id	sid	tid	token	lemma	pos
fsr-3422	1	1	active	active	ADJ
fsr-3422	1	2	vs.	vs.	ADP
fsr-3422	1	3	passive	passive	ADJ
fsr-3422	1	4	,	,	PUNCT
fsr-3422	1	5	the	the	DET
fsr-3422	1	6	case	case	NOUN
fsr-3422	1	7	of	of	ADP
fsr-3422	1	8	sector	sector	NOUN
fsr-3422	1	9	equity	equity	NOUN
fsr-3422	1	10	funds	fund	NOUN
fsr-3422	1	11	yuhong	yuhong	PROPN
fsr-3422	1	12	fana	fana	PROPN
fsr-3422	1	13	,	,	PUNCT
fsr-3422	1	14	crystal	crystal	PROPN
fsr-3422	1	15	yan	yan	PROPN
fsr-3422	1	16	linb	linb	PROPN
fsr-3422	1	17	,	,	PUNCT
fsr-3422	1	18	*	*	PUNCT
fsr-3422	1	19	aschool	aschool	NOUN
fsr-3422	1	20	of	of	ADP
fsr-3422	1	21	accounting	accounting	NOUN
fsr-3422	1	22	&	&	CCONJ
fsr-3422	1	23	taxation	taxation	PROPN
fsr-3422	1	24	,	,	PUNCT
fsr-3422	1	25	weber	weber	PROPN
fsr-3422	1	26	state	state	PROPN
fsr-3422	1	27	university	university	PROPN
fsr-3422	1	28	,	,	PUNCT
fsr-3422	1	29	ogden	ogden	PROPN
fsr-3422	1	30	,	,	PUNCT
fsr-3422	1	31	ut	ut	PROPN
fsr-3422	1	32	84408	84408	NUM
fsr-3422	1	33	,	,	PUNCT
fsr-3422	1	34	usa	usa	PROPN
fsr-3422	1	35	bschool	bschool	PROPN
fsr-3422	1	36	of	of	ADP
fsr-3422	1	37	business	business	NOUN
fsr-3422	1	38	,	,	PUNCT
fsr-3422	1	39	eastern	eastern	ADJ
fsr-3422	1	40	illinois	illinois	PROPN
fsr-3422	1	41	university	university	PROPN
fsr-3422	1	42	,	,	PUNCT
fsr-3422	1	43	charleston	charleston	PROPN
fsr-3422	1	44	,	,	PUNCT
fsr-3422	1	45	il	il	PROPN
fsr-3422	1	46	61920	61920	NUM
fsr-3422	1	47	,	,	PUNCT
fsr-3422	1	48	usa	usa	PROPN
fsr-3422	1	49	abstract	abstract	PROPN
fsr-3422	1	50	this	this	DET
fsr-3422	1	51	paper	paper	NOUN
fsr-3422	1	52	examines	examine	VERB
fsr-3422	1	53	performance	performance	NOUN
fsr-3422	1	54	of	of	ADP
fsr-3422	1	55	95	95	NUM
fsr-3422	1	56	actively	actively	ADV
fsr-3422	1	57	managed	manage	VERB
fsr-3422	1	58	u.s	u.s	PROPN
fsr-3422	1	59	.	.	PROPN
fsr-3422	1	60	sector	sector	PROPN
fsr-3422	1	61	equity	equity	NOUN
fsr-3422	1	62	mutual	mutual	ADJ
fsr-3422	1	63	funds	fund	NOUN
fsr-3422	1	64	from	from	ADP
fsr-3422	1	65	29	29	NUM
fsr-3422	1	66	fund	fund	NOUN
fsr-3422	1	67	families	family	NOUN
fsr-3422	1	68	relative	relative	ADJ
fsr-3422	1	69	to	to	ADP
fsr-3422	1	70	their	their	PRON
fsr-3422	1	71	peer	peer	NOUN
fsr-3422	1	72	exchange	exchange	NOUN
fsr-3422	1	73	-	-	PUNCT
fsr-3422	1	74	traded	trade	VERB
fsr-3422	1	75	funds	fund	NOUN
fsr-3422	1	76	,	,	PUNCT
fsr-3422	1	77	spdr	spdr	NOUN
fsr-3422	1	78	sector	sector	NOUN
fsr-3422	1	79	etfs	etfs	PROPN
fsr-3422	1	80	,	,	PUNCT
fsr-3422	1	81	in	in	ADP
fsr-3422	1	82	the	the	DET
fsr-3422	1	83	period	period	NOUN
fsr-3422	1	84	of	of	ADP
fsr-3422	1	85	2008	2008	NUM
fsr-3422	1	86	to	to	ADP
fsr-3422	1	87	2017	2017	NUM
fsr-3422	1	88	.	.	PUNCT
fsr-3422	2	1	our	our	PRON
fsr-3422	2	2	results	result	NOUN
fsr-3422	2	3	do	do	AUX
fsr-3422	2	4	not	not	PART
fsr-3422	2	5	show	show	VERB
fsr-3422	2	6	considerable	considerable	ADJ
fsr-3422	2	7	evidence	evidence	NOUN
fsr-3422	2	8	that	that	PRON
fsr-3422	2	9	actively	actively	ADV
fsr-3422	2	10	managed	manage	VERB
fsr-3422	2	11	sector	sector	NOUN
fsr-3422	2	12	mutual	mutual	ADJ
fsr-3422	2	13	funds	fund	NOUN
fsr-3422	2	14	outperform	outperform	VERB
fsr-3422	2	15	their	their	PRON
fsr-3422	2	16	passive	passive	ADJ
fsr-3422	2	17	counterparties	counterpartie	NOUN
fsr-3422	2	18	.	.	PUNCT
fsr-3422	3	1	none	none	NOUN
fsr-3422	3	2	of	of	ADP
fsr-3422	3	3	the	the	DET
fsr-3422	3	4	mutual	mutual	ADJ
fsr-3422	3	5	fund	fund	NOUN
fsr-3422	3	6	portfolios	portfolio	NOUN
fsr-3422	3	7	produces	produce	VERB
fsr-3422	3	8	a	a	DET
fsr-3422	3	9	significant	significant	ADJ
fsr-3422	3	10	positive	positive	ADJ
fsr-3422	3	11	alpha	alpha	NOUN
fsr-3422	3	12	through	through	ADP
fsr-3422	3	13	factor	factor	NOUN
fsr-3422	3	14	models	model	NOUN
fsr-3422	3	15	or	or	CCONJ
fsr-3422	3	16	delivers	deliver	VERB
fsr-3422	3	17	a	a	DET
fsr-3422	3	18	significant	significant	ADJ
fsr-3422	3	19	positive	positive	ADJ
fsr-3422	3	20	alpha	alpha	NOUN
fsr-3422	3	21	against	against	ADP
fsr-3422	3	22	their	their	PRON
fsr-3422	3	23	peer	peer	NOUN
fsr-3422	3	24	etfs	etfs	NOUN
fsr-3422	3	25	.	.	PUNCT
fsr-3422	4	1	when	when	SCONJ
fsr-3422	4	2	focusing	focus	VERB
fsr-3422	4	3	on	on	ADP
fsr-3422	4	4	the	the	DET
fsr-3422	4	5	nine	nine	NUM
fsr-3422	4	6	oldest	old	ADJ
fsr-3422	4	7	actively	actively	ADV
fsr-3422	4	8	managed	manage	VERB
fsr-3422	4	9	fidelity	fidelity	PROPN
fsr-3422	4	10	sector	sector	NOUN
fsr-3422	4	11	mutual	mutual	ADJ
fsr-3422	4	12	funds	fund	NOUN
fsr-3422	4	13	,	,	PUNCT
fsr-3422	4	14	outperformance	outperformance	NOUN
fsr-3422	4	15	in	in	ADP
fsr-3422	4	16	the	the	DET
fsr-3422	4	17	period	period	NOUN
fsr-3422	4	18	of	of	ADP
fsr-3422	4	19	1999–2010	1999–2010	NUM
fsr-3422	4	20	,	,	PUNCT
fsr-3422	4	21	which	which	PRON
fsr-3422	4	22	is	be	AUX
fsr-3422	4	23	reported	report	VERB
fsr-3422	4	24	in	in	ADP
fsr-3422	4	25	literature	literature	NOUN
fsr-3422	4	26	,	,	PUNCT
fsr-3422	4	27	appears	appear	VERB
fsr-3422	4	28	to	to	PART
fsr-3422	4	29	fade	fade	VERB
fsr-3422	4	30	away	away	ADV
fsr-3422	4	31	during	during	ADP
fsr-3422	4	32	the	the	DET
fsr-3422	4	33	period	period	NOUN
fsr-3422	4	34	of	of	ADP
fsr-3422	4	35	2011	2011	NUM
fsr-3422	4	36	-	-	SYM
fsr-3422	4	37	2017	2017	NUM
fsr-3422	4	38	.	.	PUNCT
fsr-3422	5	1	alpha	alpha	NOUN
fsr-3422	5	2	analyses	analysis	NOUN
fsr-3422	5	3	of	of	ADP
fsr-3422	5	4	a	a	DET
fsr-3422	5	5	larger	large	ADJ
fsr-3422	5	6	sample	sample	NOUN
fsr-3422	5	7	of	of	ADP
fsr-3422	5	8	60	60	NUM
fsr-3422	5	9	sector	sector	NOUN
fsr-3422	5	10	mutual	mutual	ADJ
fsr-3422	5	11	funds	fund	NOUN
fsr-3422	5	12	show	show	VERB
fsr-3422	5	13	similar	similar	ADJ
fsr-3422	5	14	performance	performance	NOUN
fsr-3422	5	15	deterioration	deterioration	NOUN
fsr-3422	5	16	in	in	ADP
fsr-3422	5	17	the	the	DET
fsr-3422	5	18	same	same	ADJ
fsr-3422	5	19	19	19	NUM
fsr-3422	5	20	-	-	PUNCT
fsr-3422	5	21	year	year	NOUN
fsr-3422	5	22	period	period	NOUN
fsr-3422	5	23	.	.	PUNCT
fsr-3422	6	1	the	the	DET
fsr-3422	6	2	results	result	NOUN
fsr-3422	6	3	indicate	indicate	VERB
fsr-3422	6	4	that	that	SCONJ
fsr-3422	6	5	u.s	u.s	PROPN
fsr-3422	6	6	.	.	PROPN
fsr-3422	6	7	sector	sector	NOUN
fsr-3422	6	8	equity	equity	NOUN
fsr-3422	6	9	market	market	NOUN
fsr-3422	6	10	has	have	AUX
fsr-3422	6	11	become	become	VERB
fsr-3422	6	12	more	more	ADV
fsr-3422	6	13	efficient	efficient	ADJ
fsr-3422	6	14	in	in	ADP
fsr-3422	6	15	the	the	DET
fsr-3422	6	16	past	past	ADJ
fsr-3422	6	17	decade	decade	NOUN
fsr-3422	6	18	.	.	PUNCT
fsr-3422	7	1	©	©	PROPN
fsr-3422	7	2	2019	2019	NUM
fsr-3422	7	3	academy	academy	NOUN
fsr-3422	7	4	of	of	ADP
fsr-3422	7	5	financial	financial	ADJ
fsr-3422	7	6	services	service	NOUN
fsr-3422	7	7	.	.	PUNCT
fsr-3422	8	1	all	all	DET
fsr-3422	8	2	rights	right	NOUN
fsr-3422	8	3	reserved	reserve	VERB
fsr-3422	8	4	.	.	PUNCT
fsr-3422	9	1	1	1	X
fsr-3422	9	2	.	.	X
fsr-3422	9	3	introduction	introduction	NOUN
fsr-3422	9	4	are	be	AUX
fsr-3422	9	5	investors	investor	NOUN
fsr-3422	9	6	giving	give	VERB
fsr-3422	9	7	up	up	ADP
fsr-3422	9	8	stock	stock	NOUN
fsr-3422	9	9	selecting	selecting	NOUN
fsr-3422	9	10	?	?	PUNCT
fsr-3422	10	1	is	be	AUX
fsr-3422	10	2	the	the	DET
fsr-3422	10	3	business	business	NOUN
fsr-3422	10	4	of	of	ADP
fsr-3422	10	5	picking	pick	VERB
fsr-3422	10	6	stocks	stock	NOUN
fsr-3422	10	7	dying	die	VERB
fsr-3422	10	8	(	(	PUNCT
fsr-3422	10	9	tergesen	tergesen	NOUN
fsr-3422	10	10	&	&	CCONJ
fsr-3422	10	11	zweig	zweig	PROPN
fsr-3422	10	12	,	,	PUNCT
fsr-3422	10	13	2016	2016	NUM
fsr-3422	10	14	)	)	PUNCT
fsr-3422	10	15	?	?	PUNCT
fsr-3422	11	1	can	can	AUX
fsr-3422	11	2	actively	actively	ADV
fsr-3422	11	3	managed	manage	VERB
fsr-3422	11	4	mutual	mutual	ADJ
fsr-3422	11	5	funds	fund	NOUN
fsr-3422	11	6	still	still	ADV
fsr-3422	11	7	be	be	VERB
fsr-3422	11	8	a	a	DET
fsr-3422	11	9	good	good	ADJ
fsr-3422	11	10	choice	choice	NOUN
fsr-3422	11	11	for	for	ADP
fsr-3422	11	12	investors	investor	NOUN
fsr-3422	11	13	or	or	CCONJ
fsr-3422	11	14	financial	financial	ADJ
fsr-3422	11	15	planners	planner	NOUN
fsr-3422	11	16	as	as	SCONJ
fsr-3422	11	17	evidenced	evidence	VERB
fsr-3422	11	18	by	by	ADP
fsr-3422	11	19	lin	lin	PROPN
fsr-3422	11	20	(	(	PUNCT
fsr-3422	11	21	2014	2014	NUM
fsr-3422	11	22	)	)	PUNCT
fsr-3422	11	23	?	?	PUNCT
fsr-3422	12	1	the	the	DET
fsr-3422	12	2	interest	interest	NOUN
fsr-3422	12	3	to	to	PART
fsr-3422	12	4	respond	respond	VERB
fsr-3422	12	5	to	to	ADP
fsr-3422	12	6	the	the	DET
fsr-3422	12	7	movement	movement	NOUN
fsr-3422	12	8	from	from	ADP
fsr-3422	12	9	active	active	ADJ
fsr-3422	12	10	to	to	ADP
fsr-3422	12	11	passive	passive	ADJ
fsr-3422	12	12	fund	fund	NOUN
fsr-3422	12	13	strategies	strategy	NOUN
fsr-3422	12	14	leads	lead	VERB
fsr-3422	12	15	to	to	ADP
fsr-3422	12	16	origination	origination	NOUN
fsr-3422	12	17	of	of	ADP
fsr-3422	12	18	this	this	DET
fsr-3422	12	19	paper	paper	NOUN
fsr-3422	12	20	,	,	PUNCT
fsr-3422	12	21	which	which	PRON
fsr-3422	12	22	looks	look	VERB
fsr-3422	12	23	into	into	ADP
fsr-3422	12	24	the	the	DET
fsr-3422	12	25	performance	performance	NOUN
fsr-3422	12	26	of	of	ADP
fsr-3422	12	27	actively	actively	ADV
fsr-3422	12	28	managed	manage	VERB
fsr-3422	12	29	u.s	u.s	PROPN
fsr-3422	12	30	.	.	PROPN
fsr-3422	12	31	sector	sector	PROPN
fsr-3422	12	32	equity	equity	NOUN
fsr-3422	12	33	mutual	mutual	ADJ
fsr-3422	12	34	funds	fund	NOUN
fsr-3422	12	35	and	and	CCONJ
fsr-3422	12	36	their	their	PRON
fsr-3422	12	37	peer	peer	NOUN
fsr-3422	12	38	exchangetraded	exchangetrade	VERB
fsr-3422	12	39	funds	fund	NOUN
fsr-3422	12	40	,	,	PUNCT
fsr-3422	12	41	sector	sector	NOUN
fsr-3422	12	42	spdr	spdr	PROPN
fsr-3422	12	43	etfs	etfs	PROPN
fsr-3422	12	44	,	,	PUNCT
fsr-3422	12	45	in	in	ADP
fsr-3422	12	46	the	the	DET
fsr-3422	12	47	past	past	ADJ
fsr-3422	12	48	decade	decade	NOUN
fsr-3422	12	49	.	.	PUNCT
fsr-3422	13	1	*	*	PUNCT
fsr-3422	13	2	correspondance	correspondance	NOUN
fsr-3422	13	3	author	author	NOUN
fsr-3422	13	4	:	:	PUNCT
fsr-3422	13	5	tel	tel	PROPN
fsr-3422	13	6	.	.	PUNCT
fsr-3422	13	7	:	:	PUNCT
fsr-3422	14	1	217	217	NUM
fsr-3422	14	2	-	-	SYM
fsr-3422	14	3	581	581	NUM
fsr-3422	14	4	-	-	NUM
fsr-3422	14	5	2227	2227	NUM
fsr-3422	14	6	;	;	PUNCT
fsr-3422	14	7	fax	fax	NOUN
fsr-3422	14	8	:	:	PUNCT
fsr-3422	14	9	217	217	NUM
fsr-3422	14	10	-	-	SYM
fsr-3422	14	11	581	581	NUM
fsr-3422	14	12	-	-	SYM
fsr-3422	14	13	6642	6642	NUM
fsr-3422	14	14	.	.	PUNCT
fsr-3422	15	1	e	e	X
fsr-3422	15	2	-	-	NOUN
fsr-3422	15	3	mail	mail	NOUN
fsr-3422	15	4	address	address	NOUN
fsr-3422	15	5	:	:	PUNCT
fsr-3422	15	6	cylin@eiu.edu	cylin@eiu.edu	PROPN
fsr-3422	15	7	(	(	PUNCT
fsr-3422	15	8	c.y	c.y	PROPN
fsr-3422	15	9	.	.	PROPN
fsr-3422	15	10	lin	lin	PROPN
fsr-3422	15	11	)	)	PUNCT
fsr-3422	15	12	1057	1057	NUM
fsr-3422	15	13	-	-	SYM
fsr-3422	15	14	0810/20/$	0810/20/$	NUM
fsr-3422	15	15	–	–	PUNCT
fsr-3422	15	16	see	see	VERB
fsr-3422	15	17	front	front	ADJ
fsr-3422	15	18	matter	matter	NOUN
fsr-3422	15	19	©	©	PROPN
fsr-3422	15	20	2019	2019	NUM
fsr-3422	15	21	academy	academy	NOUN
fsr-3422	15	22	of	of	ADP
fsr-3422	15	23	financial	financial	ADJ
fsr-3422	15	24	services	service	NOUN
fsr-3422	15	25	.	.	PUNCT
fsr-3422	16	1	all	all	DET
fsr-3422	16	2	rights	right	NOUN
fsr-3422	16	3	reserved	reserve	VERB
fsr-3422	16	4	.	.	PUNCT
fsr-3422	17	1	financial	financial	ADJ
fsr-3422	17	2	services	service	NOUN
fsr-3422	17	3	review	review	VERB
fsr-3422	17	4	28	28	NUM
fsr-3422	17	5	(	(	PUNCT
fsr-3422	17	6	2020	2020	NUM
fsr-3422	17	7	)	)	PUNCT
fsr-3422	17	8	159–177	159–177	NUM
fsr-3422	17	9	the	the	DET
fsr-3422	17	10	debate	debate	NOUN
fsr-3422	17	11	of	of	ADP
fsr-3422	17	12	active	active	ADJ
fsr-3422	17	13	versus	versus	ADP
fsr-3422	17	14	passive	passive	ADJ
fsr-3422	17	15	investing	investing	NOUN
fsr-3422	17	16	has	have	AUX
fsr-3422	17	17	lasted	last	VERB
fsr-3422	17	18	for	for	ADP
fsr-3422	17	19	decades	decade	NOUN
fsr-3422	17	20	.	.	PUNCT
fsr-3422	18	1	the	the	DET
fsr-3422	18	2	indexing	indexing	NOUN
fsr-3422	18	3	concept	concept	NOUN
fsr-3422	18	4	was	be	AUX
fsr-3422	18	5	introduced	introduce	VERB
fsr-3422	18	6	to	to	ADP
fsr-3422	18	7	the	the	DET
fsr-3422	18	8	institutional	institutional	ADJ
fsr-3422	18	9	pension	pension	NOUN
fsr-3422	18	10	plan	plan	NOUN
fsr-3422	18	11	market	market	NOUN
fsr-3422	18	12	in	in	ADP
fsr-3422	18	13	1971	1971	NUM
fsr-3422	18	14	and	and	CCONJ
fsr-3422	18	15	to	to	ADP
fsr-3422	18	16	the	the	DET
fsr-3422	18	17	mutual	mutual	ADJ
fsr-3422	18	18	fund	fund	NOUN
fsr-3422	18	19	industry	industry	NOUN
fsr-3422	18	20	in	in	ADP
fsr-3422	18	21	1976	1976	NUM
fsr-3422	18	22	(	(	PUNCT
fsr-3422	18	23	bogle	bogle	NOUN
fsr-3422	18	24	,	,	PUNCT
fsr-3422	18	25	2015	2015	NUM
fsr-3422	18	26	)	)	PUNCT
fsr-3422	18	27	.	.	PUNCT
fsr-3422	19	1	at	at	ADP
fsr-3422	19	2	that	that	DET
fsr-3422	19	3	time	time	NOUN
fsr-3422	19	4	,	,	PUNCT
fsr-3422	19	5	the	the	DET
fsr-3422	19	6	indexing	indexing	NOUN
fsr-3422	19	7	strategy	strategy	NOUN
fsr-3422	19	8	was	be	AUX
fsr-3422	19	9	questioned	question	VERB
fsr-3422	19	10	as	as	ADP
fsr-3422	19	11	why	why	SCONJ
fsr-3422	19	12	investors	investor	NOUN
fsr-3422	19	13	buy	buy	VERB
fsr-3422	19	14	a	a	DET
fsr-3422	19	15	basket	basket	NOUN
fsr-3422	19	16	of	of	ADP
fsr-3422	19	17	both	both	CCONJ
fsr-3422	19	18	good	good	ADJ
fsr-3422	19	19	and	and	CCONJ
fsr-3422	19	20	bad	bad	ADJ
fsr-3422	19	21	stocks	stock	NOUN
fsr-3422	19	22	and	and	CCONJ
fsr-3422	19	23	even	even	ADV
fsr-3422	19	24	was	be	AUX
fsr-3422	19	25	described	describe	VERB
fsr-3422	19	26	as	as	ADP
fsr-3422	19	27	“	"	PUNCT
fsr-3422	19	28	unamerican	unamerican	ADJ
fsr-3422	19	29	.	.	PUNCT
fsr-3422	19	30	”	"	PUNCT
fsr-3422	20	1	the	the	DET
fsr-3422	20	2	core	core	NOUN
fsr-3422	20	3	vision	vision	NOUN
fsr-3422	20	4	,	,	PUNCT
fsr-3422	20	5	which	which	PRON
fsr-3422	20	6	initiated	initiate	VERB
fsr-3422	20	7	the	the	DET
fsr-3422	20	8	indexing	indexing	NOUN
fsr-3422	20	9	strategy	strategy	NOUN
fsr-3422	20	10	and	and	CCONJ
fsr-3422	20	11	later	later	ADV
fsr-3422	20	12	made	make	VERB
fsr-3422	20	13	it	it	PRON
fsr-3422	20	14	successful	successful	ADJ
fsr-3422	20	15	,	,	PUNCT
fsr-3422	20	16	stands	stand	VERB
fsr-3422	20	17	on	on	ADP
fsr-3422	20	18	the	the	DET
fsr-3422	20	19	low	low	ADJ
fsr-3422	20	20	-	-	PUNCT
fsr-3422	20	21	cost	cost	NOUN
fsr-3422	20	22	goal	goal	NOUN
fsr-3422	20	23	and	and	CCONJ
fsr-3422	20	24	a	a	DET
fsr-3422	20	25	no	no	DET
fsr-3422	20	26	-	-	PUNCT
fsr-3422	20	27	load	load	NOUN
fsr-3422	20	28	distribution	distribution	NOUN
fsr-3422	20	29	network	network	NOUN
fsr-3422	20	30	(	(	PUNCT
fsr-3422	20	31	bogle	bogle	PROPN
fsr-3422	20	32	,	,	PUNCT
fsr-3422	20	33	2016	2016	NUM
fsr-3422	20	34	)	)	PUNCT
fsr-3422	20	35	.	.	PUNCT
fsr-3422	21	1	thus	thus	ADV
fsr-3422	21	2	,	,	PUNCT
fsr-3422	21	3	high	high	ADJ
fsr-3422	21	4	management	management	NOUN
fsr-3422	21	5	and	and	CCONJ
fsr-3422	21	6	transaction	transaction	NOUN
fsr-3422	21	7	costs	cost	NOUN
fsr-3422	21	8	,	,	PUNCT
fsr-3422	21	9	disappointed	disappointed	ADJ
fsr-3422	21	10	returns	return	NOUN
fsr-3422	21	11	,	,	PUNCT
fsr-3422	21	12	lack	lack	NOUN
fsr-3422	21	13	of	of	ADP
fsr-3422	21	14	simplicity	simplicity	NOUN
fsr-3422	21	15	and	and	CCONJ
fsr-3422	21	16	transparency	transparency	NOUN
fsr-3422	21	17	attributed	attribute	VERB
fsr-3422	21	18	to	to	ADP
fsr-3422	21	19	actively	actively	ADV
fsr-3422	21	20	managed	manage	VERB
fsr-3422	21	21	funds	fund	NOUN
fsr-3422	21	22	are	be	AUX
fsr-3422	21	23	commonly	commonly	ADV
fsr-3422	21	24	stated	state	VERB
fsr-3422	21	25	reasons	reason	NOUN
fsr-3422	21	26	that	that	PRON
fsr-3422	21	27	make	make	VERB
fsr-3422	21	28	the	the	DET
fsr-3422	21	29	passive	passive	ADJ
fsr-3422	21	30	strategy	strategy	NOUN
fsr-3422	21	31	a	a	DET
fsr-3422	21	32	common	common	ADJ
fsr-3422	21	33	wisdom	wisdom	NOUN
fsr-3422	21	34	(	(	PUNCT
fsr-3422	21	35	brown	brown	ADJ
fsr-3422	21	36	,	,	PUNCT
fsr-3422	21	37	2016	2016	NUM
fsr-3422	21	38	;	;	PUNCT
fsr-3422	21	39	malkiel	malkiel	PROPN
fsr-3422	21	40	&	&	CCONJ
fsr-3422	21	41	radisich	radisich	PROPN
fsr-3422	21	42	,	,	PUNCT
fsr-3422	21	43	2001	2001	NUM
fsr-3422	21	44	;	;	PUNCT
fsr-3422	21	45	tergesen	tergesen	PROPN
fsr-3422	21	46	&	&	CCONJ
fsr-3422	21	47	zweig	zweig	PROPN
fsr-3422	21	48	,	,	PUNCT
fsr-3422	21	49	2016	2016	NUM
fsr-3422	21	50	)	)	PUNCT
fsr-3422	21	51	.	.	PUNCT
fsr-3422	22	1	one	one	NUM
fsr-3422	22	2	of	of	ADP
fsr-3422	22	3	the	the	DET
fsr-3422	22	4	earliest	early	ADJ
fsr-3422	22	5	supporters	supporter	NOUN
fsr-3422	22	6	of	of	ADP
fsr-3422	22	7	the	the	DET
fsr-3422	22	8	index	index	NOUN
fsr-3422	22	9	strategy	strategy	NOUN
fsr-3422	22	10	is	be	AUX
fsr-3422	22	11	burton	burton	PROPN
fsr-3422	22	12	malkiel	malkiel	PROPN
fsr-3422	22	13	(	(	PUNCT
fsr-3422	22	14	malkiel	malkiel	PROPN
fsr-3422	22	15	,	,	PUNCT
fsr-3422	22	16	1973	1973	NUM
fsr-3422	22	17	)	)	PUNCT
fsr-3422	22	18	.	.	PUNCT
fsr-3422	23	1	at	at	ADP
fsr-3422	23	2	that	that	DET
fsr-3422	23	3	time	time	NOUN
fsr-3422	23	4	,	,	PUNCT
fsr-3422	23	5	there	there	PRON
fsr-3422	23	6	were	be	VERB
fsr-3422	23	7	no	no	DET
fsr-3422	23	8	index	index	NOUN
fsr-3422	23	9	funds	fund	NOUN
fsr-3422	23	10	and	and	CCONJ
fsr-3422	23	11	burton	burton	PROPN
fsr-3422	23	12	said	say	VERB
fsr-3422	23	13	that	that	SCONJ
fsr-3422	23	14	index	index	NOUN
fsr-3422	23	15	funds	fund	NOUN
fsr-3422	23	16	should	should	AUX
fsr-3422	23	17	be	be	AUX
fsr-3422	23	18	available	available	ADJ
fsr-3422	23	19	to	to	ADP
fsr-3422	23	20	investors	investor	NOUN
fsr-3422	23	21	.	.	PUNCT
fsr-3422	24	1	from	from	ADP
fsr-3422	24	2	the	the	DET
fsr-3422	24	3	empirical	empirical	ADJ
fsr-3422	24	4	perspective	perspective	NOUN
fsr-3422	24	5	,	,	PUNCT
fsr-3422	24	6	there	there	PRON
fsr-3422	24	7	are	be	VERB
fsr-3422	24	8	numerous	numerous	ADJ
fsr-3422	24	9	studies	study	NOUN
fsr-3422	24	10	that	that	PRON
fsr-3422	24	11	either	either	CCONJ
fsr-3422	24	12	provide	provide	VERB
fsr-3422	24	13	evidence	evidence	NOUN
fsr-3422	24	14	to	to	PART
fsr-3422	24	15	support	support	VERB
fsr-3422	24	16	active	active	ADJ
fsr-3422	24	17	fund	fund	NOUN
fsr-3422	24	18	managers	manager	NOUN
fsr-3422	24	19	’	’	PART
fsr-3422	24	20	stock	stock	NOUN
fsr-3422	24	21	picking	picking	NOUN
fsr-3422	24	22	skills	skill	NOUN
fsr-3422	24	23	(	(	PUNCT
fsr-3422	24	24	e.g.	e.g.	ADV
fsr-3422	24	25	,	,	PUNCT
fsr-3422	24	26	lin	lin	PROPN
fsr-3422	24	27	,	,	PUNCT
fsr-3422	24	28	2014	2014	NUM
fsr-3422	24	29	;	;	PUNCT
fsr-3422	24	30	wermers	wermer	NOUN
fsr-3422	24	31	&	&	CCONJ
fsr-3422	24	32	moskowitz	moskowitz	PROPN
fsr-3422	24	33	,	,	PUNCT
fsr-3422	24	34	2000	2000	NUM
fsr-3422	24	35	)	)	PUNCT
fsr-3422	24	36	or	or	CCONJ
fsr-3422	24	37	suggest	suggest	VERB
fsr-3422	24	38	that	that	SCONJ
fsr-3422	24	39	actively	actively	ADV
fsr-3422	24	40	managed	manage	VERB
fsr-3422	24	41	funds	fund	NOUN
fsr-3422	24	42	underperform	underperform	VERB
fsr-3422	24	43	their	their	PRON
fsr-3422	24	44	benchmarks	benchmark	NOUN
fsr-3422	24	45	or	or	CCONJ
fsr-3422	24	46	lack	lack	NOUN
fsr-3422	24	47	of	of	ADP
fsr-3422	24	48	managers	manager	NOUN
fsr-3422	24	49	’	’	PART
fsr-3422	24	50	stock	stock	NOUN
fsr-3422	24	51	picking	pick	VERB
fsr-3422	24	52	persistence	persistence	NOUN
fsr-3422	24	53	(	(	PUNCT
fsr-3422	24	54	e.g.	e.g.	ADV
fsr-3422	24	55	,	,	PUNCT
fsr-3422	24	56	fan	fan	PROPN
fsr-3422	24	57	&	&	CCONJ
fsr-3422	24	58	addams	addams	PROPN
fsr-3422	24	59	,	,	PUNCT
fsr-3422	24	60	2012	2012	NUM
fsr-3422	24	61	;	;	PUNCT
fsr-3422	24	62	malkiel	malkiel	PROPN
fsr-3422	24	63	,	,	PUNCT
fsr-3422	24	64	1995	1995	NUM
fsr-3422	24	65	)	)	PUNCT
fsr-3422	24	66	.	.	PUNCT
fsr-3422	25	1	when	when	SCONJ
fsr-3422	25	2	focusing	focus	VERB
fsr-3422	25	3	on	on	ADP
fsr-3422	25	4	u.s	u.s	PROPN
fsr-3422	25	5	.	.	PROPN
fsr-3422	25	6	sector	sector	PROPN
fsr-3422	25	7	investing	investing	NOUN
fsr-3422	25	8	,	,	PUNCT
fsr-3422	25	9	sector	sector	NOUN
fsr-3422	25	10	equity	equity	NOUN
fsr-3422	25	11	funds	fund	NOUN
fsr-3422	25	12	started	start	VERB
fsr-3422	25	13	as	as	ADP
fsr-3422	25	14	a	a	DET
fsr-3422	25	15	mainstay	mainstay	NOUN
fsr-3422	25	16	of	of	ADP
fsr-3422	25	17	the	the	DET
fsr-3422	25	18	mutual	mutual	ADJ
fsr-3422	25	19	fund	fund	NOUN
fsr-3422	25	20	industry	industry	NOUN
fsr-3422	25	21	in	in	ADP
fsr-3422	25	22	the	the	DET
fsr-3422	25	23	1930s	1930	NOUN
fsr-3422	25	24	and	and	CCONJ
fsr-3422	25	25	1940s	1940	NOUN
fsr-3422	25	26	but	but	CCONJ
fsr-3422	25	27	lost	lose	VERB
fsr-3422	25	28	heat	heat	NOUN
fsr-3422	25	29	in	in	ADP
fsr-3422	25	30	the	the	DET
fsr-3422	25	31	1950s	1950	NOUN
fsr-3422	25	32	(	(	PUNCT
fsr-3422	25	33	bogle	bogle	NOUN
fsr-3422	25	34	,	,	PUNCT
fsr-3422	25	35	2015	2015	NUM
fsr-3422	25	36	)	)	PUNCT
fsr-3422	25	37	.	.	PUNCT
fsr-3422	26	1	in	in	ADP
fsr-3422	26	2	the	the	DET
fsr-3422	26	3	modern	modern	ADJ
fsr-3422	26	4	time	time	NOUN
fsr-3422	26	5	,	,	PUNCT
fsr-3422	26	6	sector	sector	NOUN
fsr-3422	26	7	equity	equity	NOUN
fsr-3422	26	8	funds	fund	NOUN
fsr-3422	26	9	returned	return	VERB
fsr-3422	26	10	to	to	ADP
fsr-3422	26	11	the	the	DET
fsr-3422	26	12	investment	investment	NOUN
fsr-3422	26	13	world	world	NOUN
fsr-3422	26	14	in	in	ADP
fsr-3422	26	15	1981	1981	NUM
fsr-3422	26	16	.	.	PUNCT
fsr-3422	27	1	they	they	PRON
fsr-3422	27	2	became	become	VERB
fsr-3422	27	3	an	an	DET
fsr-3422	27	4	equity	equity	NOUN
fsr-3422	27	5	fund	fund	NOUN
fsr-3422	27	6	category	category	NOUN
fsr-3422	27	7	in	in	ADP
fsr-3422	27	8	addition	addition	NOUN
fsr-3422	27	9	to	to	ADP
fsr-3422	27	10	u.s	u.s	PROPN
fsr-3422	27	11	.	.	PROPN
fsr-3422	27	12	equity	equity	NOUN
fsr-3422	27	13	funds	fund	NOUN
fsr-3422	27	14	and	and	CCONJ
fsr-3422	27	15	international	international	ADJ
fsr-3422	27	16	equity	equity	NOUN
fsr-3422	27	17	funds	fund	NOUN
fsr-3422	27	18	,	,	PUNCT
fsr-3422	27	19	and	and	CCONJ
fsr-3422	27	20	have	have	AUX
fsr-3422	27	21	been	be	AUX
fsr-3422	27	22	widely	widely	ADV
fsr-3422	27	23	used	use	VERB
fsr-3422	27	24	by	by	ADP
fsr-3422	27	25	portfolio	portfolio	NOUN
fsr-3422	27	26	managers	manager	NOUN
fsr-3422	27	27	and	and	CCONJ
fsr-3422	27	28	financial	financial	ADJ
fsr-3422	27	29	advisors	advisor	NOUN
fsr-3422	27	30	for	for	ADP
fsr-3422	27	31	asset	asset	NOUN
fsr-3422	27	32	allocation	allocation	NOUN
fsr-3422	27	33	purpose	purpose	NOUN
fsr-3422	27	34	.	.	PUNCT
fsr-3422	28	1	today	today	NOUN
fsr-3422	28	2	,	,	PUNCT
fsr-3422	28	3	many	many	ADJ
fsr-3422	28	4	retirement	retirement	NOUN
fsr-3422	28	5	saving	saving	NOUN
fsr-3422	28	6	plans	plan	NOUN
fsr-3422	28	7	offer	offer	VERB
fsr-3422	28	8	a	a	DET
fsr-3422	28	9	broad	broad	ADJ
fsr-3422	28	10	range	range	NOUN
fsr-3422	28	11	of	of	ADP
fsr-3422	28	12	investment	investment	NOUN
fsr-3422	28	13	vehicles	vehicle	NOUN
fsr-3422	28	14	for	for	ADP
fsr-3422	28	15	individual	individual	ADJ
fsr-3422	28	16	investors	investor	NOUN
fsr-3422	28	17	.	.	PUNCT
fsr-3422	29	1	sector	sector	NOUN
fsr-3422	29	2	equity	equity	NOUN
fsr-3422	29	3	funds	fund	NOUN
fsr-3422	29	4	appear	appear	VERB
fsr-3422	29	5	on	on	ADP
fsr-3422	29	6	the	the	DET
fsr-3422	29	7	investment	investment	NOUN
fsr-3422	29	8	menu	menu	NOUN
fsr-3422	29	9	for	for	ADP
fsr-3422	29	10	millions	million	NOUN
fsr-3422	29	11	of	of	ADP
fsr-3422	29	12	plan	plan	NOUN
fsr-3422	29	13	participants	participant	NOUN
fsr-3422	29	14	.	.	PUNCT
fsr-3422	30	1	because	because	SCONJ
fsr-3422	30	2	companies	company	NOUN
fsr-3422	30	3	in	in	ADP
fsr-3422	30	4	a	a	DET
fsr-3422	30	5	certain	certain	ADJ
fsr-3422	30	6	sector	sector	NOUN
fsr-3422	30	7	/	/	SYM
fsr-3422	30	8	industry	industry	NOUN
fsr-3422	30	9	are	be	AUX
fsr-3422	30	10	exposed	expose	VERB
fsr-3422	30	11	to	to	ADP
fsr-3422	30	12	similar	similar	ADJ
fsr-3422	30	13	economic	economic	ADJ
fsr-3422	30	14	/	/	SYM
fsr-3422	30	15	political	political	ADJ
fsr-3422	30	16	/	/	SYM
fsr-3422	30	17	technological	technological	ADJ
fsr-3422	30	18	factors	factor	NOUN
fsr-3422	30	19	,	,	PUNCT
fsr-3422	30	20	sector	sector	NOUN
fsr-3422	30	21	equity	equity	NOUN
fsr-3422	30	22	funds	fund	NOUN
fsr-3422	30	23	enable	enable	VERB
fsr-3422	30	24	investors	investor	NOUN
fsr-3422	30	25	to	to	PART
fsr-3422	30	26	capture	capture	VERB
fsr-3422	30	27	certain	certain	ADJ
fsr-3422	30	28	market	market	NOUN
fsr-3422	30	29	opportunities	opportunity	NOUN
fsr-3422	30	30	through	through	ADP
fsr-3422	30	31	sector	sector	NOUN
fsr-3422	30	32	selecting	selecting	NOUN
fsr-3422	30	33	/	/	SYM
fsr-3422	30	34	rotation	rotation	NOUN
fsr-3422	30	35	.	.	PUNCT
fsr-3422	31	1	diversification	diversification	NOUN
fsr-3422	31	2	across	across	ADP
fsr-3422	31	3	industries	industry	NOUN
fsr-3422	31	4	is	be	AUX
fsr-3422	31	5	also	also	ADV
fsr-3422	31	6	easily	easily	ADV
fsr-3422	31	7	achievable	achievable	ADJ
fsr-3422	31	8	through	through	ADP
fsr-3422	31	9	investing	invest	VERB
fsr-3422	31	10	in	in	ADP
fsr-3422	31	11	sector	sector	NOUN
fsr-3422	31	12	funds	fund	NOUN
fsr-3422	31	13	not	not	PART
fsr-3422	31	14	individual	individual	ADJ
fsr-3422	31	15	stocks	stock	NOUN
fsr-3422	31	16	.	.	PUNCT
fsr-3422	32	1	the	the	DET
fsr-3422	32	2	invention	invention	NOUN
fsr-3422	32	3	of	of	ADP
fsr-3422	32	4	etfs	etfs	PROPN
fsr-3422	32	5	,	,	PUNCT
fsr-3422	32	6	the	the	DET
fsr-3422	32	7	vast	vast	ADJ
fsr-3422	32	8	majority	majority	NOUN
fsr-3422	32	9	of	of	ADP
fsr-3422	32	10	which	which	PRON
fsr-3422	32	11	are	be	AUX
fsr-3422	32	12	index	index	NOUN
fsr-3422	32	13	funds	fund	NOUN
fsr-3422	32	14	,	,	PUNCT
fsr-3422	32	15	has	have	AUX
fsr-3422	32	16	propelled	propel	VERB
fsr-3422	32	17	the	the	DET
fsr-3422	32	18	tremendous	tremendous	ADJ
fsr-3422	32	19	growth	growth	NOUN
fsr-3422	32	20	of	of	ADP
fsr-3422	32	21	indexing	indexing	NOUN
fsr-3422	32	22	strategy	strategy	NOUN
fsr-3422	32	23	.	.	PUNCT
fsr-3422	33	1	although	although	SCONJ
fsr-3422	33	2	both	both	DET
fsr-3422	33	3	mutual	mutual	ADJ
fsr-3422	33	4	funds	fund	NOUN
fsr-3422	33	5	and	and	CCONJ
fsr-3422	33	6	etfs	etfs	NOUN
fsr-3422	33	7	are	be	AUX
fsr-3422	33	8	pooled	pool	VERB
fsr-3422	33	9	investments	investment	NOUN
fsr-3422	33	10	that	that	PRON
fsr-3422	33	11	represent	represent	VERB
fsr-3422	33	12	ownership	ownership	NOUN
fsr-3422	33	13	in	in	ADP
fsr-3422	33	14	a	a	DET
fsr-3422	33	15	basket	basket	NOUN
fsr-3422	33	16	of	of	ADP
fsr-3422	33	17	securities	security	NOUN
fsr-3422	33	18	,	,	PUNCT
fsr-3422	33	19	etfs	etfs	PROPN
fsr-3422	33	20	can	can	AUX
fsr-3422	33	21	be	be	AUX
fsr-3422	33	22	traded	trade	VERB
fsr-3422	33	23	in	in	ADP
fsr-3422	33	24	exchange	exchange	NOUN
fsr-3422	33	25	markets	market	NOUN
fsr-3422	33	26	just	just	ADV
fsr-3422	33	27	like	like	ADP
fsr-3422	33	28	individual	individual	ADJ
fsr-3422	33	29	stocks	stock	NOUN
fsr-3422	33	30	.	.	PUNCT
fsr-3422	34	1	they	they	PRON
fsr-3422	34	2	are	be	AUX
fsr-3422	34	3	also	also	ADV
fsr-3422	34	4	shortable	shortable	ADJ
fsr-3422	34	5	,	,	PUNCT
fsr-3422	34	6	marginable	marginable	ADJ
fsr-3422	34	7	,	,	PUNCT
fsr-3422	34	8	optionable	optionable	ADJ
fsr-3422	34	9	,	,	PUNCT
fsr-3422	34	10	and	and	CCONJ
fsr-3422	34	11	provide	provide	VERB
fsr-3422	34	12	great	great	ADJ
fsr-3422	34	13	transparency	transparency	NOUN
fsr-3422	34	14	,	,	PUNCT
fsr-3422	34	15	such	such	ADJ
fsr-3422	34	16	as	as	SCONJ
fsr-3422	34	17	investors	investor	NOUN
fsr-3422	34	18	can	can	AUX
fsr-3422	34	19	obtain	obtain	VERB
fsr-3422	34	20	an	an	DET
fsr-3422	34	21	etf	etf	NOUN
fsr-3422	34	22	’s	’s	PART
fsr-3422	34	23	holding	hold	VERB
fsr-3422	34	24	list	list	NOUN
fsr-3422	34	25	more	more	ADV
fsr-3422	34	26	frequently	frequently	ADV
fsr-3422	34	27	than	than	ADP
fsr-3422	34	28	that	that	PRON
fsr-3422	34	29	of	of	ADP
fsr-3422	34	30	a	a	DET
fsr-3422	34	31	mutual	mutual	ADJ
fsr-3422	34	32	fund	fund	NOUN
fsr-3422	34	33	.	.	PUNCT
fsr-3422	35	1	the	the	DET
fsr-3422	35	2	federal	federal	PROPN
fsr-3422	35	3	reserve	reserve	PROPN
fsr-3422	35	4	started	start	VERB
fsr-3422	35	5	reporting	report	VERB
fsr-3422	35	6	etf	etf	NOUN
fsr-3422	35	7	accounts	account	NOUN
fsr-3422	35	8	in	in	ADP
fsr-3422	35	9	1993	1993	NUM
fsr-3422	35	10	,	,	PUNCT
fsr-3422	35	11	the	the	DET
fsr-3422	35	12	year	year	NOUN
fsr-3422	35	13	that	that	PRON
fsr-3422	35	14	spdr	spdr	PROPN
fsr-3422	35	15	etfs	etfs	PROPN
fsr-3422	35	16	were	be	AUX
fsr-3422	35	17	launched	launch	VERB
fsr-3422	35	18	.	.	PUNCT
fsr-3422	36	1	the	the	DET
fsr-3422	36	2	total	total	ADJ
fsr-3422	36	3	asset	asset	NOUN
fsr-3422	36	4	value	value	NOUN
fsr-3422	36	5	in	in	ADP
fsr-3422	36	6	mutual	mutual	ADJ
fsr-3422	36	7	funds	fund	NOUN
fsr-3422	36	8	and	and	CCONJ
fsr-3422	36	9	etfs	etfs	NOUN
fsr-3422	36	10	were	be	AUX
fsr-3422	36	11	$	$	SYM
fsr-3422	36	12	1.5	1.5	NUM
fsr-3422	36	13	trillion	trillion	NUM
fsr-3422	36	14	and	and	CCONJ
fsr-3422	36	15	$	$	SYM
fsr-3422	36	16	464	464	NUM
fsr-3422	36	17	million	million	NUM
fsr-3422	36	18	at	at	ADP
fsr-3422	36	19	the	the	DET
fsr-3422	36	20	end	end	NOUN
fsr-3422	36	21	of	of	ADP
fsr-3422	36	22	1993	1993	NUM
fsr-3422	36	23	,	,	PUNCT
fsr-3422	36	24	respectively	respectively	ADV
fsr-3422	36	25	,	,	PUNCT
fsr-3422	36	26	and	and	CCONJ
fsr-3422	36	27	47	47	NUM
