fsr-3414	195	8	their	their	PRON
fsr-3414	195	9	etf	etf	NOUN
fsr-3414	195	10	counterpart	counterpart	NOUN
fsr-3414	195	11	,	,	PUNCT
fsr-3414	195	12	letf	letf	ADJ
fsr-3414	195	13	returns	return	NOUN
fsr-3414	195	14	are	be	AUX
fsr-3414	195	15	also	also	ADV
fsr-3414	195	16	regressed	regress	VERB
fsr-3414	195	17	on	on	ADP
fsr-3414	195	18	their	their	PRON
fsr-3414	195	19	corresponding	correspond	VERB
fsr-3414	195	20	etf	etf	NOUN
fsr-3414	195	21	returns	return	NOUN
fsr-3414	195	22	from	from	ADP
fsr-3414	195	23	2010	2010	NUM
fsr-3414	195	24	to	to	ADP
fsr-3414	195	25	2017	2017	NUM
fsr-3414	195	26	.	.	PUNCT
fsr-3414	196	1	beta	beta	ADJ
fsr-3414	196	2	coefficients	coefficient	NOUN
fsr-3414	196	3	range	range	VERB
fsr-3414	196	4	from	from	ADP
fsr-3414	196	5	0.97	0.97	NUM
fsr-3414	196	6	to	to	ADP
fsr-3414	196	7	1.04	1.04	NUM
fsr-3414	196	8	with	with	ADP
fsr-3414	196	9	12	12	NUM
fsr-3414	196	10	of	of	ADP
fsr-3414	196	11	16	16	NUM
fsr-3414	196	12	at	at	ADP
fsr-3414	196	13	0.99	0.99	NUM
fsr-3414	196	14	or	or	CCONJ
fsr-3414	196	15	1.0	1.0	NUM
fsr-3414	196	16	.	.	PUNCT
fsr-3414	197	1	the	the	DET
fsr-3414	197	2	2x	2x	NUM
fsr-3414	197	3	emerging	emerge	VERB
fsr-3414	197	4	market	market	NOUN
fsr-3414	197	5	letf	letf	NOUN
fsr-3414	197	6	is	be	AUX
fsr-3414	197	7	the	the	DET
fsr-3414	197	8	only	only	ADJ
fsr-3414	197	9	exception	exception	NOUN
fsr-3414	197	10	with	with	ADP
fsr-3414	197	11	a	a	DET
fsr-3414	197	12	beta	beta	NOUN
fsr-3414	197	13	of	of	ADP
fsr-3414	197	14	0.90	0.90	NUM
fsr-3414	197	15	and	and	CCONJ
fsr-3414	197	16	an	an	DET
fsr-3414	197	17	r2	r2	NOUN
fsr-3414	197	18	of	of	ADP
fsr-3414	197	19	90	90	NUM
fsr-3414	197	20	%	%	NOUN
fsr-3414	197	21	;	;	PUNCT
fsr-3414	197	22	r2	r2	NOUN
fsr-3414	197	23	for	for	ADP
fsr-3414	197	24	all	all	DET
fsr-3414	197	25	other	other	ADJ
fsr-3414	197	26	letf	letf	ADJ
fsr-3414	197	27	regressions	regression	NOUN
fsr-3414	197	28	are	be	AUX
fsr-3414	197	29	98	98	NUM
fsr-3414	197	30	%	%	NOUN
fsr-3414	197	31	or	or	CCONJ
fsr-3414	197	32	better	well	ADJ
fsr-3414	197	33	.	.	PUNCT
fsr-3414	198	1	thus	thus	ADV
fsr-3414	198	2	,	,	PUNCT
fsr-3414	198	3	of	of	ADP
fsr-3414	198	4	the	the	DET
fsr-3414	198	5	16	16	NUM
fsr-3414	198	6	letfs	letfs	NOUN
fsr-3414	198	7	,	,	PUNCT
fsr-3414	198	8	only	only	ADV
fsr-3414	198	9	one	one	NUM
fsr-3414	198	10	did	do	AUX
fsr-3414	198	11	not	not	PART
fsr-3414	198	12	attain	attain	VERB
fsr-3414	198	13	almost	almost	ADV
fsr-3414	198	14	exact	exact	ADJ
fsr-3414	198	15	unit	unit	NOUN
fsr-3414	198	16	exposure	exposure	NOUN
fsr-3414	198	17	.	.	PUNCT
fsr-3414	199	1	these	these	DET
fsr-3414	199	2	results	result	NOUN
fsr-3414	199	3	contrast	contrast	VERB
fsr-3414	199	4	to	to	ADP
fsr-3414	199	5	tang	tang	PROPN
fsr-3414	199	6	and	and	CCONJ
fsr-3414	199	7	xu	xu	PROPN
fsr-3414	199	8	(	(	PUNCT
fsr-3414	199	9	2013	2013	NUM
fsr-3414	199	10	)	)	PUNCT
fsr-3414	199	11	who	who	PRON
fsr-3414	199	12	show	show	VERB
fsr-3414	199	13	even	even	ADV
fsr-3414	199	14	realized	realize	VERB
fsr-3414	199	15	daily	daily	ADJ
fsr-3414	199	16	leverage	leverage	NOUN
fsr-3414	199	17	was	be	AUX
fsr-3414	199	18	less	less	ADJ
fsr-3414	199	19	than	than	SCONJ
fsr-3414	199	20	advertised	advertise	VERB
fsr-3414	199	21	from	from	ADP
fsr-3414	199	22	2006	2006	NUM
fsr-3414	199	23	to	to	ADP
fsr-3414	199	24	2010	2010	NUM
fsr-3414	199	25	.	.	PUNCT
fsr-3414	200	1	however	however	ADV
fsr-3414	200	2	,	,	PUNCT
fsr-3414	200	3	that	that	DET
fsr-3414	200	4	period	period	NOUN
fsr-3414	200	5	was	be	AUX
fsr-3414	200	6	more	more	ADV
fsr-3414	200	7	volatile	volatile	ADJ
fsr-3414	200	8	and	and	CCONJ
fsr-3414	200	9	the	the	DET
fsr-3414	200	10	libor	libor	PROPN
fsr-3414	200	11	rate	rate	NOUN
fsr-3414	200	12	was	be	AUX
fsr-3414	200	13	higher	high	ADJ
fsr-3414	200	14	.	.	PUNCT
fsr-3414	201	1	in	in	ADP
fsr-3414	201	2	addition	addition	NOUN
fsr-3414	201	3	,	,	PUNCT
fsr-3414	201	4	small	small	ADJ
fsr-3414	201	5	tracking	tracking	NOUN
fsr-3414	201	6	errors	error	NOUN
fsr-3414	201	7	are	be	AUX
fsr-3414	201	8	not	not	PART
fsr-3414	201	9	as	as	ADV
fsr-3414	201	10	magnified	magnify	VERB
fsr-3414	201	11	in	in	ADP
fsr-3414	201	12	this	this	DET
fsr-3414	201	13	study	study	NOUN
fsr-3414	201	14	as	as	SCONJ
fsr-3414	201	15	only	only	ADV
fsr-3414	201	16	the	the	DET
fsr-3414	201	17	inverse	inverse	NOUN
fsr-3414	201	18	of	of	ADP
fsr-3414	201	19	the	the	DET
fsr-3414	201	20	leverage	leverage	NOUN
fsr-3414	201	21	is	be	AUX
fsr-3414	201	22	held	hold	VERB
fsr-3414	201	23	in	in	ADP
fsr-3414	201	24	each	each	DET
fsr-3414	201	25	fund	fund	NOUN
fsr-3414	201	26	.	.	PUNCT
fsr-3414	202	1	the	the	DET
fsr-3414	202	2	market	market	NOUN
fsr-3414	202	3	was	be	AUX
fsr-3414	202	4	also	also	ADV
fsr-3414	202	5	generally	generally	ADV
fsr-3414	202	6	upward	upward	ADJ
fsr-3414	202	7	trending	trend	VERB
fsr-3414	202	8	during	during	ADP
fsr-3414	202	9	this	this	DET
fsr-3414	202	10	study	study	NOUN
fsr-3414	202	11	’s	’s	PART
fsr-3414	202	12	time	time	NOUN
fsr-3414	202	13	period	period	NOUN
fsr-3414	202	14	resulting	result	VERB
fsr-3414	202	15	in	in	ADP
fsr-3414	202	16	a	a	DET
fsr-3414	202	17	positive	positive	ADJ
fsr-3414	202	18	compounding	compounding	NOUN
fsr-3414	202	19	effect	effect	NOUN
fsr-3414	202	20	,	,	PUNCT
fsr-3414	202	21	and	and	CCONJ
fsr-3414	202	22	finally	finally	ADV
fsr-3414	202	23	,	,	PUNCT
fsr-3414	202	24	the	the	DET
fsr-3414	202	25	funds	fund	NOUN
fsr-3414	202	26	themselves	themselves	PRON
fsr-3414	202	27	are	be	AUX
fsr-3414	202	28	possibly	possibly	ADV
fsr-3414	202	29	doing	do	VERB
fsr-3414	202	30	a	a	DET
fsr-3414	202	31	better	well	ADJ
fsr-3414	202	32	job	job	NOUN
fsr-3414	202	33	of	of	ADP
fsr-3414	202	34	maintaining	maintain	VERB
fsr-3414	202	35	their	their	PRON
fsr-3414	202	36	daily	daily	ADJ
fsr-3414	202	37	leverage	leverage	NOUN
fsr-3414	202	38	ratios	ratio	NOUN
fsr-3414	202	39	.	.	PUNCT
fsr-3414	203	1	thus	thus	ADV
fsr-3414	203	2	,	,	PUNCT
fsr-3414	203	3	the	the	DET
fsr-3414	203	4	results	result	NOUN
fsr-3414	203	5	suggest	suggest	VERB
fsr-3414	203	6	using	use	VERB
fsr-3414	203	7	letfs	letfs	PROPN
fsr-3414	203	8	along	along	ADP
fsr-3414	203	9	with	with	ADP
fsr-3414	203	10	the	the	DET
fsr-3414	203	11	10	10	NUM
fsr-3414	203	12	%	%	NOUN
fsr-3414	203	13	variance	variance	NOUN
fsr-3414	203	14	threshold	threshold	NOUN
fsr-3414	203	15	achieves	achieve	VERB
fsr-3414	203	16	the	the	DET
fsr-3414	203	17	goal	goal	NOUN
fsr-3414	203	18	of	of	ADP
fsr-3414	203	19	100	100	NUM
fsr-3414	203	20	%	%	NOUN
fsr-3414	203	21	exposure	exposure	NOUN
fsr-3414	203	22	to	to	ADP
fsr-3414	203	23	the	the	DET
fsr-3414	203	24	underlying	underlie	VERB
fsr-3414	203	25	indexes	index	NOUN
fsr-3414	203	26	,	,	PUNCT
fsr-3414	203	27	albeit	albeit	SCONJ
fsr-3414	203	28	with	with	ADP
fsr-3414	203	29	an	an	DET
fsr-3414	203	30	annual	annual	ADJ
fsr-3414	203	31	financing	financing	NOUN
fsr-3414	203	32	and	and	CCONJ
fsr-3414	203	33	expense	expense	NOUN
fsr-3414	203	34	ratio	ratio	NOUN
fsr-3414	203	35	drag	drag	NOUN
fsr-3414	203	36	of	of	ADP
fsr-3414	203	37	approximately	approximately	ADV
fsr-3414	203	38	�	�	NOUN
fsr-3414	203	39	0.85	0.85	NUM
fsr-3414	203	40	%	%	NOUN
fsr-3414	203	41	.	.	PUNCT
fsr-3414	204	1	4.3	4.3	NUM
fsr-3414	204	2	.	.	NOUN
fsr-3414	204	3	1946	1946	NUM
fsr-3414	204	4	to	to	ADP
fsr-3414	204	5	2017	2017	NUM
fsr-3414	204	6	simulated	simulated	ADJ
fsr-3414	204	7	historical	historical	ADJ
fsr-3414	204	8	returns	return	NOUN
fsr-3414	204	9	to	to	PART
fsr-3414	204	10	get	get	VERB
fsr-3414	204	11	a	a	DET
fsr-3414	204	12	better	well	ADJ
fsr-3414	204	13	idea	idea	NOUN
fsr-3414	204	14	of	of	ADP
fsr-3414	204	15	portfolio	portfolio	NOUN
fsr-3414	204	16	returns	return	NOUN
fsr-3414	204	17	going	go	VERB
fsr-3414	204	18	forward	forward	ADV
fsr-3414	204	19	,	,	PUNCT
fsr-3414	204	20	simulated	simulate	VERB
fsr-3414	204	21	returns	return	NOUN
fsr-3414	204	22	from	from	ADP
fsr-3414	204	23	1946	1946	NUM
fsr-3414	204	24	to	to	ADP
fsr-3414	204	25	2017	2017	NUM
fsr-3414	204	26	are	be	AUX
fsr-3414	204	27	created	create	VERB
fsr-3414	204	28	using	use	VERB
fsr-3414	204	29	equation	equation	NOUN
fsr-3414	204	30	(	(	PUNCT
fsr-3414	204	31	6	6	NUM
fsr-3414	204	32	)	)	PUNCT
fsr-3414	204	33	.	.	PUNCT
fsr-3414	205	1	table	table	NOUN
fsr-3414	205	2	6	6	NUM
fsr-3414	205	3	shows	show	VERB
fsr-3414	205	4	the	the	DET
fsr-3414	205	5	portfolio	portfolio	NOUN
fsr-3414	205	6	results	result	VERB
fsr-3414	205	7	using	use	VERB
fsr-3414	205	8	the	the	DET
fsr-3414	205	9	weighting	weighting	NOUN
fsr-3414	205	10	shown	show	VERB
fsr-3414	205	11	in	in	ADP
fsr-3414	205	12	table	table	NOUN
fsr-3414	205	13	2	2	NUM
fsr-3414	205	14	.	.	PUNCT
fsr-3414	205	15	subperiod	subperiod	NOUN
fsr-3414	205	16	returns	return	NOUN
fsr-3414	205	17	are	be	AUX
fsr-3414	205	18	also	also	ADV
fsr-3414	205	19	shown	show	VERB
fsr-3414	205	20	roughly	roughly	ADV
fsr-3414	205	21	corresponding	corresponding	ADJ
fsr-3414	205	22	to	to	ADP
fsr-3414	205	23	different	different	ADJ
fsr-3414	205	24	interest	interest	NOUN
fsr-3414	205	25	rate	rate	NOUN
fsr-3414	205	26	environments	environment	NOUN
fsr-3414	205	27	.	.	PUNCT
fsr-3414	206	1	for	for	ADP
fsr-3414	206	2	the	the	DET
fsr-3414	206	3	entire	entire	ADJ
fsr-3414	206	4	1946–2017	1946–2017	NUM
fsr-3414	206	5	period	period	NOUN
fsr-3414	206	6	,	,	PUNCT
fsr-3414	206	7	letf	letf	ADJ
fsr-3414	206	8	portfolios	portfolio	NOUN
fsr-3414	206	9	on	on	ADP
fsr-3414	206	10	average	average	ADJ
fsr-3414	206	11	outperform	outperform	NOUN
fsr-3414	206	12	a	a	DET
fsr-3414	206	13	traditional	traditional	ADJ
fsr-3414	206	14	portfolio	portfolio	NOUN
fsr-3414	206	15	from	from	ADP
fsr-3414	206	16	0.63	0.63	NUM
fsr-3414	206	17	%	%	NOUN
fsr-3414	206	18	to	to	PART
fsr-3414	206	19	1.41	1.41	NUM
fsr-3414	206	20	%	%	NOUN
fsr-3414	206	21	a	a	DET
fsr-3414	206	22	year	year	NOUN
fsr-3414	206	23	.	.	PUNCT
fsr-3414	207	1	however	however	ADV
fsr-3414	207	2	,	,	PUNCT
fsr-3414	207	3	if	if	SCONJ
fsr-3414	207	4	this	this	DET
fsr-3414	207	5	strategy	strategy	NOUN
fsr-3414	207	6	is	be	AUX
fsr-3414	207	7	implemented	implement	VERB
fsr-3414	207	8	in	in	ADP
fsr-3414	207	9	nonqualified	nonqualified	ADJ
fsr-3414	207	10	accounts	account	NOUN
fsr-3414	207	11	,	,	PUNCT
fsr-3414	207	12	the	the	DET
fsr-3414	207	13	differences	difference	NOUN
fsr-3414	207	14	do	do	AUX
fsr-3414	207	15	not	not	PART
fsr-3414	207	16	overcome	overcome	VERB
fsr-3414	207	17	trading	trading	NOUN
fsr-3414	207	18	costs	cost	NOUN
fsr-3414	207	19	and	and	CCONJ
fsr-3414	207	20	taxes	taxis	NOUN
fsr-3414	207	21	.	.	PUNCT
fsr-3414	208	1	assuming	assume	VERB
fsr-3414	208	2	a	a	DET
fsr-3414	208	3	long	long	ADJ
fsr-3414	208	4	-	-	PUNCT
fsr-3414	208	5	term	term	NOUN
fsr-3414	208	6	capital	capital	NOUN
fsr-3414	208	7	gains	gain	NOUN
fsr-3414	208	8	tax	tax	NOUN
fsr-3414	208	9	of	of	ADP
fsr-3414	208	10	15	15	NUM
fsr-3414	208	11	%	%	NOUN
fsr-3414	208	12	and	and	CCONJ
fsr-3414	208	13	a	a	DET
fsr-3414	208	14	24	24	NUM
fsr-3414	208	15	%	%	NOUN
fsr-3414	208	16	marginal	marginal	ADJ
fsr-3414	208	17	income	income	NOUN
fsr-3414	208	18	tax	tax	NOUN
fsr-3414	208	19	bracket	bracket	NOUN
fsr-3414	208	20	,	,	PUNCT
fsr-3414	208	21	the	the	DET
fsr-3414	208	22	approximate	approximate	ADJ
fsr-3414	208	23	returns	return	NOUN
fsr-3414	208	24	after	after	ADP
fsr-3414	208	25	taxes	taxis	NOUN
fsr-3414	208	26	and	and	CCONJ
fsr-3414	208	27	trading	trading	NOUN
fsr-3414	208	28	costs	cost	NOUN
fsr-3414	208	29	for	for	ADP
fsr-3414	208	30	the	the	DET
fsr-3414	208	31	1946	1946	NUM
fsr-3414	208	32	to	to	ADP
fsr-3414	208	33	2017	2017	NUM
fsr-3414	208	34	time	time	NOUN
fsr-3414	208	35	period	period	NOUN
fsr-3414	208	36	for	for	ADP
fsr-3414	208	37	the	the	DET
fsr-3414	208	38	etf	etf	NOUN
fsr-3414	208	39	,	,	PUNCT
fsr-3414	208	40	2x	2x	NUM
fsr-3414	208	41	,	,	PUNCT
fsr-3414	208	42	and	and	CCONJ