fsr-3422	36	28	%	%	NOUN
fsr-3422	36	29	of	of	ADP
fsr-3422	36	30	the	the	DET
fsr-3422	36	31	mutual	mutual	ADJ
fsr-3422	36	32	funds	fund	NOUN
fsr-3422	36	33	were	be	AUX
fsr-3422	36	34	equity	equity	NOUN
fsr-3422	36	35	funds	fund	NOUN
fsr-3422	36	36	while	while	SCONJ
fsr-3422	36	37	100	100	NUM
fsr-3422	36	38	%	%	NOUN
fsr-3422	36	39	of	of	ADP
fsr-3422	36	40	the	the	DET
fsr-3422	36	41	etfs	etfs	NOUN
fsr-3422	36	42	were	be	AUX
fsr-3422	36	43	equity	equity	NOUN
fsr-3422	36	44	funds	fund	NOUN
fsr-3422	36	45	.	.	PUNCT
fsr-3422	37	1	at	at	ADP
fsr-3422	37	2	the	the	DET
fsr-3422	37	3	end	end	NOUN
fsr-3422	37	4	of	of	ADP
fsr-3422	37	5	2017	2017	NUM
fsr-3422	37	6	,	,	PUNCT
fsr-3422	37	7	the	the	DET
fsr-3422	37	8	total	total	ADJ
fsr-3422	37	9	asset	asset	NOUN
fsr-3422	37	10	value	value	NOUN
fsr-3422	37	11	in	in	ADP
fsr-3422	37	12	mutual	mutual	ADJ
fsr-3422	37	13	funds	fund	NOUN
fsr-3422	37	14	and	and	CCONJ
fsr-3422	37	15	etfs	etfs	PROPN
fsr-3422	37	16	were	be	AUX
fsr-3422	37	17	$	$	SYM
fsr-3422	37	18	15.9	15.9	NUM
fsr-3422	37	19	trillion	trillion	NUM
fsr-3422	37	20	and	and	CCONJ
fsr-3422	37	21	$	$	SYM
fsr-3422	37	22	3.4	3.4	NUM
fsr-3422	37	23	trillion	trillion	NUM
fsr-3422	37	24	,	,	PUNCT
fsr-3422	37	25	respectively	respectively	ADV
fsr-3422	37	26	.	.	PUNCT
fsr-3422	38	1	it	it	PRON
fsr-3422	38	2	shows	show	VERB
fsr-3422	38	3	that	that	SCONJ
fsr-3422	38	4	68	68	NUM
fsr-3422	38	5	%	%	NOUN
fsr-3422	38	6	of	of	ADP
fsr-3422	38	7	the	the	DET
fsr-3422	38	8	mutual	mutual	ADJ
fsr-3422	38	9	funds	fund	NOUN
fsr-3422	38	10	and	and	CCONJ
fsr-3422	38	11	82	82	NUM
fsr-3422	38	12	%	%	NOUN
fsr-3422	38	13	of	of	ADP
fsr-3422	38	14	the	the	DET
fsr-3422	38	15	etfs	etfs	NOUN
fsr-3422	38	16	were	be	AUX
fsr-3422	38	17	equity	equity	NOUN
fsr-3422	38	18	funds	fund	NOUN
fsr-3422	38	19	.	.	PUNCT
fsr-3422	39	1	for	for	ADP
fsr-3422	39	2	the	the	DET
fsr-3422	39	3	most	most	ADV
fsr-3422	39	4	recent	recent	ADJ
fsr-3422	39	5	ten	ten	NUM
fsr-3422	39	6	-	-	PUNCT
fsr-3422	39	7	year	year	NOUN
fsr-3422	39	8	period	period	NOUN
fsr-3422	39	9	,	,	PUNCT
fsr-3422	39	10	2008	2008	NUM
fsr-3422	39	11	-	-	SYM
fsr-3422	39	12	2017	2017	NUM
fsr-3422	39	13	,	,	PUNCT
fsr-3422	39	14	the	the	DET
fsr-3422	39	15	compound	compound	ADJ
fsr-3422	39	16	annual	annual	ADJ
fsr-3422	39	17	growth	growth	NOUN
fsr-3422	39	18	rates	rate	NOUN
fsr-3422	39	19	for	for	ADP
fsr-3422	39	20	mutual	mutual	ADJ
fsr-3422	39	21	funds	fund	NOUN
fsr-3422	39	22	and	and	CCONJ
fsr-3422	39	23	etfs	etfs	PROPN
fsr-3422	39	24	are	be	AUX
fsr-3422	39	25	6.0	6.0	NUM
fsr-3422	39	26	%	%	NOUN
fsr-3422	39	27	and	and	CCONJ
fsr-3422	39	28	18.8	18.8	NUM
fsr-3422	39	29	%	%	NOUN
fsr-3422	39	30	,	,	PUNCT
fsr-3422	39	31	respectively	respectively	ADV
fsr-3422	39	32	.	.	PUNCT
fsr-3422	40	1	according	accord	VERB
fsr-3422	40	2	to	to	ADP
fsr-3422	40	3	morningstar	morningstar	NOUN
fsr-3422	40	4	,	,	PUNCT
fsr-3422	40	5	the	the	DET
fsr-3422	40	6	total	total	ADJ
fsr-3422	40	7	assets	asset	NOUN
fsr-3422	40	8	for	for	ADP
fsr-3422	40	9	all	all	DET
fsr-3422	40	10	long	long	ADJ
fsr-3422	40	11	-	-	PUNCT
fsr-3422	40	12	term	term	NOUN
fsr-3422	40	13	active	active	ADJ
fsr-3422	40	14	funds	fund	NOUN
fsr-3422	40	15	and	and	CCONJ
fsr-3422	40	16	passive	passive	ADJ
fsr-3422	40	17	funds	fund	NOUN
fsr-3422	40	18	,	,	PUNCT
fsr-3422	40	19	including	include	VERB
fsr-3422	40	20	both	both	CCONJ
fsr-3422	40	21	open	open	ADJ
fsr-3422	40	22	-	-	PUNCT
fsr-3422	40	23	end	end	NOUN
fsr-3422	40	24	mutual	mutual	ADJ
fsr-3422	40	25	funds	fund	NOUN
fsr-3422	40	26	and	and	CCONJ
fsr-3422	40	27	etfs	etfs	PROPN
fsr-3422	40	28	,	,	PUNCT
fsr-3422	40	29	were	be	AUX
fsr-3422	40	30	$	$	SYM
fsr-3422	40	31	11.4	11.4	NUM
fsr-3422	40	32	trillion	trillion	NUM
fsr-3422	40	33	and	and	CCONJ
fsr-3422	40	34	$	$	SYM
fsr-3422	40	35	6.7	6.7	NUM
fsr-3422	40	36	trillion	trillion	NUM
fsr-3422	40	37	at	at	ADP
fsr-3422	40	38	the	the	DET
fsr-3422	40	39	end	end	NOUN
fsr-3422	40	40	of	of	ADP
fsr-3422	40	41	2017	2017	NUM
fsr-3422	40	42	.	.	PUNCT
fsr-3422	41	1	for	for	ADP
fsr-3422	41	2	the	the	DET
fsr-3422	41	3	equity	equity	NOUN
fsr-3422	41	4	component	component	NOUN
fsr-3422	41	5	,	,	PUNCT
fsr-3422	41	6	active	active	ADJ
fsr-3422	41	7	u.s	u.s	PROPN
fsr-3422	41	8	.	.	PROPN
fsr-3422	41	9	equity	equity	PROPN
fsr-3422	41	10	net	net	PROPN
fsr-3422	41	11	flows	flow	NOUN
fsr-3422	41	12	have	have	AUX
fsr-3422	41	13	been	be	AUX
fsr-3422	41	14	negative	negative	ADJ
fsr-3422	41	15	while	while	SCONJ
fsr-3422	41	16	passive	passive	ADJ
fsr-3422	41	17	equity	equity	NOUN
fsr-3422	41	18	net	net	NOUN
fsr-3422	41	19	flows	flow	NOUN
fsr-3422	41	20	have	have	AUX
fsr-3422	41	21	been	be	AUX
fsr-3422	41	22	positive	positive	ADJ
fsr-3422	41	23	every	every	DET
fsr-3422	41	24	year	year	NOUN
fsr-3422	41	25	since	since	SCONJ
fsr-3422	41	26	2006	2006	NUM
fsr-3422	41	27	.	.	PUNCT
fsr-3422	42	1	sector	sector	NOUN
fsr-3422	42	2	equity	equity	NOUN
fsr-3422	42	3	funds	fund	NOUN
fsr-3422	42	4	have	have	AUX
fsr-3422	42	5	experienced	experience	VERB
fsr-3422	42	6	the	the	DET
fsr-3422	42	7	same	same	ADJ
fsr-3422	42	8	trend	trend	NOUN
fsr-3422	42	9	.	.	PUNCT
fsr-3422	43	1	at	at	ADP
fsr-3422	43	2	the	the	DET
fsr-3422	43	3	end	end	NOUN
fsr-3422	43	4	of	of	ADP
fsr-3422	43	5	2017	2017	NUM
fsr-3422	43	6	,	,	PUNCT
fsr-3422	43	7	there	there	PRON
fsr-3422	43	8	were	be	VERB
fsr-3422	43	9	$	$	SYM
fsr-3422	43	10	424	424	NUM
fsr-3422	43	11	billion	billion	NUM
fsr-3422	43	12	of	of	ADP
fsr-3422	43	13	active	active	ADJ
fsr-3422	43	14	160	160	NUM
fsr-3422	43	15	y.	y.	PROPN
fsr-3422	43	16	fan	fan	PROPN
fsr-3422	43	17	,	,	PUNCT
fsr-3422	43	18	c.y	c.y	PROPN
fsr-3422	43	19	.	.	PROPN
fsr-3422	43	20	lin	lin	PROPN
fsr-3422	43	21	/	/	SYM
fsr-3422	43	22	financial	financial	ADJ
fsr-3422	43	23	services	service	NOUN
fsr-3422	43	24	review	review	VERB
fsr-3422	43	25	28	28	NUM
fsr-3422	43	26	(	(	PUNCT
fsr-3422	43	27	2020	2020	NUM
fsr-3422	43	28	)	)	PUNCT
fsr-3422	43	29	159–177	159–177	NUM
fsr-3422	43	30	sector	sector	NOUN
fsr-3422	43	31	equity	equity	NOUN
fsr-3422	43	32	funds	fund	NOUN
fsr-3422	43	33	and	and	CCONJ
fsr-3422	43	34	$	$	SYM
fsr-3422	43	35	488	488	NUM
fsr-3422	43	36	billion	billion	NUM
fsr-3422	43	37	of	of	ADP
fsr-3422	43	38	passive	passive	ADJ
fsr-3422	43	39	sector	sector	NOUN
fsr-3422	43	40	equity	equity	NOUN
fsr-3422	43	41	funds	fund	NOUN
fsr-3422	43	42	,	,	PUNCT
fsr-3422	43	43	representing	represent	VERB
fsr-3422	43	44	6.3	6.3	NUM
fsr-3422	43	45	%	%	NOUN
fsr-3422	43	46	of	of	ADP
fsr-3422	43	47	active	active	ADJ
fsr-3422	43	48	equity	equity	NOUN
fsr-3422	43	49	funds	fund	NOUN
fsr-3422	43	50	and	and	CCONJ
fsr-3422	43	51	9.1	9.1	NUM
fsr-3422	43	52	%	%	NOUN
fsr-3422	43	53	of	of	ADP
fsr-3422	43	54	passive	passive	ADJ
fsr-3422	43	55	equity	equity	NOUN
fsr-3422	43	56	funds	fund	NOUN
fsr-3422	43	57	,	,	PUNCT
fsr-3422	43	58	respectively	respectively	ADV
fsr-3422	43	59	.	.	PUNCT
fsr-3422	44	1	in	in	ADP
fsr-3422	44	2	2017	2017	NUM
fsr-3422	44	3	,	,	PUNCT
fsr-3422	44	4	active	active	ADJ
fsr-3422	44	5	sector	sector	NOUN
fsr-3422	44	6	equity	equity	NOUN
fsr-3422	44	7	funds	fund	NOUN
fsr-3422	44	8	felt	feel	VERB
fsr-3422	44	9	the	the	DET
fsr-3422	44	10	pain	pain	NOUN
fsr-3422	44	11	of	of	ADP
fsr-3422	44	12	$	$	SYM
fsr-3422	44	13	18.4	18.4	NUM
fsr-3422	44	14	billion	billion	NUM
fsr-3422	44	15	of	of	ADP
fsr-3422	44	16	fund	fund	NOUN
fsr-3422	44	17	net	net	ADJ
fsr-3422	44	18	outflow	outflow	NOUN
fsr-3422	44	19	.	.	PUNCT
fsr-3422	45	1	passive	passive	ADJ
fsr-3422	45	2	sector	sector	NOUN
fsr-3422	45	3	equity	equity	NOUN
fsr-3422	45	4	funds	fund	NOUN
fsr-3422	45	5	,	,	PUNCT
fsr-3422	45	6	on	on	ADP
fsr-3422	45	7	the	the	DET
fsr-3422	45	8	other	other	ADJ
fsr-3422	45	9	hand	hand	NOUN
fsr-3422	45	10	,	,	PUNCT
fsr-3422	45	11	attracted	attract	VERB
fsr-3422	45	12	$	$	SYM
fsr-3422	45	13	44.2	44.2	NUM
fsr-3422	45	14	billion	billion	NUM
fsr-3422	45	15	of	of	ADP
fsr-3422	45	16	fund	fund	NOUN
fsr-3422	45	17	net	net	ADJ
fsr-3422	45	18	inflow	inflow	NOUN
fsr-3422	45	19	.	.	PUNCT
fsr-3422	46	1	this	this	PRON
fsr-3422	46	2	is	be	AUX
fsr-3422	46	3	consistent	consistent	ADJ
fsr-3422	46	4	with	with	ADP
fsr-3422	46	5	total	total	ADJ
fsr-3422	46	6	equity	equity	NOUN
fsr-3422	46	7	fund	fund	NOUN
fsr-3422	46	8	flows	flow	VERB
fsr-3422	46	9	:	:	PUNCT
fsr-3422	46	10	active	active	ADJ
fsr-3422	46	11	equity	equity	NOUN
fsr-3422	46	12	funds	fund	NOUN
fsr-3422	46	13	had	have	VERB
fsr-3422	46	14	a	a	DET
fsr-3422	46	15	net	net	ADJ
fsr-3422	46	16	outflow	outflow	NOUN
fsr-3422	46	17	of	of	ADP
fsr-3422	46	18	$	$	SYM
fsr-3422	46	19	190.3	190.3	NUM
fsr-3422	46	20	billion	billion	NUM
fsr-3422	46	21	while	while	SCONJ
fsr-3422	46	22	passive	passive	ADJ
fsr-3422	46	23	equity	equity	NOUN
fsr-3422	46	24	funds	fund	NOUN
fsr-3422	46	25	had	have	VERB
fsr-3422	46	26	a	a	DET
fsr-3422	46	27	net	net	ADJ
fsr-3422	46	28	inflow	inflow	NOUN
fsr-3422	46	29	of	of	ADP
fsr-3422	46	30	$	$	SYM
fsr-3422	46	31	468.3	468.3	NUM
fsr-3422	46	32	billion	billion	NUM
fsr-3422	46	33	in	in	ADP
fsr-3422	46	34	2017	2017	NUM
fsr-3422	46	35	.	.	PUNCT
fsr-3422	47	1	how	how	SCONJ
fsr-3422	47	2	do	do	AUX
fsr-3422	47	3	actively	actively	ADV
fsr-3422	47	4	managed	manage	VERB
fsr-3422	47	5	sector	sector	NOUN
fsr-3422	47	6	equity	equity	NOUN
fsr-3422	47	7	funds	fund	NOUN
fsr-3422	47	8	perform	perform	VERB
fsr-3422	47	9	relative	relative	ADJ
fsr-3422	47	10	to	to	ADP
fsr-3422	47	11	their	their	PRON
fsr-3422	47	12	passive	passive	ADJ
fsr-3422	47	13	counterparties	counterpartie	NOUN
fsr-3422	47	14	in	in	ADP
fsr-3422	47	15	the	the	DET
fsr-3422	47	16	recent	recent	ADJ
fsr-3422	47	17	decade	decade	NOUN
fsr-3422	47	18	?	?	PUNCT
fsr-3422	48	1	is	be	AUX
fsr-3422	48	2	indexing	index	VERB
fsr-3422	48	3	strategy	strategy	NOUN
fsr-3422	48	4	in	in	ADP
fsr-3422	48	5	sector	sector	NOUN
fsr-3422	48	6	equity	equity	NOUN
fsr-3422	48	7	market	market	NOUN
fsr-3422	48	8	a	a	DET
fsr-3422	48	9	wise	wise	ADJ
fsr-3422	48	10	decision	decision	NOUN
fsr-3422	48	11	for	for	ADP
fsr-3422	48	12	investors	investor	NOUN
fsr-3422	48	13	?	?	PUNCT
fsr-3422	49	1	do	do	VERB
fsr-3422	49	2	active	active	ADJ
fsr-3422	49	3	fund	fund	NOUN
fsr-3422	49	4	managers	manager	NOUN
fsr-3422	49	5	in	in	ADP
fsr-3422	49	6	the	the	DET
fsr-3422	49	7	sector	sector	NOUN
fsr-3422	49	8	investing	investing	NOUN
fsr-3422	49	9	category	category	NOUN
fsr-3422	49	10	have	have	VERB
fsr-3422	49	11	a	a	DET
fsr-3422	49	12	niche	niche	NOUN
fsr-3422	49	13	compared	compare	VERB
fsr-3422	49	14	with	with	ADP
fsr-3422	49	15	the	the	DET
fsr-3422	49	16	broad	broad	ADJ
fsr-3422	49	17	market	market	NOUN
fsr-3422	49	18	-	-	PUNCT
fsr-3422	49	19	based	base	VERB
fsr-3422	49	20	equity	equity	NOUN
fsr-3422	49	21	investing	investing	NOUN
fsr-3422	49	22	?	?	PUNCT
fsr-3422	50	1	to	to	PART
fsr-3422	50	2	answer	answer	VERB
fsr-3422	50	3	these	these	DET
fsr-3422	50	4	questions	question	NOUN
fsr-3422	50	5	,	,	PUNCT
fsr-3422	50	6	this	this	DET
fsr-3422	50	7	paper	paper	NOUN
fsr-3422	50	8	looks	look	VERB
fsr-3422	50	9	into	into	ADP
fsr-3422	50	10	performance	performance	NOUN
fsr-3422	50	11	of	of	ADP
fsr-3422	50	12	united	united	PROPN
fsr-3422	50	13	states	states	PROPN
fsr-3422	50	14	actively	actively	ADV
fsr-3422	50	15	managed	manage	VERB
fsr-3422	50	16	sector	sector	NOUN
fsr-3422	50	17	equity	equity	NOUN
fsr-3422	50	18	funds	fund	NOUN
fsr-3422	50	19	for	for	ADP
fsr-3422	50	20	the	the	DET
fsr-3422	50	21	past	past	ADJ
fsr-3422	50	22	10	10	NUM
fsr-3422	50	23	-	-	PUNCT
fsr-3422	50	24	year	year	NOUN
fsr-3422	50	25	period	period	NOUN
fsr-3422	50	26	:	:	PUNCT
fsr-3422	50	27	2008	2008	NUM
fsr-3422	50	28	-	-	SYM
fsr-3422	50	29	2017	2017	NUM
fsr-3422	50	30	.	.	PUNCT
fsr-3422	51	1	our	our	PRON
fsr-3422	51	2	study	study	NOUN
fsr-3422	51	3	adds	add	VERB
fsr-3422	51	4	value	value	NOUN
fsr-3422	51	5	to	to	ADP
fsr-3422	51	6	the	the	DET
fsr-3422	51	7	small	small	ADJ
fsr-3422	51	8	pool	pool	NOUN
fsr-3422	51	9	of	of	ADP
fsr-3422	51	10	literature	literature	NOUN
fsr-3422	51	11	on	on	ADP
fsr-3422	51	12	the	the	DET
fsr-3422	51	13	topic	topic	NOUN
fsr-3422	51	14	of	of	ADP
fsr-3422	51	15	sector	sector	NOUN
fsr-3422	51	16	investing	investing	NOUN
fsr-3422	51	17	.	.	PUNCT
fsr-3422	52	1	cremers	cremer	NOUN
fsr-3422	52	2	,	,	PUNCT
fsr-3422	52	3	fulkerson	fulkerson	NOUN
fsr-3422	52	4	,	,	PUNCT
fsr-3422	52	5	and	and	CCONJ
fsr-3422	52	6	riley	riley	PROPN
fsr-3422	52	7	(	(	PUNCT
fsr-3422	52	8	2019	2019	NUM
fsr-3422	52	9	)	)	PUNCT
fsr-3422	52	10	mention	mention	VERB
fsr-3422	52	11	that	that	PRON
fsr-3422	52	12	research	research	NOUN
fsr-3422	52	13	on	on	ADP
fsr-3422	52	14	active	active	ADJ
fsr-3422	52	15	management	management	NOUN
fsr-3422	52	16	often	often	ADV
fsr-3422	52	17	excludes	exclude	VERB
fsr-3422	52	18	sector	sector	NOUN
fsr-3422	52	19	funds	fund	NOUN
fsr-3422	52	20	,	,	PUNCT
fsr-3422	52	21	which	which	PRON
fsr-3422	52	22	means	mean	VERB
fsr-3422	52	23	knowledge	knowledge	NOUN
fsr-3422	52	24	about	about	ADP
fsr-3422	52	25	them	they	PRON
fsr-3422	52	26	is	be	AUX
fsr-3422	52	27	limited	limited	ADJ
fsr-3422	52	28	.	.	PUNCT
fsr-3422	53	1	dellva	dellva	PROPN
fsr-3422	53	2	,	,	PUNCT
fsr-3422	53	3	demaskey	demaskey	ADJ
fsr-3422	53	4	,	,	PUNCT
fsr-3422	53	5	and	and	CCONJ
fsr-3422	53	6	smith	smith	PROPN
fsr-3422	53	7	(	(	PUNCT
fsr-3422	53	8	2001	2001	NUM
fsr-3422	53	9	)	)	PUNCT
fsr-3422	53	10	test	test	NOUN
fsr-3422	53	11	fidelity	fidelity	NOUN
fsr-3422	53	12	sector	sector	NOUN
fsr-3422	53	13	equity	equity	NOUN
fsr-3422	53	14	funds	fund	NOUN
fsr-3422	53	15	against	against	ADP
fsr-3422	53	16	the	the	DET
fsr-3422	53	17	broad	broad	ADJ
fsr-3422	53	18	stock	stock	NOUN
fsr-3422	53	19	market	market	NOUN
fsr-3422	53	20	indexes	index	NOUN
fsr-3422	53	21	,	,	PUNCT
fsr-3422	53	22	which	which	PRON
fsr-3422	53	23	are	be	AUX
fsr-3422	53	24	not	not	PART
fsr-3422	53	25	investable	investable	ADJ
fsr-3422	53	26	,	,	PUNCT
fsr-3422	53	27	for	for	ADP
fsr-3422	53	28	the	the	DET
fsr-3422	53	29	1989	1989	NUM
fsr-3422	53	30	-	-	SYM
fsr-3422	53	31	1998	1998	NUM
fsr-3422	53	32	time	time	NOUN
fsr-3422	53	33	period	period	NOUN
fsr-3422	53	34	.	.	PUNCT
fsr-3422	54	1	using	use	VERB
fsr-3422	54	2	nine	nine	NUM
fsr-3422	54	3	fidelity	fidelity	NOUN
fsr-3422	54	4	select	select	ADJ
fsr-3422	54	5	funds	fund	NOUN
fsr-3422	54	6	,	,	PUNCT
fsr-3422	54	7	lin	lin	PROPN
fsr-3422	54	8	(	(	PUNCT
fsr-3422	54	9	2014	2014	NUM
fsr-3422	54	10	)	)	PUNCT
fsr-3422	54	11	shows	show	VERB
fsr-3422	54	12	that	that	SCONJ
fsr-3422	54	13	actively	actively	ADV
fsr-3422	54	14	managed	manage	VERB
fsr-3422	54	15	sector	sector	NOUN
fsr-3422	54	16	equity	equity	NOUN
fsr-3422	54	17	mutual	mutual	ADJ
fsr-3422	54	18	funds	fund	NOUN
fsr-3422	54	19	provide	provide	VERB
fsr-3422	54	20	better	well	ADJ
fsr-3422	54	21	afterexpense	afterexpense	ADJ
fsr-3422	54	22	returns	return	NOUN
fsr-3422	54	23	against	against	ADP
fsr-3422	54	24	the	the	DET
fsr-3422	54	25	broad	broad	ADJ
fsr-3422	54	26	market	market	NOUN
fsr-3422	54	27	etfspy	etfspy	NOUN
fsr-3422	54	28	,	,	PUNCT
fsr-3422	54	29	which	which	PRON
fsr-3422	54	30	tracks	track	VERB
fsr-3422	54	31	the	the	DET
fsr-3422	54	32	s&p	s&p	PROPN
fsr-3422	54	33	500	500	NUM
fsr-3422	54	34	,	,	PUNCT
fsr-3422	54	35	and	and	CCONJ
fsr-3422	54	36	their	their	PRON
fsr-3422	54	37	peer	peer	NOUN
fsr-3422	54	38	sector	sector	NOUN
fsr-3422	54	39	etfs	etfs	NOUN
fsr-3422	54	40	.	.	PUNCT
fsr-3422	55	1	however	however	ADV
fsr-3422	55	2	,	,	PUNCT
fsr-3422	55	3	both	both	DET
fsr-3422	55	4	studies	study	NOUN
fsr-3422	55	5	only	only	ADV
fsr-3422	55	6	focus	focus	VERB
fsr-3422	55	7	on	on	ADP
fsr-3422	55	8	one	one	NUM
fsr-3422	55	9	fund	fund	NOUN
fsr-3422	55	10	family	family	NOUN
fsr-3422	55	11	:	:	PUNCT
fsr-3422	55	12	fidelity	fidelity	PROPN
fsr-3422	55	13	.	.	PUNCT
fsr-3422	56	1	other	other	ADJ
fsr-3422	56	2	studies	study	NOUN
fsr-3422	56	3	such	such	ADJ
fsr-3422	56	4	as	as	ADP
fsr-3422	56	5	chen	chen	PROPN
fsr-3422	56	6	et	et	PROPN
fsr-3422	56	7	al	al	PROPN
fsr-3422	56	8	.	.	PROPN
fsr-3422	56	9	(	(	PUNCT
fsr-3422	56	10	2018	2018	NUM
fsr-3422	56	11	)	)	PUNCT
fsr-3422	56	12	and	and	CCONJ
fsr-3422	56	13	kaushik	kaushik	PROPN
fsr-3422	56	14	et	et	PROPN
fsr-3422	56	15	al	al	PROPN
fsr-3422	56	16	.	.	PROPN
fsr-3422	57	1	(	(	PUNCT
fsr-3422	57	2	2014	2014	NUM
fsr-3422	57	3	)	)	PUNCT
fsr-3422	57	4	focus	focus	NOUN
fsr-3422	57	5	fund	fund	NOUN
fsr-3422	57	6	performance	performance	NOUN
fsr-3422	57	7	on	on	ADP
fsr-3422	57	8	one	one	NUM
fsr-3422	57	9	sector	sector	NOUN
fsr-3422	57	10	,	,	PUNCT
fsr-3422	57	11	healthcare	healthcare	NOUN
fsr-3422	57	12	,	,	PUNCT
fsr-3422	57	13	and	and	CCONJ
fsr-3422	57	14	provide	provide	VERB
fsr-3422	57	15	evidence	evidence	NOUN
fsr-3422	57	16	that	that	SCONJ
fsr-3422	57	17	actively	actively	ADV
fsr-3422	57	18	managed	manage	VERB
fsr-3422	57	19	funds	fund	NOUN
fsr-3422	57	20	perform	perform	VERB
fsr-3422	57	21	better	well	ADJ
fsr-3422	57	22	than	than	ADP
fsr-3422	57	23	their	their	PRON
fsr-3422	57	24	peer	peer	NOUN
fsr-3422	57	25	etfs	etfs	NOUN
fsr-3422	57	26	.	.	PUNCT
fsr-3422	58	1	unlike	unlike	ADP
fsr-3422	58	2	these	these	DET
fsr-3422	58	3	studies	study	NOUN
fsr-3422	58	4	,	,	PUNCT
fsr-3422	58	5	this	this	DET
fsr-3422	58	6	paper	paper	NOUN
fsr-3422	58	7	expands	expand	VERB
fsr-3422	58	8	fund	fund	NOUN
fsr-3422	58	9	scope	scope	NOUN
fsr-3422	58	10	to	to	ADP
fsr-3422	58	11	multi	multi	ADJ
fsr-3422	58	12	-	-	ADJ
fsr-3422	58	13	fund	fund	ADJ
fsr-3422	58	14	families	family	NOUN
fsr-3422	58	15	and	and	CCONJ
fsr-3422	58	16	includes	include	VERB
fsr-3422	58	17	not	not	PART
fsr-3422	58	18	only	only	ADV
fsr-3422	58	19	sector	sector	NOUN
fsr-3422	58	20	funds	fund	NOUN
fsr-3422	58	21	but	but	CCONJ
fsr-3422	58	22	also	also	ADV
fsr-3422	58	23	more	more	ADV
fsr-3422	58	24	narrowly	narrowly	ADV
fsr-3422	58	25	defined	define	VERB
fsr-3422	58	26	industry	industry	NOUN
fsr-3422	58	27	funds	fund	NOUN
fsr-3422	58	28	.	.	PUNCT
fsr-3422	59	1	kaushik	kaushik	PROPN
fsr-3422	59	2	,	,	PUNCT
fsr-3422	59	3	pennathur	pennathur	ADJ
fsr-3422	59	4	,	,	PUNCT
fsr-3422	59	5	and	and	CCONJ
fsr-3422	59	6	barnhart	barnhart	PROPN
fsr-3422	59	7	(	(	PUNCT
fsr-3422	59	8	2010	2010	NUM
fsr-3422	59	9	)	)	PUNCT
fsr-3422	59	10	report	report	NOUN
fsr-3422	59	11	sector	sector	NOUN
fsr-3422	59	12	aggregate	aggregate	NOUN
fsr-3422	59	13	performance	performance	NOUN
fsr-3422	59	14	results	result	NOUN
fsr-3422	59	15	on	on	ADP
fsr-3422	59	16	seven	seven	NUM
fsr-3422	59	17	sectors	sector	NOUN
fsr-3422	59	18	for	for	ADP
fsr-3422	59	19	the	the	DET
fsr-3422	59	20	period	period	NOUN
fsr-3422	59	21	of	of	ADP
fsr-3422	59	22	1990	1990	NUM
fsr-3422	59	23	-	-	SYM
fsr-3422	59	24	2005	2005	NUM
fsr-3422	59	25	:	:	PUNCT
fsr-3422	59	26	energy	energy	NOUN
fsr-3422	59	27	,	,	PUNCT
fsr-3422	59	28	financials	financial	NOUN
fsr-3422	59	29	,	,	PUNCT
fsr-3422	59	30	healthcare	healthcare	PROPN
fsr-3422	59	31	,	,	PUNCT
fsr-3422	59	32	precious	precious	ADJ
fsr-3422	59	33	metals	metal	NOUN
fsr-3422	59	34	,	,	PUNCT
fsr-3422	59	35	technology	technology	NOUN
fsr-3422	59	36	,	,	PUNCT
fsr-3422	59	37	real	real	ADJ
fsr-3422	59	38	estate	estate	NOUN
fsr-3422	59	39	,	,	PUNCT
fsr-3422	59	40	and	and	CCONJ
fsr-3422	59	41	utilities	utility	NOUN
fsr-3422	59	42	.	.	PUNCT
fsr-3422	60	1	compared	compare	VERB
fsr-3422	60	2	with	with	ADP
fsr-3422	60	3	their	their	PRON
fsr-3422	60	4	work	work	NOUN
fsr-3422	60	5	,	,	PUNCT
fsr-3422	60	6	our	our	PRON
fsr-3422	60	7	nine	nine	NUM
fsr-3422	60	8	-	-	PUNCT
fsr-3422	60	9	sector	sector	NOUN
fsr-3422	60	10	coverage	coverage	NOUN
fsr-3422	60	11	is	be	AUX
fsr-3422	60	12	more	more	ADV
fsr-3422	60	13	comprehensive	comprehensive	ADJ
fsr-3422	60	14	.	.	PUNCT
fsr-3422	61	1	sectors	sector	NOUN
fsr-3422	61	2	that	that	PRON
fsr-3422	61	3	are	be	AUX
fsr-3422	61	4	represented	represent	VERB
fsr-3422	61	5	in	in	ADP
fsr-3422	61	6	this	this	DET
fsr-3422	61	7	study	study	NOUN
fsr-3422	61	8	are	be	AUX
fsr-3422	61	9	:	:	PUNCT
fsr-3422	61	10	materials	material	NOUN
fsr-3422	61	11	,	,	PUNCT
fsr-3422	61	12	energy	energy	NOUN
fsr-3422	61	13	,	,	PUNCT
fsr-3422	61	14	financials	financial	NOUN
fsr-3422	61	15	,	,	PUNCT
fsr-3422	61	16	industrials	industrial	NOUN
fsr-3422	61	17	,	,	PUNCT
fsr-3422	61	18	technology	technology	NOUN
fsr-3422	61	19	,	,	PUNCT
fsr-3422	61	20	consumer	consumer	NOUN
fsr-3422	61	21	staples	staple	NOUN
fsr-3422	61	22	,	,	PUNCT
fsr-3422	61	23	utilities	utility	NOUN
fsr-3422	61	24	,	,	PUNCT
fsr-3422	61	25	healthcare	healthcare	PROPN
fsr-3422	61	26	,	,	PUNCT
fsr-3422	61	27	and	and	CCONJ
fsr-3422	61	28	consumer	consumer	NOUN
fsr-3422	61	29	discretionary	discretionary	NOUN
fsr-3422	61	30	.	.	PUNCT
fsr-3422	62	1	2	2	X
fsr-3422	62	2	.	.	X
fsr-3422	62	3	sample	sample	NOUN
fsr-3422	62	4	selection	selection	NOUN
fsr-3422	62	5	our	our	PRON
fsr-3422	62	6	sample	sample	NOUN
fsr-3422	62	7	includes	include	VERB
fsr-3422	62	8	all	all	DET
fsr-3422	62	9	active	active	ADJ
fsr-3422	62	10	sector	sector	NOUN
fsr-3422	62	11	equity	equity	NOUN
fsr-3422	62	12	mutual	mutual	ADJ
fsr-3422	62	13	funds	fund	NOUN
fsr-3422	62	14	that	that	PRON
fsr-3422	62	15	have	have	VERB
fsr-3422	62	16	price	price	NOUN
fsr-3422	62	17	data	datum	NOUN
fsr-3422	62	18	available	available	ADJ
fsr-3422	62	19	for	for	ADP
fsr-3422	62	20	the	the	DET
fsr-3422	62	21	10	10	NUM
fsr-3422	62	22	-	-	PUNCT
fsr-3422	62	23	year	year	NOUN
fsr-3422	62	24	period	period	NOUN
fsr-3422	62	25	2008	2008	NUM
fsr-3422	62	26	through	through	ADP
fsr-3422	62	27	2017	2017	NUM
fsr-3422	62	28	in	in	ADP
fsr-3422	62	29	morningstar	morningstar	PROPN
fsr-3422	62	30	research	research	PROPN
fsr-3422	62	31	center	center	PROPN
fsr-3422	62	32	database	database	NOUN
fsr-3422	62	33	.	.	PUNCT
fsr-3422	63	1	we	we	PRON
fsr-3422	63	2	eliminate	eliminate	VERB
fsr-3422	63	3	funds	fund	NOUN
fsr-3422	63	4	with	with	ADP
fsr-3422	63	5	assets	asset	NOUN
fsr-3422	63	6	under	under	ADP
fsr-3422	63	7	management	management	NOUN
fsr-3422	63	8	below	below	ADP
fsr-3422	63	9	$	$	SYM
fsr-3422	63	10	100	100	NUM
fsr-3422	63	11	million	million	NUM
fsr-3422	63	12	.	.	PUNCT
fsr-3422	64	1	for	for	ADP
fsr-3422	64	2	funds	fund	NOUN
fsr-3422	64	3	with	with	ADP
fsr-3422	64	4	the	the	DET
fsr-3422	64	5	same	same	ADJ
fsr-3422	64	6	portfolio	portfolio	NOUN
fsr-3422	64	7	but	but	CCONJ
fsr-3422	64	8	multiple	multiple	ADJ
fsr-3422	64	9	classes	class	NOUN
fsr-3422	64	10	,	,	PUNCT
fsr-3422	64	11	class	class	NOUN
fsr-3422	64	12	a	a	DET
fsr-3422	64	13	fund	fund	NOUN
fsr-3422	64	14	is	be	AUX
fsr-3422	64	15	selected	select	VERB
fsr-3422	64	16	to	to	PART
fsr-3422	64	17	represent	represent	VERB
fsr-3422	64	18	the	the	DET
fsr-3422	64	19	portfolio	portfolio	NOUN
fsr-3422	64	20	.	.	PUNCT
fsr-3422	65	1	the	the	DET
fsr-3422	65	2	process	process	NOUN
fsr-3422	65	3	has	have	AUX
fsr-3422	65	4	generated	generate	VERB
fsr-3422	65	5	a	a	DET
fsr-3422	65	6	sample	sample	NOUN
fsr-3422	65	7	of	of	ADP
fsr-3422	65	8	95	95	NUM
fsr-3422	65	9	actively	actively	ADV
fsr-3422	65	10	managed	manage	VERB
fsr-3422	65	11	sector	sector	NOUN
fsr-3422	65	12	funds	fund	NOUN
fsr-3422	65	13	from	from	ADP
fsr-3422	65	14	29	29	NUM
fsr-3422	65	15	fund	fund	NOUN
fsr-3422	65	16	families	family	NOUN
fsr-3422	65	17	.	.	PUNCT
fsr-3422	66	1	table	table	NOUN
fsr-3422	66	2	1	1	NUM
fsr-3422	66	3	shows	show	VERB
fsr-3422	66	4	the	the	DET
fsr-3422	66	5	distribution	distribution	NOUN
fsr-3422	66	6	of	of	ADP
fsr-3422	66	7	the	the	DET
fsr-3422	66	8	sample	sample	NOUN
fsr-3422	66	9	among	among	ADP
fsr-3422	66	10	mutual	mutual	ADJ
fsr-3422	66	11	fund	fund	NOUN
fsr-3422	66	12	families	family	NOUN
fsr-3422	66	13	and	and	CCONJ
fsr-3422	66	14	sectors	sector	NOUN
fsr-3422	66	15	covered	cover	VERB
fsr-3422	66	16	.	.	PUNCT
fsr-3422	67	1	fidelity	fidelity	PROPN
fsr-3422	67	2	stands	stand	VERB
fsr-3422	67	3	out	out	ADP
fsr-3422	67	4	in	in	ADP
fsr-3422	67	5	the	the	DET
fsr-3422	67	6	fund	fund	NOUN
fsr-3422	67	7	family	family	NOUN
fsr-3422	67	8	list	list	NOUN
fsr-3422	67	9	.	.	PUNCT
fsr-3422	68	1	its	its	PRON
fsr-3422	68	2	funds	fund	NOUN
fsr-3422	68	3	account	account	VERB
fsr-3422	68	4	for	for	ADP
fsr-3422	68	5	50	50	NUM
fsr-3422	68	6	out	out	ADP
fsr-3422	68	7	of	of	ADP
fsr-3422	68	8	95	95	NUM
fsr-3422	68	9	sector	sector	NOUN
fsr-3422	68	10	equity	equity	NOUN
fsr-3422	68	11	funds	fund	NOUN
fsr-3422	68	12	of	of	ADP
fsr-3422	68	13	the	the	DET
fsr-3422	68	14	sample	sample	NOUN
fsr-3422	68	15	and	and	CCONJ
fsr-3422	68	16	represent	represent	VERB
fsr-3422	68	17	all	all	DET
fsr-3422	68	18	nine	nine	NUM
fsr-3422	68	19	sectors	sector	NOUN
fsr-3422	68	20	.	.	PUNCT
fsr-3422	69	1	fidelity	fidelity	PROPN
fsr-3422	69	2	has	have	VERB
fsr-3422	69	3	a	a	DET
fsr-3422	69	4	long	long	ADJ
fsr-3422	69	5	history	history	NOUN
fsr-3422	69	6	of	of	ADP
fsr-3422	69	7	offering	offer	VERB
fsr-3422	69	8	sector	sector	NOUN
fsr-3422	69	9	equity	equity	NOUN
fsr-3422	69	10	funds	fund	NOUN
fsr-3422	69	11	.	.	PUNCT
fsr-3422	70	1	it	it	PRON
fsr-3422	70	2	launched	launch	VERB
fsr-3422	70	3	its	its	PRON
fsr-3422	70	4	first	first	ADJ
fsr-3422	70	5	sector	sector	NOUN
fsr-3422	70	6	equity	equity	NOUN
fsr-3422	70	7	mutual	mutual	ADJ
fsr-3422	70	8	funds	fund	NOUN
fsr-3422	70	9	on	on	ADP
fsr-3422	70	10	energy	energy	NOUN
fsr-3422	70	11	,	,	PUNCT
fsr-3422	70	12	healthcare	healthcare	NOUN
fsr-3422	70	13	,	,	PUNCT
fsr-3422	70	14	and	and	CCONJ
fsr-3422	70	15	technology	technology	NOUN
fsr-3422	70	16	in	in	ADP
fsr-3422	70	17	1981	1981	NUM
fsr-3422	70	18	.	.	PUNCT
fsr-3422	71	1	besides	besides	SCONJ
fsr-3422	71	2	fidelity	fidelity	PROPN
fsr-3422	71	3	,	,	PUNCT
fsr-3422	71	4	franklin	franklin	PROPN
fsr-3422	71	5	templeton	templeton	PROPN
fsr-3422	71	6	investments	investments	PROPN
fsr-3422	71	7	has	have	VERB
fsr-3422	71	8	four	four	NUM
fsr-3422	71	9	funds	fund	NOUN
fsr-3422	71	10	in	in	ADP
fsr-3422	71	11	four	four	NUM
fsr-3422	71	12	sectors	sector	NOUN
fsr-3422	71	13	.	.	PUNCT
fsr-3422	72	1	pgim	pgim	PROPN
fsr-3422	72	2	,	,	PUNCT
fsr-3422	72	3	putnam	putnam	PROPN
fsr-3422	72	4	,	,	PUNCT
fsr-3422	72	5	and	and	CCONJ
fsr-3422	72	6	rydex	rydex	NOUN
fsr-3422	72	7	funds	fund	NOUN
fsr-3422	72	8	each	each	PRON
fsr-3422	72	9	has	have	VERB
fsr-3422	72	10	three	three	NUM
fsr-3422	72	11	funds	fund	NOUN
fsr-3422	72	12	in	in	ADP
fsr-3422	72	13	three	three	NUM
fsr-3422	72	14	sectors	sector	NOUN
fsr-3422	72	15	.	.	PUNCT
fsr-3422	73	1	y.	y.	PROPN
fsr-3422	73	2	fan	fan	PROPN
fsr-3422	73	3	,	,	PUNCT
fsr-3422	73	4	c.y	c.y	PROPN
fsr-3422	73	5	.	.	PROPN
fsr-3422	73	6	lin	lin	PROPN
fsr-3422	73	7	/	/	SYM
fsr-3422	73	8	financial	financial	ADJ
fsr-3422	73	9	services	service	NOUN
fsr-3422	73	10	review	review	VERB
fsr-3422	73	11	28	28	NUM
fsr-3422	73	12	(	(	PUNCT
fsr-3422	73	13	2020	2020	NUM
fsr-3422	73	14	)	)	PUNCT
fsr-3422	74	1	159–177	159–177	NUM
fsr-3422	74	2	161	161	NUM
fsr-3422	74	3	blackrock	blackrock	NOUN
fsr-3422	74	4	,	,	PUNCT
fsr-3422	74	5	deutsche	deutsche	PROPN
fsr-3422	74	6	,	,	PUNCT
fsr-3422	74	7	invesco	invesco	PROPN
fsr-3422	74	8	,	,	PUNCT
fsr-3422	74	9	ivy	ivy	NOUN
fsr-3422	74	10	funds	fund	NOUN
fsr-3422	74	11	,	,	PUNCT
fsr-3422	74	12	mfs	mfs	PROPN
fsr-3422	74	13	,	,	PUNCT
fsr-3422	74	14	vanguard	vanguard	NOUN
fsr-3422	74	15	,	,	PUNCT
fsr-3422	74	16	and	and	CCONJ
fsr-3422	74	17	victory	victory	NOUN
fsr-3422	74	18	each	each	PRON
fsr-3422	74	19	has	have	VERB
fsr-3422	74	20	two	two	NUM
fsr-3422	74	21	funds	fund	NOUN
fsr-3422	74	22	in	in	ADP
fsr-3422	74	23	two	two	NUM
fsr-3422	74	24	sectors	sector	NOUN
fsr-3422	74	25	.	.	PUNCT
fsr-3422	75	1	columbia	columbia	PROPN
fsr-3422	75	2	has	have	VERB
fsr-3422	75	3	two	two	NUM
fsr-3422	75	4	funds	fund	NOUN
fsr-3422	75	5	in	in	ADP
fsr-3422	75	6	one	one	NUM
fsr-3422	75	7	sector	sector	NOUN
fsr-3422	75	8	.	.	PUNCT
fsr-3422	76	1	each	each	PRON
fsr-3422	76	2	of	of	ADP
fsr-3422	76	3	the	the	DET
fsr-3422	76	4	other	other	ADJ
fsr-3422	76	5	sixteen	sixteen	NUM
fsr-3422	76	6	fund	fund	NOUN
fsr-3422	76	7	families	family	NOUN
fsr-3422	76	8	only	only	ADV
fsr-3422	76	9	has	have	VERB
fsr-3422	76	10	one	one	NUM
fsr-3422	76	11	fund	fund	NOUN
fsr-3422	76	12	in	in	ADP
fsr-3422	76	13	the	the	DET
fsr-3422	76	14	sample	sample	NOUN
fsr-3422	76	15	.	.	PUNCT
fsr-3422	77	1	consistent	consistent	ADJ
fsr-3422	77	2	with	with	ADP
fsr-3422	77	3	lin	lin	PROPN
fsr-3422	77	4	(	(	PUNCT
fsr-3422	77	5	2014	2014	NUM
fsr-3422	77	6	)	)	PUNCT
fsr-3422	77	7	,	,	PUNCT
fsr-3422	77	8	we	we	PRON
fsr-3422	77	9	use	use	VERB
fsr-3422	77	10	select	select	ADJ
fsr-3422	77	11	sector	sector	NOUN
fsr-3422	77	12	spdr	spdr	NOUN
fsr-3422	77	13	etfs	etfs	PROPN
fsr-3422	77	14	as	as	ADP
fsr-3422	77	15	passive	passive	ADJ
fsr-3422	77	16	counterparties	counterpartie	NOUN
fsr-3422	77	17	for	for	ADP
fsr-3422	77	18	sector	sector	NOUN
fsr-3422	77	19	equity	equity	NOUN
fsr-3422	77	20	mutual	mutual	ADJ
fsr-3422	77	21	funds	fund	NOUN
fsr-3422	77	22	since	since	SCONJ
fsr-3422	77	23	they	they	PRON
fsr-3422	77	24	are	be	AUX