fsr-3414	208	43	3x	3x	NUM
fsr-3414	208	44	portfolios	portfolio	NOUN
fsr-3414	208	45	are	be	AUX
fsr-3414	208	46	10.54	10.54	NUM
fsr-3414	208	47	%	%	NOUN
fsr-3414	208	48	,	,	PUNCT
fsr-3414	208	49	9.75	9.75	NUM
fsr-3414	208	50	%	%	NOUN
fsr-3414	208	51	,	,	PUNCT
fsr-3414	208	52	and	and	CCONJ
fsr-3414	208	53	10.45	10.45	NUM
fsr-3414	208	54	%	%	NOUN
fsr-3414	208	55	,	,	PUNCT
fsr-3414	208	56	respectively	respectively	ADV
fsr-3414	208	57	.	.	PUNCT
fsr-3414	209	1	this	this	PRON
fsr-3414	209	2	assumes	assume	VERB
fsr-3414	209	3	all	all	DET
fsr-3414	209	4	gains	gain	NOUN
fsr-3414	209	5	to	to	ADP
fsr-3414	209	6	the	the	DET
fsr-3414	209	7	etf	etf	NOUN
fsr-3414	209	8	are	be	AUX
fsr-3414	209	9	taxed	tax	VERB
fsr-3414	209	10	at	at	ADP
fsr-3414	209	11	15	15	NUM
fsr-3414	209	12	%	%	NOUN
fsr-3414	209	13	every	every	DET
fsr-3414	209	14	three	three	NUM
fsr-3414	209	15	years	year	NOUN
fsr-3414	209	16	and	and	CCONJ
fsr-3414	210	1	all	all	DET
fsr-3414	210	2	44	44	NUM
fsr-3414	210	3	w.j	w.j	PROPN
fsr-3414	210	4	.	.	PROPN
fsr-3414	210	5	trainor	trainor	PROPN
fsr-3414	210	6	et	et	PROPN
fsr-3414	210	7	al	al	PROPN
fsr-3414	210	8	.	.	PUNCT
fsr-3414	210	9	/	/	SYM
fsr-3414	210	10	financial	financial	ADJ
fsr-3414	210	11	services	service	NOUN
fsr-3414	210	12	review	review	VERB
fsr-3414	210	13	28	28	NUM
fsr-3414	210	14	(	(	PUNCT
fsr-3414	210	15	2020	2020	NUM
fsr-3414	210	16	)	)	PUNCT
fsr-3414	210	17	35	35	NUM
fsr-3414	210	18	-	-	SYM
fsr-3414	210	19	48	48	NUM
fsr-3414	210	20	gains	gain	NOUN
fsr-3414	210	21	to	to	ADP
fsr-3414	210	22	the	the	DET
fsr-3414	210	23	letfs	letfs	NOUN
fsr-3414	210	24	are	be	AUX
fsr-3414	210	25	taxed	tax	VERB
fsr-3414	210	26	at	at	ADP
fsr-3414	210	27	24	24	NUM
fsr-3414	210	28	%	%	NOUN
fsr-3414	210	29	each	each	DET
fsr-3414	210	30	year	year	NOUN
fsr-3414	210	31	.	.	PUNCT
fsr-3414	211	1	thus	thus	ADV
fsr-3414	211	2	,	,	PUNCT
fsr-3414	211	3	after	after	ADP
fsr-3414	211	4	taxes	taxis	NOUN
fsr-3414	211	5	and	and	CCONJ
fsr-3414	211	6	trading	trading	NOUN
fsr-3414	211	7	costs	cost	NOUN
fsr-3414	211	8	,	,	PUNCT
fsr-3414	211	9	using	use	VERB
fsr-3414	211	10	letfs	letfs	PROPN
fsr-3414	211	11	do	do	AUX
fsr-3414	211	12	not	not	PART
fsr-3414	211	13	outperform	outperform	VERB
fsr-3414	211	14	a	a	DET
fsr-3414	211	15	standard	standard	ADJ
fsr-3414	211	16	etf	etf	NOUN
fsr-3414	211	17	portfolio	portfolio	NOUN
fsr-3414	211	18	.	.	PUNCT
fsr-3414	212	1	for	for	ADP
fsr-3414	212	2	qualified	qualified	ADJ
fsr-3414	212	3	nontaxable	nontaxable	ADJ
fsr-3414	212	4	accounts	account	NOUN
fsr-3414	212	5	,	,	PUNCT
fsr-3414	212	6	letf	letf	NOUN
fsr-3414	212	7	’s	’s	PART
fsr-3414	212	8	outperform	outperform	NOUN
fsr-3414	212	9	,	,	PUNCT
fsr-3414	212	10	especially	especially	ADV
fsr-3414	212	11	when	when	SCONJ
fsr-3414	212	12	the	the	DET
fsr-3414	212	13	interest	interest	NOUN
fsr-3414	212	14	rate	rate	NOUN
fsr-3414	212	15	environment	environment	NOUN
fsr-3414	212	16	is	be	AUX
fsr-3414	212	17	relatively	relatively	ADV
fsr-3414	212	18	high	high	ADJ
fsr-3414	212	19	such	such	ADJ
fsr-3414	212	20	as	as	ADP
fsr-3414	212	21	1979	1979	NUM
fsr-3414	212	22	to	to	ADP
fsr-3414	212	23	1991	1991	NUM
fsr-3414	212	24	.	.	PUNCT
fsr-3414	213	1	alternatively	alternatively	ADV
fsr-3414	213	2	,	,	PUNCT
fsr-3414	213	3	during	during	ADP
fsr-3414	213	4	periods	period	NOUN
fsr-3414	213	5	of	of	ADP
fsr-3414	213	6	extremely	extremely	ADV
fsr-3414	213	7	low	low	ADJ
fsr-3414	213	8	rates	rate	NOUN
fsr-3414	213	9	such	such	ADJ
fsr-3414	213	10	as	as	ADP
fsr-3414	213	11	the	the	DET
fsr-3414	213	12	1946–1959	1946–1959	NUM
fsr-3414	213	13	,	,	PUNCT
fsr-3414	213	14	a	a	DET
fsr-3414	213	15	portfolio	portfolio	NOUN
fsr-3414	213	16	of	of	ADP
fsr-3414	213	17	letfs	letfs	PROPN
fsr-3414	213	18	tends	tend	VERB
fsr-3414	213	19	to	to	PART
fsr-3414	213	20	underperform	underperform	VERB
fsr-3414	213	21	.	.	PUNCT
fsr-3414	214	1	however	however	ADV
fsr-3414	214	2	,	,	PUNCT
fsr-3414	214	3	low	low	ADJ
fsr-3414	214	4	rates	rate	NOUN
fsr-3414	214	5	by	by	ADP
fsr-3414	214	6	themselves	themselves	PRON
fsr-3414	214	7	do	do	AUX
fsr-3414	214	8	not	not	PART
fsr-3414	214	9	relegate	relegate	VERB
fsr-3414	214	10	letf	letf	ADJ
fsr-3414	214	11	portfolios	portfolio	NOUN
fsr-3414	214	12	to	to	PART
fsr-3414	214	13	underperformance	underperformance	VERB
fsr-3414	214	14	.	.	PUNCT
fsr-3414	215	1	both	both	CCONJ
fsr-3414	215	2	the	the	DET
fsr-3414	215	3	empirical	empirical	ADJ
fsr-3414	215	4	data	datum	NOUN
fsr-3414	215	5	in	in	ADP
fsr-3414	215	6	table	table	NOUN
fsr-3414	215	7	4	4	NUM
fsr-3414	215	8	and	and	CCONJ
fsr-3414	215	9	simulated	simulated	ADJ
fsr-3414	215	10	data	datum	NOUN
fsr-3414	215	11	in	in	ADP
fsr-3414	215	12	table	table	NOUN
fsr-3414	215	13	6	6	NUM
fsr-3414	215	14	show	show	NOUN
fsr-3414	215	15	letf	letf	ADJ
fsr-3414	215	16	portfolios	portfolio	NOUN
fsr-3414	215	17	outperforming	outperform	VERB
fsr-3414	215	18	during	during	ADP
fsr-3414	215	19	2010–2017	2010–2017	NUM
fsr-3414	215	20	.	.	PUNCT
fsr-3414	216	1	the	the	DET
fsr-3414	216	2	critical	critical	ADJ
fsr-3414	216	3	factor	factor	NOUN
fsr-3414	216	4	is	be	AUX
fsr-3414	216	5	the	the	DET
fsr-3414	216	6	return	return	NOUN
fsr-3414	216	7	to	to	ADP
fsr-3414	216	8	the	the	DET
fsr-3414	216	9	freed	free	VERB
fsr-3414	216	10	-	-	PUNCT
fsr-3414	216	11	up	up	ADP
fsr-3414	216	12	wealth	wealth	NOUN
fsr-3414	216	13	from	from	ADP
fsr-3414	216	14	using	use	VERB
fsr-3414	216	15	letfs	letfs	PROPN
fsr-3414	216	16	relative	relative	ADJ
fsr-3414	216	17	to	to	ADP
fsr-3414	216	18	their	their	PRON
fsr-3414	216	19	implicit	implicit	ADJ
fsr-3414	216	20	financing	financing	NOUN
fsr-3414	216	21	costs	cost	NOUN
fsr-3414	216	22	and	and	CCONJ
fsr-3414	216	23	higher	high	ADJ
fsr-3414	216	24	expense	expense	NOUN
fsr-3414	216	25	ratios	ratio	NOUN
fsr-3414	216	26	.	.	PUNCT
fsr-3414	217	1	the	the	DET
fsr-3414	217	2	bottom	bottom	NOUN
fsr-3414	217	3	of	of	ADP
fsr-3414	217	4	table	table	NOUN
fsr-3414	217	5	6	6	NUM
fsr-3414	217	6	shows	show	VERB
fsr-3414	217	7	the	the	DET
fsr-3414	217	8	standard	standard	ADJ
fsr-3414	217	9	deviation	deviation	NOUN
fsr-3414	217	10	,	,	PUNCT
fsr-3414	217	11	minimum	minimum	ADJ
fsr-3414	217	12	,	,	PUNCT
fsr-3414	217	13	maximum	maximum	ADJ
fsr-3414	217	14	,	,	PUNCT
fsr-3414	217	15	10	10	NUM
fsr-3414	217	16	%	%	NOUN
fsr-3414	217	17	value	value	NOUN
fsr-3414	217	18	at	at	ADP
fsr-3414	217	19	risk	risk	NOUN
fsr-3414	217	20	(	(	PUNCT
fsr-3414	217	21	var	var	NOUN
fsr-3414	217	22	)	)	PUNCT
fsr-3414	217	23	,	,	PUNCT
fsr-3414	217	24	along	along	ADP
fsr-3414	217	25	with	with	ADP
fsr-3414	217	26	the	the	DET
fsr-3414	217	27	sharpe	sharpe	NOUN
fsr-3414	217	28	and	and	CCONJ
fsr-3414	217	29	sortino	sortino	ADJ
fsr-3414	217	30	ratio	ratio	NOUN
fsr-3414	217	31	,	,	PUNCT
fsr-3414	217	32	the	the	DET
fsr-3414	217	33	latter	latter	ADJ
fsr-3414	217	34	of	of	ADP
fsr-3414	217	35	which	which	PRON
fsr-3414	217	36	measures	measure	VERB
fsr-3414	217	37	downside	downside	ADJ
fsr-3414	217	38	risk	risk	NOUN
fsr-3414	217	39	(	(	PUNCT
fsr-3414	217	40	sortino	sortino	NOUN
fsr-3414	217	41	and	and	CCONJ
fsr-3414	217	42	price	price	NOUN
fsr-3414	217	43	,	,	PUNCT
fsr-3414	217	44	1994	1994	NUM
fsr-3414	217	45	)	)	PUNCT
fsr-3414	217	46	.	.	PUNCT
fsr-3414	218	1	even	even	ADV
fsr-3414	218	2	though	though	SCONJ
fsr-3414	218	3	there	there	PRON
fsr-3414	218	4	is	be	VERB
fsr-3414	218	5	a	a	DET
fsr-3414	218	6	marginal	marginal	ADJ
fsr-3414	218	7	increase	increase	NOUN
fsr-3414	218	8	in	in	ADP
fsr-3414	218	9	the	the	DET
fsr-3414	218	10	standard	standard	ADJ
fsr-3414	218	11	deviation	deviation	NOUN
fsr-3414	218	12	when	when	SCONJ
fsr-3414	218	13	using	use	VERB
fsr-3414	218	14	a	a	DET
fsr-3414	218	15	portfolio	portfolio	NOUN
fsr-3414	218	16	of	of	ADP
fsr-3414	218	17	letfs	letfs	PROPN
fsr-3414	218	18	,	,	PUNCT
fsr-3414	218	19	the	the	DET
fsr-3414	218	20	minimum	minimum	NOUN
fsr-3414	218	21	and	and	CCONJ
fsr-3414	218	22	10	10	NUM
fsr-3414	218	23	%	%	NOUN
fsr-3414	218	24	var	var	NOUN
fsr-3414	218	25	for	for	ADP
fsr-3414	218	26	the	the	DET
fsr-3414	218	27	letf	letf	ADJ
fsr-3414	218	28	portfolios	portfolio	NOUN
fsr-3414	218	29	is	be	AUX
fsr-3414	218	30	better	well	ADJ
fsr-3414	218	31	than	than	ADP
fsr-3414	218	32	the	the	DET
fsr-3414	218	33	traditional	traditional	ADJ
fsr-3414	218	34	portfolio	portfolio	NOUN
fsr-3414	218	35	while	while	SCONJ
fsr-3414	218	36	at	at	ADP
fsr-3414	218	37	the	the	DET
fsr-3414	218	38	same	same	ADJ
fsr-3414	218	39	time	time	NOUN
fsr-3414	218	40	having	have	VERB
fsr-3414	218	41	higher	high	ADJ
fsr-3414	218	42	maximums	maximum	NOUN
fsr-3414	218	43	.	.	PUNCT
fsr-3414	219	1	thus	thus	ADV
fsr-3414	219	2	,	,	PUNCT
fsr-3414	219	3	the	the	DET
fsr-3414	219	4	standard	standard	ADJ
fsr-3414	219	5	deviation	deviation	NOUN
fsr-3414	219	6	is	be	AUX
fsr-3414	219	7	misleading	misleading	ADJ
fsr-3414	219	8	when	when	SCONJ
fsr-3414	219	9	measuring	measure	VERB
fsr-3414	219	10	risk	risk	NOUN
fsr-3414	219	11	for	for	ADP
fsr-3414	219	12	the	the	DET
fsr-3414	219	13	letf	letf	ADJ
fsr-3414	219	14	portfolios	portfolio	NOUN
fsr-3414	219	15	as	as	SCONJ
fsr-3414	219	16	downside	downside	ADJ
fsr-3414	219	17	risk	risk	NOUN
fsr-3414	219	18	for	for	ADP
fsr-3414	219	19	letfs	letfs	PROPN
fsr-3414	219	20	is	be	AUX
fsr-3414	219	21	mitigated	mitigate	VERB
fsr-3414	219	22	because	because	SCONJ
fsr-3414	219	23	of	of	ADP
fsr-3414	219	24	the	the	DET
fsr-3414	219	25	higher	high	ADJ
fsr-3414	219	26	percentage	percentage	NOUN
fsr-3414	219	27	in	in	ADP
fsr-3414	219	28	a	a	DET
fsr-3414	219	29	relatively	relatively	ADV
fsr-3414	219	30	safe	safe	ADJ
fsr-3414	219	31	bond	bond	NOUN
fsr-3414	219	32	ladder	ladder	NOUN
fsr-3414	219	33	.	.	PUNCT
fsr-3414	220	1	the	the	DET
fsr-3414	220	2	large	large	ADJ
fsr-3414	220	3	percentage	percentage	NOUN
fsr-3414	220	4	in	in	ADP
fsr-3414	220	5	the	the	DET
fsr-3414	220	6	bond	bond	NOUN
fsr-3414	220	7	ladder	ladder	NOUN
fsr-3414	220	8	is	be	AUX
fsr-3414	220	9	also	also	ADV
fsr-3414	220	10	valuable	valuable	ADJ
fsr-3414	220	11	during	during	ADP
fsr-3414	220	12	market	market	NOUN
fsr-3414	220	13	panics	panic	NOUN
fsr-3414	220	14	as	as	SCONJ
fsr-3414	220	15	investors	investor	NOUN
fsr-3414	220	16	flee	flee	VERB
fsr-3414	220	17	to	to	ADP
fsr-3414	220	18	safer	safe	ADJ
fsr-3414	220	19	assets	asset	NOUN
fsr-3414	220	20	.	.	PUNCT
fsr-3414	221	1	results	result	NOUN
fsr-3414	221	2	from	from	ADP
fsr-3414	221	3	the	the	DET
fsr-3414	221	4	simulated	simulate	VERB
fsr-3414	221	5	returns	return	NOUN
fsr-3414	221	6	reinforce	reinforce	VERB
fsr-3414	221	7	the	the	DET
fsr-3414	221	8	empirical	empirical	ADJ
fsr-3414	221	9	data	datum	NOUN
fsr-3414	221	10	from	from	ADP
fsr-3414	221	11	2010	2010	NUM
fsr-3414	221	12	to	to	ADP
fsr-3414	221	13	2017.5	2017.5	NUM
fsr-3414	221	14	for	for	ADP
fsr-3414	221	15	investors	investor	NOUN
fsr-3414	221	16	seeking	seek	VERB
fsr-3414	221	17	2x	2x	NUM
fsr-3414	221	18	leverage	leverage	NOUN
fsr-3414	221	19	,	,	PUNCT
fsr-3414	221	20	the	the	DET
fsr-3414	221	21	100	100	NUM
fsr-3414	221	22	%	%	NOUN
fsr-3414	221	23	in	in	ADP
fsr-3414	221	24	2x	2x	NUM
fsr-3414	221	25	and	and	CCONJ
fsr-3414	221	26	67	67	NUM
fsr-3414	221	27	%	%	NOUN
fsr-3414	221	28	in	in	ADP
fsr-3414	221	29	3x	3x	PROPN
fsr-3414	221	30	columns	column	NOUN
fsr-3414	221	31	show	show	VERB
fsr-3414	221	32	the	the	DET
fsr-3414	221	33	results	result	NOUN
fsr-3414	221	34	.	.	PUNCT
fsr-3414	222	1	average	average	ADJ
fsr-3414	222	2	returns	return	NOUN
fsr-3414	222	3	are	be	AUX
fsr-3414	222	4	less	less	ADJ
fsr-3414	222	5	than	than	ADP
fsr-3414	222	6	double	double	ADJ
fsr-3414	222	7	while	while	SCONJ
fsr-3414	222	8	the	the	DET
fsr-3414	222	9	standard	standard	ADJ
fsr-3414	222	10	deviations	deviation	NOUN
fsr-3414	222	11	and	and	CCONJ
fsr-3414	222	12	minimums	minimum	NOUN
fsr-3414	222	13	are	be	AUX
fsr-3414	222	14	doubled	double	VERB
fsr-3414	222	15	with	with	ADP
fsr-3414	222	16	a	a	DET
fsr-3414	222	17	tripling	tripling	NOUN
fsr-3414	222	18	of	of	ADP
fsr-3414	222	19	the	the	DET
fsr-3414	222	20	var	var	NOUN
fsr-3414	222	21	.	.	PUNCT
fsr-3414	223	1	using	use	VERB
fsr-3414	223	2	the	the	DET
fsr-3414	223	3	3x	3x	NUM
fsr-3414	223	4	letf	letf	NOUN
fsr-3414	223	5	to	to	PART
fsr-3414	223	6	attain	attain	VERB
fsr-3414	223	7	2x	2x	NUM
fsr-3414	223	8	exposure	exposure	NOUN
fsr-3414	223	9	shows	show	NOUN
fsr-3414	223	10	improved	improve	VERB
fsr-3414	223	11	results	result	NOUN
fsr-3414	223	12	.	.	PUNCT
fsr-3414	224	1	overall	overall	ADJ
fsr-3414	224	2	and	and	CCONJ
fsr-3414	224	3	in	in	ADP
fsr-3414	224	4	every	every	DET
fsr-3414	224	5	subperiod	subperiod	NOUN
fsr-3414	224	6	,	,	PUNCT
fsr-3414	224	7	67	67	NUM
fsr-3414	224	8	%	%	NOUN
fsr-3414	224	9	in	in	ADP
fsr-3414	224	10	a	a	DET
fsr-3414	224	11	3x	3x	NUM
fsr-3414	224	12	outperforms	outperform	NOUN
fsr-3414	224	13	100	100	NUM
fsr-3414	224	14	%	%	NOUN
fsr-3414	224	15	in	in	ADP
fsr-3414	224	16	a	a	DET
fsr-3414	224	17	2x	2x	NUM
fsr-3414	224	18	with	with	ADP
fsr-3414	224	19	a	a	DET
fsr-3414	224	20	1.6	1.6	NUM
fsr-3414	224	21	%	%	NOUN
fsr-3414	224	22	annual	annual	ADJ
fsr-3414	224	23	average	average	ADJ
fsr-3414	224	24	increase	increase	NOUN
fsr-3414	224	25	.	.	PUNCT
fsr-3414	225	1	the	the	DET
fsr-3414	225	2	minimum	minimum	NOUN
fsr-3414	225	3	and	and	CCONJ
fsr-3414	225	4	var	var	NOUN
fsr-3414	225	5	using	use	VERB
fsr-3414	225	6	3x	3x	PROPN
fsr-3414	225	7	letfs	letfs	PROPN
fsr-3414	225	8	are	be	AUX
fsr-3414	225	9	also	also	ADV
fsr-3414	225	10	better	well	ADJ
fsr-3414	225	11	than	than	ADP
fsr-3414	225	12	2x	2x	NUM
fsr-3414	225	13	letfs	letfs	PROPN
fsr-3414	225	14	along	along	ADP
fsr-3414	225	15	with	with	ADP
fsr-3414	225	16	a	a	DET
fsr-3414	225	17	higher	high	ADJ
fsr-3414	225	18	sharpe	sharpe	NOUN
fsr-3414	225	19	and	and	CCONJ
fsr-3414	225	20	sortino	sortino	ADJ
fsr-3414	225	21	ratio	ratio	NOUN
fsr-3414	225	22	.	.	PUNCT
fsr-3414	226	1	table	table	NOUN
fsr-3414	226	2	6	6	NUM
fsr-3414	226	3	portfolio	portfolio	NOUN
fsr-3414	226	4	average	average	ADJ
fsr-3414	226	5	annual	annual	ADJ
fsr-3414	226	6	returns	return	NOUN
fsr-3414	226	7	using	use	VERB
fsr-3414	226	8	1946	1946	NUM
fsr-3414	226	9	to	to	ADP
fsr-3414	226	10	2017	2017	NUM
fsr-3414	226	11	historical	historical	ADJ
fsr-3414	226	12	data	datum	NOUN
fsr-3414	226	13	time	time	NOUN
fsr-3414	226	14	period	period	NOUN
fsr-3414	226	15	portfolio	portfolio	NOUN
fsr-3414	226	16	50	50	NUM
fsr-3414	226	17	%	%	NOUN
fsr-3414	226	18	in	in	ADP
fsr-3414	226	19	2x	2x	NUM
fsr-3414	226	20	33	33	NUM
fsr-3414	226	21	%	%	NOUN
fsr-3414	226	22	in	in	ADP
fsr-3414	226	23	3x	3x	NUM
fsr-3414	226	24	100	100	NUM
fsr-3414	226	25	%	%	NOUN
fsr-3414	226	26	in	in	ADP
fsr-3414	226	27	2x	2x	NUM
fsr-3414	226	28	67	67	NUM
fsr-3414	226	29	%	%	NOUN
fsr-3414	226	30	in	in	ADP
fsr-3414	226	31	3x	3x	PROPN
fsr-3414	226	32	treasuries	treasury	NOUN
fsr-3414	226	33	1946–2017	1946–2017	NUM
fsr-3414	226	34	11.12	11.12	NUM
fsr-3414	226	35	%	%	NOUN
fsr-3414	226	36	11.75	11.75	NUM
fsr-3414	226	37	%	%	NOUN
fsr-3414	226	38	12.53	12.53	NUM
fsr-3414	226	39	%	%	NOUN
fsr-3414	226	40	18.96	18.96	NUM
fsr-3414	226	41	%	%	NOUN
fsr-3414	226	42	20.58	20.58	NUM
fsr-3414	226	43	%	%	NOUN
fsr-3414	226	44	5.46	5.46	NUM
fsr-3414	226	45	%	%	NOUN
fsr-3414	226	46	1946–1959	1946–1959	NUM
fsr-3414	226	47	11.45	11.45	NUM
fsr-3414	226	48	%	%	NOUN
fsr-3414	226	49	10.78	10.78	NUM
fsr-3414	226	50	%	%	NOUN
fsr-3414	226	51	11.22	11.22	NUM
fsr-3414	226	52	%	%	NOUN
fsr-3414	226	53	21.91	21.91	NUM
fsr-3414	226	54	%	%	NOUN
fsr-3414	226	55	22.23	22.23	NUM
fsr-3414	226	56	%	%	NOUN
fsr-3414	226	57	1.63	1.63	NUM
fsr-3414	226	58	%	%	NOUN
fsr-3414	226	59	1960–1978	1960–1978	NUM
fsr-3414	226	60	8.03	8.03	NUM
fsr-3414	226	61	%	%	NOUN
fsr-3414	226	62	8.45	8.45	NUM
fsr-3414	226	63	%	%	NOUN
fsr-3414	226	64	9.35	9.35	NUM
fsr-3414	226	65	%	%	NOUN
fsr-3414	226	66	13.26	13.26	NUM
fsr-3414	226	67	%	%	NOUN
fsr-3414	226	68	14.82	14.82	NUM
fsr-3414	226	69	%	%	NOUN
fsr-3414	226	70	5.39	5.39	NUM
fsr-3414	226	71	%	%	NOUN
fsr-3414	226	72	1979–1991	1979–1991	NUM
fsr-3414	226	73	16.56	16.56	NUM
fsr-3414	226	74	%	%	NOUN
fsr-3414	226	75	18.81	18.81	NUM
fsr-3414	226	76	%	%	NOUN
fsr-3414	226	77	20.05	20.05	NUM
fsr-3414	226	78	%	%	NOUN
fsr-3414	226	79	25.40	25.40	NUM
fsr-3414	226	80	%	%	NOUN
fsr-3414	226	81	28.75	28.75	NUM
fsr-3414	226	82	%	%	NOUN
fsr-3414	226	83	11.42	11.42	NUM
fsr-3414	226	84	%	%	NOUN
fsr-3414	226	85	1992–2009	1992–2009	NUM
fsr-3414	226	86	10.13	10.13	NUM
fsr-3414	226	87	%	%	NOUN
fsr-3414	226	88	11.00	11.00	NUM
fsr-3414	226	89	%	%	NOUN
fsr-3414	226	90	11.65	11.65	NUM
fsr-3414	226	91	%	%	NOUN
fsr-3414	226	92	15.40	15.40	NUM
fsr-3414	226	93	%	%	NOUN
fsr-3414	226	94	17.22	17.22	NUM
fsr-3414	226	95	%	%	NOUN
fsr-3414	226	96	5.78	5.78	NUM
fsr-3414	226	97	%	%	NOUN
fsr-3414	226	98	2010–2017	2010–2017	NUM
fsr-3414	226	99	11.29	11.29	NUM
fsr-3414	226	100	%	%	NOUN
fsr-3414	226	101	11.47	11.47	NUM
fsr-3414	226	102	%	%	NOUN
fsr-3414	226	103	12.16	12.16	NUM
fsr-3414	226	104	%	%	NOUN
fsr-3414	226	105	23.80	23.80	NUM
fsr-3414	226	106	%	%	NOUN
fsr-3414	226	107	24.72	24.72	NUM
fsr-3414	226	108	%	%	NOUN
fsr-3414	226	109	1.96	1.96	NUM
fsr-3414	226	110	%	%	NOUN
fsr-3414	226	111	1946–2017	1946–2017	NUM
fsr-3414	226	112	risk	risk	NOUN
fsr-3414	226	113	statistics	statistic	NOUN
fsr-3414	226	114	standard	standard	ADJ
fsr-3414	226	115	deviation	deviation	NOUN
fsr-3414	226	116	12.67	12.67	NUM
fsr-3414	226	117	%	%	NOUN
fsr-3414	226	118	13.23	13.23	NUM
fsr-3414	226	119	%	%	NOUN
fsr-3414	226	120	13.51	13.51	NUM
fsr-3414	226	121	%	%	NOUN
fsr-3414	226	122	26.52	26.52	NUM
fsr-3414	226	123	%	%	NOUN
fsr-3414	226	124	26.93	26.93	NUM
fsr-3414	226	125	%	%	NOUN
fsr-3414	226	126	5.09	5.09	NUM
fsr-3414	226	127	%	%	NOUN
fsr-3414	226	128	min	min	PROPN
fsr-3414	226	129	�	�	PROPN
fsr-3414	226	130	23.38	23.38	NUM
fsr-3414	226	131	%	%	NOUN
fsr-3414	226	132	�	�	PROPN
fsr-3414	226	133	19.45	19.45	NUM
fsr-3414	226	134	%	%	NOUN
fsr-3414	226	135	�	�	NOUN
fsr-3414	226	136	18.64	18.64	NUM
fsr-3414	226	137	%	%	NOUN
fsr-3414	226	138	�	�	NOUN
fsr-3414	226	139	46.33	46.33	NUM
fsr-3414	226	140	%	%	NOUN
fsr-3414	226	141	�	�	NOUN
fsr-3414	226	142	44.81	44.81	NUM
fsr-3414	226	143	%	%	NOUN
fsr-3414	226	144	�	�	NOUN
fsr-3414	226	145	1.66	1.66	NUM
fsr-3414	226	146	%	%	NOUN
fsr-3414	226	147	max	max	PROPN
fsr-3414	226	148	38.84	38.84	NUM
fsr-3414	226	149	%	%	NOUN
fsr-3414	226	150	39.53	39.53	NUM
fsr-3414	226	151	%	%	NOUN
fsr-3414	226	152	44.18	44.18	NUM
fsr-3414	226	153	%	%	NOUN
fsr-3414	226	154	89.92	89.92	NUM
fsr-3414	226	155	%	%	NOUN
fsr-3414	226	156	90.62	90.62	NUM
fsr-3414	226	157	%	%	NOUN
fsr-3414	226	158	25.77	25.77	NUM
fsr-3414	226	159	%	%	NOUN
fsr-3414	226	160	var	var	NOUN
fsr-3414	226	161	�	�	PROPN
fsr-3414	226	162	5.31	5.31	NUM
fsr-3414	226	163	%	%	NOUN
fsr-3414	226	164	�	�	NOUN
fsr-3414	226	165	4.24	4.24	NUM
fsr-3414	226	166	%	%	NOUN
fsr-3414	226	167	�	�	NOUN
fsr-3414	226	168	3.19	3.19	NUM
fsr-3414	226	169	%	%	NOUN
fsr-3414	226	170	�	�	PROPN
fsr-3414	226	171	14.57	14.57	NUM
fsr-3414	226	172	%	%	NOUN
fsr-3414	226	173	�	�	NOUN
fsr-3414	226	174	12.52	12.52	NUM
fsr-3414	226	175	%	%	NOUN
fsr-3414	226	176	0.51	0.51	NUM
fsr-3414	226	177	%	%	NOUN
fsr-3414	226	178	sharpe	sharpe	PROPN
fsr-3414	226	179	0.55	0.55	NUM
fsr-3414	226	180	0.57	0.57	NUM
fsr-3414	226	181	0.62	0.62	NUM
fsr-3414	226	182	0.56	0.56	NUM
fsr-3414	226	183	0.61	0.61	NUM
fsr-3414	226	184	n	n	CCONJ
fsr-3414	226	185	/	/	SYM
fsr-3414	226	186	a	a	DET
fsr-3414	226	187	sortino	sortino	NOUN
fsr-3414	226	188	2.56	2.56	NUM
fsr-3414	226	189	2.93	2.93	NUM
fsr-3414	226	190	3.34	3.34	NUM
fsr-3414	226	191	1.97	1.97	NUM
fsr-3414	226	192	2.26	2.26	NUM
fsr-3414	226	193	n	n	CCONJ
fsr-3414	226	194	/	/	SYM
fsr-3414	226	195	a	a	DET
fsr-3414	226	196	note	note	NOUN
fsr-3414	226	197	:	:	PUNCT
fsr-3414	226	198	table	table	NOUN
fsr-3414	226	199	shows	show	VERB
fsr-3414	226	200	average	average	ADJ
fsr-3414	226	201	annual	annual	ADJ
fsr-3414	226	202	returns	return	NOUN
fsr-3414	226	203	from	from	ADP
fsr-3414	226	204	1946	1946	NUM
fsr-3414	226	205	to	to	ADP
fsr-3414	226	206	2017	2017	NUM
fsr-3414	226	207	along	along	ADP
fsr-3414	226	208	with	with	ADP
fsr-3414	226	209	several	several	ADJ
fsr-3414	226	210	sub	sub	ADJ
fsr-3414	226	211	-	-	ADJ
fsr-3414	226	212	periods	period	NOUN
fsr-3414	226	213	corresponding	correspond	VERB
fsr-3414	226	214	to	to	ADP
fsr-3414	226	215	different	different	ADJ
fsr-3414	226	216	interest	interest	NOUN
fsr-3414	226	217	rate	rate	NOUN
fsr-3414	226	218	environments	environment	NOUN
fsr-3414	226	219	.	.	PUNCT
fsr-3414	227	1	because	because	SCONJ
fsr-3414	227	2	of	of	ADP
fsr-3414	227	3	limited	limited	ADJ
fsr-3414	227	4	data	datum	NOUN
fsr-3414	227	5	and	and	CCONJ
fsr-3414	227	6	large	large	ADJ
fsr-3414	227	7	standard	standard	ADJ
fsr-3414	227	8	deviations	deviation	NOUN
fsr-3414	227	9	,	,	PUNCT
fsr-3414	227	10	there	there	PRON
fsr-3414	227	11	are	be	VERB
fsr-3414	227	12	no	no	DET
fsr-3414	227	13	statistical	statistical	ADJ
fsr-3414	227	14	differences	difference	NOUN
fsr-3414	227	15	between	between	ADP
fsr-3414	227	16	the	the	DET
fsr-3414	227	17	mean	mean	ADJ
fsr-3414	227	18	returns	return	NOUN
fsr-3414	227	19	between	between	ADP
fsr-3414	227	20	the	the	DET
fsr-3414	227	21	unit	unit	NOUN
fsr-3414	227	22	exposure	exposure	NOUN
fsr-3414	227	23	portfolios	portfolio	NOUN
fsr-3414	227	24	or	or	CCONJ
fsr-3414	227	25	between	between	ADP
fsr-3414	227	26	the	the	DET
fsr-3414	227	27	2x	2x	NUM
fsr-3414	227	28	exposure	exposure	NOUN
fsr-3414	227	29	.	.	PUNCT
fsr-3414	228	1	45w.j	45w.j	NUM
fsr-3414	228	2	.	.	PUNCT
fsr-3414	229	1	trainor	trainor	NOUN
fsr-3414	229	2	et	et	PROPN
fsr-3414	229	3	al	al	PROPN
fsr-3414	229	4	.	.	PUNCT
fsr-3414	229	5	/	/	SYM
fsr-3414	229	6	financial	financial	ADJ
fsr-3414	229	7	services	service	NOUN
fsr-3414	229	8	review	review	VERB
fsr-3414	229	9	28	28	NUM
fsr-3414	229	10	(	(	PUNCT
fsr-3414	229	11	2020	2020	NUM
fsr-3414	229	12	)	)	PUNCT
fsr-3414	229	13	35	35	NUM
fsr-3414	229	14	-	-	SYM
fsr-3414	229	15	48	48	NUM
fsr-3414	229	16	the	the	DET
fsr-3414	229	17	disadvantage	disadvantage	NOUN
fsr-3414	229	18	to	to	ADP
fsr-3414	229	19	this	this	DET
fsr-3414	229	20	strategy	strategy	NOUN
fsr-3414	229	21	is	be	AUX
fsr-3414	229	22	the	the	DET
fsr-3414	229	23	rebalancing	rebalancing	NOUN
fsr-3414	229	24	frequency	frequency	NOUN
fsr-3414	229	25	required	require	VERB
fsr-3414	229	26	for	for	ADP
fsr-3414	229	27	a	a	DET
fsr-3414	229	28	3x	3x	NUM
fsr-3414	229	29	.	.	PUNCT
fsr-3414	230	1	using	use	VERB
fsr-3414	230	2	a	a	DET
fsr-3414	230	3	10	10	NUM
fsr-3414	230	4	%	%	NOUN
fsr-3414	230	5	variance	variance	NOUN
fsr-3414	230	6	threshold	threshold	NOUN
fsr-3414	230	7	to	to	PART
fsr-3414	230	8	maintain	maintain	VERB
fsr-3414	230	9	the	the	DET
fsr-3414	230	10	initial	initial	ADJ
fsr-3414	230	11	2x	2x	NUM
fsr-3414	230	12	exposure	exposure	NOUN
fsr-3414	230	13	to	to	ADP
fsr-3414	230	14	the	the	DET
fsr-3414	230	15	underlying	underlie	VERB
fsr-3414	230	16	indexes	index	NOUN
fsr-3414	230	17	requires	require	VERB
fsr-3414	230	18	79	79	NUM
fsr-3414	230	19	and	and	CCONJ
fsr-3414	230	20	381	381	NUM
fsr-3414	230	21	rebalances	rebalance	NOUN
fsr-3414	230	22	for	for	ADP
fsr-3414	230	23	the	the	DET
fsr-3414	230	24	2x	2x	NUM
fsr-3414	230	25	and	and	CCONJ
fsr-3414	230	26	3x	3x	NUM
fsr-3414	230	27	,	,	PUNCT
fsr-3414	230	28	respectively	respectively	ADV
fsr-3414	230	29	,	,	PUNCT
fsr-3414	230	30	over	over	ADP
fsr-3414	230	31	the	the	DET
fsr-3414	230	32	72	72	NUM
fsr-3414	230	33	years	year	NOUN
fsr-3414	230	34	.	.	PUNCT
fsr-3414	231	1	thus	thus	ADV