fsr-3422	77	25	the	the	DET
fsr-3422	77	26	largest	large	ADJ
fsr-3422	77	27	sector	sector	NOUN
fsr-3422	77	28	etf	etf	NOUN
fsr-3422	77	29	family	family	NOUN
fsr-3422	77	30	and	and	CCONJ
fsr-3422	77	31	have	have	VERB
fsr-3422	77	32	the	the	DET
fsr-3422	77	33	longest	long	ADJ
fsr-3422	77	34	trading	trading	NOUN
fsr-3422	77	35	history	history	NOUN
fsr-3422	77	36	(	(	PUNCT
fsr-3422	77	37	lin	lin	PROPN
fsr-3422	77	38	,	,	PUNCT
fsr-3422	77	39	2014	2014	NUM
fsr-3422	77	40	)	)	PUNCT
fsr-3422	77	41	.	.	PUNCT
fsr-3422	78	1	the	the	DET
fsr-3422	78	2	spdr	spdr	PROPN
fsr-3422	78	3	sector	sector	PROPN
fsr-3422	78	4	etfs	etfs	PROPN
fsr-3422	78	5	track	track	VERB
fsr-3422	78	6	the	the	DET
fsr-3422	78	7	select	select	ADJ
fsr-3422	78	8	sector	sector	NOUN
fsr-3422	78	9	indexes	index	NOUN
fsr-3422	78	10	.	.	PUNCT
fsr-3422	79	1	each	each	DET
fsr-3422	79	2	stock	stock	NOUN
fsr-3422	79	3	in	in	ADP
fsr-3422	79	4	the	the	DET
fsr-3422	79	5	s&p	s&p	PROPN
fsr-3422	79	6	500	500	NUM
fsr-3422	79	7	is	be	AUX
fsr-3422	79	8	allocated	allocate	VERB
fsr-3422	79	9	to	to	ADP
fsr-3422	79	10	one	one	NUM
fsr-3422	79	11	and	and	CCONJ
fsr-3422	79	12	only	only	ADV
fsr-3422	79	13	one	one	NUM
fsr-3422	79	14	select	select	ADJ
fsr-3422	79	15	sector	sector	NOUN
fsr-3422	79	16	index	index	NOUN
fsr-3422	79	17	.	.	PUNCT
fsr-3422	80	1	the	the	DET
fsr-3422	80	2	combined	combined	ADJ
fsr-3422	80	3	companies	company	NOUN
fsr-3422	80	4	of	of	ADP
fsr-3422	80	5	the	the	DET
fsr-3422	80	6	select	select	ADJ
fsr-3422	80	7	sector	sector	NOUN
fsr-3422	80	8	indexes	index	NOUN
fsr-3422	80	9	represent	represent	VERB
fsr-3422	80	10	all	all	PRON
fsr-3422	80	11	of	of	ADP
fsr-3422	80	12	the	the	DET
fsr-3422	80	13	companies	company	NOUN
fsr-3422	80	14	in	in	ADP
fsr-3422	80	15	the	the	DET
fsr-3422	80	16	s&p	s&p	PROPN
fsr-3422	80	17	500	500	NUM
fsr-3422	80	18	.	.	PUNCT
fsr-3422	81	1	sector	sector	NOUN
fsr-3422	81	2	spdrs	spdr	NOUN
fsr-3422	81	3	were	be	AUX
fsr-3422	81	4	launched	launch	VERB
fsr-3422	81	5	in	in	ADP
fsr-3422	81	6	december	december	PROPN
fsr-3422	81	7	1998	1998	NUM
fsr-3422	81	8	with	with	ADP
fsr-3422	81	9	nine	nine	NUM
fsr-3422	81	10	etfs	etfs	NOUN
fsr-3422	81	11	:	:	PUNCT
fsr-3422	81	12	xlbthe	xlbthe	PROPN
fsr-3422	81	13	materials	material	NOUN
fsr-3422	81	14	sector	sector	NOUN
fsr-3422	81	15	;	;	PUNCT
fsr-3422	81	16	xlethe	xlethe	PRON
fsr-3422	81	17	energy	energy	NOUN
fsr-3422	81	18	sector	sector	NOUN
fsr-3422	81	19	;	;	PUNCT
fsr-3422	81	20	xlfthe	xlfthe	DET
fsr-3422	81	21	financial	financial	ADJ
fsr-3422	81	22	sector	sector	NOUN
fsr-3422	81	23	;	;	PUNCT
fsr-3422	81	24	xlithe	xlithe	PROPN
fsr-3422	81	25	industrial	industrial	ADJ
fsr-3422	81	26	sector	sector	NOUN
fsr-3422	81	27	;	;	PUNCT
fsr-3422	81	28	xlkthe	xlkthe	DET
fsr-3422	81	29	technology	technology	NOUN
fsr-3422	81	30	sector	sector	NOUN
fsr-3422	81	31	;	;	PUNCT
fsr-3422	81	32	xlpthe	xlpthe	PRON
fsr-3422	81	33	consumer	consumer	NOUN
fsr-3422	81	34	staples	staple	NOUN
fsr-3422	81	35	sector	sector	NOUN
fsr-3422	81	36	;	;	PUNCT
fsr-3422	81	37	xluthe	xluthe	ADJ
fsr-3422	81	38	utilities	utility	NOUN
fsr-3422	81	39	sector	sector	NOUN
fsr-3422	81	40	;	;	PUNCT
fsr-3422	81	41	xlvthe	xlvthe	DET
fsr-3422	81	42	healthcare	healthcare	NOUN
fsr-3422	81	43	sector	sector	NOUN
fsr-3422	81	44	;	;	PUNCT
fsr-3422	81	45	and	and	CCONJ
fsr-3422	81	46	xly	xly	X
fsr-3422	81	47	-the	-the	DET
fsr-3422	81	48	consumer	consumer	NOUN
fsr-3422	81	49	discretionary	discretionary	ADJ
fsr-3422	81	50	sector	sector	NOUN
fsr-3422	81	51	.	.	PUNCT
fsr-3422	82	1	today	today	NOUN
fsr-3422	82	2	there	there	PRON
fsr-3422	82	3	are	be	VERB
fsr-3422	82	4	11	11	NUM
fsr-3422	82	5	sector	sector	NOUN
fsr-3422	82	6	spdr	spdr	PROPN
fsr-3422	82	7	etfs	etfs	PROPN
fsr-3422	82	8	.	.	PUNCT
fsr-3422	83	1	the	the	DET
fsr-3422	83	2	10th	10th	ADJ
fsr-3422	83	3	sector	sector	NOUN
fsr-3422	83	4	etf	etf	NOUN
fsr-3422	83	5	,	,	PUNCT
fsr-3422	83	6	xlrethe	xlrethe	DET
fsr-3422	83	7	real	real	ADJ
fsr-3422	83	8	estate	estate	NOUN
fsr-3422	83	9	select	select	ADJ
fsr-3422	83	10	sector	sector	NOUN
fsr-3422	83	11	spdr	spdr	NOUN
fsr-3422	83	12	,	,	PUNCT
fsr-3422	83	13	began	begin	VERB
fsr-3422	83	14	trading	trade	VERB
fsr-3422	83	15	in	in	ADP
fsr-3422	83	16	october	october	PROPN
fsr-3422	83	17	2015	2015	NUM
fsr-3422	83	18	.	.	PUNCT
fsr-3422	84	1	we	we	PRON
fsr-3422	84	2	do	do	AUX
fsr-3422	84	3	not	not	PART
fsr-3422	84	4	include	include	VERB
fsr-3422	84	5	this	this	DET
fsr-3422	84	6	etf	etf	NOUN
fsr-3422	84	7	because	because	SCONJ
fsr-3422	84	8	it	it	PRON
fsr-3422	84	9	only	only	ADV
fsr-3422	84	10	covers	cover	VERB
fsr-3422	84	11	26months	26months	NUM
fsr-3422	84	12	out	out	ADP
fsr-3422	84	13	of	of	ADP
fsr-3422	84	14	the	the	DET
fsr-3422	84	15	10	10	NUM
fsr-3422	84	16	-	-	PUNCT
fsr-3422	84	17	year	year	NOUN
fsr-3422	84	18	sample	sample	NOUN
fsr-3422	84	19	period	period	NOUN
fsr-3422	84	20	.	.	PUNCT
fsr-3422	85	1	the	the	DET
fsr-3422	85	2	11th	11th	ADJ
fsr-3422	85	3	etf	etf	NOUN
fsr-3422	85	4	,	,	PUNCT
fsr-3422	85	5	xlcthe	xlcthe	DET
fsr-3422	85	6	table	table	NOUN
fsr-3422	85	7	1	1	NUM
fsr-3422	85	8	sector	sector	NOUN
fsr-3422	85	9	mutual	mutual	ADJ
fsr-3422	85	10	fund	fund	NOUN
fsr-3422	85	11	sample	sample	PROPN
fsr-3422	85	12	fund	fund	NOUN
fsr-3422	85	13	family	family	NOUN
fsr-3422	85	14	number	number	NOUN
fsr-3422	85	15	of	of	ADP
fsr-3422	85	16	funds	fund	NOUN
fsr-3422	85	17	in	in	ADP
fsr-3422	85	18	study	study	NOUN
fsr-3422	85	19	number	number	NOUN
fsr-3422	85	20	of	of	ADP
fsr-3422	85	21	sectors	sector	NOUN
fsr-3422	85	22	represented	represent	VERB
fsr-3422	85	23	in	in	ADP
fsr-3422	85	24	study	study	NOUN
fsr-3422	85	25	1919	1919	NUM
fsr-3422	85	26	funds	fund	NOUN
fsr-3422	85	27	1	1	NUM
fsr-3422	85	28	1	1	NUM
fsr-3422	85	29	allianz	allianz	NOUN
fsr-3422	85	30	funds	fund	NOUN
fsr-3422	85	31	1	1	NUM
fsr-3422	85	32	1	1	NUM
fsr-3422	85	33	berkshire	berkshire	NOUN
fsr-3422	85	34	1	1	NUM
fsr-3422	85	35	1	1	NUM
fsr-3422	85	36	blackrock	blackrock	NOUN
fsr-3422	85	37	2	2	NUM
fsr-3422	85	38	2	2	NUM
fsr-3422	85	39	columbia	columbia	NOUN
fsr-3422	85	40	2	2	NUM
fsr-3422	85	41	1	1	NUM
fsr-3422	85	42	delaware	delaware	PROPN
fsr-3422	85	43	funds	fund	NOUN
fsr-3422	85	44	1	1	NUM
fsr-3422	85	45	1	1	NUM
fsr-3422	85	46	deutsche	deutsche	NOUN
fsr-3422	85	47	2	2	NUM
fsr-3422	85	48	2	2	NUM
fsr-3422	85	49	dreyfus	dreyfus	NOUN
fsr-3422	85	50	1	1	NUM
fsr-3422	85	51	1	1	NUM
fsr-3422	85	52	eaton	eaton	PROPN
fsr-3422	85	53	vance	vance	PROPN
fsr-3422	85	54	1	1	NUM
fsr-3422	85	55	1	1	NUM
fsr-3422	85	56	emerald	emerald	NOUN
fsr-3422	85	57	1	1	NUM
fsr-3422	85	58	1	1	NUM
fsr-3422	85	59	fidelity	fidelity	NOUN
fsr-3422	85	60	50	50	NUM
fsr-3422	85	61	9	9	NUM
fsr-3422	85	62	firsthand	firsthand	ADJ
fsr-3422	85	63	funds	fund	NOUN
fsr-3422	85	64	1	1	NUM
fsr-3422	85	65	1	1	NUM
fsr-3422	85	66	franklin	franklin	PROPN
fsr-3422	85	67	templeton	templeton	PROPN
fsr-3422	85	68	investments	investment	NOUN
fsr-3422	85	69	4	4	NUM
fsr-3422	85	70	4	4	NUM
fsr-3422	85	71	gabelli	gabelli	NOUN
fsr-3422	85	72	1	1	NUM
fsr-3422	85	73	1	1	NUM
fsr-3422	85	74	goldman	goldman	NOUN
fsr-3422	85	75	sachs	sach	VERB
fsr-3422	85	76	1	1	NUM
fsr-3422	85	77	1	1	NUM
fsr-3422	85	78	invesco	invesco	PROPN
fsr-3422	85	79	2	2	NUM
fsr-3422	85	80	2	2	NUM
fsr-3422	85	81	ivy	ivy	NOUN
fsr-3422	85	82	funds	fund	NOUN
fsr-3422	85	83	2	2	NUM
fsr-3422	85	84	2	2	NUM
fsr-3422	85	85	john	john	PROPN
fsr-3422	85	86	hancock	hancock	PROPN
fsr-3422	85	87	1	1	NUM
fsr-3422	85	88	1	1	NUM
fsr-3422	85	89	mfs	mfs	NOUN
fsr-3422	85	90	2	2	NUM
fsr-3422	85	91	2	2	NUM
fsr-3422	85	92	pgim	pgim	NOUN
fsr-3422	85	93	3	3	NUM
fsr-3422	85	94	3	3	NUM
fsr-3422	85	95	putnam	putnam	NOUN
fsr-3422	85	96	3	3	NUM
fsr-3422	85	97	3	3	NUM
fsr-3422	85	98	rydex	rydex	NOUN
fsr-3422	85	99	funds	fund	NOUN
fsr-3422	85	100	3	3	NUM
fsr-3422	85	101	3	3	NUM
fsr-3422	85	102	schwab	schwab	NOUN
fsr-3422	85	103	funds	fund	NOUN
fsr-3422	85	104	1	1	NUM
fsr-3422	85	105	1	1	NUM
fsr-3422	85	106	usaa	usaa	PROPN
fsr-3422	85	107	1	1	NUM
fsr-3422	85	108	1	1	NUM
fsr-3422	85	109	vaneck	vaneck	NOUN
fsr-3422	85	110	1	1	NUM
fsr-3422	85	111	1	1	NUM
fsr-3422	85	112	vanguard	vanguard	NOUN
fsr-3422	85	113	2	2	NUM
fsr-3422	85	114	2	2	NUM
fsr-3422	85	115	victory	victory	NOUN
fsr-3422	85	116	2	2	NUM
fsr-3422	85	117	2	2	NUM
fsr-3422	85	118	wells	wells	PROPN
fsr-3422	85	119	fargo	fargo	PROPN
fsr-3422	85	120	funds	fund	NOUN
fsr-3422	85	121	1	1	NUM
fsr-3422	85	122	1	1	NUM
fsr-3422	85	123	williston	williston	PROPN
fsr-3422	85	124	1	1	NUM
fsr-3422	85	125	1	1	NUM
fsr-3422	85	126	total	total	ADJ
fsr-3422	85	127	number	number	NOUN
fsr-3422	85	128	of	of	ADP
fsr-3422	85	129	fund	fund	NOUN
fsr-3422	85	130	families	family	NOUN
fsr-3422	85	131	29	29	NUM
fsr-3422	85	132	total	total	ADJ
fsr-3422	85	133	number	number	NOUN
fsr-3422	85	134	of	of	ADP
fsr-3422	85	135	sector	sector	NOUN
fsr-3422	85	136	mutual	mutual	ADJ
fsr-3422	85	137	funds	fund	NOUN
fsr-3422	85	138	95	95	NUM
fsr-3422	85	139	162	162	NUM
fsr-3422	85	140	y.	y.	PROPN
fsr-3422	85	141	fan	fan	PROPN
fsr-3422	85	142	,	,	PUNCT
fsr-3422	85	143	c.y	c.y	PROPN
fsr-3422	85	144	.	.	PROPN
fsr-3422	85	145	lin	lin	PROPN
fsr-3422	85	146	/	/	SYM
fsr-3422	85	147	financial	financial	ADJ
fsr-3422	85	148	services	service	NOUN
fsr-3422	85	149	review	review	VERB
fsr-3422	85	150	28	28	NUM
fsr-3422	85	151	(	(	PUNCT
fsr-3422	85	152	2020	2020	NUM
fsr-3422	85	153	)	)	PUNCT
fsr-3422	85	154	159–177	159–177	NUM
fsr-3422	85	155	communications	communication	NOUN
fsr-3422	85	156	services	service	NOUN
fsr-3422	85	157	select	select	VERB
fsr-3422	85	158	sector	sector	NOUN
fsr-3422	85	159	spdr	spdr	NOUN
fsr-3422	85	160	,	,	PUNCT
fsr-3422	85	161	is	be	AUX
fsr-3422	85	162	also	also	ADV
fsr-3422	85	163	excluded	exclude	VERB
fsr-3422	85	164	because	because	SCONJ
fsr-3422	85	165	it	it	PRON
fsr-3422	85	166	was	be	AUX
fsr-3422	85	167	launched	launch	VERB
fsr-3422	85	168	in	in	ADP
fsr-3422	85	169	june	june	PROPN
fsr-3422	85	170	2018	2018	NUM
fsr-3422	85	171	,	,	PUNCT
fsr-3422	85	172	which	which	PRON
fsr-3422	85	173	is	be	AUX
fsr-3422	85	174	beyond	beyond	ADP
fsr-3422	85	175	our	our	PRON
fsr-3422	85	176	sample	sample	NOUN
fsr-3422	85	177	period	period	NOUN
fsr-3422	85	178	.	.	PUNCT
fsr-3422	86	1	passively	passively	ADV
fsr-3422	86	2	managed	manage	VERB
fsr-3422	86	3	sector	sector	NOUN
fsr-3422	86	4	mutual	mutual	ADJ
fsr-3422	86	5	funds	fund	NOUN
fsr-3422	86	6	are	be	AUX
fsr-3422	86	7	not	not	PART
fsr-3422	86	8	utilized	utilize	VERB
fsr-3422	86	9	as	as	ADP
fsr-3422	86	10	benchmarks	benchmark	NOUN
fsr-3422	86	11	since	since	SCONJ
fsr-3422	86	12	they	they	PRON
fsr-3422	86	13	are	be	AUX
fsr-3422	86	14	not	not	PART
fsr-3422	86	15	common	common	ADJ
fsr-3422	86	16	.	.	PUNCT
fsr-3422	87	1	only	only	ADV
fsr-3422	87	2	three	three	NUM
fsr-3422	87	3	such	such	ADJ
fsr-3422	87	4	funds	fund	NOUN
fsr-3422	87	5	representing	represent	VERB
fsr-3422	87	6	two	two	NUM
fsr-3422	87	7	sectors	sector	NOUN
fsr-3422	87	8	have	have	VERB
fsr-3422	87	9	price	price	NOUN
fsr-3422	87	10	data	datum	NOUN
fsr-3422	87	11	throughout	throughout	ADP
fsr-3422	87	12	our	our	PRON
fsr-3422	87	13	sample	sample	NOUN
fsr-3422	87	14	period	period	NOUN
fsr-3422	87	15	,	,	PUNCT
fsr-3422	87	16	which	which	PRON
fsr-3422	87	17	are	be	AUX
fsr-3422	87	18	not	not	PART
fsr-3422	87	19	adequate	adequate	ADJ
fsr-3422	87	20	to	to	PART
fsr-3422	87	21	be	be	AUX
fsr-3422	87	22	included	include	VERB
fsr-3422	87	23	to	to	PART
fsr-3422	87	24	conduct	conduct	VERB
fsr-3422	87	25	a	a	DET
fsr-3422	87	26	comprehensive	comprehensive	ADJ
fsr-3422	87	27	sector	sector	NOUN
fsr-3422	87	28	fund	fund	NOUN
fsr-3422	87	29	research	research	NOUN
fsr-3422	87	30	.	.	PUNCT
fsr-3422	88	1	3	3	X
fsr-3422	88	2	.	.	X
fsr-3422	88	3	fund	fund	NOUN
fsr-3422	88	4	performance	performance	NOUN
fsr-3422	88	5	we	we	PRON
fsr-3422	88	6	compare	compare	VERB
fsr-3422	88	7	actively	actively	ADV
fsr-3422	88	8	managed	manage	VERB
fsr-3422	88	9	sector	sector	NOUN
fsr-3422	88	10	mutual	mutual	ADJ
fsr-3422	88	11	fund	fund	NOUN
fsr-3422	88	12	’s	’s	PART
fsr-3422	88	13	return	return	NOUN
fsr-3422	88	14	to	to	ADP
fsr-3422	88	15	that	that	PRON
fsr-3422	88	16	of	of	ADP
fsr-3422	88	17	its	its	PRON
fsr-3422	88	18	passive	passive	ADJ
fsr-3422	88	19	alternative	alternative	NOUN
fsr-3422	88	20	and	and	CCONJ
fsr-3422	88	21	not	not	PART
fsr-3422	88	22	to	to	ADP
fsr-3422	88	23	the	the	DET
fsr-3422	88	24	sector	sector	NOUN
fsr-3422	88	25	index	index	NOUN
fsr-3422	88	26	itself	itself	PRON
fsr-3422	88	27	since	since	SCONJ
fsr-3422	88	28	indexes	index	NOUN
fsr-3422	88	29	are	be	AUX
fsr-3422	88	30	not	not	PART
fsr-3422	88	31	investable	investable	ADJ
fsr-3422	88	32	.	.	PUNCT
fsr-3422	89	1	for	for	ADP
fsr-3422	89	2	the	the	DET
fsr-3422	89	3	same	same	ADJ
fsr-3422	89	4	reason	reason	NOUN
fsr-3422	89	5	,	,	PUNCT
fsr-3422	89	6	we	we	PRON
fsr-3422	89	7	use	use	VERB
fsr-3422	89	8	spy	spy	NOUN
fsr-3422	89	9	but	but	CCONJ
fsr-3422	89	10	not	not	PART
fsr-3422	89	11	the	the	DET
fsr-3422	89	12	actual	actual	ADJ
fsr-3422	89	13	s&p	s&p	PROPN
fsr-3422	89	14	500	500	NUM
fsr-3422	89	15	index	index	NOUN
fsr-3422	89	16	as	as	ADP
fsr-3422	89	17	an	an	DET
fsr-3422	89	18	investable	investable	ADJ
fsr-3422	89	19	broad	broad	ADJ
fsr-3422	89	20	u.s	u.s	PROPN
fsr-3422	89	21	.	.	PROPN
fsr-3422	89	22	equity	equity	NOUN
fsr-3422	89	23	market	market	NOUN
fsr-3422	89	24	benchmark	benchmark	NOUN
fsr-3422	89	25	.	.	PUNCT
fsr-3422	90	1	the	the	DET
fsr-3422	90	2	monthly	monthly	ADJ
fsr-3422	90	3	returns	return	NOUN
fsr-3422	90	4	for	for	ADP
fsr-3422	90	5	both	both	DET
fsr-3422	90	6	mutual	mutual	ADJ
fsr-3422	90	7	funds	fund	NOUN
fsr-3422	90	8	and	and	CCONJ
fsr-3422	90	9	etfs	etfs	NOUN
fsr-3422	90	10	are	be	AUX
fsr-3422	90	11	calculated	calculate	VERB
fsr-3422	90	12	as	as	ADP
fsr-3422	90	13	:	:	PUNCT
fsr-3422	90	14	r	r	NOUN
fsr-3422	90	15	i	i	PROPN
fsr-3422	90	16	,	,	PUNCT
fsr-3422	90	17	t	t	PROPN
fsr-3422	90	18	=	=	SYM
fsr-3422	90	19	pi	pi	PROPN
fsr-3422	90	20	,	,	PUNCT
fsr-3422	90	21	t	t	PROPN
fsr-3422	90	22	/	/	SYM
fsr-3422	90	23	pi	pi	PROPN
fsr-3422	90	24	,	,	PUNCT
fsr-3422	90	25	t-1	t-1	PROPN
fsr-3422	90	26	–	–	PUNCT
fsr-3422	90	27	1	1	NUM
fsr-3422	90	28	,	,	PUNCT
fsr-3422	90	29	where	where	SCONJ
fsr-3422	90	30	pi	pi	NOUN
fsr-3422	90	31	,	,	PUNCT
fsr-3422	90	32	t	t	PROPN
fsr-3422	90	33	is	be	AUX
fsr-3422	90	34	the	the	DET
fsr-3422	90	35	adjusted	adjust	VERB
fsr-3422	90	36	closing	closing	NOUN
fsr-3422	90	37	price	price	NOUN
fsr-3422	90	38	for	for	ADP
fsr-3422	90	39	fund	fund	NOUN
fsr-3422	90	40	i	i	PRON
fsr-3422	90	41	at	at	ADP
fsr-3422	90	42	the	the	DET
fsr-3422	90	43	end	end	NOUN
fsr-3422	90	44	of	of	ADP
fsr-3422	90	45	month	month	NOUN
fsr-3422	90	46	t	t	PROPN
fsr-3422	90	47	,	,	PUNCT
fsr-3422	90	48	and	and	CCONJ
fsr-3422	90	49	pi	pi	NOUN
fsr-3422	90	50	,	,	PUNCT
fsr-3422	90	51	t-1	t-1	PROPN
fsr-3422	90	52	is	be	AUX
fsr-3422	90	53	the	the	DET
fsr-3422	90	54	adjusted	adjust	VERB
fsr-3422	90	55	closing	closing	NOUN
fsr-3422	90	56	price	price	NOUN
fsr-3422	90	57	for	for	ADP
fsr-3422	90	58	fund	fund	NOUN
fsr-3422	90	59	i	i	PRON
fsr-3422	90	60	at	at	ADP
fsr-3422	90	61	the	the	DET
fsr-3422	90	62	end	end	NOUN
fsr-3422	90	63	of	of	ADP
fsr-3422	90	64	month	month	NOUN
fsr-3422	90	65	t-1	t-1	PROPN
fsr-3422	90	66	.	.	PUNCT
fsr-3422	91	1	all	all	DET
fsr-3422	91	2	returns	return	NOUN
fsr-3422	91	3	are	be	AUX
fsr-3422	91	4	net	net	ADJ
fsr-3422	91	5	of	of	ADP
fsr-3422	91	6	expenses	expense	NOUN
fsr-3422	91	7	,	,	PUNCT
fsr-3422	91	8	commissions	commission	NOUN
fsr-3422	91	9	,	,	PUNCT
fsr-3422	91	10	and	and	CCONJ
fsr-3422	91	11	sales	sale	NOUN
fsr-3422	91	12	loads	load	NOUN
fsr-3422	91	13	.	.	PUNCT
fsr-3422	92	1	the	the	DET
fsr-3422	92	2	distribution	distribution	NOUN
fsr-3422	92	3	of	of	ADP
fsr-3422	92	4	sample	sample	NOUN
fsr-3422	92	5	funds	fund	NOUN
fsr-3422	92	6	by	by	ADP
fsr-3422	92	7	sectors	sector	NOUN
fsr-3422	92	8	in	in	ADP
fsr-3422	92	9	table	table	NOUN
fsr-3422	92	10	2	2	NUM
fsr-3422	92	11	shows	show	VERB
fsr-3422	92	12	that	that	SCONJ
fsr-3422	92	13	technology	technology	NOUN
fsr-3422	92	14	has	have	VERB
fsr-3422	92	15	the	the	DET
fsr-3422	92	16	largest	large	ADJ
fsr-3422	92	17	number	number	NOUN
fsr-3422	92	18	of	of	ADP
fsr-3422	92	19	funds	fund	NOUN
fsr-3422	92	20	,	,	PUNCT
fsr-3422	92	21	24	24	NUM
fsr-3422	92	22	.	.	PUNCT
fsr-3422	93	1	it	it	PRON
fsr-3422	93	2	has	have	VERB
fsr-3422	93	3	a	a	DET
fsr-3422	93	4	representation	representation	NOUN
fsr-3422	93	5	of	of	ADP
fsr-3422	93	6	15	15	NUM
fsr-3422	93	7	fund	fund	NOUN
fsr-3422	93	8	families	family	NOUN
fsr-3422	93	9	,	,	PUNCT
fsr-3422	93	10	the	the	DET
fsr-3422	93	11	highest	high	ADJ
fsr-3422	93	12	among	among	ADP
fsr-3422	93	13	all	all	DET
fsr-3422	93	14	sectors	sector	NOUN
fsr-3422	93	15	.	.	PUNCT
fsr-3422	94	1	there	there	PRON
fsr-3422	94	2	are	be	VERB
fsr-3422	94	3	18	18	NUM
fsr-3422	94	4	,	,	PUNCT
fsr-3422	94	5	13	13	NUM
fsr-3422	94	6	,	,	PUNCT
fsr-3422	94	7	and	and	CCONJ
fsr-3422	94	8	11	11	NUM
fsr-3422	94	9	funds	fund	NOUN
fsr-3422	94	10	in	in	ADP
fsr-3422	94	11	healthcare	healthcare	PROPN
fsr-3422	94	12	,	,	PUNCT
fsr-3422	94	13	financials	financial	NOUN
fsr-3422	94	14	,	,	PUNCT
fsr-3422	94	15	and	and	CCONJ
fsr-3422	94	16	materials	material	NOUN
fsr-3422	94	17	,	,	PUNCT
fsr-3422	94	18	respectively	respectively	ADV
fsr-3422	94	19	.	.	PUNCT
fsr-3422	95	1	consumer	consumer	NOUN
fsr-3422	95	2	staples	staple	NOUN
fsr-3422	95	3	only	only	ADV
fsr-3422	95	4	has	have	VERB
fsr-3422	95	5	two	two	NUM
fsr-3422	95	6	funds	fund	NOUN
fsr-3422	95	7	in	in	ADP
fsr-3422	95	8	the	the	DET
fsr-3422	95	9	sample	sample	NOUN
fsr-3422	95	10	.	.	PUNCT
fsr-3422	96	1	fidelity	fidelity	PROPN
fsr-3422	96	2	is	be	AUX
fsr-3422	96	3	the	the	DET
fsr-3422	96	4	only	only	ADJ
fsr-3422	96	5	fund	fund	NOUN
fsr-3422	96	6	family	family	NOUN
fsr-3422	96	7	that	that	PRON
fsr-3422	96	8	covers	cover	VERB
fsr-3422	96	9	industrials	industrial	NOUN
fsr-3422	96	10	and	and	CCONJ
fsr-3422	96	11	consumer	consumer	NOUN
fsr-3422	96	12	discretionary	discretionary	ADJ
fsr-3422	96	13	sectors	sector	NOUN
fsr-3422	96	14	.	.	PUNCT
fsr-3422	97	1	table	table	NOUN
fsr-3422	97	2	2	2	NUM
fsr-3422	97	3	also	also	ADV
fsr-3422	97	4	provides	provide	VERB
fsr-3422	97	5	a	a	DET
fsr-3422	97	6	quick	quick	ADJ
fsr-3422	97	7	comparison	comparison	NOUN
fsr-3422	97	8	of	of	ADP
fsr-3422	97	9	fund	fund	NOUN
fsr-3422	97	10	annual	annual	ADJ
fsr-3422	97	11	returns	return	NOUN
fsr-3422	97	12	.	.	PUNCT
fsr-3422	98	1	panel	panel	NOUN
fsr-3422	98	2	a	a	DET
fsr-3422	98	3	shows	show	NOUN
fsr-3422	98	4	the	the	DET
fsr-3422	98	5	top	top	ADJ
fsr-3422	98	6	three	three	NUM
fsr-3422	98	7	performing	perform	VERB
fsr-3422	98	8	sectors	sector	NOUN
fsr-3422	98	9	are	be	AUX
fsr-3422	98	10	technology	technology	NOUN
fsr-3422	98	11	,	,	PUNCT
fsr-3422	98	12	consumer	consumer	NOUN
fsr-3422	98	13	discretionary	discretionary	NOUN
fsr-3422	98	14	,	,	PUNCT
fsr-3422	98	15	and	and	CCONJ
fsr-3422	98	16	healthcare	healthcare	NOUN
fsr-3422	98	17	with	with	ADP
fsr-3422	98	18	an	an	DET
fsr-3422	98	19	average	average	ADJ
fsr-3422	98	20	annual	annual	ADJ
fsr-3422	98	21	return	return	NOUN
fsr-3422	98	22	of	of	ADP
fsr-3422	98	23	15.4	15.4	NUM
fsr-3422	98	24	%	%	NOUN
fsr-3422	98	25	,	,	PUNCT
fsr-3422	98	26	15.4	15.4	NUM
fsr-3422	98	27	%	%	NOUN
fsr-3422	98	28	,	,	PUNCT
fsr-3422	98	29	and	and	CCONJ
fsr-3422	98	30	13.7	13.7	NUM
fsr-3422	98	31	%	%	NOUN
fsr-3422	98	32	,	,	PUNCT
fsr-3422	98	33	respectively	respectively	ADV
fsr-3422	98	34	.	.	PUNCT
fsr-3422	99	1	energy	energy	NOUN
fsr-3422	99	2	sector	sector	NOUN
fsr-3422	99	3	,	,	PUNCT
fsr-3422	99	4	on	on	ADP
fsr-3422	99	5	the	the	DET
fsr-3422	99	6	other	other	ADJ
fsr-3422	99	7	hand	hand	NOUN
fsr-3422	99	8	,	,	PUNCT
fsr-3422	99	9	has	have	VERB
fsr-3422	99	10	the	the	DET
fsr-3422	99	11	lowest	low	ADJ
fsr-3422	99	12	average	average	ADJ
fsr-3422	99	13	annual	annual	ADJ
fsr-3422	99	14	return	return	NOUN
fsr-3422	99	15	of	of	ADP
fsr-3422	99	16	2.4	2.4	NUM
fsr-3422	99	17	%	%	NOUN
fsr-3422	99	18	.	.	PUNCT
fsr-3422	100	1	however	however	ADV
fsr-3422	100	2	,	,	PUNCT
fsr-3422	100	3	the	the	DET
fsr-3422	100	4	sector	sector	NOUN
fsr-3422	100	5	etfs	etfs	NOUN
fsr-3422	100	6	’	'	PUNCT
fsr-3422	100	7	annual	annual	ADJ
fsr-3422	100	8	returns	return	NOUN
fsr-3422	100	9	presented	present	VERB
fsr-3422	100	10	in	in	ADP
fsr-3422	100	11	panel	panel	NOUN
fsr-3422	100	12	b	b	PROPN
fsr-3422	100	13	tell	tell	VERB
fsr-3422	100	14	a	a	DET
fsr-3422	100	15	somewhat	somewhat	ADV
fsr-3422	100	16	different	different	ADJ
fsr-3422	100	17	story	story	NOUN
fsr-3422	100	18	.	.	PUNCT
fsr-3422	101	1	consumer	consumer	NOUN
fsr-3422	101	2	discretionary	discretionary	ADJ
fsr-3422	101	3	leads	lead	VERB
fsr-3422	101	4	with	with	ADP
fsr-3422	101	5	an	an	DET
fsr-3422	101	6	average	average	ADJ
fsr-3422	101	7	annual	annual	ADJ
fsr-3422	101	8	return	return	NOUN
fsr-3422	101	9	of	of	ADP
fsr-3422	101	10	15.5	15.5	NUM
fsr-3422	101	11	%	%	NOUN
fsr-3422	101	12	.	.	PUNCT
fsr-3422	102	1	the	the	DET
fsr-3422	102	2	second	second	ADJ
fsr-3422	102	3	best	good	ADJ
fsr-3422	102	4	is	be	AUX
fsr-3422	102	5	technology	technology	NOUN
fsr-3422	102	6	with	with	ADP
fsr-3422	102	7	an	an	DET
fsr-3422	102	8	average	average	ADJ
fsr-3422	102	9	annual	annual	ADJ
fsr-3422	102	10	return	return	NOUN
fsr-3422	102	11	of	of	ADP
fsr-3422	102	12	13.8	13.8	NUM
fsr-3422	102	13	%	%	NOUN
fsr-3422	102	14	.	.	PUNCT
fsr-3422	103	1	healthcare	healthcare	NOUN
fsr-3422	103	2	and	and	CCONJ
fsr-3422	103	3	industrials	industrial	NOUN
fsr-3422	103	4	are	be	AUX
fsr-3422	103	5	ranked	rank	VERB
fsr-3422	103	6	the	the	DET
fsr-3422	103	7	third	third	ADJ
fsr-3422	103	8	and	and	CCONJ
fsr-3422	103	9	fourth	fourth	ADJ
fsr-3422	103	10	,	,	PUNCT
fsr-3422	103	11	followed	follow	VERB
fsr-3422	103	12	by	by	ADP
fsr-3422	103	13	consumer	consumer	NOUN
fsr-3422	103	14	staples	staple	NOUN
fsr-3422	103	15	.	.	PUNCT
fsr-3422	104	1	consistent	consistent	ADJ
fsr-3422	104	2	with	with	ADP
fsr-3422	104	3	panel	panel	NOUN
fsr-3422	104	4	a	a	PRON
fsr-3422	104	5	,	,	PUNCT
fsr-3422	104	6	energy	energy	NOUN
fsr-3422	104	7	etf	etf	NOUN
fsr-3422	104	8	generates	generate	VERB
fsr-3422	104	9	the	the	DET
fsr-3422	104	10	lowest	low	ADJ
fsr-3422	104	11	average	average	ADJ
fsr-3422	104	12	annual	annual	ADJ
fsr-3422	104	13	return	return	NOUN
fsr-3422	104	14	during	during	ADP
fsr-3422	104	15	the	the	DET
fsr-3422	104	16	sample	sample	NOUN
fsr-3422	104	17	period	period	NOUN
fsr-3422	104	18	,	,	PUNCT
fsr-3422	104	19	3.6	3.6	NUM
fsr-3422	104	20	%	%	NOUN
fsr-3422	104	21	,	,	PUNCT
fsr-3422	104	22	which	which	PRON
fsr-3422	104	23	is	be	AUX
fsr-3422	104	24	higher	high	ADJ
fsr-3422	104	25	than	than	ADP
fsr-3422	104	26	that	that	PRON
fsr-3422	104	27	of	of	ADP
fsr-3422	104	28	the	the	DET
fsr-3422	104	29	mutual	mutual	ADJ
fsr-3422	104	30	funds	fund	NOUN
fsr-3422	104	31	.	.	PUNCT
fsr-3422	105	1	concurrently	concurrently	ADV
fsr-3422	105	2	,	,	PUNCT
fsr-3422	105	3	the	the	DET
fsr-3422	105	4	average	average	ADJ
fsr-3422	105	5	annual	annual	ADJ
fsr-3422	105	6	return	return	NOUN
fsr-3422	105	7	of	of	ADP
fsr-3422	105	8	spy	spy	NOUN
fsr-3422	105	9	is	be	AUX
fsr-3422	105	10	10.3	10.3	NUM
fsr-3422	105	11	%	%	NOUN
fsr-3422	105	12	.	.	PUNCT
fsr-3422	106	1	compare	compare	VERB
fsr-3422	106	2	panel	panel	NOUN
fsr-3422	106	3	a	a	PRON
fsr-3422	106	4	to	to	ADP
fsr-3422	106	5	panel	panel	NOUN
fsr-3422	106	6	b	b	NOUN
fsr-3422	106	7	,	,	PUNCT
fsr-3422	106	8	mutual	mutual	ADJ
fsr-3422	106	9	funds	fund	NOUN
fsr-3422	106	10	outperform	outperform	VERB
fsr-3422	106	11	etfs	etfs	NOUN
fsr-3422	106	12	in	in	ADP
fsr-3422	106	13	four	four	NUM
fsr-3422	106	14	sectors	sector	NOUN
fsr-3422	106	15	:	:	PUNCT
fsr-3422	106	16	financials	financial	NOUN
fsr-3422	106	17	,	,	PUNCT
fsr-3422	106	18	technology	technology	NOUN
fsr-3422	106	19	,	,	PUNCT
fsr-3422	106	20	healthcare	healthcare	PROPN
fsr-3422	106	21	,	,	PUNCT
fsr-3422	106	22	and	and	CCONJ
fsr-3422	106	23	industrials	industrial	NOUN
fsr-3422	106	24	.	.	PUNCT
fsr-3422	107	1	the	the	DET
fsr-3422	107	2	annual	annual	ADJ
fsr-3422	107	3	return	return	NOUN
fsr-3422	107	4	differences	difference	NOUN
fsr-3422	107	5	are	be	AUX
fsr-3422	107	6	1.8	1.8	NUM
fsr-3422	107	7	%	%	NOUN
fsr-3422	107	8	,	,	PUNCT
fsr-3422	107	9	1.6	1.6	NUM
fsr-3422	107	10	%	%	NOUN
fsr-3422	107	11	,	,	PUNCT
fsr-3422	107	12	1.5	1.5	NUM
fsr-3422	107	13	%	%	NOUN
fsr-3422	107	14	,	,	PUNCT
fsr-3422	107	15	and	and	CCONJ
fsr-3422	107	16	1.4	1.4	NUM
fsr-3422	107	17	%	%	NOUN
fsr-3422	107	18	,	,	PUNCT
fsr-3422	107	19	respectively	respectively	ADV
fsr-3422	107	20	.	.	PUNCT
fsr-3422	108	1	they	they	PRON
fsr-3422	108	2	largely	largely	ADV
fsr-3422	108	3	underperform	underperform	VERB
fsr-3422	108	4	their	their	PRON
fsr-3422	108	5	etf	etf	NOUN
fsr-3422	108	6	counterparty	counterparty	NOUN
fsr-3422	108	7	in	in	ADP
fsr-3422	108	8	the	the	DET
fsr-3422	108	9	materials	material	NOUN
fsr-3422	108	10	sector	sector	NOUN
fsr-3422	108	11	with	with	ADP
fsr-3422	108	12	an	an	DET
fsr-3422	108	13	annual	annual	ADJ
fsr-3422	108	14	spread	spread	NOUN
fsr-3422	108	15	of	of	ADP
fsr-3422	108	16	-5.0	-5.0	ADJ
fsr-3422	108	17	%	%	NOUN
fsr-3422	108	18	.	.	PUNCT
fsr-3422	109	1	however	however	ADV
fsr-3422	109	2	,	,	PUNCT
fsr-3422	109	3	t	t	PROPN
fsr-3422	109	4	test	test	NOUN
fsr-3422	109	5	results	result	NOUN
fsr-3422	109	6	show	show	VERB
fsr-3422	109	7	that	that	SCONJ
fsr-3422	109	8	none	none	NOUN
fsr-3422	109	9	of	of	ADP
fsr-3422	109	10	the	the	DET
fsr-3422	109	11	differences	difference	NOUN
fsr-3422	109	12	between	between	ADP
fsr-3422	109	13	mutual	mutual	ADJ
fsr-3422	109	14	fund	fund	NOUN
fsr-3422	109	15	and	and	CCONJ
fsr-3422	109	16	etf	etf	NOUN
fsr-3422	109	17	mean	mean	NOUN
fsr-3422	109	18	returns	return	NOUN
fsr-3422	109	19	is	be	AUX
fsr-3422	109	20	significant	significant	ADJ
fsr-3422	109	21	at	at	ADP
fsr-3422	109	22	the	the	DET
fsr-3422	109	23	10	10	NUM
fsr-3422	109	24	%	%	NOUN
fsr-3422	109	25	level	level	NOUN
fsr-3422	109	26	.	.	PUNCT
fsr-3422	110	1	mutual	mutual	ADJ
fsr-3422	110	2	funds	fund	NOUN
fsr-3422	110	3	have	have	VERB
fsr-3422	110	4	a	a	DET
fsr-3422	110	5	tendency	tendency	NOUN
fsr-3422	110	6	of	of	ADP
fsr-3422	110	7	wider	wide	ADJ
fsr-3422	110	8	return	return	NOUN
fsr-3422	110	9	ranges	range	NOUN
fsr-3422	110	10	compared	compare	VERB
fsr-3422	110	11	with	with	ADP
fsr-3422	110	12	etfs	etfs	NOUN
fsr-3422	110	13	.	.	PUNCT
fsr-3422	111	1	all	all	PRON
fsr-3422	111	2	of	of	ADP
fsr-3422	111	3	the	the	DET
fsr-3422	111	4	maximal	maximal	ADJ
fsr-3422	111	5	returns	return	NOUN
fsr-3422	111	6	of	of	ADP
fsr-3422	111	7	the	the	DET
fsr-3422	111	8	mutual	mutual	ADJ
fsr-3422	111	9	funds	fund	NOUN
fsr-3422	111	10	are	be	AUX
fsr-3422	111	11	higher	high	ADJ
fsr-3422	111	12	than	than	ADP
fsr-3422	111	13	those	those	PRON
fsr-3422	111	14	of	of	ADP
fsr-3422	111	15	etfs	etfs	NOUN
fsr-3422	111	16	.	.	PUNCT
fsr-3422	112	1	all	all	PRON
fsr-3422	112	2	of	of	ADP
fsr-3422	112	3	the	the	DET
fsr-3422	112	4	minimal	minimal	ADJ
fsr-3422	112	5	returns	return	NOUN
fsr-3422	112	6	of	of	ADP
fsr-3422	112	7	the	the	DET
fsr-3422	112	8	mutual	mutual	ADJ
fsr-3422	112	9	funds	fund	NOUN
fsr-3422	112	10	are	be	AUX
fsr-3422	112	11	lower	low	ADJ
fsr-3422	112	12	than	than	ADP
fsr-3422	112	13	those	those	PRON
fsr-3422	112	14	of	of	ADP
fsr-3422	112	15	the	the	DET
fsr-3422	112	16	etfs	etfs	NOUN
fsr-3422	112	17	except	except	SCONJ
fsr-3422	112	18	for	for	ADP
fsr-3422	112	19	financials	financial	NOUN
fsr-3422	112	20	.	.	PUNCT
fsr-3422	113	1	mutual	mutual	ADJ
fsr-3422	113	2	funds	fund	NOUN
fsr-3422	113	3	that	that	PRON
fsr-3422	113	4	are	be	AUX
fsr-3422	113	5	actively	actively	ADV
fsr-3422	113	6	managed	manage	VERB
fsr-3422	113	7	are	be	AUX
fsr-3422	113	8	more	more	ADV
fsr-3422	113	9	likely	likely	ADJ
fsr-3422	113	10	to	to	PART
fsr-3422	113	11	have	have	VERB
fsr-3422	113	12	more	more	ADJ
fsr-3422	113	13	risk	risk	NOUN
fsr-3422	113	14	and	and	CCONJ
fsr-3422	113	15	,	,	PUNCT
fsr-3422	113	16	thus	thus	ADV
fsr-3422	113	17	,	,	PUNCT
fsr-3422	113	18	have	have	VERB
fsr-3422	113	19	a	a	DET
fsr-3422	113	20	wider	wide	ADJ
fsr-3422	113	21	range	range	NOUN
fsr-3422	113	22	in	in	ADP
fsr-3422	113	23	returns	return	NOUN
fsr-3422	113	24	.	.	PUNCT
fsr-3422	114	1	sector	sector	NOUN
fsr-3422	114	2	mutual	mutual	ADJ
fsr-3422	114	3	funds	fund	NOUN
fsr-3422	114	4	also	also	ADV
fsr-3422	114	5	have	have	VERB
fsr-3422	114	6	a	a	DET
fsr-3422	114	7	higher	high	ADJ
fsr-3422	114	8	standard	standard	ADJ
fsr-3422	114	9	deviation	deviation	NOUN
fsr-3422	114	10	in	in	ADP
fsr-3422	114	11	eight	eight	NUM
fsr-3422	114	12	out	out	ADP
fsr-3422	114	13	of	of	ADP
fsr-3422	114	14	the	the	DET
fsr-3422	114	15	nine	nine	NUM
fsr-3422	114	16	sectors	sector	NOUN
fsr-3422	114	17	,	,	PUNCT
fsr-3422	114	18	which	which	PRON
fsr-3422	114	19	also	also	ADV
fsr-3422	114	20	shows	show	VERB