fsr-3414	231	2	,	,	PUNCT
fsr-3414	231	3	although	although	SCONJ
fsr-3414	231	4	using	use	VERB
fsr-3414	231	5	the	the	DET
fsr-3414	231	6	3x	3x	NUM
fsr-3414	231	7	to	to	PART
fsr-3414	231	8	mimic	mimic	VERB
fsr-3414	231	9	the	the	DET
fsr-3414	231	10	exposure	exposure	NOUN
fsr-3414	231	11	of	of	ADP
fsr-3414	231	12	a	a	DET
fsr-3414	231	13	2x	2x	NUM
fsr-3414	231	14	increases	increase	VERB
fsr-3414	231	15	the	the	DET
fsr-3414	231	16	returns	return	NOUN
fsr-3414	231	17	,	,	PUNCT
fsr-3414	231	18	trading	trading	NOUN
fsr-3414	231	19	costs	cost	NOUN
fsr-3414	231	20	and	and	CCONJ
fsr-3414	231	21	the	the	DET
fsr-3414	231	22	more	more	ADV
fsr-3414	231	23	onerous	onerous	ADJ
fsr-3414	231	24	tax	tax	NOUN
fsr-3414	231	25	effects	effect	NOUN
fsr-3414	231	26	in	in	ADP
fsr-3414	231	27	nonqualified	nonqualified	ADJ
fsr-3414	231	28	accounts	account	NOUN
fsr-3414	231	29	eliminate	eliminate	VERB
fsr-3414	231	30	the	the	DET
fsr-3414	231	31	after	after	ADP
fsr-3414	231	32	-	-	PUNCT
fsr-3414	231	33	tax	tax	NOUN
fsr-3414	231	34	return	return	NOUN
fsr-3414	231	35	differential	differential	NOUN
fsr-3414	231	36	.	.	PUNCT
fsr-3414	232	1	for	for	ADP
fsr-3414	232	2	a	a	DET
fsr-3414	232	3	letf	letf	ADJ
fsr-3414	232	4	portfolio	portfolio	NOUN
fsr-3414	232	5	to	to	PART
fsr-3414	232	6	outperform	outperform	VERB
fsr-3414	232	7	,	,	PUNCT
fsr-3414	232	8	the	the	DET
fsr-3414	232	9	returns	return	NOUN
fsr-3414	232	10	to	to	ADP
fsr-3414	232	11	the	the	DET
fsr-3414	232	12	t	t	NOUN
fsr-3414	232	13	-	-	PUNCT
fsr-3414	232	14	bond	bond	NOUN
fsr-3414	232	15	ladder	ladder	NOUN
fsr-3414	232	16	need	need	VERB
fsr-3414	232	17	to	to	PART
fsr-3414	232	18	exceed	exceed	VERB
fsr-3414	232	19	the	the	DET
fsr-3414	232	20	financing	financing	NOUN
fsr-3414	232	21	and	and	CCONJ
fsr-3414	232	22	expense	expense	NOUN
fsr-3414	232	23	ratio	ratio	NOUN
fsr-3414	232	24	costs	cost	NOUN
fsr-3414	232	25	of	of	ADP
fsr-3414	232	26	letfs	letfs	PROPN
fsr-3414	232	27	.	.	PUNCT
fsr-3414	233	1	however	however	ADV
fsr-3414	233	2	,	,	PUNCT
fsr-3414	233	3	this	this	PRON
fsr-3414	233	4	only	only	ADV
fsr-3414	233	5	occurs	occur	VERB
fsr-3414	233	6	45	45	NUM
fsr-3414	233	7	%	%	NOUN
fsr-3414	233	8	of	of	ADP
fsr-3414	233	9	the	the	DET
fsr-3414	233	10	time	time	NOUN
fsr-3414	233	11	from	from	ADP
fsr-3414	233	12	1946	1946	NUM
fsr-3414	233	13	to	to	ADP
fsr-3414	233	14	2017	2017	NUM
fsr-3414	233	15	.	.	PUNCT
fsr-3414	234	1	despite	despite	SCONJ
fsr-3414	234	2	this	this	PRON
fsr-3414	234	3	,	,	PUNCT
fsr-3414	234	4	2x	2x	NUM
fsr-3414	234	5	and	and	CCONJ
fsr-3414	234	6	3x	3x	NUM
fsr-3414	234	7	letf	letf	ADJ
fsr-3414	234	8	portfolios	portfolio	NOUN
fsr-3414	234	9	outperform	outperform	VERB
fsr-3414	234	10	54	54	NUM
fsr-3414	234	11	%	%	NOUN
fsr-3414	234	12	and	and	CCONJ
fsr-3414	234	13	61	61	NUM
fsr-3414	234	14	%	%	NOUN
fsr-3414	234	15	of	of	ADP
fsr-3414	234	16	the	the	DET
fsr-3414	234	17	time	time	NOUN
fsr-3414	234	18	,	,	PUNCT
fsr-3414	234	19	respectively	respectively	ADV
fsr-3414	234	20	,	,	PUNCT
fsr-3414	234	21	during	during	ADP
fsr-3414	234	22	this	this	DET
fsr-3414	234	23	time	time	NOUN
fsr-3414	234	24	period	period	NOUN
fsr-3414	234	25	.	.	PUNCT
fsr-3414	235	1	this	this	PRON
fsr-3414	235	2	is	be	AUX
fsr-3414	235	3	possible	possible	ADJ
fsr-3414	235	4	because	because	SCONJ
fsr-3414	235	5	a	a	DET
fsr-3414	235	6	highly	highly	ADV
fsr-3414	235	7	positive	positive	ADJ
fsr-3414	235	8	trending	trending	NOUN
fsr-3414	235	9	market	market	NOUN
fsr-3414	235	10	allows	allow	VERB
fsr-3414	235	11	letfs	letfs	PROPN
fsr-3414	235	12	to	to	PART
fsr-3414	235	13	return	return	VERB
fsr-3414	235	14	more	more	ADV
fsr-3414	235	15	over	over	ADP
fsr-3414	235	16	time	time	NOUN
fsr-3414	235	17	than	than	SCONJ
fsr-3414	235	18	their	their	PRON
fsr-3414	235	19	daily	daily	ADJ
fsr-3414	235	20	leverage	leverage	NOUN
fsr-3414	235	21	multiple	multiple	ADJ
fsr-3414	235	22	implies	imply	VERB
fsr-3414	235	23	.	.	PUNCT
fsr-3414	236	1	this	this	PRON
fsr-3414	236	2	can	can	AUX
fsr-3414	236	3	make	make	VERB
fsr-3414	236	4	up	up	ADP
fsr-3414	236	5	for	for	ADP
fsr-3414	236	6	small	small	ADJ
fsr-3414	236	7	interest	interest	NOUN
fsr-3414	236	8	rate	rate	NOUN
fsr-3414	236	9	spreads	spread	NOUN
fsr-3414	236	10	.	.	PUNCT
fsr-3414	237	1	to	to	PART
fsr-3414	237	2	more	more	ADV
fsr-3414	237	3	accurately	accurately	ADV
fsr-3414	237	4	estimate	estimate	VERB
fsr-3414	237	5	the	the	DET
fsr-3414	237	6	effect	effect	NOUN
fsr-3414	237	7	of	of	ADP
fsr-3414	237	8	the	the	DET
fsr-3414	237	9	lending	lending	NOUN
fsr-3414	237	10	minus	minus	CCONJ
fsr-3414	237	11	borrowing	borrowing	NOUN
fsr-3414	237	12	differential	differential	NOUN
fsr-3414	237	13	on	on	ADP
fsr-3414	237	14	returns	return	NOUN
fsr-3414	237	15	,	,	PUNCT
fsr-3414	237	16	the	the	DET
fsr-3414	237	17	50	50	NUM
fsr-3414	237	18	%	%	NOUN
fsr-3414	237	19	in	in	ADP
fsr-3414	237	20	2x	2x	NUM
fsr-3414	237	21	and	and	CCONJ
fsr-3414	237	22	33	33	NUM
fsr-3414	237	23	%	%	NOUN
fsr-3414	237	24	in	in	ADP
fsr-3414	237	25	3x	3x	NUM
fsr-3414	237	26	letf	letf	ADJ
fsr-3414	237	27	returns	return	NOUN
fsr-3414	237	28	minus	minus	ADP
fsr-3414	237	29	the	the	DET
fsr-3414	237	30	standard	standard	ADJ
fsr-3414	237	31	portfolio	portfolio	NOUN
fsr-3414	237	32	returns	return	NOUN
fsr-3414	237	33	are	be	AUX
fsr-3414	237	34	regressed	regress	VERB
fsr-3414	237	35	on	on	ADP
fsr-3414	237	36	the	the	DET
fsr-3414	237	37	bond	bond	NOUN
fsr-3414	237	38	minus	minus	NOUN
fsr-3414	237	39	borrowing	borrowing	NOUN
fsr-3414	237	40	rate	rate	NOUN
fsr-3414	237	41	differential	differential	NOUN
fsr-3414	237	42	for	for	ADP
fsr-3414	237	43	both	both	CCONJ
fsr-3414	237	44	the	the	DET
fsr-3414	237	45	2010	2010	NUM
fsr-3414	237	46	to	to	ADP
fsr-3414	237	47	2017	2017	NUM
fsr-3414	237	48	empirical	empirical	ADJ
fsr-3414	237	49	data	datum	NOUN
fsr-3414	237	50	and	and	CCONJ
fsr-3414	237	51	the	the	DET
fsr-3414	237	52	1946	1946	NUM
fsr-3414	237	53	to	to	ADP
fsr-3414	237	54	2017	2017	NUM
fsr-3414	237	55	simulated	simulated	ADJ
fsr-3414	237	56	data	datum	NOUN
fsr-3414	237	57	.	.	PUNCT
fsr-3414	238	1	the	the	DET
fsr-3414	238	2	regression	regression	NOUN
fsr-3414	238	3	results	result	NOUN
fsr-3414	238	4	are	be	AUX
fsr-3414	238	5	shown	show	VERB
fsr-3414	238	6	in	in	ADP
fsr-3414	238	7	table	table	NOUN
fsr-3414	238	8	7	7	NUM
fsr-3414	238	9	.	.	PUNCT
fsr-3414	238	10	not	not	PART
fsr-3414	238	11	surprisingly	surprisingly	ADV
fsr-3414	238	12	,	,	PUNCT
fsr-3414	238	13	the	the	DET
fsr-3414	238	14	bond	bond	NOUN
fsr-3414	238	15	return	return	VERB
fsr-3414	238	16	minus	minus	CCONJ
fsr-3414	238	17	the	the	DET
fsr-3414	238	18	borrowing	borrowing	NOUN
fsr-3414	238	19	cost	cost	NOUN
fsr-3414	238	20	explains	explain	VERB
fsr-3414	238	21	more	more	ADJ
fsr-3414	238	22	than	than	ADP
fsr-3414	238	23	90	90	NUM
fsr-3414	238	24	%	%	NOUN
fsr-3414	238	25	of	of	ADP
fsr-3414	238	26	the	the	DET
fsr-3414	238	27	return	return	NOUN
fsr-3414	238	28	differences	difference	NOUN
fsr-3414	238	29	of	of	ADP
fsr-3414	238	30	the	the	DET
fsr-3414	238	31	2x	2x	NUM
fsr-3414	238	32	and	and	CCONJ
fsr-3414	238	33	3x	3x	NUM
fsr-3414	238	34	letf	letf	ADJ
fsr-3414	238	35	portfolios	portfolio	NOUN
fsr-3414	238	36	relative	relative	ADJ
fsr-3414	238	37	to	to	ADP
fsr-3414	238	38	a	a	DET
fsr-3414	238	39	standard	standard	ADJ
fsr-3414	238	40	portfolio	portfolio	NOUN
fsr-3414	238	41	for	for	ADP
fsr-3414	238	42	both	both	CCONJ
fsr-3414	238	43	the	the	DET
fsr-3414	238	44	empirical	empirical	ADJ
fsr-3414	238	45	and	and	CCONJ
fsr-3414	238	46	simulated	simulated	ADJ
fsr-3414	238	47	historical	historical	ADJ
fsr-3414	238	48	data	datum	NOUN
fsr-3414	238	49	.	.	PUNCT
fsr-3414	239	1	based	base	VERB
fsr-3414	239	2	on	on	ADP
fsr-3414	239	3	the	the	DET
fsr-3414	239	4	empirical	empirical	ADJ
fsr-3414	239	5	data	datum	NOUN
fsr-3414	239	6	,	,	PUNCT
fsr-3414	239	7	a	a	DET
fsr-3414	239	8	one	one	NUM
fsr-3414	239	9	percent	percent	NOUN
fsr-3414	239	10	return	return	NOUN
fsr-3414	239	11	over	over	ADP
fsr-3414	239	12	the	the	DET
fsr-3414	239	13	borrowing	borrowing	NOUN
fsr-3414	239	14	rate	rate	NOUN
fsr-3414	239	15	leads	lead	VERB
fsr-3414	239	16	to	to	ADP
fsr-3414	239	17	a	a	DET
fsr-3414	239	18	0.41	0.41	NUM
fsr-3414	239	19	%	%	NOUN
fsr-3414	239	20	increase	increase	NOUN
fsr-3414	239	21	for	for	ADP
fsr-3414	239	22	a	a	DET
fsr-3414	239	23	2x	2x	NUM
fsr-3414	239	24	and	and	CCONJ
fsr-3414	239	25	0.63	0.63	NUM
fsr-3414	239	26	%	%	NOUN
fsr-3414	239	27	increase	increase	NOUN
fsr-3414	239	28	for	for	ADP
fsr-3414	239	29	a	a	DET
fsr-3414	239	30	3x	3x	NUM
fsr-3414	239	31	letf	letf	NOUN
fsr-3414	239	32	over	over	ADP
fsr-3414	239	33	a	a	DET
fsr-3414	239	34	standard	standard	ADJ
fsr-3414	239	35	portfolio	portfolio	NOUN
fsr-3414	239	36	.	.	PUNCT
fsr-3414	240	1	these	these	DET
fsr-3414	240	2	regression	regression	NOUN
fsr-3414	240	3	results	result	NOUN
fsr-3414	240	4	held	hold	VERB
fsr-3414	240	5	when	when	SCONJ
fsr-3414	240	6	comparing	compare	VERB
fsr-3414	240	7	the	the	DET
fsr-3414	240	8	letfs	letfs	PROPN
fsr-3414	240	9	to	to	ADP
fsr-3414	240	10	their	their	PRON
fsr-3414	240	11	corresponding	correspond	VERB
fsr-3414	240	12	etfs	etfs	NOUN
fsr-3414	240	13	at	at	ADP
fsr-3414	240	14	an	an	DET
fsr-3414	240	15	individual	individual	ADJ
fsr-3414	240	16	level	level	NOUN
fsr-3414	240	17	and	and	CCONJ
fsr-3414	240	18	roughly	roughly	ADV
fsr-3414	240	19	correspond	correspond	VERB
fsr-3414	240	20	to	to	ADP
fsr-3414	240	21	the	the	DET
fsr-3414	240	22	50	50	NUM
fsr-3414	240	23	%	%	NOUN
fsr-3414	240	24	and	and	CCONJ
fsr-3414	240	25	67	67	NUM
fsr-3414	240	26	%	%	NOUN
fsr-3414	240	27	freed	free	VERB
fsr-3414	240	28	up	up	ADP
fsr-3414	240	29	wealth	wealth	NOUN
fsr-3414	240	30	from	from	ADP
fsr-3414	240	31	using	use	VERB
fsr-3414	240	32	2x	2x	NUM
fsr-3414	240	33	or	or	CCONJ
fsr-3414	240	34	3x	3x	NUM
fsr-3414	240	35	letf	letf	ADJ
fsr-3414	240	36	portfolios	portfolio	NOUN
fsr-3414	240	37	,	,	PUNCT
fsr-3414	240	38	respectively	respectively	ADV
fsr-3414	240	39	.	.	PUNCT
fsr-3414	241	1	results	result	NOUN
fsr-3414	241	2	are	be	AUX
fsr-3414	241	3	similar	similar	ADJ
fsr-3414	241	4	for	for	ADP
fsr-3414	241	5	the	the	DET
fsr-3414	241	6	3x	3x	NUM
fsr-3414	241	7	letf	letf	ADJ
fsr-3414	241	8	relative	relative	ADJ
fsr-3414	241	9	to	to	ADP
fsr-3414	241	10	the	the	DET
fsr-3414	241	11	2x	2x	NUM
fsr-3414	241	12	letf	letf	ADV
fsr-3414	241	13	as	as	SCONJ
fsr-3414	241	14	a	a	DET
fsr-3414	241	15	one	one	NUM
fsr-3414	241	16	percent	percent	NOUN
fsr-3414	241	17	return	return	NOUN
fsr-3414	241	18	over	over	ADP
fsr-3414	241	19	the	the	DET
fsr-3414	241	20	borrowing	borrowing	NOUN
fsr-3414	241	21	rate	rate	NOUN
fsr-3414	241	22	corresponds	correspond	VERB
fsr-3414	241	23	to	to	ADP
fsr-3414	241	24	a	a	DET
fsr-3414	241	25	0.34	0.34	NUM
fsr-3414	241	26	percentage	percentage	NOUN
fsr-3414	241	27	point	point	NOUN
fsr-3414	241	28	increase	increase	NOUN
fsr-3414	241	29	using	use	VERB
fsr-3414	241	30	the	the	DET
fsr-3414	241	31	empirical	empirical	ADJ
fsr-3414	241	32	data	datum	NOUN
fsr-3414	241	33	and	and	CCONJ
fsr-3414	241	34	0.54	0.54	NUM
fsr-3414	241	35	percentage	percentage	NOUN
fsr-3414	241	36	point	point	NOUN
fsr-3414	241	37	gain	gain	NOUN
fsr-3414	241	38	for	for	ADP
fsr-3414	241	39	the	the	DET
fsr-3414	241	40	simulated	simulate	VERB
fsr-3414	241	41	data	datum	NOUN
fsr-3414	241	42	.	.	PUNCT
fsr-3414	242	1	both	both	DET
fsr-3414	242	2	results	result	NOUN
fsr-3414	242	3	are	be	AUX
fsr-3414	242	4	associated	associate	VERB
fsr-3414	242	5	with	with	ADP
fsr-3414	242	6	moderately	moderately	ADV
fsr-3414	242	7	lower	low	ADJ
fsr-3414	242	8	r2	r2	NOUN
fsr-3414	242	9	as	as	SCONJ
fsr-3414	242	10	there	there	PRON
fsr-3414	242	11	is	be	VERB
fsr-3414	242	12	much	much	ADV
fsr-3414	242	13	more	more	ADJ
fsr-3414	242	14	volatility	volatility	NOUN
fsr-3414	242	15	with	with	ADP
fsr-3414	242	16	returns	return	NOUN
fsr-3414	242	17	leveraged	leverage	VERB
fsr-3414	242	18	to	to	ADP
fsr-3414	242	19	2x	2x	NUM
fsr-3414	242	20	.	.	PUNCT
fsr-3414	243	1	thus	thus	ADV
fsr-3414	243	2	,	,	PUNCT
fsr-3414	243	3	both	both	CCONJ
fsr-3414	243	4	the	the	DET
fsr-3414	243	5	empirical	empirical	ADJ
fsr-3414	243	6	and	and	CCONJ
fsr-3414	243	7	simulated	simulated	ADJ
fsr-3414	243	8	data	datum	NOUN
fsr-3414	243	9	confirms	confirm	VERB
fsr-3414	243	10	the	the	DET
fsr-3414	243	11	importance	importance	NOUN
fsr-3414	243	12	of	of	ADP
fsr-3414	243	13	the	the	DET
fsr-3414	243	14	lending	lending	NOUN
fsr-3414	243	15	-	-	PUNCT
fsr-3414	243	16	borrowing	borrowing	NOUN
fsr-3414	243	17	spread	spread	NOUN
fsr-3414	243	18	.	.	PUNCT
fsr-3414	244	1	5	5	X
fsr-3414	244	2	.	.	X
fsr-3414	244	3	conclusion	conclusion	NOUN
fsr-3414	244	4	despite	despite	SCONJ
fsr-3414	244	5	the	the	DET
fsr-3414	244	6	early	early	ADJ
fsr-3414	244	7	negative	negative	ADJ
fsr-3414	244	8	press	press	NOUN
fsr-3414	244	9	about	about	ADP
fsr-3414	244	10	the	the	DET
fsr-3414	244	11	dangers	danger	NOUN
fsr-3414	244	12	of	of	ADP
fsr-3414	244	13	investing	invest	VERB
fsr-3414	244	14	in	in	ADP
fsr-3414	244	15	letfs	letfs	PROPN
fsr-3414	244	16	,	,	PUNCT
fsr-3414	244	17	they	they	PRON
fsr-3414	244	18	have	have	AUX
fsr-3414	244	19	become	become	VERB
fsr-3414	244	20	popular	popular	ADJ
fsr-3414	244	21	investment	investment	NOUN
fsr-3414	244	22	vehicles	vehicle	NOUN
fsr-3414	244	23	with	with	ADP
fsr-3414	244	24	265	265	NUM
fsr-3414	244	25	�	�	PROPN
fsr-3414	244	26	funds	fund	NOUN
fsr-3414	244	27	growing	grow	VERB
fsr-3414	244	28	to	to	ADP
fsr-3414	244	29	more	more	ADJ
fsr-3414	244	30	than	than	ADP
fsr-3414	244	31	$	$	SYM
fsr-3414	244	32	68	68	NUM
fsr-3414	244	33	billion	billion	NUM
fsr-3414	244	34	in	in	ADP
fsr-3414	244	35	table	table	NOUN
fsr-3414	244	36	7	7	NUM
fsr-3414	244	37	return	return	NOUN
fsr-3414	244	38	differences	difference	NOUN
fsr-3414	244	39	regressed	regress	VERB
fsr-3414	244	40	on	on	ADP
fsr-3414	244	41	t	t	PROPN
fsr-3414	244	42	-	-	PUNCT
fsr-3414	244	43	bond	bond	NOUN
fsr-3414	244	44	ladder	ladder	NOUN
fsr-3414	244	45	or	or	CCONJ
fsr-3414	244	46	agg	agg	PROPN
fsr-3414	244	47	etf	etf	NOUN
fsr-3414	244	48	minus	minus	CCONJ
fsr-3414	244	49	borrowing	borrowing	NOUN
fsr-3414	244	50	rate	rate	NOUN
fsr-3414	244	51	r2	r2	PROPN
fsr-3414	244	52	intercept	intercept	PROPN
fsr-3414	244	53	(	(	PUNCT
fsr-3414	244	54	t	t	NOUN
fsr-3414	244	55	-	-	PUNCT
fsr-3414	244	56	stat	stat	NOUN
fsr-3414	244	57	)	)	PUNCT
fsr-3414	244	58	coefficient	coefficient	NOUN
fsr-3414	244	59	(	(	PUNCT
fsr-3414	244	60	t	t	NOUN
fsr-3414	244	61	-	-	PUNCT
fsr-3414	244	62	stat	stat	NOUN
fsr-3414	244	63	)	)	PUNCT
fsr-3414	244	64	2010	2010	NUM
fsr-3414	244	65	to	to	ADP
fsr-3414	244	66	2017	2017	NUM
fsr-3414	244	67	2x	2x	NUM
fsr-3414	244	68	letf	letf	ADJ
fsr-3414	244	69	–	–	PUNCT
fsr-3414	244	70	etf	etf	NOUN
fsr-3414	244	71	portfolio	portfolio	NOUN
fsr-3414	244	72	92.53	92.53	NUM
fsr-3414	244	73	%	%	NOUN
fsr-3414	244	74	�	�	PROPN
fsr-3414	244	75	0.001	0.001	NUM
fsr-3414	244	76	(	(	PUNCT
fsr-3414	244	77	�	�	PROPN
fsr-3414	244	78	1.87	1.87	NUM
fsr-3414	244	79	)	)	PUNCT
fsr-3414	244	80	0.41	0.41	NUM
fsr-3414	244	81	(	(	PUNCT
fsr-3414	244	82	13.7)a	13.7)a	NUM
fsr-3414	244	83	3x	3x	NUM
fsr-3414	244	84	letf	letf	ADJ
fsr-3414	244	85	–	–	PUNCT
fsr-3414	244	86	etf	etf	NOUN
fsr-3414	244	87	portfolio	portfolio	NOUN
fsr-3414	244	88	95.36	95.36	NUM
fsr-3414	244	89	%	%	NOUN
fsr-3414	244	90	0.000	0.000	NUM
fsr-3414	244	91	(	(	PUNCT
fsr-3414	244	92	�	�	NOUN
fsr-3414	244	93	1.17	1.17	NUM
fsr-3414	244	94	)	)	PUNCT
fsr-3414	244	95	0.63	0.63	NUM
fsr-3414	244	96	(	(	PUNCT
fsr-3414	244	97	17.36)a	17.36)a	NUM
fsr-3414	244	98	3x	3x	NUM
fsr-3414	244	99	letf–2x	letf–2x	ADJ
fsr-3414	244	100	letf	letf	ADV
fsr-3414	244	101	64.70	64.70	NUM
fsr-3414	244	102	%	%	NOUN
fsr-3414	244	103	0.000	0.000	NUM
fsr-3414	244	104	(	(	PUNCT
fsr-3414	244	105	0.35	0.35	NUM
fsr-3414	244	106	)	)	PUNCT
fsr-3414	244	107	0.34	0.34	NUM
fsr-3414	244	108	(	(	PUNCT
fsr-3414	244	109	4.65)a	4.65)a	NUM
fsr-3414	244	110	1946	1946	NUM
fsr-3414	244	111	to	to	ADP
fsr-3414	244	112	2017	2017	NUM
fsr-3414	244	113	2x	2x	NUM
fsr-3414	244	114	letf	letf	ADJ
fsr-3414	244	115	–	–	PUNCT
fsr-3414	244	116	etf	etf	NOUN
fsr-3414	244	117	portfolio	portfolio	NOUN
fsr-3414	244	118	93.13	93.13	NUM
fsr-3414	244	119	%	%	NOUN
fsr-3414	244	120	�	�	PROPN
fsr-3414	244	121	0.0071	0.0071	NUM
fsr-3414	244	122	(	(	PUNCT
fsr-3414	244	123	�	�	NOUN
fsr-3414	244	124	6.14)a	6.14)a	NOUN
fsr-3414	244	125	0.56	0.56	NUM
fsr-3414	244	126	(	(	PUNCT
fsr-3414	244	127	21.39)a	21.39)a	NUM
fsr-3414	244	128	3x	3x	NUM
fsr-3414	244	129	letf	letf	ADJ
fsr-3414	244	130	–	–	PUNCT
fsr-3414	244	131	etf	etf	NOUN
fsr-3414	244	132	portfolio	portfolio	NOUN
fsr-3414	244	133	95.15	95.15	NUM
fsr-3414	244	134	%	%	NOUN
fsr-3414	244	135	�	�	NOUN
fsr-3414	244	136	0.005	0.005	NUM
fsr-3414	244	137	(	(	PUNCT
fsr-3414	244	138	�	�	X
fsr-3414	244	139	3.54)a	3.54)a	NUM
fsr-3414	244	140	0.76	0.76	NUM
fsr-3414	244	141	(	(	PUNCT
fsr-3414	244	142	25.88)a	25.88)a	NUM
fsr-3414	244	143	3x	3x	NUM
fsr-3414	244	144	letf–2x	letf–2x	ADJ
fsr-3414	244	145	letf	letf	NOUN
fsr-3414	244	146	79.75	79.75	NUM
fsr-3414	244	147	%	%	NOUN
fsr-3414	244	148	0.003	0.003	NUM
fsr-3414	244	149	(	(	PUNCT
fsr-3414	244	150	1.15	1.15	NUM
fsr-3414	244	151	)	)	PUNCT
fsr-3414	244	152	0.54	0.54	NUM
fsr-3414	244	153	(	(	PUNCT
fsr-3414	244	154	11.06)a	11.06)a	NUM
fsr-3414	244	155	note	note	NOUN
fsr-3414	244	156	:	:	PUNCT
fsr-3414	244	157	astatistical	astatistical	ADJ
fsr-3414	244	158	difference	difference	NOUN
fsr-3414	244	159	at	at	ADP
fsr-3414	244	160	the	the	DET
fsr-3414	244	161	one	one	NUM
fsr-3414	244	162	percent	percent	NOUN
fsr-3414	244	163	level	level	NOUN
fsr-3414	244	164	.	.	PUNCT
fsr-3414	245	1	46	46	NUM
fsr-3414	245	2	w.j	w.j	PROPN
fsr-3414	245	3	.	.	PROPN
fsr-3414	245	4	trainor	trainor	PROPN
fsr-3414	245	5	et	et	PROPN
fsr-3414	245	6	al	al	PROPN
fsr-3414	245	7	.	.	PUNCT
fsr-3414	245	8	/	/	SYM
fsr-3414	245	9	financial	financial	ADJ
fsr-3414	245	10	services	service	NOUN
fsr-3414	245	11	review	review	VERB
fsr-3414	245	12	28	28	NUM
fsr-3414	245	13	(	(	PUNCT
fsr-3414	245	14	2020	2020	NUM
fsr-3414	245	15	)	)	PUNCT
fsr-3414	245	16	35	35	NUM
fsr-3414	245	17	-	-	SYM
fsr-3414	245	18	48	48	NUM
fsr-3414	245	19	assets	asset	NOUN
fsr-3414	245	20	over	over	ADP
fsr-3414	245	21	the	the	DET
fsr-3414	245	22	last	last	ADJ
fsr-3414	245	23	12	12	NUM
fsr-3414	245	24	years	year	NOUN
fsr-3414	245	25	(	(	PUNCT
fsr-3414	245	26	www.etf.com	www.etf.com	NOUN
fsr-3414	245	27	)	)	PUNCT
fsr-3414	245	28	.	.	PUNCT
fsr-3414	246	1	while	while	SCONJ
fsr-3414	246	2	letfs	letfs	PROPN
fsr-3414	246	3	have	have	VERB
fsr-3414	246	4	higher	high	ADJ
fsr-3414	246	5	expense	expense	NOUN
fsr-3414	246	6	ratios	ratio	NOUN
fsr-3414	246	7	and	and	CCONJ
fsr-3414	246	8	suffer	suffer	VERB
fsr-3414	246	9	from	from	ADP
fsr-3414	246	10	leverage	leverage	NOUN
fsr-3414	246	11	decay	decay	NOUN
fsr-3414	246	12	,	,	PUNCT
fsr-3414	246	13	letfs	letfs	PROPN
fsr-3414	246	14	can	can	AUX
fsr-3414	246	15	be	be	AUX
fsr-3414	246	16	used	use	VERB
fsr-3414	246	17	effectively	effectively	ADV
fsr-3414	246	18	to	to	PART
fsr-3414	246	19	improve	improve	VERB
fsr-3414	246	20	average	average	ADJ
fsr-3414	246	21	returns	return	NOUN
fsr-3414	246	22	and	and	CCONJ
fsr-3414	246	23	reduce	reduce	VERB
fsr-3414	246	24	downside	downside	ADJ
fsr-3414	246	25	risk	risk	NOUN
fsr-3414	246	26	if	if	SCONJ
fsr-3414	246	27	properly	properly	ADV
fsr-3414	246	28	managed	manage	VERB
fsr-3414	246	29	.	.	PUNCT
fsr-3414	247	1	one	one	NUM
fsr-3414	247	2	key	key	NOUN
fsr-3414	247	3	is	be	AUX
fsr-3414	247	4	to	to	PART
fsr-3414	247	5	periodically	periodically	ADV
fsr-3414	247	6	rebalance	rebalance	VERB
fsr-3414	247	7	letfs	letfs	NOUN
fsr-3414	247	8	to	to	PART
fsr-3414	247	9	minimize	minimize	VERB
fsr-3414	247	10	both	both	CCONJ
fsr-3414	247	11	the	the	DET
fsr-3414	247	12	impact	impact	NOUN
fsr-3414	247	13	of	of	ADP
fsr-3414	247	14	decay	decay	NOUN
fsr-3414	247	15	and	and	CCONJ
fsr-3414	247	16	maintain	maintain	VERB
fsr-3414	247	17	a	a	DET
fsr-3414	247	18	set	set	ADJ
fsr-3414	247	19	risk	risk	NOUN
fsr-3414	247	20	exposure	exposure	NOUN
fsr-3414	247	21	.	.	PUNCT
fsr-3414	248	1	this	this	DET
fsr-3414	248	2	study	study	NOUN
fsr-3414	248	3	compares	compare	VERB
fsr-3414	248	4	a	a	DET
fsr-3414	248	5	diversified	diversified	ADJ
fsr-3414	248	6	portfolio	portfolio	NOUN
fsr-3414	248	7	of	of	ADP
fsr-3414	248	8	typical	typical	ADJ
fsr-3414	248	9	etfs	etfs	PROPN
fsr-3414	248	10	to	to	ADP
fsr-3414	248	11	portfolios	portfolio	NOUN
fsr-3414	248	12	comprised	comprise	VERB
fsr-3414	248	13	of	of	ADP
fsr-3414	248	14	50	50	NUM
fsr-3414	248	15	%	%	NOUN
fsr-3414	248	16	in	in	ADP
fsr-3414	248	17	2x	2x	NUM
fsr-3414	248	18	letfs	letfs	PROPN
fsr-3414	248	19	or	or	CCONJ
fsr-3414	248	20	33	33	NUM
fsr-3414	248	21	%	%	NOUN
fsr-3414	248	22	in	in	ADP
fsr-3414	248	23	3x	3x	PROPN
fsr-3414	248	24	letfs	letfs	PROPN
fsr-3414	248	25	with	with	ADP
fsr-3414	248	26	the	the	DET
fsr-3414	248	27	remainder	remainder	NOUN
fsr-3414	248	28	invested	invest	VERB
fsr-3414	248	29	in	in	ADP
fsr-3414	248	30	a	a	DET
fsr-3414	248	31	relatively	relatively	ADV
fsr-3414	248	32	safe	safe	ADJ
fsr-3414	248	33	t	t	NOUN
fsr-3414	248	34	-	-	PUNCT
fsr-3414	248	35	bond	bond	NOUN
fsr-3414	248	36	ladder	ladder	NOUN
fsr-3414	248	37	or	or	CCONJ
fsr-3414	248	38	a	a	DET
fsr-3414	248	39	bond	bond	NOUN
fsr-3414	248	40	fund	fund	NOUN
fsr-3414	248	41	.	.	PUNCT
fsr-3414	249	1	in	in	ADP
fsr-3414	249	2	addition	addition	NOUN
fsr-3414	249	3	,	,	PUNCT
fsr-3414	249	4	a	a	DET
fsr-3414	249	5	3x	3x	NUM
fsr-3414	249	6	letf	letf	ADJ
fsr-3414	249	7	portfolio	portfolio	NOUN
fsr-3414	249	8	is	be	AUX
fsr-3414	249	9	compared	compare	VERB
fsr-3414	249	10	with	with	ADP
fsr-3414	249	11	a	a	DET
fsr-3414	249	12	2x	2x	NUM
fsr-3414	249	13	letf	letf	ADJ
fsr-3414	249	14	portfolio	portfolio	NOUN
fsr-3414	249	15	where	where	SCONJ
fsr-3414	249	16	the	the	DET
fsr-3414	249	17	underlying	underlying	ADJ
fsr-3414	249	18	exposure	exposure	NOUN
fsr-3414	249	19	of	of	ADP
fsr-3414	249	20	the	the	DET
fsr-3414	249	21	3x	3x	PROPN
fsr-3414	249	22	is	be	AUX
fsr-3414	249	23	set	set	VERB
fsr-3414	249	24	equal	equal	ADJ
fsr-3414	249	25	to	to	ADP
fsr-3414	249	26	the	the	DET
fsr-3414	249	27	2x	2x	NUM
fsr-3414	249	28	.	.	PUNCT
fsr-3414	250	1	using	use	VERB
fsr-3414	250	2	a	a	DET
fsr-3414	250	3	10	10	NUM
fsr-3414	250	4	%	%	NOUN
fsr-3414	250	5	variance	variance	NOUN
fsr-3414	250	6	threshold	threshold	NOUN
fsr-3414	250	7	for	for	ADP
fsr-3414	250	8	rebalancing	rebalancing	NOUN
fsr-3414	250	9	,	,	PUNCT
fsr-3414	250	10	this	this	DET
fsr-3414	250	11	study	study	NOUN
fsr-3414	250	12	finds	find	VERB
fsr-3414	250	13	a	a	DET
fsr-3414	250	14	portfolio	portfolio	NOUN
fsr-3414	250	15	using	use	VERB
fsr-3414	250	16	letfs	letfs	NOUN
fsr-3414	250	17	since	since	SCONJ
fsr-3414	250	18	2010	2010	NUM
fsr-3414	250	19	or	or	CCONJ
fsr-3414	250	20	one	one	NUM
fsr-3414	250	21	based	base	VERB
fsr-3414	250	22	on	on	ADP
fsr-3414	250	23	simulated	simulated	ADJ
fsr-3414	250	24	data	datum	NOUN
fsr-3414	250	25	from	from	ADP
fsr-3414	250	26	1946	1946	NUM
fsr-3414	250	27	to	to	ADP
fsr-3414	250	28	2017	2017	NUM
fsr-3414	250	29	outperforms	outperform	NOUN
fsr-3414	250	30	a	a	DET
fsr-3414	250	31	standard	standard	ADJ
fsr-3414	250	32	portfolio	portfolio	NOUN
fsr-3414	250	33	.	.	PUNCT
fsr-3414	251	1	by	by	ADP
fsr-3414	251	2	extension	extension	NOUN
fsr-3414	251	3	,	,	PUNCT
fsr-3414	251	4	the	the	DET
fsr-3414	251	5	3x	3x	NUM
fsr-3414	251	6	portfolio	portfolio	NOUN
fsr-3414	251	7	created	create	VERB
fsr-3414	251	8	to	to	PART