fsr-3422	114	21	that	that	SCONJ
fsr-3422	114	22	actively	actively	ADV
fsr-3422	114	23	managed	manage	VERB
fsr-3422	114	24	funds	fund	NOUN
fsr-3422	114	25	tend	tend	VERB
fsr-3422	114	26	to	to	PART
fsr-3422	114	27	be	be	AUX
fsr-3422	114	28	riskier	risky	ADJ
fsr-3422	114	29	than	than	ADP
fsr-3422	114	30	their	their	PRON
fsr-3422	114	31	counterparties	counterpartie	NOUN
fsr-3422	114	32	.	.	PUNCT
fsr-3422	115	1	fig	fig	NOUN
fsr-3422	115	2	.	.	PUNCT
fsr-3422	116	1	1	1	NUM
fsr-3422	116	2	provides	provide	VERB
fsr-3422	116	3	an	an	DET
fsr-3422	116	4	annual	annual	ADJ
fsr-3422	116	5	return	return	NOUN
fsr-3422	116	6	comparison	comparison	NOUN
fsr-3422	116	7	of	of	ADP
fsr-3422	116	8	equal	equal	ADJ
fsr-3422	116	9	-	-	PUNCT
fsr-3422	116	10	weighted	weight	VERB
fsr-3422	116	11	sector	sector	NOUN
fsr-3422	116	12	mutual	mutual	ADJ
fsr-3422	116	13	fund	fund	NOUN
fsr-3422	116	14	portfolios	portfolio	NOUN
fsr-3422	116	15	,	,	PUNCT
fsr-3422	116	16	their	their	PRON
fsr-3422	116	17	peer	peer	NOUN
fsr-3422	116	18	etfs	etfs	NOUN
fsr-3422	116	19	,	,	PUNCT
fsr-3422	116	20	and	and	CCONJ
fsr-3422	116	21	spy	spy	NOUN
fsr-3422	116	22	by	by	ADP
fsr-3422	116	23	sector	sector	NOUN
fsr-3422	116	24	/	/	SYM
fsr-3422	116	25	year	year	NOUN
fsr-3422	116	26	.	.	PUNCT
fsr-3422	117	1	y.	y.	PROPN
fsr-3422	117	2	fan	fan	PROPN
fsr-3422	117	3	,	,	PUNCT
fsr-3422	117	4	c.y	c.y	PROPN
fsr-3422	117	5	.	.	PROPN
fsr-3422	117	6	lin	lin	PROPN
fsr-3422	117	7	/	/	SYM
fsr-3422	117	8	financial	financial	ADJ
fsr-3422	117	9	services	service	NOUN
fsr-3422	117	10	review	review	VERB
fsr-3422	117	11	28	28	NUM
fsr-3422	117	12	(	(	PUNCT
fsr-3422	117	13	2020	2020	NUM
fsr-3422	117	14	)	)	PUNCT
fsr-3422	117	15	159–177	159–177	NUM
fsr-3422	117	16	163	163	NUM
fsr-3422	117	17	table	table	NOUN
fsr-3422	117	18	3	3	NUM
fsr-3422	117	19	reports	report	VERB
fsr-3422	117	20	10	10	NUM
fsr-3422	117	21	-	-	PUNCT
fsr-3422	117	22	year	year	NOUN
fsr-3422	117	23	holding	holding	NOUN
fsr-3422	117	24	period	period	NOUN
fsr-3422	117	25	returns	return	NOUN
fsr-3422	117	26	for	for	ADP
fsr-3422	117	27	equal	equal	ADV
fsr-3422	117	28	-	-	PUNCT
fsr-3422	117	29	weighted	weight	VERB
fsr-3422	117	30	sector	sector	NOUN
fsr-3422	117	31	mutual	mutual	ADJ
fsr-3422	117	32	fund	fund	NOUN
fsr-3422	117	33	portfolios	portfolio	NOUN
fsr-3422	117	34	,	,	PUNCT
fsr-3422	117	35	the	the	DET
fsr-3422	117	36	nine	nine	NUM
fsr-3422	117	37	sector	sector	NOUN
fsr-3422	117	38	etfs	etfs	NOUN
fsr-3422	117	39	,	,	PUNCT
fsr-3422	117	40	and	and	CCONJ
fsr-3422	117	41	the	the	DET
fsr-3422	117	42	spy	spy	NOUN
fsr-3422	117	43	.	.	PUNCT
fsr-3422	118	1	there	there	PRON
fsr-3422	118	2	are	be	VERB
fsr-3422	118	3	four	four	NUM
fsr-3422	118	4	mutual	mutual	ADJ
fsr-3422	118	5	fund	fund	NOUN
fsr-3422	118	6	sectors	sector	NOUN
fsr-3422	118	7	outperform	outperform	VERB
fsr-3422	118	8	their	their	PRON
fsr-3422	118	9	etf	etf	NOUN
fsr-3422	118	10	counterparties	counterpartie	NOUN
fsr-3422	118	11	:	:	PUNCT
fsr-3422	118	12	financials	financial	NOUN
fsr-3422	118	13	,	,	PUNCT
fsr-3422	118	14	industrials	industrial	NOUN
fsr-3422	118	15	,	,	PUNCT
fsr-3422	118	16	technology	technology	NOUN
fsr-3422	118	17	,	,	PUNCT
fsr-3422	118	18	and	and	CCONJ
fsr-3422	118	19	healthcare	healthcare	PROPN
fsr-3422	118	20	.	.	PUNCT
fsr-3422	119	1	the	the	DET
fsr-3422	119	2	return	return	NOUN
fsr-3422	119	3	spreads	spread	VERB
fsr-3422	119	4	over	over	ADP
fsr-3422	119	5	the	the	DET
fsr-3422	119	6	10	10	NUM
fsr-3422	119	7	-	-	PUNCT
fsr-3422	119	8	year	year	NOUN
fsr-3422	119	9	period	period	NOUN
fsr-3422	119	10	are	be	AUX
fsr-3422	119	11	62.2	62.2	NUM
fsr-3422	119	12	%	%	NOUN
fsr-3422	119	13	,	,	PUNCT
fsr-3422	119	14	33.9	33.9	NUM
fsr-3422	119	15	%	%	NOUN
fsr-3422	119	16	,	,	PUNCT
fsr-3422	119	17	12.6	12.6	NUM
fsr-3422	119	18	%	%	NOUN
fsr-3422	119	19	,	,	PUNCT
fsr-3422	119	20	and	and	CCONJ
fsr-3422	119	21	34.7	34.7	NUM
fsr-3422	119	22	%	%	NOUN
fsr-3422	119	23	,	,	PUNCT
fsr-3422	119	24	respectively	respectively	ADV
fsr-3422	119	25	.	.	PUNCT
fsr-3422	120	1	the	the	DET
fsr-3422	120	2	four	four	NUM
fsr-3422	120	3	outperforming	outperform	VERB
fsr-3422	120	4	sectors	sector	NOUN
fsr-3422	120	5	also	also	ADV
fsr-3422	120	6	have	have	VERB
fsr-3422	120	7	the	the	DET
fsr-3422	120	8	highest	high	ADJ
fsr-3422	120	9	percentage	percentage	NOUN
fsr-3422	120	10	of	of	ADP
fsr-3422	120	11	individual	individual	ADJ
fsr-3422	120	12	mutual	mutual	ADJ
fsr-3422	120	13	funds	fund	NOUN
fsr-3422	120	14	that	that	PRON
fsr-3422	120	15	beat	beat	VERB
fsr-3422	120	16	their	their	PRON
fsr-3422	120	17	sector	sector	NOUN
fsr-3422	120	18	etfs	etfs	NOUN
fsr-3422	120	19	:	:	PUNCT
fsr-3422	120	20	92.3	92.3	NUM
fsr-3422	120	21	%	%	NOUN
fsr-3422	120	22	,	,	PUNCT
fsr-3422	120	23	80.0	80.0	NUM
fsr-3422	120	24	%	%	NOUN
fsr-3422	120	25	,	,	PUNCT
fsr-3422	120	26	54.2	54.2	NUM
fsr-3422	120	27	%	%	NOUN
fsr-3422	120	28	,	,	PUNCT
fsr-3422	120	29	and	and	CCONJ
fsr-3422	120	30	50.0	50.0	NUM
fsr-3422	120	31	%	%	NOUN
fsr-3422	120	32	,	,	PUNCT
fsr-3422	120	33	respectively	respectively	ADV
fsr-3422	120	34	.	.	PUNCT
fsr-3422	121	1	the	the	DET
fsr-3422	121	2	other	other	ADJ
fsr-3422	121	3	five	five	NUM
fsr-3422	121	4	sector	sector	NOUN
fsr-3422	121	5	mutual	mutual	ADJ
fsr-3422	121	6	fund	fund	NOUN
fsr-3422	121	7	portfolios	portfolio	NOUN
fsr-3422	121	8	,	,	PUNCT
fsr-3422	121	9	however	however	ADV
fsr-3422	121	10	,	,	PUNCT
fsr-3422	121	11	lag	lag	PROPN
fsr-3422	121	12	.	.	PUNCT
fsr-3422	122	1	the	the	DET
fsr-3422	122	2	worst	bad	ADJ
fsr-3422	122	3	performer	performer	NOUN
fsr-3422	122	4	is	be	AUX
fsr-3422	122	5	the	the	DET
fsr-3422	122	6	energy	energy	NOUN
fsr-3422	122	7	mutual	mutual	ADJ
fsr-3422	122	8	fund	fund	NOUN
fsr-3422	122	9	portfolio	portfolio	NOUN
fsr-3422	122	10	,	,	PUNCT
fsr-3422	122	11	which	which	PRON
fsr-3422	122	12	generates	generate	VERB
fsr-3422	122	13	a	a	DET
fsr-3422	122	14	loss	loss	NOUN
fsr-3422	122	15	of	of	ADP
fsr-3422	122	16	16.5	16.5	NUM
fsr-3422	122	17	%	%	NOUN
fsr-3422	122	18	compared	compare	VERB
fsr-3422	122	19	with	with	ADP
fsr-3422	122	20	a	a	DET
fsr-3422	122	21	gain	gain	NOUN
fsr-3422	122	22	of	of	ADP
fsr-3422	122	23	12.8	12.8	NUM
fsr-3422	122	24	%	%	NOUN
fsr-3422	122	25	earned	earn	VERB
fsr-3422	122	26	by	by	ADP
fsr-3422	122	27	the	the	DET
fsr-3422	122	28	energy	energy	NOUN
fsr-3422	122	29	etf	etf	NOUN
fsr-3422	122	30	.	.	PUNCT
fsr-3422	123	1	only	only	ADV
fsr-3422	123	2	one	one	NUM
fsr-3422	123	3	out	out	ADP
fsr-3422	123	4	of	of	ADP
fsr-3422	123	5	the	the	DET
fsr-3422	123	6	nine	nine	NUM
fsr-3422	123	7	energy	energy	NOUN
fsr-3422	123	8	mutual	mutual	ADJ
fsr-3422	123	9	funds	fund	NOUN
fsr-3422	123	10	outperform	outperform	ADJ
fsr-3422	123	11	.	.	PUNCT
fsr-3422	124	1	none	none	NOUN
fsr-3422	124	2	of	of	ADP
fsr-3422	124	3	the	the	DET
fsr-3422	124	4	two	two	NUM
fsr-3422	124	5	consumer	consumer	NOUN
fsr-3422	124	6	staples	staple	NOUN
fsr-3422	124	7	funds	fund	NOUN
fsr-3422	124	8	outperforms	outperform	NOUN
fsr-3422	124	9	.	.	PUNCT
fsr-3422	125	1	the	the	DET
fsr-3422	125	2	average	average	ADJ
fsr-3422	125	3	return	return	NOUN
fsr-3422	125	4	of	of	ADP
fsr-3422	125	5	the	the	DET
fsr-3422	125	6	sector	sector	NOUN
fsr-3422	125	7	mutual	mutual	ADJ
fsr-3422	125	8	fund	fund	NOUN
fsr-3422	125	9	portfolios	portfolio	NOUN
fsr-3422	125	10	,	,	PUNCT
fsr-3422	125	11	124.3	124.3	NUM
fsr-3422	125	12	%	%	NOUN
fsr-3422	125	13	,	,	PUNCT
fsr-3422	125	14	is	be	AUX
fsr-3422	125	15	lower	low	ADJ
fsr-3422	125	16	than	than	ADP
fsr-3422	125	17	the	the	DET
fsr-3422	125	18	average	average	ADJ
fsr-3422	125	19	etf	etf	NOUN
fsr-3422	125	20	return	return	NOUN
fsr-3422	125	21	,	,	PUNCT
fsr-3422	125	22	125.6	125.6	NUM
fsr-3422	125	23	%	%	NOUN
fsr-3422	125	24	;	;	PUNCT
fsr-3422	125	25	a	a	DET
fsr-3422	125	26	p	p	NOUN
fsr-3422	125	27	-	-	PUNCT
fsr-3422	125	28	value	value	NOUN
fsr-3422	125	29	of	of	ADP
fsr-3422	125	30	0.928	0.928	NUM
fsr-3422	125	31	shows	show	VERB
fsr-3422	125	32	the	the	DET
fsr-3422	125	33	average	average	ADJ
fsr-3422	125	34	mutual	mutual	ADJ
fsr-3422	125	35	fund	fund	NOUN
fsr-3422	125	36	portfolio	portfolio	NOUN
fsr-3422	125	37	return	return	NOUN
fsr-3422	125	38	is	be	AUX
fsr-3422	125	39	not	not	PART
fsr-3422	125	40	statistically	statistically	ADV
fsr-3422	125	41	different	different	ADJ
fsr-3422	125	42	from	from	ADP
fsr-3422	125	43	the	the	DET
fsr-3422	125	44	average	average	ADJ
fsr-3422	125	45	etf	etf	NOUN
fsr-3422	125	46	return	return	NOUN
fsr-3422	125	47	.	.	PUNCT
fsr-3422	126	1	when	when	SCONJ
fsr-3422	126	2	using	use	VERB
fsr-3422	126	3	spy	spy	NOUN
fsr-3422	126	4	as	as	ADP
fsr-3422	126	5	the	the	DET
fsr-3422	126	6	benchmark	benchmark	NOUN
fsr-3422	126	7	,	,	PUNCT
fsr-3422	126	8	both	both	DET
fsr-3422	126	9	sector	sector	NOUN
fsr-3422	126	10	mutual	mutual	ADJ
fsr-3422	126	11	fund	fund	NOUN
fsr-3422	126	12	portfolios	portfolio	NOUN
fsr-3422	126	13	and	and	CCONJ
fsr-3422	126	14	etfs	etfs	NOUN
fsr-3422	126	15	outperform	outperform	NOUN
fsr-3422	126	16	in	in	ADP
fsr-3422	126	17	the	the	DET
fsr-3422	126	18	industrials	industrial	NOUN
fsr-3422	126	19	,	,	PUNCT
fsr-3422	126	20	technology	technology	NOUN
fsr-3422	126	21	,	,	PUNCT
fsr-3422	126	22	consumer	consumer	NOUN
fsr-3422	126	23	staples	staple	NOUN
fsr-3422	126	24	,	,	PUNCT
fsr-3422	126	25	healthcare	healthcare	NOUN
fsr-3422	126	26	,	,	PUNCT
fsr-3422	126	27	and	and	CCONJ
fsr-3422	126	28	consumer	consumer	NOUN
fsr-3422	126	29	discretionary	discretionary	ADJ
fsr-3422	126	30	sector	sector	NOUN
fsr-3422	126	31	.	.	PUNCT
fsr-3422	127	1	the	the	DET
fsr-3422	127	2	p	p	NOUN
fsr-3422	127	3	-	-	PUNCT
fsr-3422	127	4	values	value	NOUN
fsr-3422	127	5	show	show	VERB
fsr-3422	127	6	that	that	SCONJ
fsr-3422	127	7	neither	neither	CCONJ
fsr-3422	127	8	the	the	DET
fsr-3422	127	9	average	average	ADJ
fsr-3422	127	10	mutual	mutual	ADJ
fsr-3422	127	11	fund	fund	NOUN
fsr-3422	127	12	portfolio	portfolio	NOUN
fsr-3422	127	13	holding	hold	VERB
fsr-3422	127	14	period	period	NOUN
fsr-3422	127	15	return	return	NOUN
fsr-3422	127	16	nor	nor	CCONJ
fsr-3422	127	17	the	the	DET
fsr-3422	127	18	table	table	NOUN
fsr-3422	127	19	2	2	NUM
fsr-3422	127	20	fund	fund	NOUN
fsr-3422	127	21	annual	annual	ADJ
fsr-3422	127	22	return	return	NOUN
fsr-3422	127	23	statistics	statistic	NOUN
fsr-3422	127	24	,	,	PUNCT
fsr-3422	127	25	2008	2008	NUM
fsr-3422	127	26	-	-	SYM
fsr-3422	127	27	2017	2017	NUM
fsr-3422	127	28	panel	panel	NOUN
fsr-3422	127	29	a	a	PRON
fsr-3422	127	30	:	:	PUNCT
fsr-3422	127	31	mutual	mutual	ADJ
fsr-3422	127	32	fund	fund	NOUN
fsr-3422	127	33	statistics	statistic	NOUN
fsr-3422	127	34	sector	sector	NOUN
fsr-3422	127	35	no	no	INTJ
fsr-3422	127	36	.	.	PUNCT
fsr-3422	128	1	mf	mf	NOUN
fsr-3422	128	2	no	no	INTJ
fsr-3422	128	3	.	.	PUNCT
fsr-3422	129	1	mf	mf	PROPN
fsr-3422	129	2	family	family	NOUN
fsr-3422	129	3	annual	annual	ADJ
fsr-3422	129	4	return	return	NOUN
fsr-3422	129	5	mean	mean	NOUN
fsr-3422	129	6	sd	sd	ADP
fsr-3422	129	7	max	max	PROPN
fsr-3422	129	8	.	.	PUNCT
fsr-3422	130	1	min	min	PROPN
fsr-3422	130	2	.	.	PROPN
fsr-3422	130	3	materials	material	NOUN
fsr-3422	130	4	11	11	NUM
fsr-3422	130	5	8	8	NUM
fsr-3422	130	6	4.4	4.4	NUM
fsr-3422	130	7	%	%	NOUN
fsr-3422	130	8	30.0	30.0	NUM
fsr-3422	130	9	%	%	NOUN
fsr-3422	130	10	78.7	78.7	NUM
fsr-3422	130	11	%	%	NOUN
fsr-3422	130	12	�	�	NOUN
fsr-3422	130	13	61.4	61.4	NUM
fsr-3422	130	14	%	%	NOUN
fsr-3422	130	15	energy	energy	NOUN
fsr-3422	130	16	9	9	NUM
fsr-3422	130	17	4	4	NUM
fsr-3422	130	18	2.4	2.4	NUM
fsr-3422	130	19	%	%	NOUN
fsr-3422	130	20	29.5	29.5	NUM
fsr-3422	130	21	%	%	NOUN
fsr-3422	130	22	77.1	77.1	NUM
fsr-3422	130	23	%	%	NOUN
fsr-3422	130	24	�	�	NOUN
fsr-3422	130	25	63.2	63.2	NUM
fsr-3422	130	26	%	%	NOUN
fsr-3422	130	27	financials	financial	NOUN
fsr-3422	130	28	13	13	NUM
fsr-3422	130	29	6	6	NUM
fsr-3422	130	30	9.7	9.7	NUM
fsr-3422	130	31	%	%	NOUN
fsr-3422	130	32	22.7	22.7	NUM
fsr-3422	130	33	%	%	NOUN
fsr-3422	130	34	83.6	83.6	NUM
fsr-3422	130	35	%	%	NOUN
fsr-3422	130	36	�	�	PROPN
fsr-3422	130	37	49.9	49.9	NUM
fsr-3422	130	38	%	%	NOUN
fsr-3422	130	39	industrials	industrial	NOUN
fsr-3422	130	40	5	5	NUM
fsr-3422	130	41	1	1	NUM
fsr-3422	130	42	12.9	12.9	NUM
fsr-3422	130	43	%	%	NOUN
fsr-3422	130	44	22.6	22.6	NUM
fsr-3422	130	45	%	%	NOUN
fsr-3422	130	46	50.7	50.7	NUM
fsr-3422	130	47	%	%	NOUN
fsr-3422	130	48	�	�	NOUN
fsr-3422	130	49	40.2	40.2	NUM
fsr-3422	130	50	%	%	NOUN
fsr-3422	130	51	technology	technology	NOUN
fsr-3422	130	52	24	24	NUM
fsr-3422	130	53	15	15	NUM
fsr-3422	130	54	15.4	15.4	NUM
fsr-3422	130	55	%	%	NOUN
fsr-3422	130	56	29.2	29.2	NUM
fsr-3422	130	57	%	%	NOUN
fsr-3422	130	58	90.3	90.3	NUM
fsr-3422	130	59	%	%	NOUN
fsr-3422	130	60	�	�	NOUN
fsr-3422	130	61	57.3	57.3	NUM
fsr-3422	130	62	%	%	NOUN
fsr-3422	130	63	consumer	consumer	NOUN
fsr-3422	130	64	staples	staple	NOUN
fsr-3422	130	65	2	2	NUM
fsr-3422	130	66	2	2	NUM
fsr-3422	130	67	9.6	9.6	NUM
fsr-3422	130	68	%	%	NOUN
fsr-3422	130	69	12.9	12.9	NUM
fsr-3422	130	70	%	%	NOUN
fsr-3422	130	71	28.6	28.6	NUM
fsr-3422	130	72	%	%	NOUN
fsr-3422	130	73	�	�	NOUN
fsr-3422	130	74	23.3	23.3	NUM
fsr-3422	130	75	%	%	NOUN
fsr-3422	130	76	utilities	utility	NOUN
fsr-3422	130	77	9	9	NUM
fsr-3422	130	78	6	6	NUM
fsr-3422	130	79	6.7	6.7	NUM
fsr-3422	130	80	%	%	NOUN
fsr-3422	130	81	16.1	16.1	NUM
fsr-3422	130	82	%	%	NOUN
fsr-3422	130	83	32.9	32.9	NUM
fsr-3422	130	84	%	%	NOUN
fsr-3422	130	85	�	�	NOUN
fsr-3422	130	86	47.0	47.0	NUM
fsr-3422	130	87	%	%	NOUN
fsr-3422	130	88	healthcare	healthcare	NOUN
fsr-3422	130	89	18	18	NUM
fsr-3422	130	90	10	10	NUM
fsr-3422	130	91	13.7	13.7	NUM
fsr-3422	130	92	%	%	NOUN
fsr-3422	130	93	19.8	19.8	NUM
fsr-3422	130	94	%	%	NOUN
fsr-3422	130	95	68.6	68.6	NUM
fsr-3422	130	96	%	%	NOUN
fsr-3422	130	97	�	�	NOUN
fsr-3422	130	98	44.6	44.6	NUM
fsr-3422	130	99	%	%	NOUN
fsr-3422	130	100	consumer	consumer	NOUN
fsr-3422	130	101	discretionary	discretionary	ADJ
fsr-3422	130	102	4	4	NUM
fsr-3422	130	103	1	1	NUM
fsr-3422	130	104	15.4	15.4	NUM
fsr-3422	130	105	%	%	NOUN
fsr-3422	130	106	22.7	22.7	NUM
fsr-3422	130	107	%	%	NOUN
fsr-3422	130	108	57.8	57.8	NUM
fsr-3422	130	109	%	%	NOUN
fsr-3422	130	110	�	�	NOUN
fsr-3422	130	111	39.3	39.3	NUM
fsr-3422	130	112	%	%	NOUN
fsr-3422	130	113	total	total	NOUN
fsr-3422	130	114	95	95	NUM
fsr-3422	130	115	29	29	NUM
fsr-3422	130	116	panel	panel	NOUN
fsr-3422	130	117	b	b	NOUN
fsr-3422	130	118	:	:	PUNCT
fsr-3422	130	119	etf	etf	NOUN
fsr-3422	130	120	statistics	statistics	PROPN
fsr-3422	130	121	sector	sector	PROPN
fsr-3422	130	122	etf	etf	PROPN
fsr-3422	130	123	annual	annual	ADJ
fsr-3422	130	124	return	return	NOUN
fsr-3422	130	125	t	t	PROPN
fsr-3422	130	126	test	test	NOUN
fsr-3422	130	127	return	return	NOUN
fsr-3422	130	128	difference	difference	NOUN
fsr-3422	130	129	between	between	ADP
fsr-3422	130	130	mutual	mutual	ADJ
fsr-3422	130	131	funds	fund	NOUN
fsr-3422	130	132	and	and	CCONJ
fsr-3422	130	133	etfs	etfs	PROPN
fsr-3422	130	134	(	(	PUNCT
fsr-3422	130	135	p	p	NOUN
fsr-3422	130	136	-	-	PUNCT
fsr-3422	130	137	value	value	NOUN
fsr-3422	130	138	)	)	PUNCT
fsr-3422	130	139	mean	mean	NOUN
fsr-3422	130	140	sd	sd	ADP
fsr-3422	130	141	max	max	PROPN
fsr-3422	130	142	.	.	PUNCT
fsr-3422	131	1	min	min	PROPN
fsr-3422	131	2	.	.	PROPN
fsr-3422	131	3	materials	material	NOUN
fsr-3422	131	4	-	-	PUNCT
fsr-3422	131	5	xlb	xlb	PROPN
fsr-3422	131	6	9.4	9.4	NUM
fsr-3422	131	7	%	%	NOUN
fsr-3422	131	8	25.4	25.4	NUM
fsr-3422	131	9	%	%	NOUN
fsr-3422	131	10	48.2	48.2	NUM
fsr-3422	131	11	%	%	NOUN
fsr-3422	131	12	�	�	NOUN
fsr-3422	131	13	44.1	44.1	NUM
fsr-3422	131	14	%	%	NOUN
fsr-3422	131	15	0.189	0.189	PRON
fsr-3422	131	16	energy	energy	NOUN
fsr-3422	131	17	-	-	PUNCT
fsr-3422	131	18	xle	xle	NOUN
fsr-3422	131	19	3.6	3.6	NUM
fsr-3422	131	20	%	%	NOUN
fsr-3422	131	21	22.0	22.0	NUM
fsr-3422	131	22	%	%	NOUN
fsr-3422	131	23	28.0	28.0	NUM
fsr-3422	131	24	%	%	NOUN
fsr-3422	131	25	�	�	NOUN
fsr-3422	131	26	38.8	38.8	NUM
fsr-3422	131	27	%	%	NOUN
fsr-3422	131	28	0.737	0.737	NUM
fsr-3422	131	29	financials	financial	NOUN
fsr-3422	131	30	-	-	PUNCT
fsr-3422	131	31	xlf	xlf	PROPN
fsr-3422	131	32	7.9	7.9	NUM
fsr-3422	131	33	%	%	NOUN
fsr-3422	131	34	26.8	26.8	NUM
fsr-3422	131	35	%	%	NOUN
fsr-3422	131	36	35.5	35.5	NUM
fsr-3422	131	37	%	%	NOUN
fsr-3422	131	38	�	�	NOUN
fsr-3422	131	39	55.3	55.3	NUM
fsr-3422	131	40	%	%	NOUN
fsr-3422	131	41	0.484	0.484	NUM
fsr-3422	131	42	industrialsxli	industrialsxli	NOUN
fsr-3422	131	43	11.5	11.5	NUM
fsr-3422	131	44	%	%	NOUN
fsr-3422	131	45	22.1	22.1	NUM
fsr-3422	131	46	%	%	NOUN
fsr-3422	131	47	40.6	40.6	NUM
fsr-3422	131	48	%	%	NOUN
fsr-3422	131	49	�	�	PROPN
fsr-3422	131	50	38.9	38.9	NUM
fsr-3422	131	51	%	%	NOUN
fsr-3422	131	52	0.153	0.153	NUM
fsr-3422	131	53	technology	technology	NOUN
fsr-3422	131	54	-	-	PUNCT
fsr-3422	131	55	xlk	xlk	PROPN
fsr-3422	131	56	13.8	13.8	NUM
fsr-3422	131	57	%	%	NOUN
fsr-3422	131	58	24.2	24.2	NUM
fsr-3422	131	59	%	%	NOUN
fsr-3422	131	60	51.3	51.3	NUM
fsr-3422	131	61	%	%	NOUN
fsr-3422	131	62	�	�	NOUN
fsr-3422	131	63	41.4	41.4	NUM
fsr-3422	131	64	%	%	NOUN
fsr-3422	131	65	0.541	0.541	NUM
fsr-3422	131	66	consumer	consumer	NOUN
fsr-3422	131	67	staples	staple	NOUN
fsr-3422	131	68	-	-	PUNCT
fsr-3422	131	69	xlp	xlp	NOUN
fsr-3422	131	70	10.5	10.5	NUM
fsr-3422	131	71	%	%	NOUN
fsr-3422	131	72	10.6	10.6	NUM
fsr-3422	131	73	%	%	NOUN
fsr-3422	131	74	26.3	26.3	NUM
fsr-3422	131	75	%	%	NOUN
fsr-3422	131	76	�	�	PROPN
fsr-3422	131	77	15.0	15.0	NUM
fsr-3422	131	78	%	%	NOUN
fsr-3422	131	79	0.480	0.480	NUM
fsr-3422	131	80	utilities	utility	NOUN
fsr-3422	131	81	-	-	PUNCT
fsr-3422	131	82	xlu	xlu	NUM
fsr-3422	131	83	7.4	7.4	NUM
fsr-3422	131	84	%	%	NOUN
fsr-3422	131	85	15.9	15.9	NUM
fsr-3422	131	86	%	%	NOUN
fsr-3422	131	87	28.7	28.7	NUM
fsr-3422	131	88	%	%	NOUN
fsr-3422	131	89	�	�	NOUN
fsr-3422	131	90	29.1	29.1	NUM
fsr-3422	131	91	%	%	NOUN
fsr-3422	131	92	0.773	0.773	NUM
fsr-3422	131	93	healthcare	healthcare	PROPN
fsr-3422	131	94	-	-	PUNCT
fsr-3422	131	95	xlv	xlv	PROPN
fsr-3422	131	96	12.2	12.2	NUM
fsr-3422	131	97	%	%	NOUN
fsr-3422	131	98	17.6	17.6	NUM
fsr-3422	131	99	%	%	NOUN
fsr-3422	131	100	41.4	41.4	NUM
fsr-3422	131	101	%	%	NOUN
fsr-3422	131	102	�	�	NOUN
fsr-3422	131	103	23.2	23.2	NUM
fsr-3422	131	104	%	%	NOUN
fsr-3422	131	105	0.303	0.303	NUM
fsr-3422	131	106	consumer	consumer	NOUN
fsr-3422	131	107	discretionary	discretionary	ADJ
fsr-3422	131	108	-	-	PUNCT
fsr-3422	131	109	xly	xly	NOUN
fsr-3422	131	110	15.5	15.5	NUM
fsr-3422	131	111	%	%	NOUN
fsr-3422	131	112	21.8	21.8	NUM
fsr-3422	131	113	%	%	NOUN
fsr-3422	131	114	42.7	42.7	NUM
fsr-3422	131	115	%	%	NOUN
fsr-3422	131	116	�	�	NOUN
fsr-3422	131	117	33.5	33.5	NUM
fsr-3422	131	118	%	%	NOUN
fsr-3422	131	119	0.896	0.896	NUM
fsr-3422	131	120	spy	spy	NOUN
fsr-3422	131	121	10.3	10.3	NUM
fsr-3422	131	122	%	%	NOUN
fsr-3422	131	123	19.2	19.2	NUM
fsr-3422	131	124	%	%	NOUN
fsr-3422	131	125	32.3	32.3	NUM
fsr-3422	131	126	%	%	NOUN
fsr-3422	131	127	�	�	NOUN
fsr-3422	131	128	37.0	37.0	NUM
fsr-3422	131	129	%	%	NOUN
fsr-3422	131	130	note	note	NOUN
fsr-3422	131	131	:	:	PUNCT
fsr-3422	131	132	spy	spy	NOUN
fsr-3422	131	133	is	be	AUX
fsr-3422	131	134	the	the	DET
fsr-3422	131	135	spdr	spdr	NOUN
fsr-3422	131	136	s&p	s&p	PROPN
fsr-3422	131	137	500	500	NUM
fsr-3422	131	138	etf	etf	NOUN
fsr-3422	131	139	.	.	PROPN
fsr-3422	132	1	164	164	NUM
fsr-3422	132	2	y.	y.	PROPN
fsr-3422	132	3	fan	fan	PROPN
fsr-3422	132	4	,	,	PUNCT
fsr-3422	132	5	c.y	c.y	PROPN
fsr-3422	132	6	.	.	PROPN
fsr-3422	132	7	lin	lin	PROPN
fsr-3422	132	8	/	/	SYM
fsr-3422	132	9	financial	financial	ADJ
fsr-3422	132	10	services	service	NOUN
fsr-3422	132	11	review	review	VERB
fsr-3422	132	12	28	28	NUM
fsr-3422	132	13	(	(	PUNCT
fsr-3422	132	14	2020	2020	NUM
fsr-3422	132	15	)	)	PUNCT
fsr-3422	132	16	159–177	159–177	NUM
fsr-3422	132	17	fig	fig	NOUN
fsr-3422	132	18	.	.	PUNCT
fsr-3422	133	1	1	1	NUM
fsr-3422	133	2	.	.	X
fsr-3422	133	3	annual	annual	ADJ
fsr-3422	133	4	returns	return	NOUN
fsr-3422	133	5	for	for	ADP
fsr-3422	133	6	the	the	DET
fsr-3422	133	7	mutual	mutual	ADJ
fsr-3422	133	8	fund	fund	NOUN
fsr-3422	133	9	portfolios	portfolio	NOUN
fsr-3422	133	10	,	,	PUNCT
fsr-3422	133	11	etfs	etfs	NOUN
fsr-3422	133	12	,	,	PUNCT
fsr-3422	133	13	and	and	CCONJ
fsr-3422	133	14	spy	spy	NOUN
fsr-3422	133	15	2008–2017	2008–2017	NUM
fsr-3422	133	16	.	.	PUNCT
fsr-3422	134	1	y.	y.	PROPN
fsr-3422	134	2	fan	fan	PROPN
fsr-3422	134	3	,	,	PUNCT
fsr-3422	134	4	c.y	c.y	PROPN
fsr-3422	134	5	.	.	PROPN
fsr-3422	134	6	lin	lin	PROPN
fsr-3422	134	7	/	/	SYM
fsr-3422	134	8	financial	financial	ADJ
fsr-3422	134	9	services	service	NOUN
fsr-3422	134	10	review	review	VERB
fsr-3422	134	11	28	28	NUM
fsr-3422	134	12	(	(	PUNCT
fsr-3422	134	13	2020	2020	NUM
fsr-3422	134	14	)	)	PUNCT
fsr-3422	135	1	159–177	159–177	NUM
fsr-3422	135	2	165	165	NUM
fsr-3422	135	3	t	t	PROPN
fsr-3422	135	4	ab	ab	PROPN
fsr-3422	135	5	le	le	PROPN
fsr-3422	135	6	3	3	NUM
fsr-3422	135	7	1	1	NUM
fsr-3422	135	8	0	0	NUM
fsr-3422	135	9	-y	-y	NUM
fsr-3422	135	10	ea	ea	NOUN
fsr-3422	135	11	r	r	NOUN
fsr-3422	135	12	h	h	NOUN
fsr-3422	135	13	o	o	X
fsr-3422	135	14	ld	ld	NOUN
fsr-3422	135	15	in	in	ADP
fsr-3422	135	16	g	g	PROPN
fsr-3422	135	17	p	p	PROPN
fsr-3422	135	18	er	er	INTJ
fsr-3422	135	19	io	io	X
fsr-3422	135	20	d	d	X
fsr-3422	135	21	re	re	VERB
fsr-3422	135	22	tu	tu	PROPN
fsr-3422	135	23	rn	rn	PROPN
fsr-3422	135	24	(	(	PUNCT
fsr-3422	135	25	h	h	NOUN
fsr-3422	135	26	p	p	NOUN
fsr-3422	135	27	r	r	NOUN
fsr-3422	135	28	)	)	PUNCT
fsr-3422	135	29	co	co	VERB
fsr-3422	135	30	m	m	PROPN
fsr-3422	135	31	p	p	PROPN
fsr-3422	135	32	ar	ar	PROPN
fsr-3422	135	33	is	be	AUX
fsr-3422	135	34	o	o	PROPN
fsr-3422	135	35	n	n	PROPN
fsr-3422	135	36	s	s	PROPN
fsr-3422	135	37	,	,	PUNCT
fsr-3422	135	38	2	2	NUM
fsr-3422	135	39	0	0	NUM
fsr-3422	135	40	0	0	NUM
fsr-3422	135	41	8	8	NUM
fsr-3422	135	42	–	–	SYM
fsr-3422	135	43	2	2	NUM
fsr-3422	135	44	0	0	NUM
fsr-3422	135	45	1	1	NUM
fsr-3422	135	46	7	7	NUM
fsr-3422	135	47	s	s	PART
fsr-3422	135	48	ec	ec	NOUN
fsr-3422	135	49	to	to	ADP
fsr-3422	135	50	r	r	PROPN
fsr-3422	135	51	n	n	NUM
fsr-3422	135	52	o	o	NOUN
fsr-3422	135	53	.	.	PUNCT
fsr-3422	136	1	m	m	VERB
fsr-3422	137	1	f	f	X
fsr-3422	138	1	m	m	VERB
fsr-3422	138	2	f	f	NOUN
fsr-3422	139	1	p	p	X
fsr-3422	139	2	o	o	X
fsr-3422	139	3	rt	rt	INTJ
fsr-3422	139	4	fo	fo	INTJ
fsr-3422	139	5	li	li	PROPN
fsr-3422	140	1	o	o	NOUN
fsr-3422	140	2	h	h	NOUN
fsr-3422	140	3	p	p	NOUN
fsr-3422	140	4	r	r	NOUN
fsr-3422	140	5	s	s	PROPN
fsr-3422	140	6	e	e	NOUN
fsr-3422	140	7	t	t	NOUN
fsr-3422	140	8	f	f	PROPN
fsr-3422	140	9	h	h	NOUN
fsr-3422	141	1	p	p	NOUN
fsr-3422	141	2	r	r	NOUN
fsr-3422	141	3	s	s	NOUN
fsr-3422	141	4	m	m	NOUN
fsr-3422	141	5	f	f	PROPN
fsr-3422	141	6	b	b	PROPN
fsr-3422	141	7	ea	ea	X
fsr-3422	141	8	ts	ts	ADP
fsr-3422	141	9	e	e	PROPN
fsr-3422	141	10	f	f	PROPN
fsr-3422	141	11	t	t	PROPN
fsr-3422	141	12	n	n	ADV
fsr-3422	141	13	o	o	NOUN
fsr-3422	141	14	.	.	PUNCT
fsr-3422	142	1	o	o	X
fsr-3422	143	1	f	f	X
fsr-3422	144	1	m	m	VERB
fsr-3422	144	2	f	f	VERB
fsr-3422	145	1	w	w	NOUN
fsr-3422	145	2	it	it	PRON
fsr-3422	145	3	h	h	VERB
fsr-3422	146	1	a	a	DET
fsr-3422	146	2	h	h	NOUN
fsr-3422	147	1	ig	ig	INTJ
fsr-3422	148	1	h	h	NOUN
fsr-3422	149	1	er	er	INTJ
fsr-3422	149	2	h	h	NOUN
fsr-3422	149	3	p	p	NOUN
fsr-3422	149	4	r	r	X
fsr-3422	149	5	th	th	X
fsr-3422	149	6	an	an	DET
fsr-3422	149	7	e	e	NOUN
fsr-3422	149	8	t	t	NOUN
fsr-3422	150	1	f	f	PROPN
fsr-3422	150	2	m	m	PROPN
fsr-3422	150	3	f	f	PROPN
fsr-3422	150	4	b	b	PROPN
fsr-3422	150	5	ea	ea	X
fsr-3422	150	6	ts	ts	ADP
fsr-3422	150	7	s	s	PROPN
fsr-3422	150	8	p	p	X
fsr-3422	150	9	y	y	PROPN
fsr-3422	150	10	e	e	PROPN
fsr-3422	150	11	t	t	PROPN
fsr-3422	150	12	f	f	PROPN
fsr-3422	150	13	b	b	PROPN
fsr-3422	150	14	ea	ea	X
fsr-3422	150	15	ts	ts	ADP
fsr-3422	150	16	s	s	PROPN
fsr-3422	150	17	p	p	X
fsr-3422	150	18	y	y	PROPN
fsr-3422	150	19	m	m	VERB
fsr-3422	150	20	at	at	ADP
fsr-3422	150	21	er	er	INTJ
fsr-3422	150	22	ia	ia	NOUN
fsr-3422	150	23	ls	ls	ADJ
fsr-3422	150	24	1	1	NUM
fsr-3422	150	25	1	1	NUM
fsr-3422	150	26	1	1	NUM
fsr-3422	150	27	.0	.0	NUM
fsr-3422	150	28	%	%	NOUN
fsr-3422	150	29	8	8	NUM
fsr-3422	150	30	2	2	NUM
fsr-3422	150	31	.3	.3	NUM
fsr-3422	150	32	%	%	NOUN
fsr-3422	150	33	n	n	CCONJ
fsr-3422	150	34	o	o	NOUN
fsr-3422	150	35	2	2	NUM
fsr-3422	150	36	n	n	NUM
fsr-3422	150	37	o	o	NOUN
fsr-3422	150	38	n	n	X
fsr-3422	150	39	o	o	X
fsr-3422	150	40	e	e	NOUN
fsr-3422	150	41	n	n	CCONJ
fsr-3422	150	42	er	er	INTJ
fsr-3422	150	43	g	g	NOUN
fsr-3422	150	44	y	y	PROPN
fsr-3422	150	45	9	9	NUM
fsr-3422	150	46	�	�	NOUN
fsr-3422	150	47	1	1	NUM
fsr-3422	150	48	6	6	NUM
fsr-3422	150	49	.5	.5	NUM
fsr-3422	150	50	%	%	NOUN
fsr-3422	150	51	1	1	NUM
fsr-3422	150	52	2	2	NUM
fsr-3422	150	53	.8	.8	NUM
fsr-3422	150	54	%	%	NOUN
fsr-3422	151	1	n	n	CCONJ
fsr-3422	151	2	o	o	NOUN
fsr-3422	151	3	1	1	NUM
fsr-3422	151	4	n	n	NUM
fsr-3422	151	5	o	o	NOUN
fsr-3422	151	6	n	n	X
fsr-3422	151	7	o	o	X
fsr-3422	151	8	f	f	NOUN
fsr-3422	151	9	in	in	ADP
fsr-3422	151	10	an	an	DET
fsr-3422	151	11	ci	ci	NOUN
fsr-3422	151	12	al	al	PROPN
fsr-3422	151	13	s	s	PROPN
fsr-3422	151	14	1	1	NUM
fsr-3422	151	15	3	3	NUM
fsr-3422	151	16	1	1	NUM
fsr-3422	151	17	0	0	NUM
fsr-3422	151	18	5	5	NUM
fsr-3422	151	19	.7	.7	NUM
fsr-3422	151	20	%	%	NOUN
fsr-3422	152	1	4	4	NUM
fsr-3422	152	2	3	3	NUM
fsr-3422	152	3	.5	.5	NUM
fsr-3422	152	4	%	%	NOUN
fsr-3422	152	5	y	y	NOUN
fsr-3422	152	6	es	es	NOUN
fsr-3422	152	7	1	1	NUM
fsr-3422	152	8	2	2	NUM
fsr-3422	152	9	n	n	NUM
fsr-3422	152	10	o	o	NOUN
fsr-3422	152	11	n	n	X
fsr-3422	152	12	o	o	NOUN
fsr-3422	152	13	in	in	ADP
fsr-3422	152	14	d	d	PROPN
fsr-3422	152	15	u	u	PROPN
fsr-3422	152	16	st	st	PROPN
fsr-3422	152	17	ri	ri	PROPN
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fsr-3422	152	19	s	s	PROPN
fsr-3422	152	20	5	5	NUM
fsr-3422	152	21	1	1	NUM
fsr-3422	152	22	7	7	NUM
fsr-3422	152	23	3	3	NUM
fsr-3422	152	24	.1	.1	NUM
fsr-3422	152	25	%	%	NOUN
fsr-3422	152	26	1	1	NUM
fsr-3422	152	27	3	3	NUM
fsr-3422	152	28	9	9	NUM
fsr-3422	152	29	.2	.2	NUM
fsr-3422	152	30	%	%	NOUN
fsr-3422	153	1	y	y	NOUN
fsr-3422	153	2	es	es	ADP
fsr-3422	153	3	4	4	NUM
fsr-3422	153	4	y	y	NOUN
fsr-3422	153	5	es	es	ADP
fsr-3422	153	6	y	y	PROPN
fsr-3422	153	7	es	es	NOUN
fsr-3422	153	8	t	t	PROPN
fsr-3422	153	9	ec	ec	PROPN
fsr-3422	153	10	h	h	PROPN
fsr-3422	153	11	n	n	ADV
fsr-3422	153	12	o	o	NOUN
fsr-3422	154	1	lo	lo	NOUN
fsr-3422	154	2	g	g	NOUN
fsr-3422	154	3	y	y	PROPN
fsr-3422	154	4	2	2	NUM
fsr-3422	154	5	4	4	NUM
fsr-3422	154	6	1	1	NUM
fsr-3422	154	7	9	9	NUM
fsr-3422	154	8	5	5	NUM
fsr-3422	154	9	.7	.7	NUM
fsr-3422	154	10	%	%	NOUN
fsr-3422	154	11	1	1	NUM
fsr-3422	154	12	8	8	NUM
fsr-3422	154	13	3	3	NUM
fsr-3422	154	14	.1	.1	NUM
fsr-3422	154	15	%	%	NOUN
fsr-3422	154	16	y	y	NOUN
fsr-3422	154	17	es	es	VERB
fsr-3422	154	18	1	1	NUM
fsr-3422	154	19	3	3	NUM
fsr-3422	154	20	y	y	NOUN
fsr-3422	154	21	es	es	VERB
fsr-3422	154	22	y	y	PROPN
fsr-3422	154	23	es	es	X
fsr-3422	154	24	c	c	PROPN
fsr-3422	154	25	o	o	NOUN
fsr-3422	154	26	n	n	CCONJ
fsr-3422	154	27	su	su	PROPN
fsr-3422	154	28	m	m	PROPN
fsr-3422	154	29	er	er	INTJ
fsr-3422	154	30	st	st	PROPN
fsr-3422	154	31	ap	ap	PROPN
fsr-3422	154	32	le	le	PROPN
fsr-3422	154	33	s	s	PROPN
fsr-3422	154	34	2	2	NUM
fsr-3422	154	35	1	1	NUM
fsr-3422	154	36	3	3	NUM
fsr-3422	154	37	3	3	NUM
fsr-3422	154	38	.1	.1	NUM
fsr-3422	154	39	%	%	NOUN
fsr-3422	155	1	1	1	NUM
fsr-3422	155	2	5	5	NUM
fsr-3422	155	3	8	8	NUM
fsr-3422	155	4	.8	.8	NUM
fsr-3422	155	5	%	%	NOUN
fsr-3422	155	6	n	n	CCONJ
fsr-3422	155	7	o	o	NOUN
fsr-3422	155	8	0	0	PUNCT
fsr-3422	156	1	y	y	PROPN
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fsr-3422	156	3	y	y	PROPN
fsr-3422	156	4	es	es	X
fsr-3422	156	5	u	u	NOUN
fsr-3422	156	6	ti	ti	NOUN
fsr-3422	156	7	li	li	X
fsr-3422	156	8	ti	ti	NOUN
fsr-3422	156	9	es	es	NOUN
fsr-3422	156	10	9	9	NUM
fsr-3422	156	11	6	6	NUM
fsr-3422	156	12	9	9	NUM
fsr-3422	156	13	.2	.2	NUM
fsr-3422	156	14	%	%	NOUN
fsr-3422	156	15	8	8	NUM
fsr-3422	156	16	1	1	NUM
fsr-3422	156	17	.4	.4	NUM
fsr-3422	156	18	%	%	NOUN
fsr-3422	156	19	n	n	CCONJ
fsr-3422	156	20	o	o	NOUN
fsr-3422	156	21	1	1	NUM
fsr-3422	156	22	n	n	NUM
fsr-3422	156	23	o	o	NOUN
fsr-3422	156	24	n	n	ADP
fsr-3422	156	25	o	o	NOUN
fsr-3422	156	26	h	h	NOUN
fsr-3422	156	27	ea	ea	PROPN
fsr-3422	157	1	lt	lt	DET
fsr-3422	157	2	h	h	PROPN
fsr-3422	157	3	ca	can	AUX
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fsr-3422	157	5	1	1	NUM
fsr-3422	157	6	8	8	NUM
fsr-3422	157	7	2	2	NUM
fsr-3422	157	8	1	1	NUM
fsr-3422	157	9	4	4	NUM
fsr-3422	157	10	.9	.9	NUM
fsr-3422	157	11	%	%	NOUN
fsr-3422	157	12	1	1	NUM
fsr-3422	157	13	8	8	NUM
fsr-3422	157	14	0	0	NUM
fsr-3422	157	15	.2	.2	NUM
fsr-3422	157	16	%	%	NOUN
fsr-3422	158	1	y	y	NOUN
fsr-3422	158	2	es	e	VERB
fsr-3422	158	3	9	9	NUM
fsr-3422	158	4	y	y	NOUN
fsr-3422	158	5	es	es	X
fsr-3422	158	6	y	y	PROPN
fsr-3422	158	7	es	es	X
fsr-3422	158	8	c	c	PROPN
fsr-3422	158	9	o	o	NOUN
fsr-3422	158	10	n	n	CCONJ
fsr-3422	158	11	su	su	NOUN
fsr-3422	158	12	m	m	ADJ
fsr-3422	158	13	er	er	INTJ
fsr-3422	158	14	d	d	NOUN
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fsr-3422	158	17	et	et	PROPN
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fsr-3422	158	20	ar	ar	PROPN
fsr-3422	158	21	y	y	PROPN
fsr-3422	158	22	4	4	NUM
fsr-3422	158	23	2	2	NUM
fsr-3422	158	24	4	4	NUM
fsr-3422	158	25	2	2	NUM
fsr-3422	158	26	.2	.2	NUM
fsr-3422	158	27	%	%	NOUN
fsr-3422	158	28	2	2	NUM
fsr-3422	158	29	4	4	NUM
fsr-3422	159	1	9	9	NUM
fsr-3422	159	2	.1	.1	NUM
fsr-3422	159	3	%	%	NOUN
fsr-3422	159	4	n	n	CCONJ
fsr-3422	159	5	o	o	NOUN
fsr-3422	159	6	1	1	NUM
fsr-3422	159	7	y	y	PROPN
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fsr-3422	159	9	y	y	PROPN
fsr-3422	159	10	es	es	ADP
fsr-3422	159	11	a	a	DET
fsr-3422	159	12	v	v	INTJ
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fsr-3422	159	21	1	1	NUM
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fsr-3422	159	23	4	4	NUM
fsr-3422	159	24	.3	.3	NUM
fsr-3422	159	25	%	%	NOUN
fsr-3422	159	26	a	a	DET
fsr-3422	159	27	v	v	INTJ
fsr-3422	159	28	er	er	INTJ
fsr-3422	159	29	ag	ag	PROPN
fsr-3422	159	30	e	e	PROPN
fsr-3422	159	31	e	e	PROPN
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fsr-3422	159	34	h	h	NOUN
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fsr-3422	159	36	r	r	NOUN
fsr-3422	159	37	1	1	NUM
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fsr-3422	159	41	%	%	NOUN
fsr-3422	159	42	s	s	PART
fsr-3422	159	43	p	p	X
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fsr-3422	163	5	.4	.4	NUM
fsr-3422	163	6	%	%	NOUN
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fsr-3422	163	8	-v	-v	PUNCT
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fsr-3422	163	13	e	e	X
fsr-3422	163	14	av	av	PROPN
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fsr-3422	163	19	f	f	NOUN
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fsr-3422	163	22	r	r	NOUN
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fsr-3422	163	25	fe	fe	X
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fsr-3422	163	27	n	n	PROPN
fsr-3422	163	28	t	t	NOUN
fsr-3422	164	1	fr	fr	INTJ
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fsr-3422	164	13	h	h	NOUN
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fsr-3422	165	8	-v	-v	PUNCT
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fsr-3422	165	13	e	e	X
fsr-3422	165	14	av	av	PROPN
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fsr-3422	165	19	f	f	NOUN
fsr-3422	165	20	h	h	NOUN
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fsr-3422	165	22	r	r	NOUN
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fsr-3422	165	25	fe	fe	X
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fsr-3422	165	27	n	n	PROPN
fsr-3422	165	28	t	t	NOUN
fsr-3422	165	29	fr	fr	INTJ
fsr-3422	165	30	o	o	INTJ
fsr-3422	165	31	m	m	VERB
fsr-3422	165	32	s	s	PROPN
fsr-3422	165	33	p	p	X
fsr-3422	165	34	y	y	NOUN
fsr-3422	165	35	h	h	NOUN
fsr-3422	166	1	p	p	NOUN
fsr-3422	166	2	r	r	NOUN
fsr-3422	166	3	0	0	NUM
fsr-3422	166	4	.9	.9	NUM
fsr-3422	166	5	9	9	NUM
fsr-3422	166	6	7	7	NUM
fsr-3422	166	7	p	p	NOUN
fsr-3422	166	8	-v	-v	PUNCT
fsr-3422	166	9	al	al	PROPN
fsr-3422	166	10	u	u	PROPN
fsr-3422	166	11	e	e	X
fsr-3422	166	12	th	th	X
fsr-3422	166	13	e	e	X
fsr-3422	166	14	av	av	PROPN
fsr-3422	166	15	er	er	INTJ
fsr-3422	166	16	ag	ag	PROPN
fsr-3422	166	17	e	e	PROPN
fsr-3422	166	18	e	e	PROPN
fsr-3422	166	19	t	t	PROPN
fsr-3422	166	20	f	f	PROPN
fsr-3422	166	21	h	h	NOUN
fsr-3422	166	22	p	p	NOUN
fsr-3422	166	23	r	r	NOUN
fsr-3422	167	1	d	d	NOUN
fsr-3422	167	2	if	if	SCONJ
fsr-3422	167	3	fe	fe	X
fsr-3422	167	4	re	re	X
fsr-3422	167	5	n	n	PROPN
fsr-3422	167	6	t	t	NOUN
fsr-3422	167	7	fr	fr	INTJ
fsr-3422	168	1	o	o	INTJ
fsr-3422	168	2	m	m	VERB
fsr-3422	168	3	s	s	PROPN
fsr-3422	168	4	p	p	X
fsr-3422	168	5	y	y	NOUN
fsr-3422	168	6	h	h	NOUN
fsr-3422	169	1	p	p	NOUN
fsr-3422	169	2	r	r	NOUN
fsr-3422	169	3	0	0	NUM
fsr-3422	169	4	.9	.9	NUM
fsr-3422	169	5	6	6	NUM
fsr-3422	169	6	3	3	NUM
fsr-3422	169	7	n	n	NUM
fsr-3422	169	8	o	o	NOUN
fsr-3422	169	9	te	te	X
fsr-3422	169	10	:	:	PUNCT
fsr-3422	169	11	s	s	VERB
fsr-3422	169	12	p	p	X
fsr-3422	169	13	y	y	PROPN
fsr-3422	169	14	is	be	AUX
fsr-3422	169	15	th	th	X
fsr-3422	169	16	e	e	NOUN
fsr-3422	169	17	s	s	PROPN
fsr-3422	169	18	p	p	X
fsr-3422	169	19	d	d	X
fsr-3422	169	20	r	r	NOUN
fsr-3422	169	21	s	s	NOUN
fsr-3422	169	22	&	&	CCONJ
fsr-3422	169	23	p	p	NOUN
fsr-3422	170	1	5	5	NUM
fsr-3422	170	2	0	0	NUM
fsr-3422	170	3	0	0	NUM
fsr-3422	170	4	e	e	NOUN
fsr-3422	170	5	t	t	PROPN
fsr-3422	170	6	f	f	PROPN
fsr-3422	170	7	.	.	PUNCT
fsr-3422	171	1	166	166	NUM
fsr-3422	171	2	y.	y.	PROPN
fsr-3422	171	3	fan	fan	PROPN
fsr-3422	171	4	,	,	PUNCT
fsr-3422	171	5	c.y	c.y	PROPN
fsr-3422	171	6	.	.	PROPN
fsr-3422	171	7	lin	lin	PROPN
fsr-3422	171	8	/	/	SYM
fsr-3422	171	9	financial	financial	ADJ
fsr-3422	171	10	services	service	NOUN
fsr-3422	171	11	review	review	VERB
fsr-3422	171	12	28	28	NUM
fsr-3422	171	13	(	(	PUNCT
fsr-3422	171	14	2020	2020	NUM
fsr-3422	171	15	)	)	PUNCT
fsr-3422	172	1	159–177	159–177	NUM
fsr-3422	172	2	average	average	ADJ
fsr-3422	172	3	etf	etf	NOUN
fsr-3422	172	4	holding	holding	NOUN
fsr-3422	172	5	period	period	NOUN
fsr-3422	172	6	return	return	NOUN
fsr-3422	172	7	is	be	AUX
fsr-3422	172	8	statistically	statistically	ADV
fsr-3422	172	9	different	different	ADJ
fsr-3422	172	10	from	from	ADP
fsr-3422	172	11	the	the	DET
fsr-3422	172	12	spy	spy	NOUN
fsr-3422	172	13	holding	hold	VERB
fsr-3422	172	14	period	period	NOUN
fsr-3422	172	15	return	return	NOUN
fsr-3422	172	16	,	,	PUNCT
fsr-3422	172	17	which	which	PRON
fsr-3422	172	18	is	be	AUX
fsr-3422	172	19	124.4	124.4	NUM
fsr-3422	172	20	%	%	NOUN
fsr-3422	172	21	during	during	ADP
fsr-3422	172	22	the	the	DET
fsr-3422	172	23	sample	sample	NOUN
fsr-3422	172	24	period	period	NOUN
fsr-3422	172	25	.	.	PUNCT
fsr-3422	173	1	results	result	NOUN
fsr-3422	173	2	from	from	ADP
fsr-3422	173	3	tables	table	NOUN
fsr-3422	173	4	2	2	NUM
fsr-3422	173	5	and	and	CCONJ
fsr-3422	173	6	3	3	NUM
fsr-3422	173	7	indicate	indicate	VERB
fsr-3422	173	8	that	that	SCONJ
fsr-3422	173	9	in	in	ADP
fsr-3422	173	10	some	some	DET
fsr-3422	173	11	sectors	sector	NOUN
fsr-3422	173	12	,	,	PUNCT
fsr-3422	173	13	especially	especially	ADV
fsr-3422	173	14	in	in	ADP
fsr-3422	173	15	industrials	industrial	NOUN
fsr-3422	173	16	,	,	PUNCT
fsr-3422	173	17	technology	technology	NOUN
fsr-3422	173	18	,	,	PUNCT
fsr-3422	173	19	and	and	CCONJ
fsr-3422	173	20	healthcare	healthcare	NOUN
fsr-3422	173	21	,	,	PUNCT
fsr-3422	173	22	sector	sector	NOUN
fsr-3422	173	23	mutual	mutual	ADJ
fsr-3422	173	24	funds	fund	NOUN
fsr-3422	173	25	generate	generate	VERB
fsr-3422	173	26	superior	superior	ADJ
fsr-3422	173	27	raw	raw	ADJ
fsr-3422	173	28	returns	return	NOUN
fsr-3422	173	29	during	during	ADP
fsr-3422	173	30	the	the	DET
fsr-3422	173	31	sample	sample	NOUN
fsr-3422	173	32	period	period	NOUN
fsr-3422	173	33	compared	compare	VERB
fsr-3422	173	34	with	with	ADP
fsr-3422	173	35	both	both	CCONJ
fsr-3422	173	36	the	the	DET
fsr-3422	173	37	sector	sector	NOUN
fsr-3422	173	38	etfs	etfs	NOUN
fsr-3422	173	39	and	and	CCONJ
fsr-3422	173	40	the	the	DET
fsr-3422	173	41	spy	spy	NOUN
fsr-3422	173	42	.	.	PUNCT
fsr-3422	174	1	does	do	AUX
fsr-3422	174	2	the	the	DET
fsr-3422	174	3	mutual	mutual	ADJ
fsr-3422	174	4	fund	fund	NOUN
fsr-3422	174	5	’s	’s	PART
fsr-3422	174	6	risk	risk	NOUN
fsr-3422	174	7	adjusted	adjust	VERB
fsr-3422	174	8	performance	performance	NOUN
fsr-3422	174	9	differ	differ	VERB
fsr-3422	174	10	from	from	ADP
fsr-3422	174	11	that	that	PRON
fsr-3422	174	12	of	of	ADP
fsr-3422	174	13	their	their	PRON
fsr-3422	174	14	peer	peer	NOUN
fsr-3422	174	15	etf	etf	NOUN
fsr-3422	174	16	?	?	PUNCT
fsr-3422	174	17	table	table	NOUN
fsr-3422	174	18	4	4	NUM
fsr-3422	174	19	provides	provide	VERB
fsr-3422	174	20	comparisons	comparison	NOUN
fsr-3422	174	21	on	on	ADP
fsr-3422	174	22	both	both	PRON
fsr-3422	174	23	sharpe	sharpe	PROPN
fsr-3422	174	24	ratios	ratio	NOUN
fsr-3422	174	25	and	and	CCONJ
fsr-3422	174	26	information	information	NOUN
fsr-3422	174	27	ratios	ratio	NOUN
fsr-3422	174	28	.	.	PUNCT
fsr-3422	175	1	during	during	ADP
fsr-3422	175	2	the	the	DET
fsr-3422	175	3	sample	sample	NOUN
fsr-3422	175	4	period	period	NOUN
fsr-3422	175	5	,	,	PUNCT
fsr-3422	175	6	financials	financial	NOUN
fsr-3422	175	7	,	,	PUNCT
fsr-3422	175	8	industrials	industrial	NOUN
fsr-3422	175	9	,	,	PUNCT
fsr-3422	175	10	and	and	CCONJ
fsr-3422	175	11	healthcare	healthcare	PROPN
fsr-3422	175	12	mutual	mutual	ADJ
fsr-3422	175	13	fund	fund	NOUN
fsr-3422	175	14	portfolios	portfolio	NOUN
fsr-3422	175	15	generate	generate	VERB
fsr-3422	175	16	a	a	DET
fsr-3422	175	17	higher	high	ADJ
fsr-3422	175	18	sharpe	sharpe	NOUN
fsr-3422	175	19	ratio	ratio	NOUN
fsr-3422	175	20	than	than	ADP
fsr-3422	175	21	their	their	PRON
fsr-3422	175	22	etf	etf	NOUN
fsr-3422	175	23	counterparties	counterpartie	NOUN
fsr-3422	175	24	,	,	PUNCT
fsr-3422	175	25	with	with	ADP
fsr-3422	175	26	92.3	92.3	NUM
fsr-3422	175	27	%	%	NOUN
fsr-3422	175	28	,	,	PUNCT
fsr-3422	175	29	60.0	60.0	NUM
fsr-3422	175	30	%	%	NOUN
fsr-3422	175	31	,	,	PUNCT
fsr-3422	175	32	and	and	CCONJ
fsr-3422	175	33	50.0	50.0	NUM
fsr-3422	175	34	%	%	NOUN
fsr-3422	175	35	of	of	ADP
fsr-3422	175	36	individual	individual	ADJ
fsr-3422	175	37	mutual	mutual	ADJ
fsr-3422	175	38	funds	fund	NOUN
fsr-3422	175	39	outperform	outperform	ADJ
fsr-3422	175	40	,	,	PUNCT
fsr-3422	175	41	respectively	respectively	ADV
fsr-3422	175	42	.	.	PUNCT
fsr-3422	176	1	panel	panel	PROPN
fsr-3422	176	2	b	b	PROPN
fsr-3422	176	3	of	of	ADP
fsr-3422	176	4	table	table	NOUN
fsr-3422	176	5	4	4	NUM
fsr-3422	176	6	shows	show	VERB
fsr-3422	176	7	that	that	SCONJ
fsr-3422	176	8	in	in	ADP
fsr-3422	176	9	four	four	NUM
fsr-3422	176	10	sectors	sector	NOUN
fsr-3422	176	11	both	both	PRON
fsr-3422	176	12	mutual	mutual	ADJ
fsr-3422	176	13	fund	fund	NOUN
fsr-3422	176	14	portfolio	portfolio	NOUN
fsr-3422	176	15	and	and	CCONJ
fsr-3422	176	16	etfs	etfs	PROPN
fsr-3422	176	17	report	report	VERB
fsr-3422	176	18	a	a	DET
fsr-3422	176	19	positive	positive	ADJ
fsr-3422	176	20	information	information	NOUN
fsr-3422	176	21	ratio	ratio	NOUN
fsr-3422	176	22	against	against	ADP
fsr-3422	176	23	spy	spy	NOUN
fsr-3422	176	24	:	:	PUNCT
fsr-3422	176	25	industrials	industrial	NOUN
fsr-3422	176	26	,	,	PUNCT
fsr-3422	176	27	technology	technology	NOUN
fsr-3422	176	28	,	,	PUNCT
fsr-3422	176	29	healthcare	healthcare	PROPN
fsr-3422	176	30	,	,	PUNCT
fsr-3422	176	31	and	and	CCONJ
fsr-3422	176	32	consumer	consumer	NOUN
fsr-3422	176	33	discretionary	discretionary	NOUN
fsr-3422	176	34	.	.	PUNCT
fsr-3422	177	1	among	among	ADP
fsr-3422	177	2	the	the	DET
fsr-3422	177	3	four	four	NUM
fsr-3422	177	4	sectors	sector	NOUN
fsr-3422	177	5	,	,	PUNCT
fsr-3422	177	6	industrials	industrial	NOUN
fsr-3422	177	7	and	and	CCONJ
fsr-3422	177	8	healthcare	healthcare	NOUN
fsr-3422	177	9	have	have	VERB
fsr-3422	177	10	a	a	DET
fsr-3422	177	11	higher	high	ADJ
fsr-3422	177	12	information	information	NOUN
fsr-3422	177	13	ratio	ratio	NOUN
fsr-3422	177	14	against	against	ADP
fsr-3422	177	15	spy	spy	NOUN
fsr-3422	177	16	than	than	ADP
fsr-3422	177	17	the	the	DET
fsr-3422	177	18	etf	etf	NOUN
fsr-3422	177	19	counterparts	counterpart	NOUN
fsr-3422	177	20	,	,	PUNCT
fsr-3422	177	21	while	while	SCONJ
fsr-3422	177	22	technology	technology	NOUN
fsr-3422	177	23	and	and	CCONJ
fsr-3422	177	24	consumer	consumer	NOUN
fsr-3422	177	25	discretionary	discretionary	ADJ
fsr-3422	177	26	present	present	NOUN
fsr-3422	177	27	a	a	DET
fsr-3422	177	28	lower	low	ADJ
fsr-3422	177	29	information	information	NOUN
fsr-3422	177	30	ratio	ratio	NOUN
fsr-3422	177	31	.	.	PUNCT
fsr-3422	178	1	it	it	PRON
fsr-3422	178	2	is	be	AUX
fsr-3422	178	3	noticeable	noticeable	ADJ
fsr-3422	178	4	that	that	SCONJ
fsr-3422	178	5	all	all	DET
fsr-3422	178	6	the	the	DET
fsr-3422	178	7	ratios	ratio	NOUN
fsr-3422	178	8	are	be	AUX
fsr-3422	178	9	less	less	ADJ
fsr-3422	178	10	than	than	ADP
fsr-3422	178	11	1	1	NUM
fsr-3422	178	12	,	,	PUNCT
fsr-3422	178	13	with	with	ADP
fsr-3422	178	14	the	the	DET
fsr-3422	178	15	highest	high	ADJ
fsr-3422	178	16	0.771	0.771	NUM
fsr-3422	178	17	from	from	ADP
fsr-3422	178	18	the	the	DET
fsr-3422	178	19	consumer	consumer	NOUN
fsr-3422	178	20	discretionary	discretionary	ADJ
fsr-3422	178	21	etf	etf	NOUN
fsr-3422	178	22	against	against	ADP
fsr-3422	178	23	spy	spy	NOUN
fsr-3422	178	24	.	.	PUNCT
fsr-3422	179	1	when	when	SCONJ
fsr-3422	179	2	peer	peer	NOUN
fsr-3422	179	3	etf	etf	NOUN
fsr-3422	179	4	is	be	AUX
fsr-3422	179	5	used	use	VERB
fsr-3422	179	6	as	as	ADP
fsr-3422	179	7	the	the	DET
fsr-3422	179	8	benchmark	benchmark	NOUN
fsr-3422	179	9	,	,	PUNCT
fsr-3422	179	10	mutual	mutual	ADJ
fsr-3422	179	11	fund	fund	NOUN
fsr-3422	179	12	portfolios	portfolio	NOUN
fsr-3422	179	13	in	in	ADP
fsr-3422	179	14	financials	financial	NOUN
fsr-3422	179	15	,	,	PUNCT
fsr-3422	179	16	industrials	industrial	NOUN
fsr-3422	179	17	,	,	PUNCT
fsr-3422	179	18	technology	technology	NOUN
fsr-3422	179	19	,	,	PUNCT
fsr-3422	179	20	and	and	CCONJ
fsr-3422	179	21	healthcare	healthcare	NOUN
fsr-3422	179	22	sectors	sector	NOUN
fsr-3422	179	23	generate	generate	VERB
fsr-3422	179	24	positive	positive	ADJ
fsr-3422	179	25	information	information	NOUN
fsr-3422	179	26	ratios	ratio	NOUN
fsr-3422	179	27	.	.	PUNCT
fsr-3422	180	1	however	however	ADV
fsr-3422	180	2	,	,	PUNCT
fsr-3422	180	3	the	the	DET
fsr-3422	180	4	ratios	ratio	NOUN
fsr-3422	180	5	are	be	AUX
fsr-3422	180	6	all	all	ADV
fsr-3422	180	7	lower	low	ADJ
fsr-3422	180	8	than	than	ADP
fsr-3422	180	9	0.5	0.5	NUM
fsr-3422	180	10	.	.	PUNCT
fsr-3422	181	1	one	one	NUM
fsr-3422	181	2	mutual	mutual	ADJ
fsr-3422	181	3	fund	fund	NOUN
fsr-3422	181	4	portfolio	portfolio	NOUN
fsr-3422	181	5	,	,	PUNCT
fsr-3422	181	6	consumer	consumer	NOUN
fsr-3422	181	7	discretionary	discretionary	NOUN
fsr-3422	181	8	,	,	PUNCT
fsr-3422	181	9	which	which	PRON
fsr-3422	181	10	generates	generate	VERB
fsr-3422	181	11	a	a	DET
fsr-3422	181	12	positive	positive	ADJ
fsr-3422	181	13	information	information	NOUN
fsr-3422	181	14	ratio	ratio	NOUN
fsr-3422	181	15	against	against	ADP
fsr-3422	181	16	spy	spy	NOUN
fsr-3422	181	17	,	,	PUNCT
fsr-3422	181	18	fails	fail	VERB
fsr-3422	181	19	to	to	PART
fsr-3422	181	20	do	do	VERB
fsr-3422	181	21	so	so	ADV
fsr-3422	181	22	when	when	SCONJ
fsr-3422	181	23	compared	compare	VERB
fsr-3422	181	24	with	with	ADP
fsr-3422	181	25	its	its	PRON
fsr-3422	181	26	peer	peer	NOUN
fsr-3422	181	27	etf	etf	NOUN
fsr-3422	181	28	.	.	PUNCT
fsr-3422	182	1	in	in	ADP
fsr-3422	182	2	addition	addition	NOUN
fsr-3422	182	3	to	to	ADP
fsr-3422	182	4	risk	risk	NOUN
fsr-3422	182	5	-	-	PUNCT
fsr-3422	182	6	adjusted	adjust	VERB
fsr-3422	182	7	return	return	NOUN
fsr-3422	182	8	measures	measure	NOUN
fsr-3422	182	9	such	such	ADJ
fsr-3422	182	10	as	as	ADP
fsr-3422	182	11	sharpe	sharpe	PROPN
fsr-3422	182	12	ratio	ratio	NOUN
fsr-3422	182	13	and	and	CCONJ
fsr-3422	182	14	information	information	NOUN
fsr-3422	182	15	ratio	ratio	NOUN
fsr-3422	182	16	,	,	PUNCT
fsr-3422	182	17	we	we	PRON
fsr-3422	182	18	also	also	ADV
fsr-3422	182	19	run	run	VERB
fsr-3422	182	20	regressions	regression	NOUN
fsr-3422	182	21	based	base	VERB
fsr-3422	182	22	on	on	ADP
fsr-3422	182	23	factor	factor	NOUN
fsr-3422	182	24	models	model	NOUN
fsr-3422	182	25	.	.	PUNCT
fsr-3422	183	1	one	one	NUM
fsr-3422	183	2	-	-	PUNCT
fsr-3422	183	3	factor	factor	NOUN
fsr-3422	183	4	,	,	PUNCT
fsr-3422	183	5	three	three	NUM
fsr-3422	183	6	-	-	PUNCT
fsr-3422	183	7	factor	factor	NOUN
fsr-3422	183	8	,	,	PUNCT
fsr-3422	183	9	and	and	CCONJ
fsr-3422	183	10	four	four	NUM
fsr-3422	183	11	-	-	PUNCT
fsr-3422	183	12	factor	factor	NOUN
fsr-3422	183	13	models	model	NOUN
fsr-3422	183	14	are	be	AUX
fsr-3422	183	15	utilized	utilize	VERB
fsr-3422	183	16	with	with	ADP
fsr-3422	183	17	commonly	commonly	ADV
fsr-3422	183	18	used	use	VERB
fsr-3422	183	19	market	market	NOUN
fsr-3422	183	20	,	,	PUNCT
fsr-3422	183	21	small	small	ADJ
fsr-3422	183	22	/	/	SYM
fsr-3422	183	23	large	large	ADJ
fsr-3422	183	24	size	size	NOUN
fsr-3422	183	25	,	,	PUNCT
fsr-3422	183	26	value	value	NOUN
fsr-3422	183	27	/	/	SYM
fsr-3422	183	28	growth	growth	NOUN
fsr-3422	183	29	,	,	PUNCT
fsr-3422	183	30	and	and	CCONJ
fsr-3422	183	31	momentum	momentum	NOUN
fsr-3422	183	32	as	as	ADP
fsr-3422	183	33	regression	regression	NOUN
fsr-3422	183	34	factors	factor	NOUN
fsr-3422	183	35	.	.	PUNCT
fsr-3422	184	1	according	accord	VERB
fsr-3422	184	2	to	to	ADP
fsr-3422	184	3	bogle	bogle	PROPN
fsr-3422	184	4	(	(	PUNCT
fsr-3422	184	5	2015	2015	NUM
fsr-3422	184	6	)	)	PUNCT
fsr-3422	184	7	,	,	PUNCT
fsr-3422	184	8	one	one	NUM
fsr-3422	184	9	of	of	ADP
fsr-3422	184	10	the	the	DET
fsr-3422	184	11	situations	situation	NOUN
fsr-3422	184	12	when	when	SCONJ
fsr-3422	184	13	passive	passive	ADJ
fsr-3422	184	14	investing	investing	NOUN
fsr-3422	184	15	could	could	AUX
fsr-3422	184	16	go	go	VERB
fsr-3422	184	17	wrong	wrong	ADJ
fsr-3422	184	18	is	be	AUX
fsr-3422	184	19	when	when	SCONJ
fsr-3422	184	20	“	"	PUNCT
fsr-3422	184	21	subsets	subset	NOUN
fsr-3422	184	22	of	of	ADP
fsr-3422	184	23	the	the	DET
fsr-3422	184	24	equity	equity	NOUN
fsr-3422	184	25	market	market	NOUN
fsr-3422	184	26	provide	provide	VERB
fsr-3422	184	27	different	different	ADJ
fsr-3422	184	28	results	result	NOUN
fsr-3422	184	29	from	from	ADP
fsr-3422	184	30	the	the	DET
fsr-3422	184	31	market	market	NOUN
fsr-3422	184	32	as	as	ADP
fsr-3422	184	33	a	a	DET
fsr-3422	184	34	whole	whole	NOUN
fsr-3422	184	35	.	.	PUNCT
fsr-3422	184	36	”	"	PUNCT
fsr-3422	185	1	simply	simply	ADV
fsr-3422	185	2	to	to	PART
fsr-3422	185	3	say	say	VERB
fsr-3422	185	4	,	,	PUNCT
fsr-3422	185	5	this	this	PRON
fsr-3422	185	6	is	be	AUX
fsr-3422	185	7	a	a	DET
fsr-3422	185	8	benchmark	benchmark	ADJ
fsr-3422	185	9	selection	selection	NOUN
fsr-3422	185	10	problem	problem	NOUN
fsr-3422	185	11	.	.	PUNCT
fsr-3422	186	1	we	we	PRON
fsr-3422	186	2	address	address	VERB
fsr-3422	186	3	this	this	DET
fsr-3422	186	4	issue	issue	NOUN
fsr-3422	186	5	by	by	ADP
fsr-3422	186	6	investigating	investigate	VERB
fsr-3422	186	7	sector	sector	NOUN
fsr-3422	186	8	equity	equity	NOUN
fsr-3422	186	9	mutual	mutual	ADJ
fsr-3422	186	10	fund	fund	PROPN
fsr-3422	186	11	’s	’s	PART
fsr-3422	186	12	performance	performance	NOUN
fsr-3422	186	13	with	with	ADP
fsr-3422	186	14	two	two	NUM
fsr-3422	186	15	different	different	ADJ
fsr-3422	186	16	sets	set	NOUN
fsr-3422	186	17	of	of	ADP
fsr-3422	186	18	benchmarks	benchmark	NOUN
fsr-3422	186	19	:	:	PUNCT
fsr-3422	186	20	broad	broad	ADJ
fsr-3422	186	21	market	market	NOUN
fsr-3422	186	22	index	index	NOUN
fsr-3422	186	23	etf	etf	NOUN
fsr-3422	186	24	,	,	PUNCT
fsr-3422	186	25	spy	spy	NOUN
fsr-3422	186	26	,	,	PUNCT
fsr-3422	186	27	and	and	CCONJ
fsr-3422	186	28	sector	sector	NOUN
fsr-3422	186	29	equity	equity	NOUN
fsr-3422	186	30	etfs	etfs	PROPN
fsr-3422	186	31	.	.	PUNCT
fsr-3422	187	1	that	that	PRON
fsr-3422	187	2	is	is	ADV
fsr-3422	187	3	,	,	PUNCT
fsr-3422	187	4	either	either	CCONJ
fsr-3422	187	5	spy	spy	NOUN
fsr-3422	187	6	or	or	CCONJ
fsr-3422	187	7	a	a	DET
fsr-3422	187	8	sector	sector	NOUN
fsr-3422	187	9	etf	etf	NOUN
fsr-3422	187	10	is	be	AUX
fsr-3422	187	11	used	use	VERB
fsr-3422	187	12	as	as	ADP
fsr-3422	187	13	the	the	DET
fsr-3422	187	14	market	market	NOUN
fsr-3422	187	15	portfolio	portfolio	NOUN
fsr-3422	187	16	in	in	ADP
fsr-3422	187	17	the	the	DET
fsr-3422	187	18	factor	factor	NOUN
fsr-3422	187	19	models	model	NOUN
fsr-3422	187	20	.	.	PUNCT
fsr-3422	188	1	table	table	NOUN
fsr-3422	188	2	5	5	NUM
fsr-3422	188	3	presents	present	NOUN
fsr-3422	188	4	results	result	NOUN
fsr-3422	188	5	from	from	ADP
fsr-3422	188	6	three	three	NUM
fsr-3422	188	7	different	different	ADJ
fsr-3422	188	8	factor	factor	NOUN
fsr-3422	188	9	models	model	NOUN
fsr-3422	188	10	with	with	ADP
fsr-3422	188	11	spy	spy	NOUN
fsr-3422	188	12	as	as	ADP
fsr-3422	188	13	the	the	DET
fsr-3422	188	14	market	market	NOUN
fsr-3422	188	15	portfolio	portfolio	NOUN
fsr-3422	188	16	.	.	PUNCT
fsr-3422	189	1	alpha	alpha	PROPN
fsr-3422	189	2	estimate	estimate	NOUN
fsr-3422	189	3	,	,	PUNCT
fsr-3422	189	4	p	p	NOUN
fsr-3422	189	5	-	-	PUNCT
fsr-3422	189	6	value	value	NOUN
fsr-3422	189	7	for	for	ADP
fsr-3422	189	8	alpha	alpha	ADJ
fsr-3422	189	9	estimate	estimate	NOUN
fsr-3422	189	10	,	,	PUNCT
fsr-3422	189	11	and	and	CCONJ
fsr-3422	189	12	adjusted	adjusted	ADJ
fsr-3422	189	13	r2	r2	PROPN
fsr-3422	189	14	are	be	AUX
fsr-3422	189	15	reported	report	VERB
fsr-3422	189	16	for	for	ADP
fsr-3422	189	17	both	both	DET
fsr-3422	189	18	mutual	mutual	ADJ
fsr-3422	189	19	fund	fund	NOUN
fsr-3422	189	20	portfolios	portfolio	NOUN
fsr-3422	189	21	and	and	CCONJ
fsr-3422	189	22	etfs	etfs	NOUN
fsr-3422	189	23	.	.	PUNCT
fsr-3422	190	1	the	the	DET
fsr-3422	190	2	number	number	NOUN
fsr-3422	190	3	of	of	ADP
fsr-3422	190	4	funds	fund	NOUN
fsr-3422	190	5	with	with	ADP
fsr-3422	190	6	a	a	DET
fsr-3422	190	7	positive	positive	ADJ
fsr-3422	190	8	alpha	alpha	NOUN
fsr-3422	190	9	in	in	ADP
fsr-3422	190	10	each	each	DET
fsr-3422	190	11	sector	sector	NOUN
fsr-3422	190	12	is	be	AUX
fsr-3422	190	13	also	also	ADV
fsr-3422	190	14	reported	report	VERB
fsr-3422	190	15	in	in	ADP
fsr-3422	190	16	table	table	NOUN
fsr-3422	190	17	5	5	NUM
fsr-3422	190	18	.	.	PUNCT
fsr-3422	190	19	results	result	NOUN
fsr-3422	190	20	from	from	ADP
fsr-3422	190	21	panel	panel	NOUN
fsr-3422	190	22	a	a	PRON
fsr-3422	190	23	,	,	PUNCT
fsr-3422	190	24	the	the	DET
fsr-3422	190	25	capm	capm	PROPN
fsr-3422	190	26	model	model	NOUN
fsr-3422	190	27	,	,	PUNCT
fsr-3422	190	28	show	show	VERB
fsr-3422	190	29	that	that	SCONJ
fsr-3422	190	30	none	none	NOUN
fsr-3422	190	31	of	of	ADP
fsr-3422	190	32	the	the	DET
fsr-3422	190	33	sector	sector	NOUN
fsr-3422	190	34	mutual	mutual	ADJ
fsr-3422	190	35	fund	fund	NOUN
fsr-3422	190	36	portfolios	portfolio	NOUN
fsr-3422	190	37	generates	generate	VERB
fsr-3422	190	38	a	a	DET
fsr-3422	190	39	significant	significant	ADJ
fsr-3422	190	40	positive	positive	ADJ
fsr-3422	190	41	alpha	alpha	NOUN
fsr-3422	190	42	,	,	PUNCT
fsr-3422	190	43	while	while	SCONJ
fsr-3422	190	44	two	two	NUM
fsr-3422	190	45	sector	sector	NOUN
fsr-3422	190	46	etfs	etfs	NOUN
fsr-3422	190	47	,	,	PUNCT
fsr-3422	190	48	consumer	consumer	NOUN
fsr-3422	190	49	staples	staple	NOUN
fsr-3422	190	50	and	and	CCONJ
fsr-3422	190	51	healthcare	healthcare	PROPN
fsr-3422	190	52	,	,	PUNCT
fsr-3422	190	53	do	do	AUX
fsr-3422	190	54	generate	generate	VERB
fsr-3422	190	55	significant	significant	ADJ
fsr-3422	190	56	positive	positive	ADJ
fsr-3422	190	57	alphas	alpha	NOUN
fsr-3422	190	58	at	at	ADP
fsr-3422	190	59	the	the	DET
fsr-3422	190	60	10	10	NUM
fsr-3422	190	61	%	%	NOUN
fsr-3422	190	62	level	level	NOUN
fsr-3422	190	63	.	.	PUNCT
fsr-3422	191	1	only	only	ADV
fsr-3422	191	2	four	four	NUM
fsr-3422	191	3	out	out	ADP
fsr-3422	191	4	of	of	ADP
fsr-3422	191	5	95	95	NUM
fsr-3422	191	6	individual	individual	ADJ
fsr-3422	191	7	mutual	mutual	ADJ
fsr-3422	191	8	funds	fund	NOUN
fsr-3422	191	9	generate	generate	VERB
fsr-3422	191	10	significant	significant	ADJ
fsr-3422	191	11	positive	positive	ADJ
fsr-3422	191	12	alphas	alpha	NOUN
fsr-3422	191	13	:	:	PUNCT
fsr-3422	191	14	one	one	NUM
fsr-3422	191	15	in	in	ADP
fsr-3422	191	16	technology	technology	NOUN
fsr-3422	191	17	,	,	PUNCT
fsr-3422	191	18	two	two	NUM
fsr-3422	191	19	in	in	ADP
fsr-3422	191	20	healthcare	healthcare	NOUN
fsr-3422	191	21	,	,	PUNCT
fsr-3422	191	22	and	and	CCONJ
fsr-3422	191	23	one	one	NUM
fsr-3422	191	24	in	in	ADP
fsr-3422	191	25	consumer	consumer	NOUN
fsr-3422	191	26	discretionary	discretionary	NOUN
fsr-3422	191	27	.	.	PUNCT
fsr-3422	192	1	most	most	ADJ
fsr-3422	192	2	etf	etf	NOUN
fsr-3422	192	3	regressions	regression	NOUN
fsr-3422	192	4	have	have	VERB
fsr-3422	192	5	a	a	DET
fsr-3422	192	6	higher	high	ADJ
fsr-3422	192	7	explanation	explanation	NOUN
fsr-3422	192	8	power	power	NOUN
fsr-3422	192	9	,	,	PUNCT
fsr-3422	192	10	adjusted	adjusted	ADJ
fsr-3422	192	11	r2	r2	NOUN
fsr-3422	192	12	,	,	PUNCT
fsr-3422	192	13	than	than	ADP
fsr-3422	192	14	that	that	PRON
fsr-3422	192	15	of	of	ADP
fsr-3422	192	16	mutual	mutual	ADJ
fsr-3422	192	17	funds	fund	NOUN
fsr-3422	192	18	,	,	PUNCT
fsr-3422	192	19	except	except	SCONJ
fsr-3422	192	20	for	for	ADP
fsr-3422	192	21	financials	financial	NOUN
fsr-3422	192	22	and	and	CCONJ
fsr-3422	192	23	utilities	utility	NOUN
fsr-3422	192	24	.	.	PUNCT
fsr-3422	193	1	similar	similar	ADJ
fsr-3422	193	2	results	result	NOUN
fsr-3422	193	3	are	be	AUX
fsr-3422	193	4	presented	present	VERB
fsr-3422	193	5	in	in	ADP
fsr-3422	193	6	panel	panel	NOUN
fsr-3422	193	7	b	b	PROPN
fsr-3422	193	8	,	,	PUNCT
fsr-3422	193	9	the	the	DET
fsr-3422	193	10	three	three	NUM
fsr-3422	193	11	-	-	PUNCT
fsr-3422	193	12	factor	factor	NOUN
fsr-3422	193	13	model	model	NOUN
fsr-3422	193	14	,	,	PUNCT
fsr-3422	193	15	and	and	CCONJ
fsr-3422	193	16	panel	panel	NOUN
fsr-3422	193	17	c	c	NOUN
fsr-3422	193	18	,	,	PUNCT
fsr-3422	193	19	the	the	DET
fsr-3422	193	20	four	four	NUM
fsr-3422	193	21	-	-	PUNCT
fsr-3422	193	22	factor	factor	NOUN
fsr-3422	193	23	model	model	NOUN
fsr-3422	193	24	.	.	PUNCT
fsr-3422	194	1	none	none	NOUN
fsr-3422	194	2	of	of	ADP
fsr-3422	194	3	the	the	DET
fsr-3422	194	4	sector	sector	NOUN
fsr-3422	194	5	mutual	mutual	ADJ
fsr-3422	194	6	fund	fund	NOUN
fsr-3422	194	7	portfolios	portfolio	NOUN
fsr-3422	194	8	generates	generate	VERB
fsr-3422	194	9	a	a	DET
fsr-3422	194	10	significant	significant	ADJ
fsr-3422	194	11	positive	positive	ADJ
fsr-3422	194	12	alpha	alpha	NOUN
fsr-3422	194	13	at	at	ADP
fsr-3422	194	14	the	the	DET
fsr-3422	194	15	10	10	NUM
fsr-3422	194	16	%	%	NOUN
fsr-3422	194	17	level	level	NOUN
fsr-3422	194	18	.	.	PUNCT
fsr-3422	195	1	materials	material	NOUN
fsr-3422	195	2	sector	sector	NOUN
fsr-3422	195	3	mutual	mutual	ADJ
fsr-3422	195	4	fund	fund	NOUN
fsr-3422	195	5	portfolio	portfolio	NOUN
fsr-3422	195	6	generates	generate	VERB
fsr-3422	195	7	a	a	DET
fsr-3422	195	8	significant	significant	ADJ
fsr-3422	195	9	negative	negative	ADJ
fsr-3422	195	10	alpha	alpha	NOUN
fsr-3422	195	11	.	.	PUNCT
fsr-3422	196	1	on	on	ADP
fsr-3422	196	2	the	the	DET
fsr-3422	196	3	other	other	ADJ
fsr-3422	196	4	hand	hand	NOUN
fsr-3422	196	5	,	,	PUNCT
fsr-3422	196	6	three	three	NUM
fsr-3422	196	7	sector	sector	NOUN
fsr-3422	196	8	etfs	etfs	NOUN
fsr-3422	196	9	,	,	PUNCT
fsr-3422	196	10	consumer	consumer	NOUN
fsr-3422	196	11	staples	staple	NOUN
fsr-3422	196	12	,	,	PUNCT
fsr-3422	196	13	healthcare	healthcare	NOUN
fsr-3422	196	14	,	,	PUNCT
fsr-3422	196	15	and	and	CCONJ
fsr-3422	196	16	consumer	consumer	NOUN
fsr-3422	196	17	discretionary	discretionary	NOUN
fsr-3422	196	18	,	,	PUNCT
fsr-3422	196	19	generate	generate	VERB
fsr-3422	196	20	significant	significant	ADJ
fsr-3422	196	21	positive	positive	ADJ
fsr-3422	196	22	alphas	alpha	NOUN
fsr-3422	196	23	.	.	PUNCT
fsr-3422	197	1	the	the	DET
fsr-3422	197	2	same	same	ADJ
fsr-3422	197	3	four	four	NUM
fsr-3422	197	4	individual	individual	ADJ
fsr-3422	197	5	mutual	mutual	ADJ
fsr-3422	197	6	funds	fund	NOUN
fsr-3422	197	7	as	as	SCONJ
fsr-3422	197	8	mentioned	mention	VERB
fsr-3422	197	9	in	in	ADP
fsr-3422	197	10	the	the	DET
fsr-3422	197	11	previous	previous	ADJ
fsr-3422	197	12	paragraph	paragraph	NOUN
fsr-3422	197	13	,	,	PUNCT
fsr-3422	197	14	produce	produce	VERB
fsr-3422	197	15	a	a	DET
fsr-3422	197	16	significant	significant	ADJ
fsr-3422	197	17	positive	positive	ADJ
fsr-3422	197	18	alpha	alpha	NOUN
fsr-3422	197	19	.	.	PUNCT
fsr-3422	198	1	most	most	ADJ
fsr-3422	198	2	etf	etf	NOUN
fsr-3422	198	3	regressions	regression	NOUN
fsr-3422	198	4	have	have	VERB
fsr-3422	198	5	a	a	DET
fsr-3422	198	6	higher	high	ADJ
fsr-3422	198	7	adjusted	adjust	VERB
fsr-3422	198	8	r2	r2	NOUN
fsr-3422	198	9	than	than	ADP
fsr-3422	198	10	that	that	PRON
fsr-3422	198	11	of	of	ADP
fsr-3422	198	12	mutual	mutual	ADJ
fsr-3422	198	13	funds	fund	NOUN
fsr-3422	198	14	,	,	PUNCT
fsr-3422	198	15	except	except	SCONJ
fsr-3422	198	16	for	for	ADP
fsr-3422	198	17	financials	financial	NOUN
fsr-3422	198	18	and	and	CCONJ
fsr-3422	198	19	utilities	utility	NOUN
fsr-3422	198	20	.	.	PUNCT
fsr-3422	199	1	y.	y.	PROPN
fsr-3422	199	2	fan	fan	PROPN
fsr-3422	199	3	,	,	PUNCT
fsr-3422	199	4	c.y	c.y	PROPN
fsr-3422	199	5	.	.	PROPN
fsr-3422	199	6	lin	lin	PROPN
fsr-3422	199	7	/	/	SYM
fsr-3422	199	8	financial	financial	ADJ
fsr-3422	199	9	services	service	NOUN
fsr-3422	199	10	review	review	VERB
fsr-3422	199	11	28	28	NUM
fsr-3422	199	12	(	(	PUNCT
fsr-3422	199	13	2020	2020	NUM
fsr-3422	199	14	)	)	PUNCT
fsr-3422	200	1	159–177	159–177	NUM
fsr-3422	200	2	167	167	NUM
fsr-3422	200	3	t	t	PROPN
fsr-3422	200	4	ab	ab	PROPN
fsr-3422	200	5	le	le	ADP
fsr-3422	200	6	4	4	NUM
fsr-3422	200	7	s	s	NOUN
fsr-3422	200	8	h	h	NOUN
fsr-3422	200	9	ar	ar	PROPN
fsr-3422	200	10	p	p	PROPN