fsr-3414	251	9	mimic	mimic	VERB
fsr-3414	251	10	the	the	DET
fsr-3414	251	11	2x	2x	NUM
fsr-3414	251	12	portfolio	portfolio	NOUN
fsr-3414	251	13	outperforms	outperform	VERB
fsr-3414	251	14	the	the	DET
fsr-3414	251	15	2x	2x	NUM
fsr-3414	251	16	portfolio	portfolio	NOUN
fsr-3414	251	17	.	.	PUNCT
fsr-3414	252	1	specifically	specifically	ADV
fsr-3414	252	2	,	,	PUNCT
fsr-3414	252	3	combining	combine	VERB
fsr-3414	252	4	tradeable	tradeable	ADJ
fsr-3414	252	5	letfs	letfs	NOUN
fsr-3414	252	6	since	since	SCONJ
fsr-3414	252	7	2010	2010	NUM
fsr-3414	252	8	with	with	ADP
fsr-3414	252	9	an	an	DET
fsr-3414	252	10	aggregate	aggregate	ADJ
fsr-3414	252	11	bond	bond	NOUN
fsr-3414	252	12	etf	etf	NOUN
fsr-3414	252	13	,	,	PUNCT
fsr-3414	252	14	a	a	DET
fsr-3414	252	15	2x	2x	NUM
fsr-3414	252	16	letf	letf	ADJ
fsr-3414	252	17	portfolio	portfolio	NOUN
fsr-3414	252	18	averages	average	NOUN
fsr-3414	252	19	0.9	0.9	NUM
fsr-3414	252	20	%	%	NOUN
fsr-3414	252	21	more	more	ADJ
fsr-3414	252	22	per	per	ADP
fsr-3414	252	23	year	year	NOUN
fsr-3414	252	24	while	while	SCONJ
fsr-3414	252	25	a	a	DET
fsr-3414	252	26	3x	3x	PROPN
fsr-3414	252	27	averages	average	NOUN
fsr-3414	252	28	1.8	1.8	NUM
fsr-3414	252	29	%	%	NOUN
fsr-3414	252	30	more	more	ADV
fsr-3414	252	31	relative	relative	ADJ
fsr-3414	252	32	to	to	ADP
fsr-3414	252	33	a	a	DET
fsr-3414	252	34	standard	standard	ADJ
fsr-3414	252	35	etf	etf	NOUN
fsr-3414	252	36	portfolio	portfolio	NOUN
fsr-3414	252	37	.	.	PUNCT
fsr-3414	253	1	the	the	DET
fsr-3414	253	2	3x	3x	PROPN
fsr-3414	253	3	portfolio	portfolio	NOUN
fsr-3414	253	4	created	create	VERB
fsr-3414	253	5	to	to	PART
fsr-3414	253	6	mimic	mimic	VERB
fsr-3414	253	7	the	the	DET
fsr-3414	253	8	2x	2x	NUM
fsr-3414	253	9	portfolio	portfolio	NOUN
fsr-3414	253	10	outperforms	outperform	NOUN
fsr-3414	253	11	by	by	ADP
fsr-3414	253	12	1.5	1.5	NUM
fsr-3414	253	13	%	%	NOUN
fsr-3414	253	14	annually	annually	ADV
fsr-3414	253	15	.	.	PUNCT
fsr-3414	254	1	using	use	VERB
fsr-3414	254	2	simulated	simulated	ADJ
fsr-3414	254	3	data	datum	NOUN
fsr-3414	254	4	from	from	ADP
fsr-3414	254	5	1946	1946	NUM
fsr-3414	254	6	to	to	ADP
fsr-3414	254	7	2017	2017	NUM
fsr-3414	254	8	,	,	PUNCT
fsr-3414	254	9	a	a	DET
fsr-3414	254	10	2x	2x	NUM
fsr-3414	254	11	letf	letf	ADJ
fsr-3414	254	12	or	or	CCONJ
fsr-3414	254	13	3x	3x	NUM
fsr-3414	254	14	letf	letf	ADJ
fsr-3414	254	15	portfolio	portfolio	NOUN
fsr-3414	254	16	combined	combine	VERB
fsr-3414	254	17	with	with	ADP
fsr-3414	254	18	a	a	DET
fsr-3414	254	19	one	one	NUM
fsr-3414	254	20	,	,	PUNCT
fsr-3414	254	21	three	three	NUM
fsr-3414	254	22	,	,	PUNCT
fsr-3414	254	23	five	five	NUM
fsr-3414	254	24	,	,	PUNCT
fsr-3414	254	25	and	and	CCONJ
fsr-3414	254	26	seven	seven	NUM
fsr-3414	254	27	-	-	PUNCT
fsr-3414	254	28	year	year	NOUN
fsr-3414	254	29	treasury	treasury	NOUN
fsr-3414	254	30	ladder	ladder	NOUN
fsr-3414	254	31	outperforms	outperform	VERB
fsr-3414	254	32	a	a	DET
fsr-3414	254	33	standard	standard	ADJ
fsr-3414	254	34	etf	etf	NOUN
fsr-3414	254	35	portfolio	portfolio	NOUN
fsr-3414	254	36	by	by	ADP
fsr-3414	254	37	0.6	0.6	NUM
fsr-3414	254	38	%	%	NOUN
fsr-3414	254	39	and	and	CCONJ
fsr-3414	254	40	1.4	1.4	NUM
fsr-3414	254	41	%	%	NOUN
fsr-3414	254	42	,	,	PUNCT
fsr-3414	254	43	respectively	respectively	ADV
fsr-3414	254	44	,	,	PUNCT
fsr-3414	254	45	on	on	ADP
fsr-3414	254	46	an	an	DET
fsr-3414	254	47	annual	annual	ADJ
fsr-3414	254	48	basis	basis	NOUN
fsr-3414	254	49	with	with	ADP
fsr-3414	254	50	no	no	DET
fsr-3414	254	51	increase	increase	NOUN
fsr-3414	254	52	in	in	ADP
fsr-3414	254	53	risk	risk	NOUN
fsr-3414	254	54	and	and	CCONJ
fsr-3414	254	55	better	well	ADJ
fsr-3414	254	56	downside	downside	ADJ
fsr-3414	254	57	risk	risk	NOUN
fsr-3414	254	58	metrics	metric	NOUN
fsr-3414	254	59	as	as	SCONJ
fsr-3414	254	60	measured	measure	VERB
fsr-3414	254	61	by	by	ADP
fsr-3414	254	62	minimums	minimum	NOUN
fsr-3414	254	63	,	,	PUNCT
fsr-3414	254	64	var	var	NOUN
fsr-3414	254	65	,	,	PUNCT
fsr-3414	254	66	and	and	CCONJ
fsr-3414	254	67	sortino	sortino	ADJ
fsr-3414	254	68	ratios	ratio	NOUN
fsr-3414	254	69	.	.	PUNCT
fsr-3414	255	1	the	the	DET
fsr-3414	255	2	results	result	NOUN
fsr-3414	255	3	extend	extend	VERB
fsr-3414	255	4	for	for	ADP
fsr-3414	255	5	the	the	DET
fsr-3414	255	6	3x	3x	PROPN
fsr-3414	255	7	over	over	ADP
fsr-3414	255	8	the	the	DET
fsr-3414	255	9	2x	2x	NOUN
fsr-3414	255	10	with	with	ADP
fsr-3414	255	11	an	an	DET
fsr-3414	255	12	average	average	ADJ
fsr-3414	255	13	annual	annual	ADJ
fsr-3414	255	14	outperformance	outperformance	NOUN
fsr-3414	255	15	of	of	ADP
fsr-3414	255	16	1.6	1.6	NUM
fsr-3414	255	17	%	%	NOUN
fsr-3414	255	18	.	.	PUNCT
fsr-3414	256	1	the	the	DET
fsr-3414	256	2	critical	critical	ADJ
fsr-3414	256	3	component	component	NOUN
fsr-3414	256	4	for	for	ADP
fsr-3414	256	5	letf	letf	ADJ
fsr-3414	256	6	portfolio	portfolio	NOUN
fsr-3414	256	7	outperformance	outperformance	NOUN
fsr-3414	256	8	is	be	AUX
fsr-3414	256	9	how	how	SCONJ
fsr-3414	256	10	the	the	DET
fsr-3414	256	11	return	return	NOUN
fsr-3414	256	12	to	to	ADP
fsr-3414	256	13	the	the	DET
fsr-3414	256	14	remainder	remainder	NOUN
fsr-3414	256	15	of	of	ADP
fsr-3414	256	16	the	the	DET
fsr-3414	256	17	portfolio	portfolio	NOUN
fsr-3414	256	18	not	not	PART
fsr-3414	256	19	invested	invest	VERB
fsr-3414	256	20	in	in	ADP
fsr-3414	256	21	letfs	letfs	PROPN
fsr-3414	256	22	compares	compare	VERB
fsr-3414	256	23	to	to	ADP
fsr-3414	256	24	the	the	DET
fsr-3414	256	25	implicit	implicit	ADJ
fsr-3414	256	26	borrowing	borrowing	NOUN
fsr-3414	256	27	costs	cost	NOUN
fsr-3414	256	28	and	and	CCONJ
fsr-3414	256	29	higher	high	ADJ
fsr-3414	256	30	expense	expense	NOUN
fsr-3414	256	31	ratios	ratio	NOUN
fsr-3414	256	32	of	of	ADP
fsr-3414	256	33	letfs	letfs	PROPN
fsr-3414	256	34	.	.	PUNCT
fsr-3414	257	1	regression	regression	NOUN
fsr-3414	257	2	results	result	NOUN
fsr-3414	257	3	show	show	VERB
fsr-3414	257	4	the	the	DET
fsr-3414	257	5	difference	difference	NOUN
fsr-3414	257	6	in	in	ADP
fsr-3414	257	7	the	the	DET
fsr-3414	257	8	bond	bond	NOUN
fsr-3414	257	9	return	return	NOUN
fsr-3414	257	10	minus	minus	CCONJ
fsr-3414	257	11	borrowing	borrowing	NOUN
fsr-3414	257	12	rate	rate	NOUN
fsr-3414	257	13	explains	explain	VERB
fsr-3414	257	14	more	more	ADJ
fsr-3414	257	15	than	than	ADP
fsr-3414	257	16	90	90	NUM
fsr-3414	257	17	%	%	NOUN
fsr-3414	257	18	of	of	ADP
fsr-3414	257	19	the	the	DET
fsr-3414	257	20	difference	difference	NOUN
fsr-3414	257	21	in	in	ADP
fsr-3414	257	22	returns	return	NOUN
fsr-3414	257	23	between	between	ADP
fsr-3414	257	24	a	a	DET
fsr-3414	257	25	portfolio	portfolio	NOUN
fsr-3414	257	26	created	create	VERB
fsr-3414	257	27	with	with	ADP
fsr-3414	257	28	letfs	letfs	PROPN
fsr-3414	257	29	versus	versus	ADP
fsr-3414	257	30	one	one	NUM
fsr-3414	257	31	created	create	VERB
fsr-3414	257	32	with	with	ADP
fsr-3414	257	33	standard	standard	ADJ
fsr-3414	257	34	mutual	mutual	ADJ
fsr-3414	257	35	funds	fund	NOUN
fsr-3414	257	36	.	.	PUNCT
fsr-3414	258	1	for	for	ADP
fsr-3414	258	2	every	every	DET
fsr-3414	258	3	one	one	NUM
fsr-3414	258	4	percent	percent	NOUN
fsr-3414	258	5	return	return	NOUN
fsr-3414	258	6	earned	earn	VERB
fsr-3414	258	7	over	over	ADP
fsr-3414	258	8	the	the	DET
fsr-3414	258	9	borrowing	borrowing	NOUN
fsr-3414	258	10	rate	rate	NOUN
fsr-3414	258	11	,	,	PUNCT
fsr-3414	258	12	the	the	DET
fsr-3414	258	13	2x	2x	NUM
fsr-3414	258	14	letf	letf	ADJ
fsr-3414	258	15	portfolio	portfolio	NOUN
fsr-3414	258	16	outperforms	outperform	NOUN
fsr-3414	258	17	by	by	ADP
fsr-3414	258	18	0.41	0.41	NUM
fsr-3414	258	19	%	%	NOUN
fsr-3414	258	20	and	and	CCONJ
fsr-3414	258	21	a	a	DET
fsr-3414	258	22	3x	3x	NUM
fsr-3414	258	23	letf	letf	ADJ
fsr-3414	258	24	portfolio	portfolio	NOUN
fsr-3414	258	25	outperforms	outperform	NOUN
fsr-3414	258	26	by	by	ADP
fsr-3414	258	27	0.63	0.63	NUM
fsr-3414	258	28	%	%	NOUN
fsr-3414	258	29	.	.	PUNCT
fsr-3414	259	1	this	this	PRON
fsr-3414	259	2	corresponds	correspond	VERB
fsr-3414	259	3	closely	closely	ADV
fsr-3414	259	4	to	to	ADP
fsr-3414	259	5	the	the	DET
fsr-3414	259	6	freed	free	VERB
fsr-3414	259	7	-	-	PUNCT
fsr-3414	259	8	up	up	ADP
fsr-3414	259	9	wealth	wealth	NOUN
fsr-3414	259	10	invested	invest	VERB
fsr-3414	259	11	in	in	ADP
fsr-3414	259	12	bonds	bond	NOUN
fsr-3414	259	13	.	.	PUNCT
fsr-3414	260	1	from	from	ADP
fsr-3414	260	2	a	a	DET
fsr-3414	260	3	practitioner	practitioner	NOUN
fsr-3414	260	4	’s	’s	PART
fsr-3414	260	5	point	point	NOUN
fsr-3414	260	6	of	of	ADP
fsr-3414	260	7	view	view	NOUN
fsr-3414	260	8	,	,	PUNCT
fsr-3414	260	9	letfs	letfs	PROPN
fsr-3414	260	10	require	require	VERB
fsr-3414	260	11	more	more	ADV
fsr-3414	260	12	active	active	ADJ
fsr-3414	260	13	management	management	NOUN
fsr-3414	260	14	and	and	CCONJ
fsr-3414	260	15	in	in	ADP
fsr-3414	260	16	any	any	DET
fsr-3414	260	17	given	give	VERB
fsr-3414	260	18	day	day	NOUN
fsr-3414	260	19	,	,	PUNCT
fsr-3414	260	20	these	these	DET
fsr-3414	260	21	instruments	instrument	NOUN
fsr-3414	260	22	are	be	AUX
fsr-3414	260	23	more	more	ADV
fsr-3414	260	24	volatile	volatile	ADJ
fsr-3414	260	25	.	.	PUNCT
fsr-3414	261	1	if	if	SCONJ
fsr-3414	261	2	the	the	DET
fsr-3414	261	3	rebalance	rebalance	NOUN
fsr-3414	261	4	rule	rule	NOUN
fsr-3414	261	5	is	be	AUX
fsr-3414	261	6	breached	breach	VERB
fsr-3414	261	7	on	on	ADP
fsr-3414	261	8	the	the	DET
fsr-3414	261	9	downside	downside	NOUN
fsr-3414	261	10	,	,	PUNCT
fsr-3414	261	11	an	an	DET
fsr-3414	261	12	investor	investor	NOUN
fsr-3414	261	13	will	will	AUX
fsr-3414	261	14	need	need	VERB
fsr-3414	261	15	the	the	DET
fsr-3414	261	16	“	"	PUNCT
fsr-3414	261	17	stomach	stomach	NOUN
fsr-3414	261	18	”	"	PUNCT
fsr-3414	261	19	to	to	PART
fsr-3414	261	20	buy	buy	VERB
fsr-3414	261	21	more	more	ADJ
fsr-3414	261	22	of	of	ADP
fsr-3414	261	23	a	a	DET
fsr-3414	261	24	fund	fund	NOUN
fsr-3414	261	25	that	that	PRON
fsr-3414	261	26	theoretically	theoretically	ADV
fsr-3414	261	27	could	could	AUX
fsr-3414	261	28	lose	lose	VERB
fsr-3414	261	29	60	60	NUM
fsr-3414	261	30	%	%	NOUN
fsr-3414	261	31	or	or	CCONJ
fsr-3414	261	32	more	more	ADJ
fsr-3414	261	33	of	of	ADP
fsr-3414	261	34	its	its	PRON
fsr-3414	261	35	value	value	NOUN
fsr-3414	261	36	in	in	ADP
fsr-3414	261	37	a	a	DET
fsr-3414	261	38	day	day	NOUN
fsr-3414	261	39	(	(	PUNCT
fsr-3414	261	40	recall	recall	NOUN
fsr-3414	261	41	october	october	PROPN
fsr-3414	261	42	19	19	NUM
fsr-3414	261	43	,	,	PUNCT
fsr-3414	261	44	1987	1987	NUM
fsr-3414	261	45	when	when	SCONJ
fsr-3414	261	46	the	the	DET
fsr-3414	261	47	s&p	s&p	PROPN
fsr-3414	261	48	500	500	NUM
fsr-3414	261	49	fell	fall	VERB
fsr-3414	261	50	20	20	NUM
fsr-3414	261	51	%	%	NOUN
fsr-3414	261	52	)	)	PUNCT
fsr-3414	261	53	.	.	PUNCT
fsr-3414	262	1	thus	thus	ADV
fsr-3414	262	2	,	,	PUNCT
fsr-3414	262	3	a	a	DET
fsr-3414	262	4	certain	certain	ADJ
fsr-3414	262	5	degree	degree	NOUN
fsr-3414	262	6	of	of	ADP
fsr-3414	262	7	behavioral	behavioral	ADJ
fsr-3414	262	8	fortitude	fortitude	NOUN
fsr-3414	262	9	may	may	AUX
fsr-3414	262	10	be	be	AUX
fsr-3414	262	11	needed	need	VERB
fsr-3414	262	12	before	before	ADP
fsr-3414	262	13	creating	create	VERB
fsr-3414	262	14	a	a	DET
fsr-3414	262	15	portfolio	portfolio	NOUN
fsr-3414	262	16	of	of	ADP
fsr-3414	262	17	2x	2x	NUM
fsr-3414	262	18	or	or	CCONJ
fsr-3414	262	19	3x	3x	NUM
fsr-3414	262	20	letfs	letfs	PROPN
fsr-3414	262	21	.	.	PUNCT
fsr-3414	263	1	in	in	ADP
fsr-3414	263	2	addition	addition	NOUN
fsr-3414	263	3	,	,	PUNCT
fsr-3414	263	4	the	the	DET
fsr-3414	263	5	tax	tax	NOUN
fsr-3414	263	6	liability	liability	NOUN
fsr-3414	263	7	from	from	ADP
fsr-3414	263	8	the	the	DET
fsr-3414	263	9	greater	great	ADJ
fsr-3414	263	10	rebalancing	rebalancing	NOUN
fsr-3414	263	11	neutralizes	neutralize	VERB
fsr-3414	263	12	the	the	DET
fsr-3414	263	13	excess	excess	ADJ
fsr-3414	263	14	returns	return	NOUN
fsr-3414	263	15	from	from	ADP
fsr-3414	263	16	using	use	VERB
fsr-3414	263	17	letfs	letfs	NOUN
fsr-3414	263	18	found	find	VERB
fsr-3414	263	19	in	in	ADP
fsr-3414	263	20	this	this	DET
fsr-3414	263	21	study	study	NOUN
fsr-3414	263	22	.	.	PUNCT
fsr-3414	264	1	thus	thus	ADV
fsr-3414	264	2	,	,	PUNCT
fsr-3414	264	3	the	the	DET
fsr-3414	264	4	implementation	implementation	NOUN
fsr-3414	264	5	of	of	ADP
fsr-3414	264	6	the	the	DET
fsr-3414	264	7	strategy	strategy	NOUN
fsr-3414	264	8	should	should	AUX
fsr-3414	264	9	probably	probably	ADV
fsr-3414	264	10	be	be	AUX
fsr-3414	264	11	limited	limit	VERB
fsr-3414	264	12	to	to	ADP
fsr-3414	264	13	qualified	qualified	ADJ
fsr-3414	264	14	accounts	account	NOUN
fsr-3414	264	15	.	.	PUNCT
fsr-3414	265	1	although	although	SCONJ
fsr-3414	265	2	tax	tax	NOUN
fsr-3414	265	3	issues	issue	NOUN
fsr-3414	265	4	are	be	AUX
fsr-3414	265	5	detrimental	detrimental	ADJ
fsr-3414	265	6	,	,	PUNCT
fsr-3414	265	7	the	the	DET
fsr-3414	265	8	proposed	propose	VERB
fsr-3414	265	9	letf	letf	ADJ
fsr-3414	265	10	strategy	strategy	NOUN
fsr-3414	265	11	does	do	AUX
fsr-3414	265	12	have	have	VERB
fsr-3414	265	13	the	the	DET
fsr-3414	265	14	ability	ability	NOUN
fsr-3414	265	15	to	to	PART
fsr-3414	265	16	be	be	AUX
fsr-3414	265	17	used	use	VERB
fsr-3414	265	18	in	in	ADP
fsr-3414	265	19	ira	ira	PROPN
fsr-3414	265	20	type	type	NOUN
fsr-3414	265	21	accounts	account	NOUN
fsr-3414	265	22	—	—	PUNCT
fsr-3414	265	23	accounts	account	VERB
fsr-3414	265	24	that	that	PRON
fsr-3414	265	25	typically	typically	ADV
fsr-3414	265	26	do	do	AUX
fsr-3414	265	27	not	not	PART
fsr-3414	265	28	allow	allow	VERB
fsr-3414	265	29	margin	margin	NOUN
fsr-3414	265	30	trading	trading	NOUN
fsr-3414	265	31	.	.	PUNCT
fsr-3414	266	1	in	in	ADP
fsr-3414	266	2	summary	summary	NOUN
fsr-3414	266	3	,	,	PUNCT
fsr-3414	266	4	this	this	DET
fsr-3414	266	5	study	study	NOUN
fsr-3414	266	6	shows	show	VERB
fsr-3414	266	7	letfs	letfs	PROPN
fsr-3414	266	8	can	can	AUX
fsr-3414	266	9	successfully	successfully	ADV
fsr-3414	266	10	be	be	AUX
fsr-3414	266	11	held	hold	VERB
fsr-3414	266	12	long	long	ADJ
fsr-3414	266	13	-	-	PUNCT
fsr-3414	266	14	term	term	NOUN
fsr-3414	266	15	as	as	ADP
fsr-3414	266	16	major	major	ADJ
fsr-3414	266	17	components	component	NOUN
fsr-3414	266	18	of	of	ADP
fsr-3414	266	19	a	a	DET
fsr-3414	266	20	portfolio	portfolio	NOUN
fsr-3414	266	21	while	while	SCONJ
fsr-3414	266	22	improving	improve	VERB
fsr-3414	266	23	returns	return	NOUN
fsr-3414	266	24	and	and	CCONJ
fsr-3414	266	25	reducing	reduce	VERB
fsr-3414	266	26	downside	downside	ADJ
fsr-3414	266	27	risk	risk	NOUN
fsr-3414	266	28	.	.	PUNCT
fsr-3414	267	1	whether	whether	SCONJ
fsr-3414	267	2	piecemeal	piecemeal	ADJ
fsr-3414	267	3	such	such	ADJ
fsr-3414	267	4	as	as	ADP
fsr-3414	267	5	only	only	ADV
fsr-3414	267	6	using	use	VERB
fsr-3414	267	7	an	an	DET
fsr-3414	267	8	s&p	s&p	PROPN
fsr-3414	267	9	letf	letf	NOUN
fsr-3414	267	10	to	to	PART
fsr-3414	267	11	partially	partially	ADV
fsr-3414	267	12	or	or	CCONJ
fsr-3414	267	13	fully	fully	ADV
fsr-3414	267	14	take	take	VERB
fsr-3414	267	15	the	the	DET
fsr-3414	267	16	place	place	NOUN
fsr-3414	267	17	of	of	ADP
fsr-3414	267	18	an	an	DET
fsr-3414	267	19	s&p	s&p	PROPN
fsr-3414	267	20	etf	etf	NOUN
fsr-3414	267	21	,	,	PUNCT
fsr-3414	267	22	or	or	CCONJ
fsr-3414	267	23	to	to	PART
fsr-3414	267	24	completely	completely	ADV
fsr-3414	267	25	replicate	replicate	VERB
fsr-3414	267	26	an	an	DET
fsr-3414	267	27	investor	investor	NOUN
fsr-3414	267	28	’s	’s	PART
fsr-3414	267	29	entire	entire	ADJ
fsr-3414	267	30	portfolio	portfolio	NOUN
fsr-3414	267	31	of	of	ADP
fsr-3414	267	32	etfs	etfs	PROPN
fsr-3414	267	33	,	,	PUNCT
fsr-3414	267	34	letfs	letfs	PROPN
fsr-3414	267	35	,	,	PUNCT
fsr-3414	267	36	when	when	SCONJ
fsr-3414	267	37	properly	properly	ADV
fsr-3414	267	38	managed	manage	VERB
fsr-3414	267	39	,	,	PUNCT
fsr-3414	267	40	can	can	AUX
fsr-3414	267	41	enhance	enhance	VERB
fsr-3414	267	42	returns	return	NOUN
fsr-3414	267	43	and	and	CCONJ
fsr-3414	267	44	reduce	reduce	VERB
fsr-3414	267	45	risk	risk	NOUN
fsr-3414	267	46	.	.	PUNCT
fsr-3414	268	1	47w.j	47w.j	NUM
fsr-3414	268	2	.	.	PUNCT
fsr-3414	269	1	trainor	trainor	PROPN
fsr-3414	269	2	et	et	PROPN
fsr-3414	269	3	al	al	PROPN
fsr-3414	269	4	.	.	PUNCT
fsr-3414	269	5	/	/	SYM
fsr-3414	269	6	financial	financial	ADJ
fsr-3414	269	7	services	service	NOUN
fsr-3414	269	8	review	review	VERB
fsr-3414	269	9	28	28	NUM
fsr-3414	269	10	(	(	PUNCT
fsr-3414	269	11	2020	2020	NUM
fsr-3414	269	12	)	)	PUNCT
fsr-3414	269	13	35	35	NUM
fsr-3414	269	14	-	-	SYM
fsr-3414	269	15	48	48	NUM
fsr-3414	269	16	notes	note	NOUN
fsr-3414	269	17	1	1	NUM
fsr-3414	269	18	as	as	ADP
fsr-3414	269	19	an	an	DET
fsr-3414	269	20	example	example	NOUN
fsr-3414	269	21	,	,	PUNCT
fsr-3414	269	22	a	a	DET
fsr-3414	269	23	10	10	NUM
fsr-3414	269	24	%	%	NOUN
fsr-3414	269	25	return	return	NOUN
fsr-3414	269	26	to	to	ADP
fsr-3414	269	27	the	the	DET
fsr-3414	269	28	index	index	NOUN
fsr-3414	269	29	over	over	ADP
fsr-3414	269	30	a	a	DET
fsr-3414	269	31	252	252	NUM
fsr-3414	269	32	-	-	PUNCT
fsr-3414	269	33	day	day	NOUN
fsr-3414	269	34	trading	trading	NOUN
fsr-3414	269	35	period	period	NOUN
fsr-3414	269	36	with	with	ADP
fsr-3414	269	37	a	a	DET
fsr-3414	269	38	one	one	NUM
fsr-3414	269	39	percent	percent	NOUN
fsr-3414	269	40	daily	daily	ADJ
fsr-3414	269	41	standard	standard	ADJ
fsr-3414	269	42	deviation	deviation	NOUN
fsr-3414	269	43	will	will	AUX
fsr-3414	269	44	result	result	VERB
fsr-3414	269	45	in	in	ADP
fsr-3414	269	46	a	a	DET
fsr-3414	269	47	theoretical	theoretical	ADJ
fsr-3414	269	48	realized	realize	VERB
fsr-3414	269	49	leverage	leverage	NOUN
fsr-3414	269	50	ratio	ratio	NOUN
fsr-3414	269	51	for	for	ADP
fsr-3414	269	52	a	a	DET
fsr-3414	269	53	2x	2x	NUM
fsr-3414	269	54	and	and	CCONJ
fsr-3414	269	55	3x	3x	NUM
fsr-3414	269	56	letf	letf	NOUN
fsr-3414	269	57	of	of	ADP
fsr-3414	269	58	1.80	1.80	NUM
fsr-3414	269	59	and	and	CCONJ
fsr-3414	269	60	2.34	2.34	NUM
fsr-3414	269	61	,	,	PUNCT
fsr-3414	269	62	respectively	respectively	ADV
fsr-3414	269	63	.	.	PUNCT
fsr-3414	270	1	2	2	NUM
fsr-3414	270	2	the	the	DET
fsr-3414	270	3	variance	variance	NOUN
fsr-3414	270	4	over	over	ADP
fsr-3414	270	5	time	time	NOUN
fsr-3414	270	6	is	be	AUX
fsr-3414	270	7	�	�	PROPN
fsr-3414	270	8	t	t	PROPN
fsr-3414	270	9	2	2	NUM
fsr-3414	270	10	�	�	PROPN
fsr-3414	270	11	t	t	PROPN
fsr-3414	270	12	�	�	PROPN
fsr-3414	270	13	2	2	NUM
fsr-3414	270	14	so	so	ADV
fsr-3414	270	15	for	for	ADP
fsr-3414	270	16	the	the	DET
fsr-3414	270	17	index	index	NOUN
fsr-3414	270	18	,	,	PUNCT
fsr-3414	270	19	�	�	PROPN
fsr-3414	270	20	t	t	PROPN
fsr-3414	270	21	2	2	NUM
fsr-3414	270	22	�	�	PROPN
fsr-3414	270	23	252	252	NUM
fsr-3414	270	24	*	*	SYM
fsr-3414	270	25	0.012	0.012	NUM
fsr-3414	270	26	�	�	PROPN
fsr-3414	270	27	2.52	2.52	NUM
fsr-3414	270	28	%	%	NOUN
fsr-3414	270	29	.	.	PUNCT
fsr-3414	271	1	for	for	ADP
fsr-3414	271	2	the	the	DET
fsr-3414	271	3	3x	3x	NUM
fsr-3414	271	4	,	,	PUNCT
fsr-3414	271	5	the	the	DET
fsr-3414	271	6	daily	daily	ADJ
fsr-3414	271	7	returns	return	NOUN
fsr-3414	271	8	and	and	CCONJ
fsr-3414	271	9	standard	standard	ADJ
fsr-3414	271	10	deviations	deviation	NOUN
fsr-3414	271	11	are	be	AUX
fsr-3414	271	12	3	3	NUM
fsr-3414	271	13	*	*	NUM
fsr-3414	271	14	0.045	0.045	NUM
fsr-3414	271	15	(	(	PUNCT
fsr-3414	271	16	.135	.135	NUM
fsr-3414	271	17	%	%	NOUN
fsr-3414	271	18	)	)	PUNCT
fsr-3414	271	19	and	and	CCONJ
fsr-3414	271	20	3	3	NUM
fsr-3414	271	21	*	*	SYM
fsr-3414	271	22	1	1	NUM
fsr-3414	271	23	(	(	PUNCT
fsr-3414	271	24	3	3	NUM
fsr-3414	271	25	%	%	NOUN
fsr-3414	271	26	)	)	PUNCT
fsr-3414	271	27	,	,	PUNCT
fsr-3414	271	28	respectively	respectively	ADV
fsr-3414	271	29	.	.	PUNCT
fsr-3414	272	1	thus	thus	ADV
fsr-3414	272	2	,	,	PUNCT
fsr-3414	272	3	for	for	ADP
fsr-3414	272	4	the	the	DET
fsr-3414	272	5	3x	3x	NUM
fsr-3414	272	6	,	,	PUNCT
fsr-3414	272	7	�	�	PROPN
fsr-3414	272	8	t	t	PROPN
fsr-3414	272	9	2	2	NUM
fsr-3414	272	10	�	�	PROPN
fsr-3414	272	11	252	252	NUM
fsr-3414	272	12	*	*	SYM
fsr-3414	272	13	0.032	0.032	NUM
fsr-3414	272	14	�	�	PROPN
fsr-3414	272	15	22.68	22.68	NUM
fsr-3414	272	16	%	%	NOUN
fsr-3414	272	17	.	.	PUNCT
fsr-3414	272	18	3	3	NUM
fsr-3414	272	19	note	note	VERB
fsr-3414	272	20	�	�	NOUN
fsr-3414	272	21	2	2	NUM
fsr-3414	272	22	l2	l2	NOUN
fsr-3414	272	23	after	after	ADP
fsr-3414	272	24	dividing	divide	VERB
fsr-3414	272	25	�	�	PROPN
fsr-3414	272	26	by	by	ADP
fsr-3414	272	27	l	l	NOUN
fsr-3414	272	28	becomes	become	VERB
fsr-3414	272	29	(	(	PUNCT
fsr-3414	272	30	�	�	NOUN
fsr-3414	272	31	/l)2	/l)2	ADJ
fsr-3414	272	32	l2	l2	NOUN
fsr-3414	272	33	that	that	PRON
fsr-3414	272	34	simplifies	simplifie	NOUN
fsr-3414	272	35	to	to	PART
fsr-3414	272	36	�	�	PROPN
fsr-3414	272	37	2	2	NUM
fsr-3414	272	38	.	.	NOUN
fsr-3414	272	39	4	4	NUM
fsr-3414	272	40	the	the	DET
fsr-3414	272	41	max	max	PROPN
fsr-3414	272	42	and	and	CCONJ
fsr-3414	272	43	min	min	PROPN
fsr-3414	272	44	exposure	exposure	NOUN
fsr-3414	272	45	levels	level	NOUN
fsr-3414	272	46	are	be	AUX
fsr-3414	272	47	for	for	ADP
fsr-3414	272	48	the	the	DET
fsr-3414	272	49	entire	entire	ADJ
fsr-3414	272	50	period	period	NOUN
fsr-3414	272	51	and	and	CCONJ
fsr-3414	272	52	do	do	AUX
fsr-3414	272	53	not	not	PART
fsr-3414	272	54	necessarily	necessarily	ADV
fsr-3414	272	55	sum	sum	VERB
fsr-3414	272	56	up	up	ADP
fsr-3414	272	57	to	to	PART
fsr-3414	272	58	100	100	NUM
fsr-3414	272	59	%	%	NOUN
fsr-3414	272	60	.	.	PUNCT
fsr-3414	273	1	in	in	ADP
fsr-3414	273	2	addition	addition	NOUN
fsr-3414	273	3	,	,	PUNCT
fsr-3414	273	4	for	for	ADP
fsr-3414	273	5	the	the	DET
fsr-3414	273	6	letf	letf	ADJ
fsr-3414	273	7	portfolios	portfolio	NOUN
fsr-3414	273	8	,	,	PUNCT
fsr-3414	273	9	the	the	DET
fsr-3414	273	10	exposure	exposure	NOUN
fsr-3414	273	11	does	do	AUX
fsr-3414	273	12	not	not	PART
fsr-3414	273	13	include	include	VERB
fsr-3414	273	14	the	the	DET
fsr-3414	273	15	allocation	allocation	NOUN
fsr-3414	273	16	to	to	ADP
fsr-3414	273	17	the	the	DET
fsr-3414	273	18	treasury	treasury	NOUN
fsr-3414	273	19	ladder	ladder	NOUN
fsr-3414	273	20	meaning	mean	VERB
fsr-3414	273	21	the	the	DET
fsr-3414	273	22	combined	combined	ADJ
fsr-3414	273	23	equity	equity	NOUN
fsr-3414	273	24	and	and	CCONJ
fsr-3414	273	25	bond	bond	NOUN
fsr-3414	273	26	allocation	allocation	NOUN
fsr-3414	273	27	will	will	AUX
fsr-3414	273	28	deviate	deviate	VERB
fsr-3414	273	29	from	from	ADP
fsr-3414	273	30	100	100	NUM
fsr-3414	273	31	%	%	NOUN
fsr-3414	273	32	between	between	ADP
fsr-3414	273	33	rebalances	rebalance	NOUN
fsr-3414	273	34	.	.	PUNCT
fsr-3414	274	1	5	5	NUM
fsr-3414	274	2	block	block	NOUN
fsr-3414	274	3	bootstrapping	bootstrappe	VERB
fsr-3414	274	4	of	of	ADP
fsr-3414	274	5	the	the	DET
fsr-3414	274	6	1946–2017	1946–2017	NUM
fsr-3414	274	7	data	datum	NOUN
fsr-3414	274	8	was	be	AUX
fsr-3414	274	9	performed	perform	VERB
fsr-3414	274	10	to	to	PART
fsr-3414	274	11	create	create	VERB
fsr-3414	274	12	20,000	20,000	NUM
fsr-3414	274	13	unique	unique	ADJ
fsr-3414	274	14	one	one	NUM
fsr-3414	274	15	-	-	PUNCT
fsr-3414	274	16	year	year	NOUN
fsr-3414	274	17	returns	return	NOUN
fsr-3414	274	18	.	.	PUNCT
fsr-3414	275	1	the	the	DET
fsr-3414	275	2	results	result	NOUN
fsr-3414	275	3	are	be	AUX
fsr-3414	275	4	qualitatively	qualitatively	ADV
fsr-3414	275	5	like	like	ADP
fsr-3414	275	6	the	the	DET
fsr-3414	275	7	original	original	ADJ
fsr-3414	275	8	historical	historical	ADJ
fsr-3414	275	9	results	result	NOUN
fsr-3414	275	10	with	with	ADP
fsr-3414	275	11	the	the	DET
fsr-3414	275	12	only	only	ADJ
fsr-3414	275	13	differences	difference	NOUN
fsr-3414	275	14	being	be	AUX
fsr-3414	275	15	the	the	DET
fsr-3414	275	16	mean	mean	ADJ
fsr-3414	275	17	returns	return	NOUN
fsr-3414	275	18	and	and	CCONJ
fsr-3414	275	19	vars	var	NOUN