fsr-3422	200	11	e	e	X
fsr-3422	200	12	ra	ra	NOUN
fsr-3422	201	1	ti	ti	NOUN
fsr-3422	202	1	o	o	PROPN
fsr-3422	202	2	s	s	VERB
fsr-3422	202	3	an	an	DET
fsr-3422	202	4	d	d	NOUN
fsr-3422	202	5	in	in	ADP
fsr-3422	202	6	fo	fo	ADP
fsr-3422	202	7	rm	rm	PROPN
fsr-3422	202	8	at	at	ADP
fsr-3422	202	9	io	io	PROPN
fsr-3422	202	10	n	n	ADV
fsr-3422	202	11	ra	ra	NOUN
fsr-3422	202	12	ti	ti	NOUN
fsr-3422	202	13	o	o	PROPN
fsr-3422	202	14	s	s	PROPN
fsr-3422	202	15	,	,	PUNCT
fsr-3422	202	16	2	2	NUM
fsr-3422	202	17	0	0	NUM
fsr-3422	202	18	0	0	NUM
fsr-3422	202	19	8	8	NUM
fsr-3422	202	20	-2	-2	NOUN
fsr-3422	202	21	0	0	NUM
fsr-3422	202	22	1	1	NUM
fsr-3422	202	23	7	7	NUM
fsr-3422	202	24	p	p	NOUN
fsr-3422	202	25	an	an	PROPN
fsr-3422	202	26	el	el	PROPN
fsr-3422	202	27	a	a	X
fsr-3422	202	28	:	:	PUNCT
fsr-3422	202	29	s	s	X
fsr-3422	202	30	h	h	PROPN
fsr-3422	202	31	ar	ar	PROPN
fsr-3422	202	32	p	p	PROPN
fsr-3422	202	33	e	e	X
fsr-3422	202	34	ra	ra	NOUN
fsr-3422	202	35	ti	ti	INTJ
fsr-3422	202	36	o	o	NOUN
fsr-3422	202	37	s	s	X
fsr-3422	202	38	s	s	X
fsr-3422	202	39	ec	ec	NOUN
fsr-3422	202	40	to	to	ADP
fsr-3422	202	41	r	r	NOUN
fsr-3422	202	42	m	m	NOUN
fsr-3422	202	43	f	f	NOUN
fsr-3422	203	1	p	p	X
fsr-3422	203	2	o	o	X
fsr-3422	203	3	rt	rt	INTJ
fsr-3422	203	4	fo	fo	INTJ
fsr-3422	203	5	li	li	PROPN
fsr-3422	204	1	o	o	PROPN
fsr-3422	204	2	e	e	PROPN
fsr-3422	204	3	t	t	PROPN
fsr-3422	204	4	f	f	PROPN
fsr-3422	204	5	n	n	PRON
fsr-3422	204	6	o	o	NOUN
fsr-3422	204	7	.	.	PUNCT
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fsr-3422	205	2	f	f	PROPN
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fsr-3422	205	5	.	.	PUNCT
fsr-3422	206	1	m	m	VERB
fsr-3422	207	1	f	f	X
fsr-3422	208	1	w	w	INTJ
fsr-3422	208	2	it	it	PRON
fsr-3422	208	3	h	h	VERB
fsr-3422	209	1	a	a	DET
fsr-3422	209	2	h	h	NOUN
fsr-3422	210	1	ig	ig	INTJ
fsr-3422	211	1	h	h	NOUN
fsr-3422	212	1	er	er	INTJ
fsr-3422	212	2	ra	ra	INTJ
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fsr-3422	212	4	o	o	NOUN
fsr-3422	212	5	e	e	X
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fsr-3422	212	7	ce	ce	PROPN
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fsr-3422	212	9	re	re	VERB
fsr-3422	212	10	tu	tu	PROPN
fsr-3422	212	11	rn	rn	PROPN
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fsr-3422	212	13	d	d	PROPN
fsr-3422	212	14	s	s	PROPN
fsr-3422	212	15	h	h	NOUN
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fsr-3422	212	20	ti	ti	NOUN
fsr-3422	212	21	o	o	NOUN
fsr-3422	213	1	*	*	PUNCT
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fsr-3422	214	2	x	x	X
fsr-3422	214	3	ce	ce	PROPN
fsr-3422	214	4	ss	ss	PROPN
fsr-3422	214	5	re	re	VERB
fsr-3422	214	6	tu	tu	PROPN
fsr-3422	214	7	rn	rn	PROPN
fsr-3422	214	8	s	s	PROPN
fsr-3422	214	9	d	d	PROPN
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fsr-3422	214	11	h	h	NOUN
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fsr-3422	214	13	p	p	PROPN
fsr-3422	214	14	e	e	X
fsr-3422	214	15	ra	ra	NOUN
fsr-3422	214	16	ti	ti	INTJ
fsr-3422	214	17	o	o	NOUN
fsr-3422	214	18	m	m	VERB
fsr-3422	214	19	at	at	ADP
fsr-3422	214	20	er	er	INTJ
fsr-3422	214	21	ia	ia	NOUN
fsr-3422	214	22	ls	ls	PROPN
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fsr-3422	214	24	.1	.1	NUM
fsr-3422	214	25	%	%	NOUN
fsr-3422	214	26	3	3	NUM
fsr-3422	214	27	0	0	NUM
fsr-3422	214	28	.3	.3	NUM
fsr-3422	214	29	%	%	NOUN
fsr-3422	214	30	0	0	PUNCT
fsr-3422	214	31	.1	.1	NUM
fsr-3422	215	1	3	3	NUM
fsr-3422	215	2	5	5	NUM
fsr-3422	215	3	9	9	NUM
fsr-3422	215	4	.1	.1	NUM
fsr-3422	215	5	%	%	NOUN
fsr-3422	215	6	2	2	NUM
fsr-3422	215	7	5	5	NUM
fsr-3422	215	8	.7	.7	NUM
fsr-3422	215	9	%	%	NOUN
fsr-3422	215	10	0	0	NUM
fsr-3422	215	11	.3	.3	NUM
fsr-3422	215	12	5	5	NUM
fsr-3422	215	13	4	4	NUM
fsr-3422	215	14	1	1	NUM
fsr-3422	215	15	1	1	NUM
fsr-3422	215	16	2	2	NUM
fsr-3422	215	17	e	e	NOUN
fsr-3422	215	18	n	n	NOUN
fsr-3422	215	19	er	er	INTJ
fsr-3422	215	20	g	g	NOUN
fsr-3422	215	21	y	y	PROPN
fsr-3422	215	22	2	2	NUM
fsr-3422	215	23	.1	.1	NUM
fsr-3422	215	24	%	%	NOUN
fsr-3422	215	25	2	2	NUM
fsr-3422	215	26	9	9	NUM
fsr-3422	215	27	.9	.9	NUM
fsr-3422	215	28	%	%	NOUN
fsr-3422	215	29	0	0	PUNCT
fsr-3422	215	30	.0	.0	NUM
fsr-3422	215	31	7	7	NUM
fsr-3422	215	32	1	1	NUM
fsr-3422	215	33	3	3	NUM
fsr-3422	215	34	.3	.3	NUM
fsr-3422	215	35	%	%	NOUN
fsr-3422	216	1	2	2	NUM
fsr-3422	216	2	2	2	NUM
fsr-3422	216	3	.4	.4	NUM
fsr-3422	216	4	%	%	NOUN
fsr-3422	216	5	0	0	PUNCT
fsr-3422	216	6	.1	.1	NUM
fsr-3422	216	7	4	4	NUM
fsr-3422	216	8	8	8	NUM
fsr-3422	216	9	9	9	NUM
fsr-3422	216	10	1	1	NUM
fsr-3422	216	11	f	f	NOUN
fsr-3422	216	12	in	in	ADP
fsr-3422	216	13	an	an	DET
fsr-3422	216	14	ci	ci	NOUN
fsr-3422	216	15	al	al	PROPN
fsr-3422	216	16	s	s	PROPN
fsr-3422	216	17	9	9	NUM
fsr-3422	216	18	.4	.4	NUM
fsr-3422	216	19	%	%	NOUN
fsr-3422	216	20	2	2	NUM
fsr-3422	216	21	1	1	NUM
fsr-3422	216	22	.7	.7	NUM
fsr-3422	216	23	%	%	NOUN
fsr-3422	216	24	0	0	NUM
fsr-3422	216	25	.5	.5	NUM
fsr-3422	216	26	0	0	NUM
fsr-3422	216	27	8	8	NUM
fsr-3422	216	28	7	7	NUM
fsr-3422	216	29	.6	.6	NUM
fsr-3422	216	30	%	%	NOUN
fsr-3422	217	1	2	2	NUM
fsr-3422	217	2	7	7	NUM
fsr-3422	217	3	.2	.2	NUM
fsr-3422	217	4	%	%	NOUN
fsr-3422	217	5	0	0	NUM
fsr-3422	218	1	.2	.2	NUM
fsr-3422	218	2	8	8	NUM
fsr-3422	218	3	0	0	NUM
fsr-3422	218	4	1	1	NUM
fsr-3422	218	5	3	3	NUM
fsr-3422	218	6	1	1	NUM
fsr-3422	218	7	2	2	NUM
fsr-3422	218	8	in	in	ADP
fsr-3422	218	9	d	d	PROPN
fsr-3422	218	10	u	u	PROPN
fsr-3422	218	11	st	st	PROPN
fsr-3422	218	12	ri	ri	PROPN
fsr-3422	218	13	al	al	PROPN
fsr-3422	218	14	s	s	PROPN
fsr-3422	218	15	1	1	NUM
fsr-3422	218	16	2	2	NUM
fsr-3422	218	17	.6	.6	NUM
fsr-3422	218	18	%	%	NOUN
fsr-3422	218	19	2	2	NUM
fsr-3422	218	20	2	2	NUM
fsr-3422	218	21	.6	.6	NUM
fsr-3422	218	22	%	%	NOUN
fsr-3422	218	23	0	0	NUM
fsr-3422	218	24	.5	.5	NUM
fsr-3422	219	1	5	5	NUM
fsr-3422	219	2	7	7	NUM
fsr-3422	219	3	1	1	NUM
fsr-3422	219	4	1	1	NUM
fsr-3422	219	5	.2	.2	NUM
fsr-3422	219	6	%	%	NOUN
fsr-3422	219	7	2	2	NUM
fsr-3422	219	8	2	2	NUM
fsr-3422	219	9	.5	.5	NUM
fsr-3422	219	10	%	%	NOUN
fsr-3422	219	11	0	0	NUM
fsr-3422	219	12	.5	.5	NUM
fsr-3422	219	13	0	0	NUM
fsr-3422	219	14	0	0	NUM
fsr-3422	219	15	5	5	NUM
fsr-3422	219	16	3	3	NUM
fsr-3422	219	17	t	t	NOUN
fsr-3422	219	18	ec	ec	PROPN
fsr-3422	219	19	h	h	NOUN
fsr-3422	219	20	n	n	NOUN
fsr-3422	219	21	o	o	NOUN
fsr-3422	220	1	lo	lo	NOUN
fsr-3422	221	1	g	g	NOUN
fsr-3422	221	2	y	y	PROPN
fsr-3422	221	3	1	1	NUM
fsr-3422	221	4	5	5	NUM
fsr-3422	221	5	.2	.2	NUM
fsr-3422	221	6	%	%	NOUN
fsr-3422	221	7	2	2	NUM
fsr-3422	221	8	9	9	NUM
fsr-3422	221	9	.8	.8	NUM
fsr-3422	221	10	%	%	NOUN
fsr-3422	221	11	0	0	NUM
fsr-3422	221	12	.5	.5	NUM
fsr-3422	221	13	0	0	NUM
fsr-3422	221	14	8	8	NUM
fsr-3422	221	15	1	1	NUM
fsr-3422	221	16	3	3	NUM
fsr-3422	221	17	.5	.5	NUM
fsr-3422	221	18	%	%	NOUN
fsr-3422	221	19	2	2	NUM
fsr-3422	221	20	4	4	NUM
fsr-3422	221	21	.5	.5	NUM
fsr-3422	221	22	%	%	NOUN
fsr-3422	221	23	0	0	NUM
fsr-3422	221	24	.5	.5	NUM
fsr-3422	221	25	5	5	NUM
fsr-3422	221	26	2	2	NUM
fsr-3422	221	27	2	2	NUM
fsr-3422	221	28	4	4	NUM
fsr-3422	221	29	3	3	NUM
fsr-3422	221	30	c	c	NOUN
fsr-3422	221	31	o	o	NOUN
fsr-3422	221	32	n	n	CCONJ
fsr-3422	221	33	su	su	PROPN
fsr-3422	221	34	m	m	PROPN
fsr-3422	221	35	er	er	INTJ
fsr-3422	221	36	st	st	PROPN
fsr-3422	221	37	ap	ap	PROPN
fsr-3422	221	38	le	le	PROPN
fsr-3422	221	39	s	s	PROPN
fsr-3422	221	40	9	9	NUM
fsr-3422	221	41	.3	.3	NUM
fsr-3422	221	42	%	%	NOUN
fsr-3422	221	43	1	1	NUM
fsr-3422	221	44	3	3	NUM
fsr-3422	221	45	.5	.5	NUM
fsr-3422	221	46	%	%	NOUN
fsr-3422	221	47	0	0	PUNCT
fsr-3422	222	1	.6	.6	NUM
fsr-3422	222	2	9	9	NUM
fsr-3422	222	3	4	4	NUM
fsr-3422	222	4	1	1	NUM
fsr-3422	222	5	0	0	NUM
fsr-3422	222	6	.2	.2	NUM
fsr-3422	222	7	%	%	NOUN
fsr-3422	222	8	1	1	NUM
fsr-3422	222	9	1	1	NUM
fsr-3422	222	10	.0	.0	NUM
fsr-3422	222	11	%	%	NOUN
fsr-3422	222	12	0	0	PUNCT
fsr-3422	223	1	.9	.9	NUM
fsr-3422	223	2	2	2	NUM
fsr-3422	223	3	4	4	NUM
fsr-3422	223	4	2	2	NUM
fsr-3422	223	5	0	0	NUM
fsr-3422	223	6	u	u	NOUN
fsr-3422	223	7	ti	ti	X
fsr-3422	223	8	li	li	X
fsr-3422	223	9	ti	ti	NOUN
fsr-3422	223	10	es	es	ADP
fsr-3422	223	11	6	6	NUM
fsr-3422	223	12	.4	.4	NUM
fsr-3422	223	13	%	%	NOUN
fsr-3422	223	14	1	1	NUM
fsr-3422	223	15	6	6	NUM
fsr-3422	223	16	.3	.3	NUM
fsr-3422	223	17	%	%	NOUN
fsr-3422	223	18	0	0	NUM
fsr-3422	223	19	.3	.3	NUM
fsr-3422	223	20	9	9	NUM
fsr-3422	223	21	3	3	NUM
fsr-3422	223	22	7	7	NUM
fsr-3422	223	23	.1	.1	NUM
fsr-3422	223	24	%	%	NOUN
fsr-3422	223	25	1	1	NUM
fsr-3422	223	26	6	6	NUM
fsr-3422	223	27	.3	.3	NUM
fsr-3422	223	28	%	%	NOUN
fsr-3422	223	29	0	0	PUNCT
fsr-3422	224	1	.4	.4	NUM
fsr-3422	224	2	3	3	NUM
fsr-3422	224	3	4	4	NUM
fsr-3422	224	4	9	9	NUM
fsr-3422	224	5	2	2	NUM
fsr-3422	224	6	h	h	NOUN
fsr-3422	224	7	ea	ea	NOUN
fsr-3422	225	1	lt	lt	DET
fsr-3422	225	2	h	h	PROPN
fsr-3422	225	3	ca	can	AUX
fsr-3422	225	4	re	re	VERB
fsr-3422	225	5	1	1	NUM
fsr-3422	225	6	3	3	NUM
fsr-3422	225	7	.4	.4	NUM
fsr-3422	225	8	%	%	NOUN
fsr-3422	225	9	1	1	NUM
fsr-3422	225	10	9	9	NUM
fsr-3422	225	11	.6	.6	NUM
fsr-3422	225	12	%	%	NOUN
fsr-3422	225	13	0	0	NUM
fsr-3422	226	1	.6	.6	NUM
fsr-3422	226	2	8	8	NUM
fsr-3422	226	3	4	4	NUM
fsr-3422	226	4	1	1	NUM
fsr-3422	226	5	1	1	NUM
fsr-3422	226	6	.9	.9	NUM
fsr-3422	226	7	%	%	NOUN
fsr-3422	227	1	1	1	NUM
fsr-3422	227	2	7	7	NUM
fsr-3422	227	3	.9	.9	NUM
fsr-3422	227	4	%	%	NOUN
fsr-3422	227	5	0	0	PUNCT
fsr-3422	228	1	.6	.6	NUM
fsr-3422	228	2	6	6	NUM
fsr-3422	228	3	5	5	NUM
fsr-3422	228	4	1	1	NUM
fsr-3422	228	5	8	8	NUM
fsr-3422	228	6	9	9	NUM
fsr-3422	228	7	c	c	NOUN
fsr-3422	228	8	o	o	NOUN
fsr-3422	228	9	n	n	CCONJ
fsr-3422	228	10	su	su	NOUN
fsr-3422	228	11	m	m	ADJ
fsr-3422	229	1	er	er	INTJ
fsr-3422	229	2	d	d	NOUN
fsr-3422	229	3	is	be	AUX
fsr-3422	229	4	cr	cr	ADP
fsr-3422	229	5	et	et	PROPN
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fsr-3422	229	7	n	n	PROPN
fsr-3422	229	8	ar	ar	PROPN
fsr-3422	229	9	y	y	PROPN
fsr-3422	229	10	1	1	NUM
fsr-3422	229	11	5	5	NUM
fsr-3422	229	12	.1	.1	NUM
fsr-3422	229	13	%	%	NOUN
fsr-3422	230	1	2	2	NUM
fsr-3422	230	2	3	3	NUM
fsr-3422	230	3	.0	.0	NUM
fsr-3422	230	4	%	%	NOUN
fsr-3422	230	5	0	0	PUNCT
fsr-3422	231	1	.6	.6	NUM
fsr-3422	231	2	5	5	NUM
fsr-3422	231	3	6	6	NUM
fsr-3422	231	4	1	1	NUM
fsr-3422	231	5	5	5	NUM
fsr-3422	231	6	.2	.2	NUM
fsr-3422	231	7	%	%	NOUN
fsr-3422	232	1	2	2	NUM
fsr-3422	232	2	2	2	NUM
fsr-3422	232	3	.2	.2	NUM
fsr-3422	232	4	%	%	NOUN
fsr-3422	232	5	0	0	NUM
fsr-3422	233	1	.6	.6	NUM
fsr-3422	233	2	8	8	NUM
fsr-3422	233	3	6	6	NUM
fsr-3422	233	4	4	4	NUM
fsr-3422	233	5	1	1	NUM
fsr-3422	233	6	p	p	NOUN
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fsr-3422	233	8	el	el	PROPN
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fsr-3422	233	10	:	:	PUNCT
fsr-3422	233	11	in	in	ADP
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fsr-3422	233	13	rm	rm	PROPN
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fsr-3422	233	16	n	n	ADV
fsr-3422	233	17	ra	ra	NOUN
fsr-3422	233	18	ti	ti	NOUN
fsr-3422	234	1	o	o	NOUN
fsr-3422	234	2	s	s	X
fsr-3422	234	3	s	s	X
fsr-3422	234	4	ec	ec	NOUN
fsr-3422	234	5	to	to	ADP
fsr-3422	234	6	r	r	NOUN
fsr-3422	234	7	m	m	NOUN
fsr-3422	234	8	f	f	NOUN
fsr-3422	235	1	p	p	X
fsr-3422	235	2	o	o	X
fsr-3422	235	3	rt	rt	INTJ
fsr-3422	235	4	fo	fo	INTJ
fsr-3422	235	5	li	li	PROPN
fsr-3422	236	1	o	o	NOUN
fsr-3422	236	2	v	v	INTJ
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fsr-3422	236	4	su	su	PROPN
fsr-3422	237	1	s	s	PROPN
fsr-3422	237	2	s	s	X
fsr-3422	237	3	p	p	X
fsr-3422	237	4	y	y	PROPN
fsr-3422	237	5	e	e	PROPN
fsr-3422	237	6	t	t	PROPN
fsr-3422	237	7	f	f	PROPN
fsr-3422	238	1	v	v	INTJ
fsr-3422	238	2	er	er	INTJ
fsr-3422	238	3	su	su	PROPN
fsr-3422	239	1	s	s	PROPN
fsr-3422	239	2	s	s	X
fsr-3422	239	3	p	p	X
fsr-3422	239	4	y	y	PROPN
fsr-3422	239	5	m	m	NOUN
fsr-3422	239	6	f	f	NOUN
fsr-3422	240	1	p	p	X
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fsr-3422	240	3	rt	rt	INTJ
fsr-3422	240	4	fo	fo	INTJ
fsr-3422	240	5	li	li	PROPN
fsr-3422	241	1	o	o	NOUN
fsr-3422	241	2	v	v	INTJ
fsr-3422	241	3	er	er	INTJ
fsr-3422	241	4	su	su	PROPN
fsr-3422	241	5	s	s	PROPN
fsr-3422	241	6	e	e	PROPN
fsr-3422	241	7	t	t	PROPN
fsr-3422	241	8	f	f	PROPN
fsr-3422	241	9	t	t	PROPN
fsr-3422	241	10	ra	ra	INTJ
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fsr-3422	241	12	in	in	ADP
fsr-3422	241	13	g	g	PROPN
fsr-3422	241	14	er	er	INTJ
fsr-3422	241	15	ro	ro	INTJ
fsr-3422	241	16	r	r	NOUN
fsr-3422	241	17	s	s	PROPN
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fsr-3422	241	21	rm	rm	PROPN
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fsr-3422	241	23	io	io	PROPN
fsr-3422	242	1	n	n	ADV
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fsr-3422	242	3	ti	ti	INTJ
fsr-3422	243	1	o	o	INTJ
fsr-3422	243	2	t	t	X
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fsr-3422	243	5	in	in	ADP
fsr-3422	243	6	g	g	PROPN
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fsr-3422	243	9	r	r	NOUN
fsr-3422	243	10	s	s	PROPN
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fsr-3422	243	13	fo	fo	ADP
fsr-3422	243	14	rm	rm	PROPN
fsr-3422	243	15	at	at	ADP
fsr-3422	243	16	io	io	PROPN
fsr-3422	244	1	n	n	ADV
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fsr-3422	244	3	ti	ti	INTJ
fsr-3422	245	1	o	o	INTJ
fsr-3422	245	2	t	t	X
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fsr-3422	245	5	in	in	ADP
fsr-3422	245	6	g	g	PROPN
fsr-3422	245	7	er	er	INTJ
fsr-3422	245	8	ro	ro	INTJ
fsr-3422	245	9	r	r	NOUN
fsr-3422	245	10	s	s	PROPN
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fsr-3422	277	14	in	in	ADP
fsr-3422	277	15	g	g	PROPN
fsr-3422	277	16	er	er	INTJ
fsr-3422	277	17	ro	ro	X
fsr-3422	277	18	r/	r/	PROPN
fsr-3422	277	19	s	s	PART
fsr-3422	278	1	d	d	X
fsr-3422	278	2	o	o	X
fsr-3422	278	3	f	f	X
fsr-3422	278	4	th	th	X
fsr-3422	278	5	e	e	PROPN
fsr-3422	278	6	tr	tr	VERB
fsr-3422	278	7	ac	ac	PROPN
fsr-3422	278	8	k	k	PROPN
fsr-3422	278	9	in	in	ADP
fsr-3422	278	10	g	g	PROPN
fsr-3422	278	11	er	er	INTJ
fsr-3422	278	12	ro	ro	PROPN
fsr-3422	278	13	r.	r.	PROPN
fsr-3422	278	14	t	t	PROPN
fsr-3422	278	15	ra	ra	PROPN
fsr-3422	278	16	ck	ck	INTJ
fsr-3422	278	17	in	in	ADP
fsr-3422	278	18	g	g	PROPN
fsr-3422	278	19	er	er	INTJ
fsr-3422	278	20	ro	ro	INTJ
fsr-3422	278	21	r	r	NOUN
fsr-3422	278	22	is	be	AUX
fsr-3422	278	23	th	th	X
fsr-3422	278	24	e	e	X
fsr-3422	278	25	re	re	X
fsr-3422	278	26	tu	tu	PROPN
fsr-3422	278	27	rn	rn	PROPN
fsr-3422	279	1	d	d	PROPN
fsr-3422	279	2	if	if	SCONJ
fsr-3422	279	3	fe	fe	X
fsr-3422	279	4	re	re	X
fsr-3422	279	5	n	n	PROPN
fsr-3422	279	6	ce	ce	PROPN
fsr-3422	279	7	b	b	PROPN
fsr-3422	279	8	et	et	PROPN
fsr-3422	279	9	w	w	PROPN
fsr-3422	279	10	ee	ee	PROPN
fsr-3422	279	11	n	n	PROPN
fsr-3422	279	12	th	th	X
fsr-3422	279	13	e	e	X
fsr-3422	279	14	tw	tw	NOUN
fsr-3422	279	15	o	o	NOUN
fsr-3422	279	16	p	p	X
fsr-3422	279	17	ai	ai	VERB
fsr-3422	279	18	rs	rs	NOUN
fsr-3422	279	19	.	.	PUNCT
fsr-3422	280	1	168	168	NUM
fsr-3422	280	2	y.	y.	PROPN
fsr-3422	280	3	fan	fan	PROPN
fsr-3422	280	4	,	,	PUNCT
fsr-3422	280	5	c.y	c.y	PROPN
fsr-3422	280	6	.	.	PROPN
fsr-3422	280	7	lin	lin	PROPN
fsr-3422	280	8	/	/	SYM
fsr-3422	280	9	financial	financial	ADJ
fsr-3422	280	10	services	service	NOUN
fsr-3422	280	11	review	review	VERB
fsr-3422	280	12	28	28	NUM
fsr-3422	280	13	(	(	PUNCT
fsr-3422	280	14	2020	2020	NUM
fsr-3422	280	15	)	)	PUNCT
fsr-3422	280	16	159–177	159–177	NUM
fsr-3422	280	17	table	table	NOUN
fsr-3422	280	18	5	5	NUM
fsr-3422	280	19	alphas	alpha	NOUN
fsr-3422	280	20	from	from	ADP
fsr-3422	280	21	factor	factor	NOUN
fsr-3422	280	22	models	model	NOUN
fsr-3422	280	23	with	with	ADP
fsr-3422	280	24	spy	spy	NOUN
fsr-3422	280	25	as	as	ADP
fsr-3422	280	26	the	the	DET
fsr-3422	280	27	market	market	NOUN
fsr-3422	280	28	portfolio	portfolio	NOUN
fsr-3422	280	29	,	,	PUNCT
fsr-3422	280	30	2008–2017	2008–2017	NUM
fsr-3422	280	31	panel	panel	NOUN
fsr-3422	280	32	a	a	DET
fsr-3422	280	33	:	:	PUNCT
fsr-3422	280	34	one	one	NUM
fsr-3422	280	35	-	-	PUNCT
fsr-3422	280	36	factor	factor	NOUN
fsr-3422	280	37	model	model	NOUN
fsr-3422	280	38	sector	sector	NOUN
fsr-3422	280	39	mf	mf	VERB
fsr-3422	280	40	portfolio	portfolio	NOUN
fsr-3422	280	41	etf	etf	PROPN
fsr-3422	280	42	a	a	DET
fsr-3422	280	43	estimate	estimate	NOUN
fsr-3422	280	44	p	p	NOUN
fsr-3422	280	45	-	-	PUNCT
fsr-3422	280	46	value	value	NOUN
fsr-3422	280	47	adjusted	adjust	VERB
fsr-3422	280	48	r2	r2	PROPN
fsr-3422	280	49	no	no	INTJ
fsr-3422	280	50	.	.	PUNCT
fsr-3422	281	1	funds	fund	NOUN
fsr-3422	281	2	with	with	ADP
fsr-3422	281	3	significant	significant	ADJ
fsr-3422	281	4	positive	positive	ADJ
fsr-3422	281	5	a	a	NOUN
fsr-3422	281	6	/	/	SYM
fsr-3422	281	7	no	no	NOUN
fsr-3422	281	8	.	.	NOUN
fsr-3422	281	9	of	of	ADP
fsr-3422	281	10	total	total	ADJ
fsr-3422	281	11	funds	fund	NOUN
fsr-3422	281	12	a	a	DET
fsr-3422	281	13	estimate	estimate	NOUN
fsr-3422	281	14	p	p	NOUN
fsr-3422	281	15	-	-	PUNCT
fsr-3422	281	16	value	value	NOUN
fsr-3422	281	17	adjusted	adjust	VERB
fsr-3422	281	18	r2	r2	NOUN
fsr-3422	281	19	materials	material	NOUN
fsr-3422	281	20	�	�	PROPN
fsr-3422	281	21	0.69	0.69	NUM
fsr-3422	281	22	%	%	NOUN
fsr-3422	281	23	0.101	0.101	NUM
fsr-3422	281	24	0.57	0.57	NUM
fsr-3422	281	25	0/11	0/11	NUM
fsr-3422	281	26	�	�	NOUN
fsr-3422	281	27	0.35	0.35	NUM
fsr-3422	281	28	%	%	NOUN
fsr-3422	281	29	0.170	0.170	NUM
fsr-3422	281	30	0.81	0.81	NUM
fsr-3422	281	31	energy	energy	NOUN
fsr-3422	281	32	�	�	PROPN
fsr-3422	281	33	0.79	0.79	NUM
fsr-3422	281	34	%	%	NOUN
fsr-3422	281	35	0.128	0.128	NUM
fsr-3422	281	36	0.47	0.47	NUM
fsr-3422	281	37	0/9	0/9	NUM
fsr-3422	281	38	�	�	PROPN
fsr-3422	281	39	0.49	0.49	NUM
fsr-3422	281	40	%	%	NOUN
fsr-3422	281	41	0.227	0.227	NUM
fsr-3422	281	42	0.54	0.54	NUM
fsr-3422	281	43	financials	financial	NOUN
fsr-3422	281	44	�	�	PROPN
fsr-3422	281	45	0.13	0.13	NUM
fsr-3422	281	46	%	%	NOUN
fsr-3422	281	47	0.569	0.569	NUM
fsr-3422	281	48	0.79	0.79	NUM
fsr-3422	281	49	0/13	0/13	NUM
fsr-3422	281	50	�	�	NOUN
fsr-3422	281	51	0.18	0.18	NUM
fsr-3422	281	52	%	%	NOUN
fsr-3422	281	53	0.782	0.782	NUM
fsr-3422	281	54	0.42	0.42	NUM
fsr-3422	281	55	industrials	industrial	NOUN
fsr-3422	281	56	0.13	0.13	NUM
fsr-3422	281	57	%	%	NOUN
fsr-3422	281	58	0.581	0.581	NUM
fsr-3422	281	59	0.78	0.78	NUM
fsr-3422	281	60	0/5	0/5	NUM
fsr-3422	281	61	�	�	NOUN
fsr-3422	281	62	0.06	0.06	NUM
fsr-3422	281	63	%	%	NOUN
fsr-3422	281	64	0.737	0.737	NUM
fsr-3422	281	65	0.88	0.88	NUM
fsr-3422	281	66	technology	technology	NOUN
fsr-3422	281	67	0.31	0.31	NUM
fsr-3422	281	68	%	%	NOUN
fsr-3422	281	69	0.284	0.284	NUM
fsr-3422	281	70	0.72	0.72	NUM
fsr-3422	281	71	1/24	1/24	NUM
fsr-3422	281	72	0.28	0.28	NUM
fsr-3422	281	73	%	%	NOUN
fsr-3422	281	74	0.136	0.136	NUM
fsr-3422	281	75	0.83	0.83	NUM
fsr-3422	281	76	consumer	consumer	NOUN
fsr-3422	281	77	staples	staple	NOUN
fsr-3422	281	78	0.27	0.27	NUM
fsr-3422	281	79	%	%	NOUN
fsr-3422	281	80	0.259	0.259	NUM
fsr-3422	281	81	0.57	0.57	NUM
fsr-3422	281	82	0/2	0/2	NUM
fsr-3422	281	83	0.39	0.39	NUM
fsr-3422	281	84	%	%	NOUN
fsr-3422	281	85	0.057	0.057	NUM
fsr-3422	281	86	0.59	0.59	NUM
fsr-3422	281	87	utilities	utility	NOUN
fsr-3422	281	88	0.05	0.05	NUM
fsr-3422	281	89	%	%	NOUN
fsr-3422	281	90	0.854	0.854	NUM
fsr-3422	281	91	0.47	0.47	NUM
fsr-3422	281	92	0/9	0/9	NUM
fsr-3422	281	93	0.22	0.22	NUM
fsr-3422	281	94	%	%	NOUN
fsr-3422	281	95	0.500	0.500	NUM
fsr-3422	281	96	0.22	0.22	NUM
fsr-3422	281	97	healthcare	healthcare	NOUN
fsr-3422	281	98	0.53	0.53	NUM
fsr-3422	281	99	%	%	NOUN
fsr-3422	281	100	0.148	0.148	NUM
fsr-3422	281	101	0.43	0.43	NUM
fsr-3422	281	102	2/18	2/18	NUM
fsr-3422	281	103	0.39	0.39	NUM
fsr-3422	281	104	%	%	NOUN
fsr-3422	281	105	0.085	0.085	NUM
fsr-3422	281	106	0.63	0.63	NUM
fsr-3422	281	107	consumer	consumer	NOUN
fsr-3422	281	108	discretionary	discretionary	ADJ
fsr-3422	281	109	0.35	0.35	NUM
fsr-3422	281	110	%	%	NOUN
fsr-3422	281	111	0.121	0.121	NUM
fsr-3422	281	112	0.79	0.79	NUM
fsr-3422	281	113	1/4	1/4	NUM
fsr-3422	281	114	0.30	0.30	NUM
fsr-3422	281	115	%	%	NOUN
fsr-3422	281	116	0.112	0.112	NUM
fsr-3422	281	117	0.86	0.86	NUM
fsr-3422	281	118	panel	panel	NOUN
fsr-3422	281	119	b	b	NOUN
fsr-3422	281	120	:	:	PUNCT
fsr-3422	281	121	three	three	NUM
fsr-3422	281	122	-	-	PUNCT
fsr-3422	281	123	factor	factor	NOUN
fsr-3422	281	124	model	model	NOUN
fsr-3422	281	125	sector	sector	NOUN
fsr-3422	281	126	mf	mf	VERB
fsr-3422	281	127	portfolio	portfolio	NOUN
fsr-3422	281	128	etf	etf	PROPN
fsr-3422	281	129	a	a	DET
fsr-3422	281	130	estimate	estimate	NOUN
fsr-3422	281	131	p	p	NOUN
fsr-3422	281	132	-	-	PUNCT
fsr-3422	281	133	value	value	NOUN
fsr-3422	281	134	adjusted	adjust	VERB
fsr-3422	281	135	r2	r2	PROPN
fsr-3422	281	136	no	no	INTJ
fsr-3422	281	137	.	.	PUNCT
fsr-3422	282	1	funds	fund	NOUN
fsr-3422	282	2	with	with	ADP
fsr-3422	282	3	significant	significant	ADJ
fsr-3422	282	4	positive	positive	ADJ
fsr-3422	282	5	a	a	NOUN
fsr-3422	282	6	/	/	SYM
fsr-3422	282	7	no	no	NOUN
fsr-3422	282	8	.	.	NOUN
fsr-3422	282	9	of	of	ADP
fsr-3422	282	10	total	total	ADJ
fsr-3422	282	11	funds	fund	NOUN
fsr-3422	282	12	a	a	DET
fsr-3422	282	13	estimate	estimate	NOUN
fsr-3422	282	14	p	p	NOUN
fsr-3422	282	15	-	-	PUNCT
fsr-3422	282	16	value	value	NOUN
fsr-3422	282	17	adjusted	adjust	VERB
fsr-3422	282	18	r2	r2	NOUN
fsr-3422	282	19	materials	material	NOUN
fsr-3422	282	20	�	�	NOUN
fsr-3422	282	21	0.71	0.71	NUM
fsr-3422	282	22	%	%	NOUN
fsr-3422	282	23	0.099	0.099	NUM
fsr-3422	282	24	0.57	0.57	NUM
fsr-3422	282	25	0/11	0/11	NUM
fsr-3422	282	26	�	�	NOUN
fsr-3422	282	27	0.35	0.35	NUM
fsr-3422	282	28	%	%	NOUN
fsr-3422	282	29	0.168	0.168	NUM
fsr-3422	282	30	0.81	0.81	NUM
fsr-3422	282	31	energy	energy	NOUN
fsr-3422	282	32	�	�	NOUN
fsr-3422	282	33	0.78	0.78	NUM
fsr-3422	282	34	%	%	NOUN
fsr-3422	282	35	0.135	0.135	NUM
fsr-3422	282	36	0.47	0.47	NUM
fsr-3422	282	37	0/9	0/9	NUM
fsr-3422	282	38	�	�	PROPN
fsr-3422	282	39	0.46	0.46	NUM
fsr-3422	282	40	%	%	NOUN
fsr-3422	282	41	0.249	0.249	NUM
fsr-3422	282	42	0.54	0.54	NUM
fsr-3422	282	43	financials	financial	NOUN
fsr-3422	282	44	�	�	PROPN
fsr-3422	282	45	0.13	0.13	NUM
fsr-3422	282	46	%	%	NOUN
fsr-3422	282	47	0.565	0.565	NUM
fsr-3422	282	48	0.79	0.79	NUM
fsr-3422	282	49	0/13	0/13	NUM
fsr-3422	282	50	�	�	PROPN
fsr-3422	282	51	0.32	0.32	NUM
fsr-3422	282	52	%	%	NOUN
fsr-3422	282	53	0.618	0.618	NUM
fsr-3422	282	54	0.44	0.44	NUM
fsr-3422	282	55	industrials	industrial	NOUN
fsr-3422	282	56	0.22	0.22	NUM
fsr-3422	282	57	%	%	NOUN
fsr-3422	282	58	0.337	0.337	NUM
fsr-3422	282	59	0.80	0.80	NUM
fsr-3422	282	60	0/5	0/5	NUM
fsr-3422	282	61	�	�	NOUN
fsr-3422	282	62	0.01	0.01	NUM
fsr-3422	282	63	%	%	NOUN
fsr-3422	282	64	0.942	0.942	NUM
fsr-3422	282	65	0.89	0.89	NUM
fsr-3422	282	66	technology	technology	NOUN
fsr-3422	282	67	0.32	0.32	NUM
fsr-3422	282	68	%	%	NOUN
fsr-3422	282	69	0.265	0.265	NUM
fsr-3422	282	70	0.72	0.72	NUM
fsr-3422	282	71	1/24	1/24	NUM
fsr-3422	282	72	0.27	0.27	NUM
fsr-3422	282	73	%	%	NOUN
fsr-3422	282	74	0.142	0.142	NUM
fsr-3422	282	75	0.83	0.83	NUM
fsr-3422	282	76	consumer	consumer	NOUN
fsr-3422	282	77	staples	staple	NOUN
fsr-3422	282	78	0.24	0.24	NUM
fsr-3422	282	79	%	%	NOUN
fsr-3422	282	80	0.319	0.319	NUM
fsr-3422	282	81	0.57	0.57	NUM
fsr-3422	282	82	0/2	0/2	NUM
fsr-3422	282	83	0.34	0.34	NUM
fsr-3422	282	84	%	%	NOUN
fsr-3422	282	85	0.087	0.087	NUM
fsr-3422	282	86	0.60	0.60	NUM
fsr-3422	282	87	utilities	utility	NOUN
fsr-3422	282	88	0.06	0.06	NUM
fsr-3422	282	89	%	%	NOUN
fsr-3422	282	90	0.827	0.827	NUM
fsr-3422	282	91	0.46	0.46	NUM
fsr-3422	282	92	0/9	0/9	NUM
fsr-3422	282	93	0.23	0.23	NUM
fsr-3422	282	94	%	%	NOUN
fsr-3422	282	95	0.498	0.498	NUM
fsr-3422	282	96	0.20	0.20	NUM
fsr-3422	282	97	healthcare	healthcare	NOUN
fsr-3422	282	98	0.56	0.56	NUM
fsr-3422	282	99	%	%	NOUN
fsr-3422	282	100	0.134	0.134	NUM
fsr-3422	282	101	0.43	0.43	NUM
fsr-3422	282	102	2/18	2/18	NUM
fsr-3422	282	103	0.38	0.38	NUM
fsr-3422	282	104	%	%	NOUN
fsr-3422	282	105	0.097	0.097	NUM
fsr-3422	282	106	0.63	0.63	NUM
fsr-3422	282	107	consumer	consumer	NOUN
fsr-3422	282	108	discretionary	discretionary	ADJ
fsr-3422	282	109	0.36	0.36	NUM
fsr-3422	282	110	%	%	NOUN
fsr-3422	282	111	0.319	0.319	NUM
fsr-3422	282	112	0.79	0.79	NUM
fsr-3422	282	113	1/4	1/4	NUM
fsr-3422	282	114	0.31	0.31	NUM
fsr-3422	282	115	%	%	NOUN
fsr-3422	282	116	0.098	0.098	NUM
fsr-3422	282	117	0.86	0.86	NUM
fsr-3422	282	118	panel	panel	NOUN
fsr-3422	282	119	c	c	NOUN
fsr-3422	282	120	:	:	PUNCT
fsr-3422	282	121	four	four	NUM
fsr-3422	282	122	-	-	PUNCT
fsr-3422	282	123	factor	factor	NOUN
fsr-3422	282	124	model	model	NOUN
fsr-3422	282	125	sector	sector	NOUN
fsr-3422	282	126	mf	mf	VERB
fsr-3422	282	127	portfolio	portfolio	NOUN
fsr-3422	282	128	etf	etf	PROPN
fsr-3422	282	129	a	a	DET
fsr-3422	282	130	estimate	estimate	NOUN
fsr-3422	282	131	p	p	NOUN
fsr-3422	282	132	-	-	PUNCT
fsr-3422	282	133	value	value	NOUN
fsr-3422	282	134	adjusted	adjust	VERB
fsr-3422	282	135	r2	r2	PROPN
fsr-3422	282	136	no	no	INTJ
fsr-3422	282	137	.	.	PUNCT
fsr-3422	283	1	funds	fund	NOUN
fsr-3422	283	2	with	with	ADP
fsr-3422	283	3	significant	significant	ADJ
fsr-3422	283	4	positive	positive	ADJ
fsr-3422	283	5	a	a	NOUN
fsr-3422	283	6	/	/	SYM
fsr-3422	283	7	no	no	NOUN
fsr-3422	283	8	.	.	NOUN
fsr-3422	283	9	of	of	ADP
fsr-3422	283	10	total	total	ADJ
fsr-3422	283	11	funds	fund	NOUN
fsr-3422	283	12	a	a	DET
fsr-3422	283	13	estimate	estimate	NOUN
fsr-3422	283	14	p	p	NOUN
fsr-3422	283	15	-	-	PUNCT
fsr-3422	283	16	value	value	NOUN
fsr-3422	283	17	adjusted	adjust	VERB
fsr-3422	283	18	r2	r2	NOUN
fsr-3422	283	19	materials	material	NOUN
fsr-3422	283	20	�	�	PROPN
fsr-3422	283	21	0.72	0.72	NUM
fsr-3422	283	22	%	%	NOUN
fsr-3422	283	23	0.086	0.086	NUM
fsr-3422	283	24	0.59	0.59	NUM
fsr-3422	283	25	0/11	0/11	NUM
fsr-3422	283	26	�	�	NOUN
fsr-3422	283	27	0.35	0.35	NUM
fsr-3422	283	28	%	%	NOUN
fsr-3422	283	29	0.170	0.170	NUM
fsr-3422	283	30	0.81	0.81	NUM
fsr-3422	283	31	energy	energy	NOUN
fsr-3422	283	32	�	�	NOUN
fsr-3422	283	33	0.79	0.79	NUM
fsr-3422	283	34	%	%	NOUN
fsr-3422	283	35	0.120	0.120	NUM
fsr-3422	283	36	0.50	0.50	NUM
fsr-3422	283	37	0/9	0/9	NUM
fsr-3422	283	38	�	�	PROPN
fsr-3422	283	39	0.47	0.47	NUM
fsr-3422	283	40	%	%	NOUN
fsr-3422	283	41	0.236	0.236	NUM
fsr-3422	283	42	0.55	0.55	NUM
fsr-3422	283	43	financials	financial	NOUN
fsr-3422	283	44	�	�	NOUN
fsr-3422	283	45	0.13	0.13	NUM
fsr-3422	283	46	%	%	NOUN
fsr-3422	283	47	0.564	0.564	NUM
fsr-3422	283	48	0.79	0.79	NUM
fsr-3422	283	49	0/13	0/13	NUM
fsr-3422	283	50	�	�	PROPN
fsr-3422	283	51	0.31	0.31	NUM
fsr-3422	283	52	%	%	NOUN
fsr-3422	283	53	0.624	0.624	NUM
fsr-3422	283	54	0.44	0.44	NUM
fsr-3422	283	55	industrials	industrial	NOUN
fsr-3422	283	56	0.22	0.22	NUM
fsr-3422	283	57	%	%	NOUN
fsr-3422	283	58	0.329	0.329	NUM
fsr-3422	283	59	0.80	0.80	NUM
fsr-3422	283	60	0/5	0/5	NUM
fsr-3422	283	61	�	�	NOUN
fsr-3422	283	62	0.01	0.01	NUM
fsr-3422	283	63	%	%	NOUN
fsr-3422	283	64	0.959	0.959	NUM
fsr-3422	283	65	0.89	0.89	NUM
fsr-3422	283	66	technology	technology	NOUN
fsr-3422	283	67	0.32	0.32	NUM
fsr-3422	283	68	%	%	NOUN
fsr-3422	283	69	0.269	0.269	NUM
fsr-3422	283	70	0.72	0.72	NUM
fsr-3422	283	71	1/24	1/24	NUM
fsr-3422	283	72	0.27	0.27	NUM
fsr-3422	283	73	%	%	NOUN
fsr-3422	283	74	0.145	0.145	NUM
fsr-3422	283	75	0.83	0.83	NUM
fsr-3422	283	76	consumer	consumer	NOUN
fsr-3422	283	77	staples	staple	NOUN
fsr-3422	283	78	0.24	0.24	NUM
fsr-3422	283	79	%	%	NOUN
fsr-3422	283	80	0.325	0.325	NUM
fsr-3422	283	81	0.57	0.57	NUM
fsr-3422	283	82	0/2	0/2	NUM
fsr-3422	283	83	0.34	0.34	NUM
fsr-3422	283	84	%	%	NOUN
fsr-3422	283	85	0.088	0.088	NUM
fsr-3422	283	86	0.60	0.60	NUM
fsr-3422	283	87	utilities	utility	NOUN
fsr-3422	283	88	0.06	0.06	NUM
fsr-3422	283	89	%	%	NOUN
fsr-3422	283	90	0.835	0.835	NUM
fsr-3422	283	91	0.46	0.46	NUM
fsr-3422	283	92	0/9	0/9	NUM
fsr-3422	283	93	0.23	0.23	NUM
fsr-3422	283	94	%	%	NOUN
fsr-3422	283	95	0.500	0.500	NUM
fsr-3422	283	96	0.20	0.20	NUM
fsr-3422	283	97	healthcare	healthcare	NOUN
fsr-3422	283	98	0.56	0.56	NUM
fsr-3422	283	99	%	%	NOUN
fsr-3422	283	100	0.136	0.136	NUM
fsr-3422	283	101	0.42	0.42	NUM
fsr-3422	283	102	2/18	2/18	NUM
fsr-3422	283	103	0.38	0.38	NUM
fsr-3422	283	104	%	%	NOUN
fsr-3422	283	105	0.097	0.097	NUM
fsr-3422	283	106	0.62	0.62	NUM
fsr-3422	283	107	consumer	consumer	NOUN
fsr-3422	283	108	discretionary	discretionary	ADJ
fsr-3422	283	109	0.36	0.36	NUM
fsr-3422	283	110	%	%	NOUN
fsr-3422	283	111	0.107	0.107	NUM
fsr-3422	283	112	0.79	0.79	NUM
fsr-3422	283	113	1/4	1/4	NUM
fsr-3422	283	114	0.31	0.31	NUM
fsr-3422	283	115	%	%	NOUN
fsr-3422	283	116	0.093	0.093	NUM
fsr-3422	283	117	0.86	0.86	NUM
fsr-3422	283	118	note	note	NOUN
fsr-3422	283	119	:	:	PUNCT
fsr-3422	283	120	spy	spy	NOUN
fsr-3422	283	121	is	be	AUX
fsr-3422	283	122	the	the	DET
fsr-3422	283	123	spdr	spdr	NOUN
fsr-3422	283	124	s&p	s&p	PROPN
fsr-3422	283	125	500	500	NUM
fsr-3422	283	126	etf	etf	NOUN
fsr-3422	283	127	.	.	PUNCT
fsr-3422	283	128	number	number	NOUN
fsr-3422	283	129	of	of	ADP
fsr-3422	283	130	observations120	observations120	PROPN
fsr-3422	283	131	monthly	monthly	ADJ
fsr-3422	283	132	returns	return	NOUN
fsr-3422	283	133	.	.	PUNCT
fsr-3422	284	1	model	model	NOUN
fsr-3422	284	2	used	use	VERB
fsr-3422	284	3	in	in	ADP
fsr-3422	284	4	panel	panel	NOUN
fsr-3422	284	5	a	a	DET
fsr-3422	284	6	:	:	PUNCT
fsr-3422	284	7	ri	ri	PROPN
fsr-3422	284	8	,	,	PUNCT
fsr-3422	284	9	t	t	PROPN
fsr-3422	284	10	�	�	PROPN
fsr-3422	284	11	rf	rf	PART
fsr-3422	284	12	,	,	PUNCT
fsr-3422	284	13	t	t	PROPN
fsr-3422	284	14	¼	¼	NOUN
fsr-3422	284	15	ai	ai	VERB
fsr-3422	284	16	þ	þ	PROPN
fsr-3422	284	17	b	b	PROPN
fsr-3422	284	18	i	i	PRON
fsr-3422	284	19	rspy	rspy	VERB
fsr-3422	284	20	,	,	PUNCT
fsr-3422	284	21	t	t	PROPN
fsr-3422	284	22	�	�	PROPN
fsr-3422	284	23	rf	rf	PRON
fsr-3422	284	24	,	,	PUNCT
fsr-3422	284	25	tð	tð	ADP
fsr-3422	284	26	þ	þ	PROPN
fsr-3422	284	27	þ	þ	NOUN
fsr-3422	284	28	«	«	PUNCT
fsr-3422	284	29	i	i	PRON
fsr-3422	284	30	,	,	PUNCT
fsr-3422	284	31	t.where	t.where	ADJ
fsr-3422	284	32	ri	ri	PROPN
fsr-3422	284	33	,	,	PUNCT
fsr-3422	284	34	t	t	PROPN
fsr-3422	284	35	is	be	AUX
fsr-3422	284	36	the	the	DET
fsr-3422	284	37	return	return	NOUN
fsr-3422	284	38	of	of	ADP
fsr-3422	284	39	fund	fund	NOUN
fsr-3422	284	40	/	/	SYM
fsr-3422	284	41	mutual	mutual	ADJ
fsr-3422	284	42	fund	fund	NOUN
fsr-3422	284	43	portfolio	portfolio	NOUN
fsr-3422	284	44	i	i	PRON
fsr-3422	284	45	in	in	ADP
fsr-3422	284	46	month	month	PROPN
fsr-3422	284	47	t	t	PROPN
fsr-3422	284	48	,	,	PUNCT
fsr-3422	284	49	rf	rf	PRON
fsr-3422	284	50	,	,	PUNCT
fsr-3422	284	51	t	t	PROPN
fsr-3422	284	52	is	be	AUX
fsr-3422	284	53	the	the	DET
fsr-3422	284	54	return	return	NOUN
fsr-3422	284	55	of	of	ADP
fsr-3422	284	56	one	one	NUM
fsr-3422	284	57	-	-	PUNCT
fsr-3422	284	58	month	month	NOUN
fsr-3422	284	59	t	t	NOUN
fsr-3422	284	60	-	-	PUNCT
fsr-3422	284	61	bill	bill	NOUN
fsr-3422	284	62	in	in	ADP
fsr-3422	284	63	month	month	NOUN
fsr-3422	284	64	t	t	PROPN
fsr-3422	284	65	,	,	PUNCT
fsr-3422	284	66	rspy	rspy	PROPN
fsr-3422	284	67	,	,	PUNCT
fsr-3422	284	68	t	t	PROPN
fsr-3422	284	69	is	be	AUX
fsr-3422	284	70	the	the	DET
fsr-3422	284	71	spy	spy	NOUN
fsr-3422	284	72	return	return	NOUN
fsr-3422	284	73	in	in	ADP
fsr-3422	284	74	month	month	NOUN
fsr-3422	284	75	t	t	PROPN
fsr-3422	284	76	,	,	PUNCT
fsr-3422	284	77	and	and	CCONJ
fsr-3422	284	78	«	«	PUNCT
fsr-3422	284	79	i	i	PRON
fsr-3422	284	80	,	,	PUNCT
fsr-3422	284	81	t	t	PROPN
fsr-3422	284	82	is	be	AUX
fsr-3422	284	83	an	an	DET
fsr-3422	284	84	error	error	NOUN
fsr-3422	284	85	term	term	NOUN
fsr-3422	284	86	.	.	PUNCT
fsr-3422	285	1	model	model	NOUN
fsr-3422	285	2	used	use	VERB
fsr-3422	285	3	in	in	ADP
fsr-3422	285	4	panel	panel	NOUN
fsr-3422	285	5	b	b	PROPN
fsr-3422	285	6	:	:	PUNCT
fsr-3422	285	7	ri	ri	PROPN
fsr-3422	285	8	,	,	PUNCT
fsr-3422	285	9	t	t	PROPN
fsr-3422	285	10	�	�	PROPN
fsr-3422	285	11	rf	rf	PART
fsr-3422	285	12	,	,	PUNCT
fsr-3422	285	13	t	t	PROPN
fsr-3422	285	14	¼	¼	NOUN
fsr-3422	285	15	ai	ai	VERB
fsr-3422	285	16	þ	þ	PROPN
fsr-3422	285	17	b	b	PROPN
fsr-3422	285	18	i	i	PRON
fsr-3422	285	19	rspy	rspy	VERB
fsr-3422	285	20	,	,	PUNCT
fsr-3422	285	21	t	t	PROPN
fsr-3422	285	22	�	�	PROPN
fsr-3422	285	23	rf	rf	PRON
fsr-3422	285	24	,	,	PUNCT
fsr-3422	285	25	tð	tð	ADP
fsr-3422	285	26	þ	þ	PROPN
fsr-3422	285	27	þ	þ	PROPN
fsr-3422	285	28	hihmlt	hihmlt	PROPN
fsr-3422	285	29	þ	þ	PROPN
fsr-3422	285	30	sismbt	sismbt	VERB
fsr-3422	285	31	þ	þ	NOUN
fsr-3422	285	32	«	«	PUNCT
fsr-3422	285	33	i	i	PRON
fsr-3422	285	34	,	,	PUNCT
fsr-3422	285	35	t.where	t.where	ADJ
fsr-3422	285	36	hml	hml	PROPN
fsr-3422	285	37	(	(	PUNCT
fsr-3422	285	38	high	high	ADJ
fsr-3422	285	39	minus	minus	CCONJ
fsr-3422	285	40	low	low	ADJ
fsr-3422	285	41	)	)	PUNCT
fsr-3422	285	42	is	be	AUX
fsr-3422	285	43	the	the	DET
fsr-3422	285	44	average	average	ADJ
fsr-3422	285	45	return	return	NOUN
fsr-3422	285	46	on	on	ADP
fsr-3422	285	47	two	two	NUM
fsr-3422	285	48	value	value	NOUN
fsr-3422	285	49	portfolios	portfolio	NOUN
fsr-3422	285	50	minus	minus	CCONJ
fsr-3422	285	51	the	the	DET
fsr-3422	285	52	average	average	ADJ
fsr-3422	285	53	return	return	NOUN
fsr-3422	285	54	on	on	ADP
fsr-3422	285	55	two	two	NUM
fsr-3422	285	56	growth	growth	NOUN
fsr-3422	285	57	portfolios	portfolio	NOUN
fsr-3422	285	58	and	and	CCONJ
fsr-3422	285	59	smb	smb	NOUN
fsr-3422	285	60	(	(	PUNCT
fsr-3422	285	61	small	small	ADJ
fsr-3422	285	62	minus	minus	CCONJ
fsr-3422	285	63	big	big	ADJ
fsr-3422	285	64	)	)	PUNCT
fsr-3422	285	65	is	be	AUX
fsr-3422	285	66	the	the	DET
fsr-3422	285	67	average	average	ADJ
fsr-3422	285	68	return	return	NOUN
fsr-3422	285	69	on	on	ADP
fsr-3422	285	70	three	three	NUM
fsr-3422	285	71	small	small	ADJ
fsr-3422	285	72	portfolios	portfolio	NOUN
fsr-3422	285	73	minus	minus	ADP
fsr-3422	285	74	the	the	DET
fsr-3422	285	75	average	average	ADJ
fsr-3422	285	76	return	return	NOUN
fsr-3422	285	77	on	on	ADP
fsr-3422	285	78	three	three	NUM
fsr-3422	285	79	big	big	ADJ
fsr-3422	285	80	portfolios	portfolio	NOUN
fsr-3422	285	81	(	(	PUNCT
fsr-3422	285	82	fama	fama	PROPN
fsr-3422	285	83	&	&	CCONJ
fsr-3422	285	84	french	french	ADJ
fsr-3422	285	85	1993	1993	NUM
fsr-3422	285	86	)	)	PUNCT
fsr-3422	285	87	.	.	PUNCT
fsr-3422	286	1	the	the	DET
fsr-3422	286	2	data	datum	NOUN
fsr-3422	286	3	is	be	AUX
fsr-3422	286	4	downloaded	download	VERB
fsr-3422	286	5	from	from	ADP
fsr-3422	286	6	kenneth	kenneth	PROPN
fsr-3422	286	7	r.	r.	PROPN
fsr-3422	286	8	french	french	PROPN
fsr-3422	286	9	data	data	PROPN
fsr-3422	286	10	library	library	NOUN
fsr-3422	286	11	.	.	PUNCT
fsr-3422	287	1	model	model	PROPN
fsr-3422	287	2	used	use	VERB
fsr-3422	287	3	in	in	ADP
fsr-3422	287	4	panel	panel	NOUN
fsr-3422	287	5	c	c	X
fsr-3422	287	6	:	:	PUNCT
fsr-3422	287	7	ri	ri	PROPN
fsr-3422	287	8	,	,	PUNCT
fsr-3422	287	9	t	t	PROPN
fsr-3422	287	10	�	�	PROPN
fsr-3422	287	11	rf	rf	PART
fsr-3422	287	12	,	,	PUNCT
fsr-3422	287	13	t	t	PROPN
fsr-3422	287	14	¼	¼	NOUN
fsr-3422	287	15	ai	ai	VERB
fsr-3422	287	16	þ	þ	PROPN
fsr-3422	287	17	b	b	PROPN
fsr-3422	287	18	i	i	PRON
fsr-3422	287	19	rspy	rspy	VERB
fsr-3422	287	20	,	,	PUNCT
fsr-3422	287	21	t	t	PROPN
fsr-3422	287	22	�	�	PROPN
fsr-3422	287	23	rf	rf	PRON
fsr-3422	287	24	,	,	PUNCT
fsr-3422	287	25	tð	tð	ADP
fsr-3422	287	26	þ	þ	PROPN
fsr-3422	287	27	þ	þ	PROPN
fsr-3422	287	28	hihmlt	hihmlt	PROPN
fsr-3422	287	29	þ	þ	PROPN
fsr-3422	287	30	sismbt	sismbt	VERB
fsr-3422	287	31	þ	þ	PROPN
fsr-3422	288	1	mimomt	mimomt	ADJ
fsr-3422	288	2	þ	þ	NOUN
fsr-3422	288	3	«	«	PUNCT
fsr-3422	288	4	i	i	PRON
fsr-3422	288	5	,	,	PUNCT
fsr-3422	288	6	t.where	t.where	ADJ
fsr-3422	288	7	mom	mom	NOUN
fsr-3422	288	8	(	(	PUNCT
fsr-3422	288	9	momentum	momentum	NOUN
fsr-3422	288	10	)	)	PUNCT
fsr-3422	288	11	is	be	AUX
fsr-3422	288	12	the	the	DET
fsr-3422	288	13	average	average	ADJ
fsr-3422	288	14	return	return	NOUN
fsr-3422	288	15	on	on	ADP
fsr-3422	288	16	the	the	DET
fsr-3422	288	17	two	two	NUM
fsr-3422	288	18	high	high	ADJ
fsr-3422	288	19	prior	prior	ADJ
fsr-3422	288	20	return	return	NOUN
fsr-3422	288	21	portfolios	portfolio	NOUN
fsr-3422	288	22	minus	minus	ADP
fsr-3422	288	23	the	the	DET
fsr-3422	288	24	average	average	ADJ
fsr-3422	288	25	return	return	NOUN
fsr-3422	288	26	on	on	ADP
fsr-3422	288	27	the	the	DET
fsr-3422	288	28	two	two	NUM
fsr-3422	288	29	low	low	ADJ
fsr-3422	288	30	prior	prior	ADJ
fsr-3422	288	31	return	return	NOUN
fsr-3422	288	32	portfolios	portfolio	NOUN
fsr-3422	288	33	(	(	PUNCT
fsr-3422	288	34	see	see	VERB
fsr-3422	288	35	carhart	carhart	NOUN
fsr-3422	288	36	1997	1997	NUM
fsr-3422	288	37	)	)	PUNCT
fsr-3422	288	38	.	.	PUNCT
fsr-3422	289	1	the	the	DET
fsr-3422	289	2	data	datum	NOUN
fsr-3422	289	3	is	be	AUX
fsr-3422	289	4	downloaded	download	VERB
fsr-3422	289	5	from	from	ADP
fsr-3422	289	6	kenneth	kenneth	PROPN
fsr-3422	289	7	r.	r.	PROPN
fsr-3422	289	8	french	french	PROPN
fsr-3422	289	9	data	datum	NOUN
fsr-3422	289	10	library	library	NOUN
fsr-3422	289	11	.	.	PUNCT
fsr-3422	290	1	y.	y.	PROPN
fsr-3422	290	2	fan	fan	PROPN
fsr-3422	290	3	,	,	PUNCT
fsr-3422	290	4	c.y	c.y	PROPN
fsr-3422	290	5	.	.	PROPN
fsr-3422	290	6	lin	lin	PROPN
fsr-3422	290	7	/	/	SYM
fsr-3422	290	8	financial	financial	ADJ
fsr-3422	290	9	services	service	NOUN
fsr-3422	290	10	review	review	VERB
fsr-3422	290	11	28	28	NUM
fsr-3422	290	12	(	(	PUNCT
fsr-3422	290	13	2020	2020	NUM
fsr-3422	290	14	)	)	PUNCT
fsr-3422	291	1	159–177	159–177	NUM
fsr-3422	291	2	169	169	NUM
fsr-3422	291	3	the	the	DET
fsr-3422	291	4	r2	r2	NOUN
fsr-3422	291	5	changes	change	NOUN
fsr-3422	291	6	only	only	ADV
fsr-3422	291	7	marginally	marginally	ADV
fsr-3422	291	8	when	when	SCONJ
fsr-3422	291	9	adding	add	VERB
fsr-3422	291	10	more	more	ADJ
fsr-3422	291	11	factors	factor	NOUN
fsr-3422	291	12	to	to	ADP
fsr-3422	291	13	the	the	DET
fsr-3422	291	14	capm	capm	PROPN
fsr-3422	291	15	for	for	ADP
fsr-3422	291	16	both	both	PRON
fsr-3422	291	17	mutual	mutual	ADJ
fsr-3422	291	18	fund	fund	NOUN
fsr-3422	291	19	and	and	CCONJ
fsr-3422	291	20	etf	etf	NOUN
fsr-3422	291	21	regressions	regression	NOUN
fsr-3422	291	22	.	.	PUNCT
fsr-3422	292	1	these	these	DET
fsr-3422	292	2	results	result	NOUN
fsr-3422	292	3	reject	reject	VERB
fsr-3422	292	4	the	the	DET
fsr-3422	292	5	hypothesis	hypothesis	NOUN
fsr-3422	292	6	that	that	PRON
fsr-3422	292	7	sector	sector	NOUN
fsr-3422	292	8	mutual	mutual	ADJ
fsr-3422	292	9	fund	fund	NOUN
fsr-3422	292	10	portfolios	portfolio	NOUN
fsr-3422	292	11	outperform	outperform	VERB
fsr-3422	292	12	market	market	NOUN
fsr-3422	292	13	portfolio	portfolio	NOUN
fsr-3422	292	14	,	,	PUNCT
fsr-3422	292	15	spy	spy	NOUN
fsr-3422	292	16	,	,	PUNCT
fsr-3422	292	17	during	during	ADP
fsr-3422	292	18	the	the	DET
fsr-3422	292	19	sample	sample	NOUN
fsr-3422	292	20	period	period	NOUN
fsr-3422	292	21	.	.	PUNCT
fsr-3422	293	1	we	we	PRON
fsr-3422	293	2	tested	test	VERB
fsr-3422	293	3	robustness	robustness	NOUN
fsr-3422	293	4	of	of	ADP
fsr-3422	293	5	our	our	PRON
fsr-3422	293	6	results	result	NOUN
fsr-3422	293	7	with	with	ADP
fsr-3422	293	8	two	two	NUM
fsr-3422	293	9	equal	equal	ADJ
fsr-3422	293	10	subsample	subsample	ADJ
fsr-3422	293	11	periods.1	periods.1	PROPN
fsr-3422	293	12	none	none	NOUN
fsr-3422	293	13	of	of	ADP
fsr-3422	293	14	the	the	DET
fsr-3422	293	15	sector	sector	NOUN
fsr-3422	293	16	mutual	mutual	ADJ
fsr-3422	293	17	fund	fund	NOUN
fsr-3422	293	18	portfolios	portfolio	NOUN
fsr-3422	293	19	generates	generate	VERB
fsr-3422	293	20	a	a	DET
fsr-3422	293	21	significant	significant	ADJ
fsr-3422	293	22	positive	positive	ADJ
fsr-3422	293	23	alpha	alpha	NOUN
fsr-3422	293	24	for	for	ADP
fsr-3422	293	25	any	any	PRON
fsr-3422	293	26	of	of	ADP
fsr-3422	293	27	the	the	DET
fsr-3422	293	28	three	three	NUM
fsr-3422	293	29	models	model	NOUN
fsr-3422	293	30	in	in	ADP
fsr-3422	293	31	either	either	DET
fsr-3422	293	32	subsample	subsample	ADJ
fsr-3422	293	33	period	period	NOUN
fsr-3422	293	34	.	.	PUNCT
fsr-3422	294	1	consumer	consumer	NOUN
fsr-3422	294	2	staples	staple	NOUN
fsr-3422	294	3	and	and	CCONJ
fsr-3422	294	4	consumer	consumer	NOUN
fsr-3422	294	5	discretionary	discretionary	ADJ
fsr-3422	294	6	etfs	etfs	PROPN
fsr-3422	294	7	,	,	PUNCT
fsr-3422	294	8	however	however	ADV
fsr-3422	294	9	,	,	PUNCT
fsr-3422	294	10	do	do	AUX
fsr-3422	294	11	generate	generate	VERB
fsr-3422	294	12	significant	significant	ADJ
fsr-3422	294	13	positive	positive	ADJ
fsr-3422	294	14	alphas	alpha	NOUN
fsr-3422	294	15	in	in	ADP
fsr-3422	294	16	the	the	DET
fsr-3422	294	17	first	first	ADJ
fsr-3422	294	18	subsample	subsample	ADJ
fsr-3422	294	19	period	period	NOUN
fsr-3422	294	20	,	,	PUNCT
fsr-3422	294	21	2008	2008	NUM
fsr-3422	294	22	-	-	SYM
fsr-3422	294	23	2012	2012	NUM
fsr-3422	294	24	,	,	PUNCT
fsr-3422	294	25	across	across	ADP
fsr-3422	294	26	three	three	NUM
fsr-3422	294	27	models	model	NOUN
fsr-3422	294	28	.	.	PUNCT
fsr-3422	295	1	none	none	NOUN
fsr-3422	295	2	of	of	ADP
fsr-3422	295	3	the	the	DET
fsr-3422	295	4	etfs	etfs	PROPN
fsr-3422	295	5	generates	generate	VERB
fsr-3422	295	6	a	a	DET
fsr-3422	295	7	significant	significant	ADJ
fsr-3422	295	8	positive	positive	ADJ
fsr-3422	295	9	alpha	alpha	NOUN
fsr-3422	295	10	in	in	ADP
fsr-3422	295	11	the	the	DET
fsr-3422	295	12	second	second	ADJ
fsr-3422	295	13	subsample	subsample	ADJ
fsr-3422	295	14	period	period	NOUN
fsr-3422	295	15	,	,	PUNCT
fsr-3422	295	16	2013	2013	NUM
fsr-3422	295	17	-	-	SYM
fsr-3422	295	18	2017	2017	NUM
fsr-3422	295	19	.	.	PUNCT
fsr-3422	296	1	for	for	ADP
fsr-3422	296	2	the	the	DET
fsr-3422	296	3	one	one	NUM
fsr-3422	296	4	-	-	PUNCT
fsr-3422	296	5	factor	factor	NOUN
fsr-3422	296	6	model	model	NOUN
fsr-3422	296	7	,	,	PUNCT
fsr-3422	296	8	five	five	NUM
fsr-3422	296	9	individual	individual	ADJ
fsr-3422	296	10	mutual	mutual	ADJ
fsr-3422	296	11	funds	fund	NOUN
fsr-3422	296	12	in	in	ADP
fsr-3422	296	13	the	the	DET
fsr-3422	296	14	first	first	ADJ
fsr-3422	296	15	half	half	ADJ
fsr-3422	296	16	subsample	subsample	ADJ
fsr-3422	296	17	period	period	NOUN
fsr-3422	296	18	and	and	CCONJ
fsr-3422	296	19	two	two	NUM
fsr-3422	296	20	mutual	mutual	ADJ
fsr-3422	296	21	funds	fund	NOUN
fsr-3422	296	22	in	in	ADP
fsr-3422	296	23	the	the	DET
fsr-3422	296	24	second	second	ADJ
fsr-3422	296	25	half	half	ADJ
fsr-3422	296	26	subsample	subsample	ADJ
fsr-3422	296	27	period	period	NOUN
fsr-3422	296	28	generate	generate	VERB
fsr-3422	296	29	significant	significant	ADJ
fsr-3422	296	30	positive	positive	ADJ
fsr-3422	296	31	alphas	alpha	NOUN
fsr-3422	296	32	,	,	PUNCT
fsr-3422	296	33	respectively	respectively	ADV
fsr-3422	296	34	.	.	PUNCT
fsr-3422	297	1	using	use	VERB
fsr-3422	297	2	spy	spy	NOUN
fsr-3422	297	3	as	as	ADP
fsr-3422	297	4	the	the	DET
fsr-3422	297	5	market	market	NOUN
fsr-3422	297	6	portfolio	portfolio	NOUN
fsr-3422	297	7	may	may	AUX
fsr-3422	297	8	be	be	AUX
fsr-3422	297	9	questionable	questionable	ADJ
fsr-3422	297	10	when	when	SCONJ
fsr-3422	297	11	our	our	PRON
fsr-3422	297	12	goal	goal	NOUN
fsr-3422	297	13	is	be	AUX
fsr-3422	297	14	to	to	PART
fsr-3422	297	15	investigate	investigate	VERB
fsr-3422	297	16	the	the	DET
fsr-3422	297	17	performance	performance	NOUN
fsr-3422	297	18	of	of	ADP
fsr-3422	297	19	sector	sector	NOUN
fsr-3422	297	20	equity	equity	NOUN
fsr-3422	297	21	funds	fund	NOUN
fsr-3422	297	22	.	.	PUNCT
fsr-3422	298	1	the	the	DET
fsr-3422	298	2	risk	risk	NOUN
fsr-3422	298	3	exposure	exposure	NOUN
fsr-3422	298	4	of	of	ADP
fsr-3422	298	5	a	a	DET
fsr-3422	298	6	sector	sector	NOUN
fsr-3422	298	7	fund	fund	NOUN
fsr-3422	298	8	should	should	AUX
fsr-3422	298	9	be	be	AUX
fsr-3422	298	10	much	much	ADV
fsr-3422	298	11	narrower	narrow	ADJ
fsr-3422	298	12	than	than	ADP
fsr-3422	298	13	that	that	PRON
fsr-3422	298	14	of	of	ADP
fsr-3422	298	15	the	the	DET
fsr-3422	298	16	spy	spy	NOUN
fsr-3422	298	17	.	.	PUNCT
fsr-3422	299	1	according	accord	VERB
fsr-3422	299	2	to	to	ADP
fsr-3422	299	3	state	state	PROPN
fsr-3422	299	4	street	street	NOUN
fsr-3422	299	5	global	global	ADJ
fsr-3422	299	6	advisors	advisor	NOUN
fsr-3422	299	7	,	,	PUNCT
fsr-3422	299	8	each	each	PRON
fsr-3422	299	9	of	of	ADP
fsr-3422	299	10	the	the	DET
fsr-3422	299	11	sectors	sector	NOUN
fsr-3422	299	12	only	only	ADV
fsr-3422	299	13	represents	represent	VERB
fsr-3422	299	14	2.6	2.6	NUM
fsr-3422	299	15	%	%	NOUN
fsr-3422	299	16	to	to	PART
fsr-3422	299	17	26.0	26.0	NUM
fsr-3422	299	18	%	%	NOUN
fsr-3422	299	19	of	of	ADP
fsr-3422	299	20	the	the	DET
fsr-3422	299	21	spy	spy	NOUN
fsr-3422	299	22	companies	company	NOUN
fsr-3422	299	23	.	.	PUNCT
fsr-3422	300	1	thus	thus	ADV
fsr-3422	300	2	,	,	PUNCT
fsr-3422	300	3	we	we	PRON
fsr-3422	300	4	modify	modify	VERB
fsr-3422	300	5	the	the	DET
fsr-3422	300	6	capm	capm	NOUN
fsr-3422	300	7	by	by	ADP
fsr-3422	300	8	using	use	VERB
fsr-3422	300	9	peer	peer	NOUN
fsr-3422	300	10	sector	sector	NOUN
fsr-3422	300	11	etfs	etfs	NOUN
fsr-3422	300	12	as	as	ADP
fsr-3422	300	13	market	market	NOUN
fsr-3422	300	14	portfolios	portfolio	NOUN
fsr-3422	300	15	instead	instead	ADV
fsr-3422	300	16	.	.	PUNCT
fsr-3422	301	1	results	result	NOUN
fsr-3422	301	2	in	in	ADP
fsr-3422	301	3	table	table	NOUN
fsr-3422	301	4	6	6	NUM
fsr-3422	301	5	are	be	AUX
fsr-3422	301	6	consistent	consistent	ADJ
fsr-3422	301	7	with	with	ADP
fsr-3422	301	8	results	result	NOUN
fsr-3422	301	9	from	from	ADP
fsr-3422	301	10	table	table	NOUN
fsr-3422	301	11	5	5	NUM
fsr-3422	301	12	.	.	PUNCT
fsr-3422	302	1	none	none	NOUN
fsr-3422	302	2	of	of	ADP
fsr-3422	302	3	the	the	DET
fsr-3422	302	4	sector	sector	NOUN
fsr-3422	302	5	mutual	mutual	ADJ
fsr-3422	302	6	fund	fund	NOUN
fsr-3422	302	7	portfolios	portfolio	NOUN
fsr-3422	302	8	generates	generate	VERB
fsr-3422	302	9	a	a	DET
fsr-3422	302	10	significant	significant	ADJ
fsr-3422	302	11	positive	positive	ADJ
fsr-3422	302	12	alpha	alpha	NOUN
fsr-3422	302	13	at	at	ADP
fsr-3422	302	14	the	the	DET
fsr-3422	302	15	10	10	NUM
fsr-3422	302	16	%	%	NOUN
fsr-3422	302	17	level	level	NOUN
fsr-3422	302	18	.	.	PUNCT
fsr-3422	303	1	only	only	ADV
fsr-3422	303	2	two	two	NUM
fsr-3422	303	3	individual	individual	ADJ
fsr-3422	303	4	funds	fund	NOUN
fsr-3422	303	5	outperform	outperform	VERB
fsr-3422	303	6	their	their	PRON
fsr-3422	303	7	peer	peer	NOUN
fsr-3422	303	8	etfs	etfs	NOUN
fsr-3422	303	9	by	by	ADP
fsr-3422	303	10	delivering	deliver	VERB
fsr-3422	303	11	a	a	DET
fsr-3422	303	12	significant	significant	ADJ
fsr-3422	303	13	positive	positive	ADJ
fsr-3422	303	14	alpha	alpha	NOUN
fsr-3422	303	15	:	:	PUNCT
fsr-3422	303	16	one	one	NUM
fsr-3422	303	17	in	in	ADP
fsr-3422	303	18	materials	material	NOUN
fsr-3422	303	19	and	and	CCONJ
fsr-3422	303	20	one	one	NUM
fsr-3422	303	21	in	in	ADP
fsr-3422	303	22	financials	financial	NOUN
fsr-3422	303	23	.	.	PUNCT
fsr-3422	304	1	most	most	ADJ
fsr-3422	304	2	of	of	ADP
fsr-3422	304	3	the	the	DET
fsr-3422	304	4	adjusted	adjust	VERB
fsr-3422	304	5	r2	r2	NOUN
fsr-3422	304	6	are	be	AUX
fsr-3422	304	7	higher	high	ADJ
fsr-3422	304	8	compared	compare	VERB
fsr-3422	304	9	with	with	ADP
fsr-3422	304	10	results	result	NOUN
fsr-3422	304	11	in	in	ADP
fsr-3422	304	12	table	table	NOUN
fsr-3422	304	13	5	5	NUM
fsr-3422	304	14	panel	panel	NOUN
fsr-3422	304	15	a.	a.	NOUN
fsr-3422	304	16	results	result	NOUN
fsr-3422	304	17	from	from	ADP
fsr-3422	304	18	factor	factor	NOUN
fsr-3422	304	19	models	model	NOUN
fsr-3422	304	20	do	do	AUX
fsr-3422	304	21	not	not	PART
fsr-3422	304	22	show	show	VERB
fsr-3422	304	23	significant	significant	ADJ
fsr-3422	304	24	evidence	evidence	NOUN
fsr-3422	304	25	to	to	PART
fsr-3422	304	26	advocate	advocate	VERB
fsr-3422	304	27	the	the	DET
fsr-3422	304	28	active	active	ADJ
fsr-3422	304	29	fund	fund	NOUN
fsr-3422	304	30	management	management	NOUN
fsr-3422	304	31	strategy	strategy	NOUN
fsr-3422	304	32	from	from	ADP
fsr-3422	304	33	the	the	DET
fsr-3422	304	34	standpoint	standpoint	NOUN
fsr-3422	304	35	of	of	ADP
fsr-3422	304	36	sector	sector	NOUN
fsr-3422	304	37	equity	equity	NOUN
fsr-3422	304	38	funds	fund	NOUN
fsr-3422	304	39	.	.	PUNCT
fsr-3422	305	1	when	when	SCONJ
fsr-3422	305	2	measured	measure	VERB
fsr-3422	305	3	by	by	ADP
fsr-3422	305	4	alpha	alpha	NOUN
fsr-3422	305	5	,	,	PUNCT
fsr-3422	305	6	not	not	PART
fsr-3422	305	7	a	a	DET
fsr-3422	305	8	single	single	ADJ
fsr-3422	305	9	sector	sector	NOUN
fsr-3422	305	10	mutual	mutual	ADJ
fsr-3422	305	11	fund	fund	NOUN
fsr-3422	305	12	portfolio	portfolio	NOUN
fsr-3422	305	13	outperforms	outperform	VERB
fsr-3422	305	14	either	either	CCONJ
fsr-3422	305	15	spy	spy	NOUN
fsr-3422	305	16	or	or	CCONJ
fsr-3422	305	17	its	its	PRON
fsr-3422	305	18	peer	peer	NOUN
fsr-3422	305	19	sector	sector	NOUN
fsr-3422	305	20	etf	etf	NOUN
fsr-3422	305	21	.	.	PUNCT
fsr-3422	306	1	only	only	ADV
fsr-3422	306	2	two	two	NUM
fsr-3422	306	3	or	or	CCONJ
fsr-3422	306	4	three	three	NUM
fsr-3422	306	5	individual	individual	ADJ
fsr-3422	306	6	sector	sector	NOUN
fsr-3422	306	7	mutual	mutual	ADJ
fsr-3422	306	8	funds	fund	NOUN
fsr-3422	306	9	,	,	PUNCT
fsr-3422	306	10	out	out	ADP
fsr-3422	306	11	of	of	ADP
fsr-3422	306	12	the	the	DET
fsr-3422	306	13	sample	sample	NOUN
fsr-3422	306	14	of	of	ADP
fsr-3422	306	15	95	95	NUM
fsr-3422	306	16	,	,	PUNCT
fsr-3422	306	17	beat	beat	VERB
fsr-3422	306	18	their	their	PRON
fsr-3422	306	19	peer	peer	NOUN
fsr-3422	306	20	etfs	etfs	NOUN
fsr-3422	306	21	or	or	CCONJ
fsr-3422	306	22	the	the	DET
fsr-3422	306	23	broad	broad	ADJ
fsr-3422	306	24	market	market	NOUN
fsr-3422	306	25	spy	spy	NOUN
fsr-3422	306	26	for	for	ADP
fsr-3422	306	27	the	the	DET
fsr-3422	306	28	period	period	NOUN
fsr-3422	306	29	of	of	ADP
fsr-3422	306	30	2008	2008	NUM
fsr-3422	306	31	-	-	SYM
fsr-3422	306	32	2017	2017	NUM
fsr-3422	306	33	.	.	PUNCT
fsr-3422	307	1	4	4	NUM
fsr-3422	307	2	.	.	NOUN
fsr-3422	307	3	time	time	NOUN
fsr-3422	307	4	trend	trend	NOUN
fsr-3422	307	5	analysis	analysis	NOUN
fsr-3422	307	6	of	of	ADP
fsr-3422	307	7	alpha	alpha	PROPN
fsr-3422	307	8	lin	lin	PROPN
fsr-3422	307	9	(	(	PUNCT
fsr-3422	307	10	2014	2014	NUM
fsr-3422	307	11	)	)	PUNCT
fsr-3422	307	12	presents	present	VERB
fsr-3422	307	13	evidence	evidence	NOUN
fsr-3422	307	14	that	that	SCONJ
fsr-3422	307	15	nine	nine	NUM
fsr-3422	307	16	actively	actively	ADV
fsr-3422	307	17	managed	manage	VERB
fsr-3422	307	18	fidelity	fidelity	PROPN
fsr-3422	307	19	sector	sector	NOUN
fsr-3422	307	20	mutual	mutual	ADJ
fsr-3422	307	21	funds	fund	NOUN
fsr-3422	307	22	provide	provide	VERB
fsr-3422	307	23	higher	high	ADJ
fsr-3422	307	24	risk	risk	NOUN
fsr-3422	307	25	adjusted	adjust	VERB
fsr-3422	307	26	returns	return	NOUN
fsr-3422	307	27	compared	compare	VERB
fsr-3422	307	28	with	with	ADP
fsr-3422	307	29	their	their	PRON
fsr-3422	307	30	peer	peer	NOUN
fsr-3422	307	31	etfs	etfs	NOUN
fsr-3422	307	32	during	during	ADP
fsr-3422	307	33	the	the	DET
fsr-3422	307	34	period	period	NOUN
fsr-3422	307	35	of	of	ADP
fsr-3422	307	36	19992010	19992010	NUM
fsr-3422	307	37	.	.	PUNCT
fsr-3422	308	1	however	however	ADV
fsr-3422	308	2	,	,	PUNCT
fsr-3422	308	3	results	result	NOUN
fsr-3422	308	4	in	in	ADP
fsr-3422	308	5	this	this	DET
fsr-3422	308	6	study	study	NOUN
fsr-3422	308	7	do	do	AUX
fsr-3422	308	8	not	not	PART
fsr-3422	308	9	show	show	VERB
fsr-3422	308	10	much	much	ADJ
fsr-3422	308	11	evidence	evidence	NOUN
fsr-3422	308	12	that	that	PRON
fsr-3422	308	13	actively	actively	ADV
fsr-3422	308	14	managed	manage	VERB
fsr-3422	308	15	sector	sector	NOUN
fsr-3422	308	16	funds	fund	NOUN
fsr-3422	308	17	outperform	outperform	VERB
fsr-3422	308	18	their	their	PRON
fsr-3422	308	19	passive	passive	ADJ
fsr-3422	308	20	counterparties	counterpartie	NOUN
fsr-3422	308	21	.	.	PUNCT
fsr-3422	309	1	these	these	DET
fsr-3422	309	2	inconsistent	inconsistent	ADJ
fsr-3422	309	3	findings	finding	NOUN
fsr-3422	309	4	demand	demand	VERB
fsr-3422	309	5	further	further	ADJ
fsr-3422	309	6	research	research	NOUN
fsr-3422	309	7	.	.	PUNCT
fsr-3422	310	1	are	be	AUX
fsr-3422	310	2	results	result	NOUN
fsr-3422	310	3	in	in	ADP
fsr-3422	310	4	lin	lin	PROPN
fsr-3422	310	5	(	(	PUNCT
fsr-3422	310	6	2014	2014	NUM
fsr-3422	310	7	)	)	PUNCT
fsr-3422	310	8	still	still	ADV
fsr-3422	310	9	valid	valid	ADJ
fsr-3422	310	10	after	after	ADP
fsr-3422	310	11	2010	2010	NUM
fsr-3422	310	12	?	?	PUNCT
fsr-3422	311	1	we	we	PRON
fsr-3422	311	2	address	address	VERB
fsr-3422	311	3	this	this	DET
fsr-3422	311	4	question	question	NOUN
fsr-3422	311	5	by	by	ADP
fsr-3422	311	6	analyzing	analyze	VERB
fsr-3422	311	7	sector	sector	NOUN
fsr-3422	311	8	mutual	mutual	ADJ
fsr-3422	311	9	fund	fund	NOUN
fsr-3422	311	10	performance	performance	NOUN
fsr-3422	311	11	in	in	ADP
fsr-3422	311	12	different	different	ADJ
fsr-3422	311	13	time	time	NOUN
fsr-3422	311	14	periods	period	NOUN
fsr-3422	311	15	.	.	PUNCT
fsr-3422	312	1	one	one	NUM
fsr-3422	312	2	of	of	ADP
fsr-3422	312	3	the	the	DET
fsr-3422	312	4	reasons	reason	NOUN
fsr-3422	312	5	that	that	PRON
fsr-3422	312	6	lin	lin	PROPN
fsr-3422	312	7	(	(	PUNCT
fsr-3422	312	8	2014	2014	NUM
fsr-3422	312	9	)	)	PUNCT
fsr-3422	312	10	focuses	focus	VERB
fsr-3422	312	11	on	on	ADP
fsr-3422	312	12	the	the	DET
fsr-3422	312	13	fidelity	fidelity	PROPN
fsr-3422	312	14	family	family	NOUN
fsr-3422	312	15	is	be	AUX
fsr-3422	312	16	that	that	SCONJ
fsr-3422	312	17	fidelity	fidelity	PROPN
fsr-3422	312	18	was	be	AUX
fsr-3422	312	19	the	the	DET
fsr-3422	312	20	largest	large	ADJ
fsr-3422	312	21	mutual	mutual	ADJ
fsr-3422	312	22	fund	fund	NOUN
fsr-3422	312	23	family	family	NOUN
fsr-3422	312	24	in	in	ADP
fsr-3422	312	25	the	the	DET
fsr-3422	312	26	united	united	PROPN
fsr-3422	312	27	states	states	PROPN
fsr-3422	312	28	for	for	ADP
fsr-3422	312	29	several	several	ADJ
fsr-3422	312	30	decades	decade	NOUN
fsr-3422	312	31	until	until	SCONJ
fsr-3422	312	32	vanguard	vanguard	NOUN
fsr-3422	312	33	moved	move	VERB
fsr-3422	312	34	to	to	ADP
fsr-3422	312	35	the	the	DET
fsr-3422	312	36	top	top	NOUN
fsr-3422	312	37	in	in	ADP
fsr-3422	312	38	2010	2010	NUM
fsr-3422	312	39	.	.	PUNCT
fsr-3422	313	1	unlike	unlike	ADP
fsr-3422	313	2	vanguard	vanguard	NOUN
fsr-3422	313	3	who	who	PRON
fsr-3422	313	4	launched	launch	VERB
fsr-3422	313	5	the	the	DET
fsr-3422	313	6	first	first	ADJ
fsr-3422	313	7	index	index	NOUN
fsr-3422	313	8	fund	fund	NOUN
fsr-3422	313	9	,	,	PUNCT
fsr-3422	313	10	fidelity	fidelity	PROPN
fsr-3422	313	11	has	have	VERB
fsr-3422	313	12	a	a	DET
fsr-3422	313	13	reputation	reputation	NOUN
fsr-3422	313	14	for	for	ADP
fsr-3422	313	15	actively	actively	ADV
fsr-3422	313	16	managed	manage	VERB
fsr-3422	313	17	mutual	mutual	ADJ
fsr-3422	313	18	funds	fund	NOUN
fsr-3422	313	19	.	.	PUNCT
fsr-3422	314	1	the	the	DET
fsr-3422	314	2	large	large	ADJ
fsr-3422	314	3	size	size	NOUN
fsr-3422	314	4	of	of	ADP
fsr-3422	314	5	fidelity	fidelity	PROPN
fsr-3422	314	6	’s	’s	PART
fsr-3422	314	7	assets	asset	NOUN
fsr-3422	314	8	under	under	ADP
fsr-3422	314	9	management	management	NOUN
fsr-3422	314	10	enables	enable	VERB
fsr-3422	314	11	it	it	PRON
fsr-3422	314	12	to	to	PART
fsr-3422	314	13	provide	provide	VERB
fsr-3422	314	14	economy	economy	NOUN
fsr-3422	314	15	of	of	ADP
fsr-3422	314	16	scale	scale	NOUN
fsr-3422	314	17	for	for	ADP
fsr-3422	314	18	security	security	NOUN
fsr-3422	314	19	research	research	NOUN
fsr-3422	314	20	,	,	PUNCT
fsr-3422	314	21	which	which	PRON
fsr-3422	314	22	is	be	AUX
fsr-3422	314	23	critical	critical	ADJ
fsr-3422	314	24	to	to	ADP
fsr-3422	314	25	the	the	DET
fsr-3422	314	26	key	key	ADJ
fsr-3422	314	27	element	element	NOUN
fsr-3422	314	28	of	of	ADP
fsr-3422	314	29	active	active	ADJ
fsr-3422	314	30	management	management	NOUN
fsr-3422	314	31	:	:	PUNCT
fsr-3422	314	32	security	security	NOUN
fsr-3422	314	33	selection	selection	NOUN
fsr-3422	314	34	.	.	PUNCT
fsr-3422	315	1	active	active	ADJ
fsr-3422	315	2	managers	manager	NOUN
fsr-3422	315	3	can	can	AUX
fsr-3422	315	4	beat	beat	VERB
fsr-3422	315	5	their	their	PRON
fsr-3422	315	6	benchmark	benchmark	NOUN
fsr-3422	315	7	by	by	ADP
fsr-3422	315	8	overweighting	overweighte	VERB
fsr-3422	315	9	future	future	ADJ
fsr-3422	315	10	winners	winner	NOUN
fsr-3422	315	11	,	,	PUNCT
fsr-3422	315	12	underweighting	underweighte	VERB
fsr-3422	315	13	future	future	ADJ
fsr-3422	315	14	losers	loser	NOUN
fsr-3422	315	15	,	,	PUNCT
fsr-3422	315	16	or	or	CCONJ
fsr-3422	315	17	a	a	DET
fsr-3422	315	18	combination	combination	NOUN
fsr-3422	315	19	of	of	ADP
fsr-3422	315	20	both	both	PRON
fsr-3422	315	21	besides	besides	SCONJ
fsr-3422	315	22	the	the	DET
fsr-3422	315	23	freedom	freedom	NOUN
fsr-3422	315	24	of	of	ADP
fsr-3422	315	25	holding	hold	VERB
fsr-3422	315	26	cash	cash	NOUN
fsr-3422	315	27	.	.	PUNCT
fsr-3422	316	1	focusing	focus	VERB
fsr-3422	316	2	on	on	ADP
fsr-3422	316	3	only	only	ADV
fsr-3422	316	4	one	one	NUM
fsr-3422	316	5	sector	sector	NOUN
fsr-3422	316	6	,	,	PUNCT
fsr-3422	316	7	a	a	DET
fsr-3422	316	8	sector	sector	NOUN
fsr-3422	316	9	mutual	mutual	ADJ
fsr-3422	316	10	fund	fund	NOUN
fsr-3422	316	11	manager	manager	NOUN
fsr-3422	316	12	can	can	AUX
fsr-3422	316	13	potentially	potentially	ADV
fsr-3422	316	14	grow	grow	VERB
fsr-3422	316	15	knowledge	knowledge	NOUN
fsr-3422	316	16	and	and	CCONJ
fsr-3422	316	17	experience	experience	NOUN
fsr-3422	316	18	in	in	ADP
fsr-3422	316	19	that	that	DET
fsr-3422	316	20	sector	sector	NOUN
fsr-3422	316	21	and	and	CCONJ
fsr-3422	316	22	gradually	gradually	ADV
fsr-3422	316	23	achieve	achieve	VERB
fsr-3422	316	24	a	a	DET
fsr-3422	316	25	170	170	NUM
fsr-3422	316	26	y.	y.	PROPN
fsr-3422	316	27	fan	fan	PROPN
fsr-3422	316	28	,	,	PUNCT
fsr-3422	316	29	c.y	c.y	PROPN
fsr-3422	316	30	.	.	PROPN
fsr-3422	316	31	lin	lin	PROPN
fsr-3422	316	32	/	/	SYM
fsr-3422	316	33	financial	financial	ADJ
fsr-3422	316	34	services	service	NOUN
fsr-3422	316	35	review	review	VERB
fsr-3422	316	36	28	28	NUM
fsr-3422	316	37	(	(	PUNCT
fsr-3422	316	38	2020	2020	NUM
fsr-3422	316	39	)	)	PUNCT
fsr-3422	317	1	159–177	159–177	NUM
fsr-3422	317	2	t	t	PROPN
fsr-3422	317	3	ab	ab	PROPN
fsr-3422	317	4	le	le	PROPN
fsr-3422	317	5	6	6	NUM
fsr-3422	317	6	a	a	DET