fsr-3414	275	20	across	across	ADP
fsr-3414	275	21	the	the	DET
fsr-3414	275	22	portfolios	portfolio	NOUN
fsr-3414	275	23	are	be	AUX
fsr-3414	275	24	statistically	statistically	ADV
fsr-3414	275	25	significantly	significantly	ADV
fsr-3414	275	26	different	different	ADJ
fsr-3414	275	27	.	.	PUNCT
fsr-3414	276	1	references	reference	NOUN
fsr-3414	276	2	avenllaneda	avenllaneda	PROPN
fsr-3414	276	3	,	,	PUNCT
fsr-3414	276	4	m.	m.	NOUN
fsr-3414	276	5	,	,	PUNCT
fsr-3414	276	6	&	&	CCONJ
fsr-3414	276	7	zhang	zhang	PROPN
fsr-3414	276	8	,	,	PUNCT
fsr-3414	276	9	s.	s.	PROPN
fsr-3414	276	10	(	(	PUNCT
fsr-3414	276	11	2010	2010	NUM
fsr-3414	276	12	)	)	PUNCT
fsr-3414	276	13	.	.	PUNCT
fsr-3414	277	1	path	path	NOUN
fsr-3414	277	2	-	-	PUNCT
fsr-3414	277	3	dependence	dependence	NOUN
fsr-3414	277	4	of	of	ADP
fsr-3414	277	5	leverage	leverage	NOUN
fsr-3414	277	6	etf	etf	NOUN
fsr-3414	277	7	returns	return	NOUN
fsr-3414	277	8	.	.	PUNCT
fsr-3414	278	1	society	society	NOUN
fsr-3414	278	2	for	for	ADP
fsr-3414	278	3	industrial	industrial	ADJ
fsr-3414	278	4	and	and	CCONJ
fsr-3414	278	5	applied	applied	ADJ
fsr-3414	278	6	mathematics	mathematic	NOUN
fsr-3414	278	7	,	,	PUNCT
fsr-3414	278	8	1	1	NUM
fsr-3414	278	9	,	,	PUNCT
fsr-3414	278	10	586–603	586–603	NUM
fsr-3414	278	11	.	.	PUNCT
fsr-3414	279	1	carver	carver	PROPN
fsr-3414	279	2	,	,	PUNCT
fsr-3414	279	3	a.	a.	NOUN
fsr-3414	279	4	(	(	PUNCT
fsr-3414	279	5	2009	2009	NUM
fsr-3414	279	6	)	)	PUNCT
fsr-3414	279	7	.	.	PUNCT
fsr-3414	280	1	do	do	AUX
fsr-3414	280	2	leveraged	leveraged	ADJ
fsr-3414	280	3	and	and	CCONJ
fsr-3414	280	4	inverse	inverse	ADJ
fsr-3414	280	5	etfs	etfs	NOUN
fsr-3414	280	6	converge	converge	VERB
fsr-3414	280	7	to	to	ADP
fsr-3414	280	8	zero	zero	NUM
fsr-3414	280	9	?	?	PUNCT
fsr-3414	281	1	the	the	DET
fsr-3414	281	2	journal	journal	NOUN
fsr-3414	281	3	of	of	ADP
fsr-3414	281	4	derivatives	derivative	NOUN
fsr-3414	281	5	,	,	PUNCT
fsr-3414	281	6	1	1	NUM
fsr-3414	281	7	,	,	PUNCT
fsr-3414	281	8	144–149	144–149	NUM
fsr-3414	281	9	.	.	PUNCT
fsr-3414	281	10	charupat	charupat	NOUN
fsr-3414	281	11	,	,	PUNCT
fsr-3414	281	12	n.	n.	NOUN
fsr-3414	281	13	,	,	PUNCT
fsr-3414	281	14	&	&	CCONJ
fsr-3414	281	15	miu	miu	PROPN
fsr-3414	281	16	,	,	PUNCT
fsr-3414	281	17	p.	p.	NOUN
fsr-3414	281	18	(	(	PUNCT
fsr-3414	281	19	2014	2014	NUM
fsr-3414	281	20	)	)	PUNCT
fsr-3414	281	21	.	.	PUNCT
fsr-3414	282	1	a	a	DET
fsr-3414	282	2	new	new	ADJ
fsr-3414	282	3	method	method	NOUN
fsr-3414	282	4	to	to	PART
fsr-3414	282	5	measure	measure	VERB
fsr-3414	282	6	the	the	DET
fsr-3414	282	7	performance	performance	NOUN
fsr-3414	282	8	of	of	ADP
fsr-3414	282	9	leveraged	leveraged	ADJ
fsr-3414	282	10	exchange	exchange	NOUN
fsr-3414	282	11	-	-	PUNCT
fsr-3414	282	12	traded	trade	VERB
fsr-3414	282	13	funds	fund	NOUN
fsr-3414	282	14	.	.	PUNCT
fsr-3414	283	1	financial	financial	ADJ
fsr-3414	283	2	review	review	PROPN
fsr-3414	283	3	,	,	PUNCT
fsr-3414	283	4	49	49	NUM
fsr-3414	283	5	,	,	PUNCT
fsr-3414	283	6	735–763	735–763	NUM
fsr-3414	283	7	.	.	PUNCT
fsr-3414	284	1	cheng	cheng	PROPN
fsr-3414	284	2	,	,	PUNCT
fsr-3414	284	3	m.	m.	NOUN
fsr-3414	284	4	,	,	PUNCT
fsr-3414	284	5	&	&	CCONJ
fsr-3414	284	6	madhavan	madhavan	PROPN
fsr-3414	284	7	,	,	PUNCT
fsr-3414	284	8	a.	a.	NOUN
fsr-3414	284	9	(	(	PUNCT
fsr-3414	284	10	2009	2009	NUM
fsr-3414	284	11	)	)	PUNCT
fsr-3414	284	12	.	.	PUNCT
fsr-3414	285	1	the	the	DET
fsr-3414	285	2	dynamics	dynamic	NOUN
fsr-3414	285	3	of	of	ADP
fsr-3414	285	4	leveraged	leveraged	ADJ
fsr-3414	285	5	and	and	CCONJ
fsr-3414	285	6	inverse	inverse	NOUN
fsr-3414	285	7	exchange	exchange	NOUN
fsr-3414	285	8	traded	trade	VERB
fsr-3414	285	9	funds	fund	NOUN
fsr-3414	285	10	.	.	PUNCT
fsr-3414	286	1	journal	journal	NOUN
fsr-3414	286	2	of	of	ADP
fsr-3414	286	3	investment	investment	NOUN
fsr-3414	286	4	management	management	NOUN
fsr-3414	286	5	,	,	PUNCT
fsr-3414	286	6	7	7	NUM
fsr-3414	286	7	,	,	PUNCT
fsr-3414	286	8	43–62	43–62	NUM
fsr-3414	286	9	.	.	PUNCT
fsr-3414	286	10	considine	considine	PROPN
fsr-3414	286	11	,	,	PUNCT
fsr-3414	286	12	g.	g.	PROPN
fsr-3414	286	13	(	(	PUNCT
fsr-3414	286	14	2006	2006	NUM
fsr-3414	286	15	)	)	PUNCT
fsr-3414	286	16	.	.	PUNCT
fsr-3414	287	1	comparing	compare	VERB
fsr-3414	287	2	portfolios	portfolio	NOUN
fsr-3414	287	3	of	of	ADP
fsr-3414	287	4	etfs	etfs	NOUN
fsr-3414	287	5	and	and	CCONJ
fsr-3414	287	6	mutual	mutual	ADJ
fsr-3414	287	7	funds	fund	NOUN
fsr-3414	287	8	,	,	PUNCT
fsr-3414	287	9	quantext	quantext	ADJ
fsr-3414	287	10	.	.	PUNCT
fsr-3414	288	1	(	(	PUNCT
fsr-3414	288	2	available	available	ADJ
fsr-3414	288	3	at	at	ADP
fsr-3414	288	4	https://	https://	PROPN
fsr-3414	288	5	docplayer.net/27758586-geoff-considine-ph-d.html	docplayer.net/27758586-geoff-considine-ph-d.html	PROPN
fsr-3414	288	6	)	)	PUNCT
fsr-3414	288	7	george	george	PROPN
fsr-3414	288	8	,	,	PUNCT
fsr-3414	288	9	j.	j.	PROPN
fsr-3414	288	10	,	,	PUNCT
fsr-3414	288	11	&	&	CCONJ
fsr-3414	288	12	trainor	trainor	PROPN
fsr-3414	288	13	,	,	PUNCT
fsr-3414	288	14	w.	w.	PROPN
fsr-3414	288	15	(	(	PUNCT
fsr-3414	288	16	2018	2018	NUM
fsr-3414	288	17	)	)	PUNCT
fsr-3414	288	18	.	.	PUNCT
fsr-3414	289	1	portfolio	portfolio	NOUN
fsr-3414	289	2	insurance	insurance	NOUN
fsr-3414	289	3	using	use	VERB
fsr-3414	289	4	leveraged	leveraged	ADJ
fsr-3414	289	5	etfs	etfs	NOUN
fsr-3414	289	6	.	.	PUNCT
fsr-3414	290	1	financial	financial	ADJ
fsr-3414	290	2	services	services	PROPN
fsr-3414	290	3	review	review	PROPN
fsr-3414	290	4	,	,	PUNCT
fsr-3414	290	5	26	26	NUM
fsr-3414	290	6	,	,	PUNCT
fsr-3414	290	7	1–17	1–17	PROPN
fsr-3414	290	8	.	.	PUNCT
fsr-3414	291	1	lu	lu	PROPN
fsr-3414	291	2	,	,	PUNCT
fsr-3414	291	3	l.	l.	PROPN
fsr-3414	291	4	,	,	PUNCT
fsr-3414	291	5	wang	wang	PROPN
fsr-3414	291	6	,	,	PUNCT
fsr-3414	291	7	j.	j.	PROPN
fsr-3414	291	8	,	,	PUNCT
fsr-3414	291	9	&	&	CCONJ
fsr-3414	291	10	zhang	zhang	PROPN
fsr-3414	291	11	,	,	PUNCT
fsr-3414	291	12	g.	g.	PROPN
fsr-3414	291	13	(	(	PUNCT
fsr-3414	291	14	2012	2012	NUM
fsr-3414	291	15	)	)	PUNCT
fsr-3414	291	16	.	.	PUNCT
fsr-3414	292	1	long	long	ADJ
fsr-3414	292	2	term	term	NOUN
fsr-3414	292	3	performance	performance	NOUN
fsr-3414	292	4	of	of	ADP
fsr-3414	292	5	leveraged	leveraged	ADJ
fsr-3414	292	6	etfs	etfs	NOUN
fsr-3414	292	7	.	.	PUNCT
fsr-3414	293	1	financial	financial	ADJ
fsr-3414	293	2	services	services	PROPN
fsr-3414	293	3	review	review	PROPN
fsr-3414	293	4	,	,	PUNCT
fsr-3414	293	5	21	21	NUM
fsr-3414	293	6	,	,	PUNCT
fsr-3414	293	7	63–80	63–80	PROPN
fsr-3414	293	8	.	.	PUNCT
fsr-3414	294	1	ott	ott	PROPN
fsr-3414	294	2	,	,	PUNCT
fsr-3414	294	3	r.	r.	PROPN
fsr-3414	294	4	,	,	PUNCT
fsr-3414	294	5	&	&	CCONJ
fsr-3414	294	6	zimmer	zimmer	PROPN
fsr-3414	294	7	,	,	PUNCT
fsr-3414	294	8	t.	t.	PROPN
fsr-3414	294	9	(	(	PUNCT
fsr-3414	294	10	2016	2016	NUM
fsr-3414	294	11	)	)	PUNCT
fsr-3414	294	12	.	.	PUNCT
fsr-3414	295	1	determining	determine	VERB
fsr-3414	295	2	the	the	DET
fsr-3414	295	3	return	return	NOUN
fsr-3414	295	4	-	-	PUNCT
fsr-3414	295	5	maximizing	maximize	VERB
fsr-3414	295	6	portfolio	portfolio	NOUN
fsr-3414	295	7	leverage	leverage	NOUN
fsr-3414	295	8	and	and	CCONJ
fsr-3414	295	9	its	its	PRON
fsr-3414	295	10	limitations	limitation	NOUN
fsr-3414	295	11	.	.	PUNCT
fsr-3414	296	1	financial	financial	ADJ
fsr-3414	296	2	services	service	NOUN
fsr-3414	296	3	review	review	PROPN
fsr-3414	296	4	,	,	PUNCT
fsr-3414	296	5	25	25	NUM
fsr-3414	296	6	,	,	PUNCT
fsr-3414	296	7	415–425	415–425	NUM
fsr-3414	296	8	.	.	PUNCT
fsr-3414	297	1	scott	scott	PROPN
fsr-3414	297	2	,	,	PUNCT
fsr-3414	297	3	j.	j.	PROPN
fsr-3414	297	4	,	,	PUNCT
fsr-3414	297	5	&	&	CCONJ
fsr-3414	297	6	watsun	watsun	PROPN
fsr-3414	297	7	,	,	PUNCT
fsr-3414	297	8	j.	j.	PROPN
fsr-3414	297	9	(	(	PUNCT
fsr-3414	297	10	2013	2013	NUM
fsr-3414	297	11	)	)	PUNCT
fsr-3414	297	12	.	.	PUNCT
fsr-3414	298	1	the	the	DET
fsr-3414	298	2	floor	floor	NOUN
fsr-3414	298	3	-	-	PUNCT
fsr-3414	298	4	leverage	leverage	NOUN
fsr-3414	298	5	rule	rule	NOUN
fsr-3414	298	6	for	for	ADP
fsr-3414	298	7	retirement	retirement	NOUN
fsr-3414	298	8	.	.	PUNCT
fsr-3414	299	1	financial	financial	ADJ
fsr-3414	299	2	analysts	analyst	NOUN
fsr-3414	299	3	journal	journal	NOUN
fsr-3414	299	4	,	,	PUNCT
fsr-3414	299	5	69	69	NUM
fsr-3414	299	6	,	,	PUNCT
fsr-3414	299	7	45–60	45–60	NUM
fsr-3414	299	8	.	.	PUNCT
fsr-3414	300	1	sortino	sortino	PROPN
fsr-3414	300	2	,	,	PUNCT
fsr-3414	300	3	f.	f.	PROPN
fsr-3414	300	4	,	,	PUNCT
fsr-3414	300	5	&	&	CCONJ
fsr-3414	300	6	price	price	NOUN
fsr-3414	300	7	,	,	PUNCT
fsr-3414	300	8	l.	l.	PROPN
fsr-3414	300	9	(	(	PUNCT
fsr-3414	300	10	1994	1994	NUM
fsr-3414	300	11	)	)	PUNCT
fsr-3414	300	12	.	.	PUNCT
fsr-3414	301	1	performance	performance	NOUN
fsr-3414	301	2	measurement	measurement	NOUN
fsr-3414	301	3	in	in	ADP
fsr-3414	301	4	a	a	DET
fsr-3414	301	5	downside	downside	ADJ
fsr-3414	301	6	risk	risk	NOUN
fsr-3414	301	7	framework	framework	NOUN
fsr-3414	301	8	.	.	PUNCT
fsr-3414	302	1	the	the	DET
fsr-3414	302	2	journal	journal	NOUN
fsr-3414	302	3	of	of	ADP
fsr-3414	302	4	investing	investing	NOUN
fsr-3414	302	5	,	,	PUNCT
fsr-3414	302	6	3	3	NUM
fsr-3414	302	7	,	,	PUNCT
fsr-3414	302	8	59–54	59–54	NUM
fsr-3414	302	9	.	.	PUNCT
fsr-3414	302	10	tang	tang	PROPN
fsr-3414	302	11	,	,	PUNCT
fsr-3414	302	12	h.	h.	PROPN
fsr-3414	302	13	,	,	PUNCT
fsr-3414	302	14	&	&	CCONJ
fsr-3414	302	15	xu	xu	PROPN
fsr-3414	302	16	,	,	PUNCT
fsr-3414	302	17	x.	x.	PROPN
fsr-3414	302	18	(	(	PUNCT
fsr-3414	302	19	2013	2013	NUM
fsr-3414	302	20	)	)	PUNCT
fsr-3414	302	21	.	.	PUNCT
fsr-3414	303	1	solving	solve	VERB
fsr-3414	303	2	the	the	DET
fsr-3414	303	3	return	return	NOUN
fsr-3414	303	4	deviation	deviation	NOUN
fsr-3414	303	5	conundrum	conundrum	NOUN
fsr-3414	303	6	of	of	ADP
fsr-3414	303	7	leveraged	leverage	VERB
fsr-3414	303	8	exchange	exchange	NOUN
fsr-3414	303	9	-	-	PUNCT
fsr-3414	303	10	traded	trade	VERB
fsr-3414	303	11	funds	fund	NOUN
fsr-3414	303	12	.	.	PUNCT
fsr-3414	304	1	journal	journal	NOUN
fsr-3414	304	2	of	of	ADP
fsr-3414	304	3	financial	financial	ADJ
fsr-3414	304	4	and	and	CCONJ
fsr-3414	304	5	quantitative	quantitative	ADJ
fsr-3414	304	6	analysis	analysis	NOUN
fsr-3414	304	7	,	,	PUNCT
fsr-3414	304	8	8	8	NUM
fsr-3414	304	9	,	,	PUNCT
fsr-3414	304	10	309–342	309–342	NUM
fsr-3414	304	11	.	.	PUNCT
fsr-3414	305	1	trainor	trainor	PROPN
fsr-3414	305	2	,	,	PUNCT
fsr-3414	305	3	w.	w.	PROPN
fsr-3414	305	4	,	,	PUNCT
fsr-3414	305	5	&	&	CCONJ
fsr-3414	305	6	baryla	baryla	PROPN
fsr-3414	305	7	,	,	PUNCT
fsr-3414	305	8	e.	e.	PROPN
fsr-3414	305	9	(	(	PUNCT
fsr-3414	305	10	2008	2008	NUM
fsr-3414	305	11	)	)	PUNCT
fsr-3414	305	12	.	.	PUNCT
fsr-3414	306	1	leveraged	leveraged	ADJ
fsr-3414	306	2	etfs	etfs	NOUN
fsr-3414	306	3	:	:	PUNCT
fsr-3414	306	4	a	a	DET
fsr-3414	306	5	risky	risky	ADJ
fsr-3414	306	6	double	double	NOUN
fsr-3414	306	7	that	that	PRON
fsr-3414	306	8	does	do	AUX
fsr-3414	306	9	n’t	not	PART
fsr-3414	306	10	multiply	multiply	VERB
fsr-3414	306	11	by	by	ADP
fsr-3414	306	12	two	two	NUM
fsr-3414	306	13	.	.	PUNCT
fsr-3414	307	1	journal	journal	NOUN
fsr-3414	307	2	of	of	ADP
fsr-3414	307	3	financial	financial	ADJ
fsr-3414	307	4	planning	planning	NOUN
fsr-3414	307	5	,	,	PUNCT
fsr-3414	307	6	21	21	NUM
fsr-3414	307	7	,	,	PUNCT
fsr-3414	307	8	48–55	48–55	NUM
fsr-3414	307	9	.	.	PUNCT
fsr-3414	308	1	48	48	NUM
fsr-3414	308	2	w.j	w.j	PROPN
fsr-3414	308	3	.	.	PROPN
fsr-3414	308	4	trainor	trainor	PROPN
fsr-3414	308	5	et	et	PROPN
fsr-3414	308	6	al	al	PROPN
fsr-3414	308	7	.	.	PUNCT
fsr-3414	308	8	/	/	SYM
fsr-3414	308	9	financial	financial	ADJ
fsr-3414	308	10	services	service	NOUN
fsr-3414	308	11	review	review	VERB
fsr-3414	308	12	28	28	NUM
fsr-3414	308	13	(	(	PUNCT
fsr-3414	308	14	2020	2020	NUM
fsr-3414	308	15	)	)	PUNCT
fsr-3414	308	16	35	35	NUM
fsr-3414	308	17	-	-	SYM
fsr-3414	308	18	48	48	NUM