fsr-3422	317	7	lp	lp	ADJ
fsr-3422	317	8	h	h	NOUN
fsr-3422	317	9	as	as	ADV
fsr-3422	317	10	fr	fr	ADV
fsr-3422	317	11	o	o	NOUN
fsr-3422	317	12	m	m	VERB
fsr-3422	317	13	o	o	NOUN
fsr-3422	317	14	n	n	INTJ
fsr-3422	317	15	efa	efa	PROPN
fsr-3422	317	16	ct	ct	NOUN
fsr-3422	317	17	o	o	NOUN
fsr-3422	317	18	r	r	NOUN
fsr-3422	317	19	m	m	NOUN
fsr-3422	317	20	o	o	NOUN
fsr-3422	317	21	d	d	X
fsr-3422	317	22	el	el	PROPN
fsr-3422	317	23	w	w	PROPN
fsr-3422	317	24	it	it	PRON
fsr-3422	317	25	h	h	NOUN
fsr-3422	317	26	p	p	X
fsr-3422	317	27	ee	ee	INTJ
fsr-3422	317	28	r	r	NOUN
fsr-3422	317	29	e	e	NOUN
fsr-3422	317	30	t	t	NOUN
fsr-3422	317	31	f	f	PROPN
fsr-3422	317	32	s	s	PROPN
fsr-3422	317	33	as	as	ADP
fsr-3422	317	34	th	th	X
fsr-3422	317	35	e	e	NOUN
fsr-3422	317	36	m	m	PROPN
fsr-3422	317	37	ar	ar	PROPN
fsr-3422	317	38	k	k	PROPN
fsr-3422	317	39	et	et	PROPN
fsr-3422	317	40	p	p	NOUN
fsr-3422	317	41	o	o	X
fsr-3422	317	42	rt	rt	INTJ
fsr-3422	317	43	fo	fo	INTJ
fsr-3422	317	44	li	li	PROPN
fsr-3422	317	45	o	o	X
fsr-3422	317	46	,	,	PUNCT
fsr-3422	317	47	2	2	NUM
fsr-3422	317	48	0	0	NUM
fsr-3422	317	49	0	0	NUM
fsr-3422	317	50	8	8	NUM
fsr-3422	317	51	-2	-2	NOUN
fsr-3422	317	52	0	0	NUM
fsr-3422	317	53	1	1	NUM
fsr-3422	317	54	7	7	NUM
fsr-3422	317	55	s	s	PART
fsr-3422	317	56	ec	ec	PROPN
fsr-3422	317	57	to	to	PART
fsr-3422	317	58	rs	rs	VERB
fsr-3422	317	59	n	n	PRON
fsr-3422	317	60	o	o	NOUN
fsr-3422	317	61	.	.	PUNCT
fsr-3422	318	1	o	o	X
fsr-3422	318	2	f	f	PROPN
fsr-3422	318	3	fu	fu	PROPN
fsr-3422	319	1	n	n	PROPN
fsr-3422	320	1	d	d	PROPN
fsr-3422	320	2	s	s	PROPN
fsr-3422	320	3	a	a	DET
fsr-3422	320	4	e	e	X
fsr-3422	320	5	st	st	PROPN
fsr-3422	321	1	i	i	X
fsr-3422	321	2	m	m	VERB
fsr-3422	321	3	at	at	ADP
fsr-3422	321	4	e	e	X
fsr-3422	321	5	p	p	X
fsr-3422	321	6	-v	-v	PUNCT
fsr-3422	321	7	al	al	PROPN
fsr-3422	321	8	u	u	PROPN
fsr-3422	322	1	e	e	NOUN
fsr-3422	322	2	o	o	NOUN
fsr-3422	322	3	f	f	PROPN
fsr-3422	322	4	a	a	DET
fsr-3422	322	5	b	b	PROPN
fsr-3422	322	6	e	e	X
fsr-3422	322	7	st	st	PROPN
fsr-3422	322	8	i	i	X
fsr-3422	322	9	m	m	VERB
fsr-3422	322	10	at	at	ADP
fsr-3422	322	11	e	e	X
fsr-3422	322	12	p	p	X
fsr-3422	322	13	-v	-v	PUNCT
fsr-3422	322	14	al	al	PROPN
fsr-3422	322	15	u	u	PROPN
fsr-3422	322	16	e	e	NOUN
fsr-3422	322	17	o	o	NOUN
fsr-3422	322	18	f	f	PROPN
fsr-3422	322	19	b	b	PROPN
fsr-3422	322	20	a	a	PROPN
fsr-3422	322	21	d	d	PROPN
fsr-3422	322	22	ju	ju	PROPN
fsr-3422	322	23	st	st	PROPN
fsr-3422	322	24	ed	ed	PROPN
fsr-3422	322	25	r	r	NOUN
fsr-3422	322	26	2	2	NUM
fsr-3422	322	27	n	n	NUM
fsr-3422	322	28	o	o	NOUN
fsr-3422	322	29	.	.	PUNCT
fsr-3422	323	1	fu	fu	PROPN
fsr-3422	324	1	n	n	PROPN
fsr-3422	324	2	d	d	PROPN
fsr-3422	324	3	s	s	PROPN
fsr-3422	324	4	w	w	NOUN
fsr-3422	324	5	it	it	PRON
fsr-3422	325	1	h	h	NOUN
fsr-3422	326	1	si	si	PROPN
fsr-3422	326	2	g	g	PROPN
fsr-3422	326	3	n	n	PROPN
fsr-3422	326	4	ifi	ifi	PROPN
fsr-3422	326	5	ca	ca	PROPN
fsr-3422	326	6	n	n	ADV
fsr-3422	326	7	t	t	NOUN
fsr-3422	327	1	p	p	X
fsr-3422	327	2	o	o	X
fsr-3422	327	3	si	si	X
fsr-3422	327	4	ti	ti	X
fsr-3422	327	5	v	v	ADP
fsr-3422	327	6	e	e	PROPN
fsr-3422	327	7	a	a	PRON
fsr-3422	327	8	n	n	NUM
fsr-3422	327	9	o	o	NOUN
fsr-3422	327	10	.	.	PUNCT
fsr-3422	328	1	fu	fu	PROPN
fsr-3422	329	1	n	n	PROPN
fsr-3422	329	2	d	d	PROPN
fsr-3422	329	3	s	s	PROPN
fsr-3422	329	4	w	w	NOUN
fsr-3422	329	5	it	it	PRON
fsr-3422	330	1	h	h	NOUN
fsr-3422	331	1	si	si	PROPN
fsr-3422	331	2	g	g	PROPN
fsr-3422	331	3	n	n	PROPN
fsr-3422	331	4	ifi	ifi	PROPN
fsr-3422	331	5	ca	ca	PROPN
fsr-3422	331	6	n	n	ADP
fsr-3422	331	7	t	t	PROPN
fsr-3422	332	1	n	n	NUM
fsr-3422	332	2	eg	eg	NOUN
fsr-3422	332	3	at	at	ADP
fsr-3422	332	4	iv	iv	NUM
fsr-3422	332	5	e	e	PROPN
fsr-3422	332	6	a	a	DET
fsr-3422	332	7	m	m	NOUN
fsr-3422	332	8	at	at	ADP
fsr-3422	332	9	er	er	INTJ
fsr-3422	332	10	ia	ia	NOUN
fsr-3422	332	11	ls	ls	ADJ
fsr-3422	332	12	1	1	NUM
fsr-3422	332	13	1	1	NUM
fsr-3422	332	14	�	�	NOUN
fsr-3422	332	15	0	0	NUM
fsr-3422	332	16	.3	.3	NUM
fsr-3422	332	17	9	9	NUM
fsr-3422	332	18	%	%	NOUN
fsr-3422	332	19	0	0	NUM
fsr-3422	333	1	.2	.2	NUM
fsr-3422	333	2	2	2	NUM
fsr-3422	333	3	6	6	NUM
fsr-3422	333	4	0	0	NUM
fsr-3422	333	5	.9	.9	NUM
fsr-3422	334	1	6	6	NUM
fsr-3422	334	2	0	0	NUM
fsr-3422	334	3	.0	.0	NUM
fsr-3422	334	4	0	0	NUM
fsr-3422	334	5	0	0	NUM
fsr-3422	335	1	.9	.9	NUM
fsr-3422	335	2	1	1	NUM
fsr-3422	335	3	1	1	NUM
fsr-3422	335	4	1	1	NUM
fsr-3422	335	5	e	e	NOUN
fsr-3422	335	6	n	n	NOUN
fsr-3422	335	7	er	er	INTJ
fsr-3422	335	8	g	g	NOUN
fsr-3422	335	9	y	y	PROPN
fsr-3422	335	10	9	9	NUM
fsr-3422	335	11	�	�	NOUN
fsr-3422	335	12	0	0	NUM
fsr-3422	336	1	.2	.2	NUM
fsr-3422	336	2	4	4	NUM
fsr-3422	336	3	%	%	NOUN
fsr-3422	336	4	0	0	NUM
fsr-3422	337	1	.2	.2	NUM
fsr-3422	337	2	3	3	NUM
fsr-3422	337	3	6	6	NUM
fsr-3422	337	4	1	1	NUM
fsr-3422	337	5	.1	.1	NUM
fsr-3422	337	6	6	6	NUM
fsr-3422	337	7	0	0	NUM
fsr-3422	337	8	.0	.0	NUM
fsr-3422	337	9	0	0	NUM
fsr-3422	337	10	0	0	NUM
fsr-3422	337	11	.8	.8	NUM
fsr-3422	337	12	3	3	NUM
fsr-3422	337	13	0	0	NUM
fsr-3422	337	14	1	1	NUM
fsr-3422	337	15	f	f	NOUN
fsr-3422	337	16	in	in	ADP
fsr-3422	337	17	an	an	DET
fsr-3422	337	18	ci	ci	NOUN
fsr-3422	337	19	al	al	PROPN
fsr-3422	337	20	s	s	PROPN
fsr-3422	337	21	1	1	NUM
fsr-3422	337	22	3	3	NUM
fsr-3422	337	23	0	0	NUM
fsr-3422	337	24	.3	.3	NUM
fsr-3422	337	25	8	8	NUM
fsr-3422	337	26	%	%	NOUN
fsr-3422	337	27	0	0	NUM
fsr-3422	338	1	.2	.2	NUM
fsr-3422	338	2	7	7	NUM
fsr-3422	338	3	3	3	NUM
fsr-3422	338	4	0	0	NUM
fsr-3422	339	1	.4	.4	NUM
fsr-3422	339	2	1	1	NUM
fsr-3422	339	3	0	0	NUM
fsr-3422	339	4	.0	.0	NUM
fsr-3422	339	5	0	0	NUM
fsr-3422	339	6	0	0	NUM
fsr-3422	339	7	.5	.5	NUM
fsr-3422	339	8	0	0	NUM
fsr-3422	339	9	1	1	NUM
fsr-3422	339	10	0	0	NUM
fsr-3422	339	11	in	in	ADP
fsr-3422	339	12	d	d	PROPN
fsr-3422	339	13	u	u	PROPN
fsr-3422	339	14	st	st	PROPN
fsr-3422	339	15	ri	ri	PROPN
fsr-3422	339	16	al	al	PROPN
fsr-3422	339	17	s	s	PROPN
fsr-3422	339	18	5	5	NUM
fsr-3422	339	19	0	0	NUM
fsr-3422	339	20	.2	.2	NUM
fsr-3422	339	21	0	0	NUM
fsr-3422	340	1	%	%	NOUN
fsr-3422	340	2	0	0	NUM
fsr-3422	340	3	.3	.3	NUM
fsr-3422	340	4	0	0	NUM
fsr-3422	340	5	0	0	NUM
fsr-3422	340	6	0	0	NUM
fsr-3422	341	1	.9	.9	NUM
fsr-3422	341	2	0	0	NUM
fsr-3422	341	3	0	0	NUM
fsr-3422	342	1	.0	.0	NUM
fsr-3422	342	2	0	0	NUM
fsr-3422	342	3	0	0	NUM
fsr-3422	342	4	.8	.8	NUM
fsr-3422	342	5	6	6	NUM
fsr-3422	342	6	0	0	NUM
fsr-3422	342	7	0	0	NUM
fsr-3422	343	1	t	t	PROPN
fsr-3422	343	2	ec	ec	PROPN
fsr-3422	343	3	h	h	PROPN
fsr-3422	343	4	n	n	NOUN
fsr-3422	343	5	o	o	NOUN
fsr-3422	343	6	lo	lo	NOUN
fsr-3422	343	7	g	g	NOUN
fsr-3422	343	8	y	y	PROPN
fsr-3422	343	9	2	2	NUM
fsr-3422	343	10	4	4	NUM
fsr-3422	343	11	0	0	NUM
fsr-3422	343	12	.0	.0	NUM
fsr-3422	343	13	3	3	NUM
fsr-3422	343	14	%	%	NOUN
fsr-3422	343	15	0	0	NUM
fsr-3422	343	16	.8	.8	NUM
fsr-3422	343	17	8	8	NUM
fsr-3422	343	18	9	9	NUM
fsr-3422	343	19	1	1	NUM
fsr-3422	343	20	.0	.0	NUM
fsr-3422	343	21	7	7	NUM
fsr-3422	343	22	0	0	NUM
fsr-3422	343	23	.0	.0	NUM
fsr-3422	343	24	0	0	NUM
fsr-3422	343	25	0	0	NUM
fsr-3422	343	26	.7	.7	NUM
fsr-3422	343	27	1	1	NUM
fsr-3422	343	28	0	0	NUM
fsr-3422	343	29	1	1	NUM
fsr-3422	343	30	c	c	NOUN
fsr-3422	343	31	o	o	NOUN
fsr-3422	343	32	n	n	CCONJ
fsr-3422	343	33	su	su	PROPN
fsr-3422	343	34	m	m	PROPN
fsr-3422	343	35	er	er	INTJ
fsr-3422	343	36	st	st	PROPN
fsr-3422	343	37	ap	ap	PROPN
fsr-3422	343	38	le	le	PROPN
fsr-3422	343	39	s	s	PROPN
fsr-3422	343	40	2	2	NUM
fsr-3422	343	41	�	�	PROPN
fsr-3422	343	42	0	0	NUM
fsr-3422	343	43	.0	.0	NUM
fsr-3422	343	44	5	5	NUM
fsr-3422	343	45	%	%	NOUN
fsr-3422	343	46	0	0	NUM
fsr-3422	343	47	.7	.7	NUM
fsr-3422	343	48	8	8	NUM
fsr-3422	343	49	6	6	NUM
fsr-3422	343	50	1	1	NUM
fsr-3422	343	51	.0	.0	NUM
fsr-3422	343	52	1	1	NUM
fsr-3422	343	53	0	0	NUM
fsr-3422	343	54	.0	.0	NUM
fsr-3422	343	55	0	0	NUM
fsr-3422	343	56	0	0	NUM
fsr-3422	343	57	.7	.7	NUM
fsr-3422	343	58	5	5	NUM
fsr-3422	343	59	0	0	SYM
fsr-3422	343	60	0	0	NUM
fsr-3422	343	61	u	u	NOUN
fsr-3422	343	62	ti	ti	X
fsr-3422	343	63	li	li	X
fsr-3422	343	64	ti	ti	NOUN
fsr-3422	343	65	es	es	ADP
fsr-3422	343	66	9	9	NUM
fsr-3422	343	67	0	0	NUM
fsr-3422	343	68	.0	.0	NUM
fsr-3422	343	69	8	8	NUM
fsr-3422	343	70	%	%	NOUN
fsr-3422	343	71	0	0	NUM
fsr-3422	344	1	.6	.6	NUM
fsr-3422	344	2	7	7	NUM
fsr-3422	344	3	9	9	NUM
fsr-3422	344	4	0	0	NUM
fsr-3422	344	5	.8	.8	NUM
fsr-3422	344	6	2	2	NUM
fsr-3422	344	7	0	0	NUM
fsr-3422	344	8	.0	.0	NUM
fsr-3422	344	9	0	0	NUM
fsr-3422	344	10	0	0	NUM
fsr-3422	344	11	.7	.7	NUM
fsr-3422	344	12	3	3	NUM
fsr-3422	344	13	0	0	NUM
fsr-3422	344	14	1	1	NUM
fsr-3422	344	15	h	h	NOUN
fsr-3422	344	16	ea	ea	NOUN
fsr-3422	345	1	lt	lt	DET
fsr-3422	345	2	h	h	PROPN
fsr-3422	345	3	ca	can	AUX
fsr-3422	345	4	re	re	VERB
fsr-3422	345	5	1	1	NUM
fsr-3422	345	6	8	8	NUM
fsr-3422	345	7	0	0	NUM
fsr-3422	345	8	.1	.1	NUM
fsr-3422	345	9	1	1	NUM
fsr-3422	345	10	%	%	NOUN
fsr-3422	345	11	0	0	NUM
fsr-3422	346	1	.6	.6	NUM
fsr-3422	346	2	8	8	NUM
fsr-3422	346	3	9	9	NUM
fsr-3422	346	4	1	1	NUM
fsr-3422	346	5	.0	.0	NUM
fsr-3422	346	6	7	7	NUM
fsr-3422	346	7	0	0	NUM
fsr-3422	346	8	.0	.0	NUM
fsr-3422	346	9	0	0	NUM
fsr-3422	346	10	0	0	NUM
fsr-3422	347	1	.6	.6	NUM
fsr-3422	347	2	8	8	NUM
fsr-3422	347	3	0	0	NUM
fsr-3422	347	4	0	0	NUM
fsr-3422	348	1	c	c	NOUN
fsr-3422	348	2	o	o	NOUN
fsr-3422	348	3	n	n	CCONJ
fsr-3422	348	4	su	su	NOUN
fsr-3422	348	5	m	m	ADJ
fsr-3422	348	6	er	er	INTJ
fsr-3422	348	7	d	d	NOUN
fsr-3422	348	8	is	be	AUX
fsr-3422	348	9	cr	cr	ADP
fsr-3422	348	10	et	et	PROPN
fsr-3422	348	11	io	io	PROPN
fsr-3422	348	12	n	n	PROPN
fsr-3422	348	13	ar	ar	PROPN
fsr-3422	348	14	y	y	PROPN
fsr-3422	348	15	4	4	NUM
fsr-3422	348	16	0	0	NUM
fsr-3422	348	17	.0	.0	NUM
fsr-3422	348	18	7	7	NUM
fsr-3422	348	19	%	%	NOUN
fsr-3422	348	20	0	0	NUM
fsr-3422	349	1	.6	.6	NUM
fsr-3422	349	2	1	1	NUM
fsr-3422	349	3	7	7	NUM
fsr-3422	349	4	0	0	NUM
fsr-3422	349	5	.9	.9	NUM
fsr-3422	349	6	4	4	NUM
fsr-3422	349	7	0	0	NUM
fsr-3422	349	8	.0	.0	NUM
fsr-3422	349	9	0	0	NUM
fsr-3422	349	10	0	0	NUM
fsr-3422	350	1	.9	.9	NUM
fsr-3422	350	2	1	1	NUM
fsr-3422	350	3	0	0	NUM
fsr-3422	350	4	0	0	NUM
fsr-3422	350	5	n	n	CCONJ
fsr-3422	350	6	o	o	NOUN
fsr-3422	350	7	te	te	X
fsr-3422	350	8	:	:	PUNCT
fsr-3422	350	9	n	n	CCONJ
fsr-3422	350	10	u	u	NOUN
fsr-3422	350	11	m	m	NOUN
fsr-3422	350	12	b	b	NOUN
fsr-3422	350	13	er	er	INTJ
fsr-3422	350	14	o	o	X
fsr-3422	350	15	f	f	X
fsr-3422	350	16	o	o	X
fsr-3422	350	17	b	b	X
fsr-3422	350	18	se	se	PROPN
fsr-3422	350	19	rv	rv	PROPN
fsr-3422	350	20	at	at	ADP
fsr-3422	350	21	io	io	PROPN
fsr-3422	350	22	n	n	PROPN
fsr-3422	350	23	s1	s1	PROPN
fsr-3422	350	24	2	2	NUM
fsr-3422	350	25	0	0	NUM
fsr-3422	350	26	m	m	NOUN
fsr-3422	350	27	o	o	NOUN
fsr-3422	350	28	n	n	X
fsr-3422	350	29	th	th	X
fsr-3422	350	30	ly	ly	X
fsr-3422	350	31	re	re	ADP
fsr-3422	350	32	tu	tu	PROPN
fsr-3422	350	33	rn	rn	PROPN
fsr-3422	350	34	s.	s.	PROPN
fsr-3422	350	35	m	m	PROPN
fsr-3422	351	1	o	o	PROPN
fsr-3422	351	2	d	d	X
fsr-3422	351	3	el	el	PROPN
fsr-3422	351	4	u	u	PROPN
fsr-3422	351	5	se	se	PROPN
fsr-3422	351	6	d	d	X
fsr-3422	351	7	:	:	PUNCT
fsr-3422	351	8	r	r	NOUN
fsr-3422	351	9	m	m	VERB
fsr-3422	351	10	f	f	PROPN
fsr-3422	351	11	j	j	PROPN
fsr-3422	351	12	,	,	PUNCT
fsr-3422	351	13	t	t	PROPN
fsr-3422	351	14	�	�	PROPN
fsr-3422	351	15	r	r	NOUN
fsr-3422	351	16	f	f	PROPN
fsr-3422	351	17	,	,	PUNCT
fsr-3422	351	18	t	t	X
fsr-3422	351	19	¼	¼	NOUN
fsr-3422	351	20	a	a	DET
fsr-3422	351	21	j	j	PROPN
fsr-3422	351	22	þ	þ	PROPN
fsr-3422	351	23	b	b	PROPN
fsr-3422	351	24	j	j	PROPN
fsr-3422	351	25	r	r	NOUN
fsr-3422	351	26	e	e	PROPN
fsr-3422	351	27	t	t	PROPN
fsr-3422	351	28	f	f	PROPN
fsr-3422	351	29	j	j	PROPN
fsr-3422	351	30	,	,	PUNCT
fsr-3422	351	31	t	t	PROPN
fsr-3422	351	32	�	�	PROPN
fsr-3422	351	33	r	r	PROPN
fsr-3422	351	34	f	f	PROPN
fsr-3422	351	35	,	,	PUNCT
fsr-3422	351	36	t	t	PROPN
fsr-3422	351	37	ð	ð	PROPN
fsr-3422	351	38	þþ	þþ	X
fsr-3422	351	39	«	«	PUNCT
fsr-3422	351	40	j	j	PROPN
fsr-3422	351	41	,	,	PUNCT
fsr-3422	351	42	t	t	PROPN
fsr-3422	351	43	.w	.w	PROPN
fsr-3422	352	1	h	h	NOUN
fsr-3422	353	1	er	er	INTJ
fsr-3422	353	2	e	e	X
fsr-3422	353	3	r	r	NOUN
fsr-3422	353	4	m	m	PROPN
fsr-3422	353	5	f	f	PROPN
fsr-3422	353	6	j	j	PROPN
fsr-3422	353	7	,	,	PUNCT
fsr-3422	353	8	t	t	PROPN
fsr-3422	353	9	is	be	AUX
fsr-3422	353	10	th	th	X
fsr-3422	353	11	e	e	X
fsr-3422	353	12	re	re	X
fsr-3422	353	13	tu	tu	PROPN
fsr-3422	353	14	rn	rn	PROPN
fsr-3422	353	15	o	o	PROPN
fsr-3422	353	16	f	f	PROPN
fsr-3422	354	1	in	in	ADP
fsr-3422	354	2	d	d	PROPN
fsr-3422	354	3	iv	iv	INTJ
fsr-3422	354	4	i	i	PROPN
fsr-3422	354	5	d	d	PROPN
fsr-3422	354	6	u	u	PROPN
fsr-3422	354	7	al	al	PROPN
fsr-3422	354	8	m	m	VERB
fsr-3422	354	9	u	u	PROPN
fsr-3422	354	10	tu	tu	PROPN
fsr-3422	354	11	al	al	PROPN
fsr-3422	354	12	fu	fu	PROPN
fsr-3422	355	1	n	n	PROPN
fsr-3422	355	2	d	d	NOUN
fsr-3422	355	3	/m	/m	PUNCT
fsr-3422	355	4	u	u	PROPN
fsr-3422	355	5	tu	tu	PROPN
fsr-3422	355	6	al	al	PROPN
fsr-3422	355	7	fu	fu	PROPN
fsr-3422	355	8	n	n	PROPN
fsr-3422	356	1	d	d	NOUN
fsr-3422	356	2	p	p	X
fsr-3422	356	3	o	o	X
fsr-3422	356	4	rt	rt	INTJ
fsr-3422	356	5	fo	fo	INTJ
fsr-3422	356	6	li	li	PROPN
fsr-3422	357	1	o	o	NOUN
fsr-3422	357	2	o	o	X
fsr-3422	358	1	f	f	X
fsr-3422	358	2	se	se	INTJ
fsr-3422	358	3	ct	ct	NUM
fsr-3422	359	1	o	o	NOUN
fsr-3422	359	2	r	r	NOUN
fsr-3422	359	3	j	j	PROPN
fsr-3422	359	4	in	in	ADP
fsr-3422	359	5	m	m	PROPN
fsr-3422	359	6	o	o	NOUN
fsr-3422	359	7	n	n	ADV
fsr-3422	359	8	th	th	X
fsr-3422	359	9	t	t	PROPN
fsr-3422	359	10	,	,	PUNCT
fsr-3422	359	11	r	r	PROPN
fsr-3422	359	12	f	f	PROPN
fsr-3422	359	13	,	,	PUNCT
fsr-3422	359	14	t	t	PROPN
fsr-3422	359	15	is	be	AUX
fsr-3422	359	16	th	th	X
fsr-3422	359	17	e	e	X
fsr-3422	359	18	re	re	X
fsr-3422	359	19	tu	tu	PROPN
fsr-3422	359	20	rn	rn	PROPN
fsr-3422	359	21	o	o	PROPN
fsr-3422	360	1	f	f	X
fsr-3422	361	1	o	o	INTJ
fsr-3422	362	1	n	n	CCONJ
fsr-3422	363	1	em	em	PRON
fsr-3422	364	1	o	o	INTJ
fsr-3422	364	2	n	n	ADV
fsr-3422	364	3	th	th	X
fsr-3422	364	4	t	t	PROPN
fsr-3422	364	5	-b	-b	PUNCT
fsr-3422	364	6	il	il	PROPN
fsr-3422	364	7	l	l	PROPN
fsr-3422	364	8	in	in	ADP
fsr-3422	364	9	m	m	PROPN
fsr-3422	364	10	o	o	NOUN
fsr-3422	364	11	n	n	ADV
fsr-3422	364	12	th	th	X
fsr-3422	364	13	t	t	PROPN
fsr-3422	364	14	,	,	PUNCT
fsr-3422	364	15	an	an	DET
fsr-3422	364	16	d	d	NOUN
fsr-3422	364	17	r	r	NOUN
fsr-3422	364	18	e	e	NOUN
fsr-3422	364	19	t	t	PROPN
fsr-3422	364	20	f	f	PROPN
fsr-3422	364	21	j	j	PROPN
fsr-3422	364	22	,	,	PUNCT
fsr-3422	364	23	t	t	PROPN
fsr-3422	364	24	is	be	AUX
fsr-3422	364	25	th	th	X
fsr-3422	364	26	e	e	X
fsr-3422	364	27	re	re	X
fsr-3422	364	28	tu	tu	PROPN
fsr-3422	364	29	rn	rn	PROPN
fsr-3422	364	30	o	o	PROPN
fsr-3422	364	31	f	f	PROPN
fsr-3422	364	32	e	e	X
fsr-3422	364	33	t	t	PROPN
fsr-3422	364	34	f	f	PROPN
fsr-3422	364	35	in	in	ADP
fsr-3422	364	36	th	th	X
fsr-3422	364	37	e	e	X
fsr-3422	364	38	sa	sa	PROPN
fsr-3422	364	39	m	m	PROPN
fsr-3422	364	40	e	e	X
fsr-3422	364	41	se	se	X
fsr-3422	365	1	ct	ct	NUM
fsr-3422	365	2	o	o	NOUN
fsr-3422	366	1	r	r	NOUN
fsr-3422	366	2	j	j	PROPN
fsr-3422	366	3	in	in	ADP
fsr-3422	366	4	m	m	PROPN
fsr-3422	366	5	o	o	NOUN
fsr-3422	366	6	n	n	ADV
fsr-3422	366	7	th	th	X
fsr-3422	366	8	t	t	PROPN
fsr-3422	366	9	,	,	PUNCT
fsr-3422	366	10	an	an	DET
fsr-3422	366	11	d	d	X
fsr-3422	366	12	«	«	PUNCT
fsr-3422	366	13	j	j	PROPN
fsr-3422	366	14	,	,	PUNCT
fsr-3422	366	15	t	t	PROPN
fsr-3422	366	16	is	be	AUX
fsr-3422	366	17	an	an	DET
fsr-3422	366	18	er	er	INTJ
fsr-3422	366	19	ro	ro	INTJ
fsr-3422	366	20	r	r	NOUN
fsr-3422	366	21	te	te	PROPN
fsr-3422	366	22	rm	rm	PROPN
fsr-3422	366	23	.	.	PUNCT
fsr-3422	367	1	y.	y.	PROPN
fsr-3422	367	2	fan	fan	PROPN
fsr-3422	367	3	,	,	PUNCT
fsr-3422	367	4	c.y	c.y	PROPN
fsr-3422	367	5	.	.	PROPN
fsr-3422	367	6	lin	lin	PROPN
fsr-3422	367	7	/	/	SYM
fsr-3422	367	8	financial	financial	ADJ
fsr-3422	367	9	services	service	NOUN
fsr-3422	367	10	review	review	VERB
fsr-3422	367	11	28	28	NUM
fsr-3422	367	12	(	(	PUNCT
fsr-3422	367	13	2020	2020	NUM
fsr-3422	367	14	)	)	PUNCT
fsr-3422	368	1	159–177	159–177	NUM
fsr-3422	368	2	171	171	NUM
fsr-3422	368	3	superior	superior	ADJ
fsr-3422	368	4	fund	fund	NOUN
fsr-3422	368	5	performance	performance	NOUN
fsr-3422	368	6	.	.	PUNCT
fsr-3422	369	1	moreover	moreover	ADV
fsr-3422	369	2	,	,	PUNCT
fsr-3422	369	3	fidelity	fidelity	PROPN
fsr-3422	369	4	is	be	AUX
fsr-3422	369	5	the	the	DET
fsr-3422	369	6	only	only	ADJ
fsr-3422	369	7	fund	fund	NOUN
fsr-3422	369	8	family	family	NOUN
fsr-3422	369	9	whose	whose	DET
fsr-3422	369	10	actively	actively	ADV
fsr-3422	369	11	managed	manage	VERB
fsr-3422	369	12	sector	sector	NOUN
fsr-3422	369	13	funds	fund	NOUN
fsr-3422	369	14	cover	cover	VERB
fsr-3422	369	15	the	the	DET
fsr-3422	369	16	nine	nine	NUM
fsr-3422	369	17	examined	examine	VERB
fsr-3422	369	18	sectors	sector	NOUN
fsr-3422	369	19	in	in	ADP
fsr-3422	369	20	both	both	DET
fsr-3422	369	21	lin	lin	PROPN
fsr-3422	369	22	(	(	PUNCT
fsr-3422	369	23	2014	2014	NUM
fsr-3422	369	24	)	)	PUNCT
fsr-3422	369	25	and	and	CCONJ
fsr-3422	369	26	our	our	PRON
fsr-3422	369	27	studies	study	NOUN
fsr-3422	369	28	.	.	PUNCT
fsr-3422	370	1	for	for	ADP
fsr-3422	370	2	instance	instance	NOUN
fsr-3422	370	3	,	,	PUNCT
fsr-3422	370	4	in	in	ADP
fsr-3422	370	5	our	our	PRON
fsr-3422	370	6	sample	sample	NOUN
fsr-3422	370	7	,	,	PUNCT
fsr-3422	370	8	the	the	DET
fsr-3422	370	9	second	second	ADV
fsr-3422	370	10	largest	large	ADJ
fsr-3422	370	11	sector	sector	NOUN
fsr-3422	370	12	coverage	coverage	NOUN
fsr-3422	370	13	is	be	AUX
fsr-3422	370	14	franklin	franklin	PROPN
fsr-3422	370	15	templeton	templeton	PROPN
fsr-3422	370	16	investments	investment	NOUN
fsr-3422	370	17	,	,	PUNCT
fsr-3422	370	18	whose	whose	DET
fsr-3422	370	19	funds	fund	NOUN
fsr-3422	370	20	represent	represent	VERB
fsr-3422	370	21	only	only	ADV
fsr-3422	370	22	four	four	NUM
fsr-3422	370	23	sectors	sector	NOUN
fsr-3422	370	24	.	.	PUNCT
fsr-3422	371	1	the	the	DET
fsr-3422	371	2	nine	nine	NUM
fsr-3422	371	3	fidelity	fidelity	NOUN
fsr-3422	371	4	sector	sector	NOUN
fsr-3422	371	5	funds	fund	NOUN
fsr-3422	371	6	are	be	AUX
fsr-3422	371	7	examined	examine	VERB
fsr-3422	371	8	in	in	ADP
fsr-3422	371	9	the	the	DET
fsr-3422	371	10	same	same	ADJ
fsr-3422	371	11	way	way	NOUN
fsr-3422	371	12	as	as	SCONJ
fsr-3422	371	13	lin	lin	PROPN
fsr-3422	371	14	(	(	PUNCT
fsr-3422	371	15	2014	2014	NUM
fsr-3422	371	16	)	)	PUNCT
fsr-3422	371	17	does	do	VERB
fsr-3422	371	18	and	and	CCONJ
fsr-3422	371	19	the	the	DET
fsr-3422	371	20	study	study	NOUN
fsr-3422	371	21	is	be	AUX
fsr-3422	371	22	continued	continue	VERB
fsr-3422	371	23	till	till	SCONJ
fsr-3422	371	24	the	the	DET
fsr-3422	371	25	year	year	NOUN
fsr-3422	371	26	2017	2017	NUM
fsr-3422	371	27	.	.	PUNCT
fsr-3422	372	1	lin	lin	PROPN
fsr-3422	372	2	chooses	choose	VERB
fsr-3422	372	3	the	the	DET
fsr-3422	372	4	year	year	NOUN
fsr-3422	372	5	1999	1999	NUM
fsr-3422	372	6	as	as	ADP
fsr-3422	372	7	the	the	DET
fsr-3422	372	8	starting	starting	NOUN
fsr-3422	372	9	sample	sample	NOUN
fsr-3422	372	10	period	period	NOUN
fsr-3422	372	11	since	since	SCONJ
fsr-3422	372	12	these	these	DET
fsr-3422	372	13	nine	nine	NUM
fsr-3422	372	14	fidelity	fidelity	NOUN
fsr-3422	372	15	funds	fund	NOUN
fsr-3422	372	16	had	have	VERB
fsr-3422	372	17	the	the	DET
fsr-3422	372	18	first	first	ADJ
fsr-3422	372	19	full	full	ADJ
fsr-3422	372	20	year	year	NOUN
fsr-3422	372	21	price	price	NOUN
fsr-3422	372	22	data	datum	NOUN
fsr-3422	372	23	in	in	ADP
fsr-3422	372	24	1999	1999	NUM
fsr-3422	372	25	.	.	PUNCT
fsr-3422	373	1	the	the	DET
fsr-3422	373	2	same	same	ADJ
fsr-3422	373	3	factor	factor	NOUN
fsr-3422	373	4	models	model	NOUN
fsr-3422	373	5	are	be	AUX
fsr-3422	373	6	used	use	VERB
fsr-3422	373	7	in	in	ADP
fsr-3422	373	8	this	this	DET
fsr-3422	373	9	paper	paper	NOUN
fsr-3422	373	10	to	to	PART
fsr-3422	373	11	match	match	VERB
fsr-3422	373	12	lin	lin	PROPN
fsr-3422	373	13	’s	’s	PART
fsr-3422	373	14	study	study	NOUN
fsr-3422	373	15	but	but	CCONJ
fsr-3422	373	16	with	with	ADP
fsr-3422	373	17	a	a	DET
fsr-3422	373	18	longer	long	ADJ
fsr-3422	373	19	sample	sample	NOUN
fsr-3422	373	20	period	period	NOUN
fsr-3422	373	21	of	of	ADP
fsr-3422	373	22	19	19	NUM
fsr-3422	373	23	years	year	NOUN
fsr-3422	373	24	.	.	PUNCT
fsr-3422	374	1	we	we	PRON
fsr-3422	374	2	also	also	ADV
fsr-3422	374	3	break	break	VERB
fsr-3422	374	4	the	the	DET
fsr-3422	374	5	nine	nine	NUM
fsr-3422	374	6	funds	fund	NOUN
fsr-3422	374	7	’	'	PUNCT
fsr-3422	374	8	performance	performance	NOUN
fsr-3422	374	9	into	into	ADP
fsr-3422	374	10	two	two	NUM
fsr-3422	374	11	subsample	subsample	ADJ
fsr-3422	374	12	periods	period	NOUN
fsr-3422	374	13	:	:	PUNCT
fsr-3422	374	14	1999	1999	NUM
fsr-3422	374	15	to	to	ADP
fsr-3422	374	16	2010	2010	NUM
fsr-3422	374	17	and	and	CCONJ
fsr-3422	374	18	2011	2011	NUM
fsr-3422	374	19	to	to	ADP
fsr-3422	374	20	2017	2017	NUM
fsr-3422	374	21	.	.	PUNCT
fsr-3422	375	1	the	the	DET
fsr-3422	375	2	1999	1999	NUM
fsr-3422	375	3	to	to	ADP
fsr-3422	375	4	2010	2010	NUM
fsr-3422	375	5	subsample	subsample	ADJ
fsr-3422	375	6	period	period	NOUN
fsr-3422	375	7	is	be	AUX
fsr-3422	375	8	the	the	DET
fsr-3422	375	9	full	full	ADJ
fsr-3422	375	10	sample	sample	NOUN
fsr-3422	375	11	period	period	NOUN
fsr-3422	375	12	of	of	ADP
fsr-3422	375	13	lin	lin	PROPN
fsr-3422	375	14	(	(	PUNCT
fsr-3422	375	15	2014	2014	NUM
fsr-3422	375	16	)	)	PUNCT
fsr-3422	375	17	.	.	PUNCT
fsr-3422	376	1	results	result	NOUN
fsr-3422	376	2	from	from	ADP
fsr-3422	376	3	the	the	DET
fsr-3422	376	4	one	one	NUM
fsr-3422	376	5	-	-	PUNCT
fsr-3422	376	6	factor	factor	NOUN
fsr-3422	376	7	model	model	NOUN
fsr-3422	376	8	with	with	ADP
fsr-3422	376	9	peer	peer	NOUN
fsr-3422	376	10	etfs	etfs	NOUN
fsr-3422	376	11	as	as	SCONJ
fsr-3422	376	12	market	market	NOUN
fsr-3422	376	13	portfolios	portfolio	NOUN
fsr-3422	376	14	are	be	AUX
fsr-3422	376	15	presented	present	VERB
fsr-3422	376	16	in	in	ADP
fsr-3422	376	17	table	table	NOUN
fsr-3422	376	18	7	7	NUM
fsr-3422	376	19	.	.	PUNCT
fsr-3422	376	20	over	over	ADP
fsr-3422	376	21	the	the	DET
fsr-3422	376	22	whole	whole	ADJ
fsr-3422	376	23	sample	sample	NOUN
fsr-3422	376	24	period	period	NOUN
fsr-3422	376	25	,	,	PUNCT
fsr-3422	376	26	1999	1999	NUM
fsr-3422	376	27	-	-	SYM
fsr-3422	376	28	2017	2017	NUM
fsr-3422	376	29	,	,	PUNCT
fsr-3422	376	30	only	only	ADV
fsr-3422	376	31	one	one	NUM
fsr-3422	376	32	fidelity	fidelity	NOUN
fsr-3422	376	33	sector	sector	NOUN
fsr-3422	376	34	mutual	mutual	ADJ
fsr-3422	376	35	fund	fund	NOUN
fsr-3422	376	36	generates	generate	VERB
fsr-3422	376	37	a	a	DET
fsr-3422	376	38	significant	significant	ADJ
fsr-3422	376	39	positive	positive	ADJ
fsr-3422	376	40	alpha	alpha	NOUN
fsr-3422	376	41	at	at	ADP
fsr-3422	376	42	the	the	DET
fsr-3422	376	43	10	10	NUM
fsr-3422	376	44	%	%	NOUN
fsr-3422	376	45	level	level	NOUN
fsr-3422	376	46	against	against	ADP
fsr-3422	376	47	peer	peer	NOUN
fsr-3422	376	48	etfs	etfs	NOUN
fsr-3422	376	49	:	:	PUNCT
fsr-3422	376	50	the	the	DET
fsr-3422	376	51	fidelity	fidelity	PROPN
fsr-3422	376	52	select	select	ADJ
fsr-3422	376	53	materials	material	NOUN
fsr-3422	376	54	portfolio	portfolio	NOUN
fsr-3422	376	55	(	(	PUNCT
fsr-3422	376	56	fsdpx	fsdpx	PROPN
fsr-3422	376	57	)	)	PUNCT
fsr-3422	376	58	.	.	PUNCT
fsr-3422	377	1	when	when	SCONJ
fsr-3422	377	2	focusing	focus	VERB
fsr-3422	377	3	on	on	ADP
fsr-3422	377	4	the	the	DET
fsr-3422	377	5	two	two	NUM
fsr-3422	377	6	subsample	subsample	ADJ
fsr-3422	377	7	periods	period	NOUN
fsr-3422	377	8	,	,	PUNCT
fsr-3422	377	9	results	result	NOUN
fsr-3422	377	10	from	from	ADP
fsr-3422	377	11	panel	panel	NOUN
fsr-3422	377	12	b	b	PROPN
fsr-3422	377	13	and	and	CCONJ
fsr-3422	377	14	c	c	PROPN
fsr-3422	377	15	show	show	VERB
fsr-3422	377	16	that	that	SCONJ
fsr-3422	377	17	fidelity	fidelity	PROPN
fsr-3422	377	18	sector	sector	NOUN
fsr-3422	377	19	mutual	mutual	ADJ
fsr-3422	377	20	funds	fund	NOUN
fsr-3422	377	21	perform	perform	VERB
fsr-3422	377	22	better	well	ADV
fsr-3422	377	23	against	against	ADP
fsr-3422	377	24	their	their	PRON
fsr-3422	377	25	peer	peer	NOUN
fsr-3422	377	26	etfs	etfs	NOUN
fsr-3422	377	27	in	in	ADP
fsr-3422	377	28	the	the	DET
fsr-3422	377	29	1999	1999	NUM
fsr-3422	377	30	-	-	SYM
fsr-3422	377	31	2010	2010	NUM
fsr-3422	377	32	period	period	NOUN
fsr-3422	377	33	than	than	ADP
fsr-3422	377	34	in	in	ADP
fsr-3422	377	35	the	the	DET
fsr-3422	377	36	2011	2011	NUM
fsr-3422	377	37	-	-	SYM
fsr-3422	377	38	2017	2017	NUM
fsr-3422	377	39	period	period	NOUN
fsr-3422	377	40	.	.	PUNCT
fsr-3422	378	1	in	in	ADP
fsr-3422	378	2	the	the	DET
fsr-3422	378	3	first	first	ADJ
fsr-3422	378	4	sub	sub	NOUN
fsr-3422	378	5	sample	sample	NOUN
fsr-3422	378	6	period	period	NOUN
fsr-3422	378	7	,	,	PUNCT
fsr-3422	378	8	19992007	19992007	NUM
fsr-3422	378	9	,	,	PUNCT
fsr-3422	378	10	four	four	NUM
fsr-3422	378	11	fidelity	fidelity	NOUN
fsr-3422	378	12	funds	fund	NOUN
fsr-3422	378	13	outperform	outperform	VERB
fsr-3422	378	14	their	their	PRON
fsr-3422	378	15	peer	peer	NOUN
fsr-3422	378	16	etfs	etfs	NOUN
fsr-3422	378	17	:	:	PUNCT
fsr-3422	378	18	materials	material	NOUN
fsr-3422	378	19	(	(	PUNCT
fsr-3422	378	20	fsdpx	fsdpx	NOUN
fsr-3422	378	21	)	)	PUNCT
fsr-3422	378	22	,	,	PUNCT
fsr-3422	378	23	industrials	industrial	NOUN
fsr-3422	378	24	(	(	PUNCT
fsr-3422	378	25	fcyix	fcyix	PROPN
fsr-3422	378	26	)	)	PUNCT
fsr-3422	378	27	,	,	PUNCT
fsr-3422	378	28	technology	technology	NOUN
fsr-3422	378	29	(	(	PUNCT
fsr-3422	378	30	fsptx	fsptx	PROPN
fsr-3422	378	31	)	)	PUNCT
fsr-3422	378	32	,	,	PUNCT
fsr-3422	378	33	and	and	CCONJ
fsr-3422	378	34	consumer	consumer	NOUN
fsr-3422	378	35	staples	staple	NOUN
fsr-3422	378	36	(	(	PUNCT
fsr-3422	378	37	fdfax	fdfax	ADJ
fsr-3422	378	38	)	)	PUNCT
fsr-3422	378	39	.	.	PUNCT
fsr-3422	379	1	fund	fund	NOUN
fsr-3422	379	2	performance	performance	NOUN
fsr-3422	379	3	in	in	ADP
fsr-3422	379	4	the	the	DET
fsr-3422	379	5	first	first	ADJ
fsr-3422	379	6	subsample	subsample	ADJ
fsr-3422	379	7	period	period	NOUN
fsr-3422	379	8	1999	1999	NUM
fsr-3422	379	9	-	-	SYM
fsr-3422	379	10	2010	2010	NUM
fsr-3422	379	11	is	be	AUX
fsr-3422	379	12	consistent	consistent	ADJ
fsr-3422	379	13	with	with	ADP
fsr-3422	379	14	lin	lin	PROPN
fsr-3422	379	15	(	(	PUNCT
fsr-3422	379	16	2014	2014	NUM
fsr-3422	379	17	)	)	PUNCT
fsr-3422	379	18	,	,	PUNCT
fsr-3422	379	19	which	which	PRON
fsr-3422	379	20	reports	report	VERB
fsr-3422	379	21	the	the	DET
fsr-3422	379	22	same	same	ADJ
fsr-3422	379	23	four	four	NUM
fsr-3422	379	24	fidelity	fidelity	NOUN
fsr-3422	379	25	funds	fund	NOUN
fsr-3422	379	26	outperform	outperform	VERB
fsr-3422	379	27	peer	peer	NOUN
fsr-3422	379	28	etfs	etfs	NOUN
fsr-3422	379	29	using	use	VERB
fsr-3422	379	30	the	the	DET
fsr-3422	379	31	one	one	NUM
fsr-3422	379	32	-	-	PUNCT
fsr-3422	379	33	factor	factor	NOUN
fsr-3422	379	34	model	model	NOUN
fsr-3422	379	35	.	.	PUNCT
fsr-3422	380	1	interestingly	interestingly	ADV
fsr-3422	380	2	,	,	PUNCT
fsr-3422	380	3	none	none	NOUN
fsr-3422	380	4	of	of	ADP
fsr-3422	380	5	the	the	DET
fsr-3422	380	6	funds	fund	NOUN
fsr-3422	380	7	outperforms	outperform	NOUN
fsr-3422	380	8	in	in	ADP
fsr-3422	380	9	the	the	DET
fsr-3422	380	10	second	second	ADJ
fsr-3422	380	11	subsample	subsample	ADJ
fsr-3422	380	12	period	period	NOUN
fsr-3422	380	13	2011	2011	NUM
fsr-3422	380	14	-	-	SYM
fsr-3422	380	15	2017	2017	NUM
fsr-3422	380	16	measured	measure	VERB
fsr-3422	380	17	by	by	ADP
fsr-3422	380	18	alpha	alpha	PROPN
fsr-3422	380	19	.	.	PUNCT
fsr-3422	381	1	moreover	moreover	ADV
fsr-3422	381	2	,	,	PUNCT
fsr-3422	381	3	seven	seven	NUM
fsr-3422	381	4	out	out	ADP
fsr-3422	381	5	of	of	ADP
fsr-3422	381	6	nine	nine	NUM
fsr-3422	381	7	funds	fund	NOUN
fsr-3422	381	8	produce	produce	VERB
fsr-3422	381	9	a	a	DET
fsr-3422	381	10	negative	negative	ADJ
fsr-3422	381	11	alpha	alpha	NOUN
fsr-3422	381	12	given	give	VERB
fsr-3422	381	13	that	that	SCONJ
fsr-3422	381	14	they	they	PRON
fsr-3422	381	15	are	be	AUX
fsr-3422	381	16	not	not	PART
fsr-3422	381	17	statistically	statistically	ADV
fsr-3422	381	18	significant	significant	ADJ
fsr-3422	381	19	.	.	PUNCT
fsr-3422	382	1	why	why	SCONJ
fsr-3422	382	2	does	do	AUX
fsr-3422	382	3	performance	performance	NOUN
fsr-3422	382	4	of	of	ADP
fsr-3422	382	5	the	the	DET
fsr-3422	382	6	nine	nine	NUM
fsr-3422	382	7	fidelity	fidelity	NOUN
fsr-3422	382	8	sector	sector	NOUN
fsr-3422	382	9	mutual	mutual	ADJ
fsr-3422	382	10	funds	fund	NOUN
fsr-3422	382	11	deteriorate	deteriorate	VERB
fsr-3422	382	12	in	in	ADP
fsr-3422	382	13	the	the	DET
fsr-3422	382	14	second	second	ADJ
fsr-3422	382	15	subsample	subsample	ADJ
fsr-3422	382	16	period	period	NOUN
fsr-3422	382	17	?	?	PUNCT
fsr-3422	383	1	one	one	NUM
fsr-3422	383	2	explanation	explanation	NOUN
fsr-3422	383	3	could	could	AUX
fsr-3422	383	4	be	be	AUX
fsr-3422	383	5	that	that	SCONJ
fsr-3422	383	6	the	the	DET
fsr-3422	383	7	u.s	u.s	PROPN
fsr-3422	383	8	.	.	PROPN
fsr-3422	383	9	stock	stock	NOUN
fsr-3422	383	10	market	market	NOUN
fsr-3422	383	11	has	have	AUX
fsr-3422	383	12	become	become	VERB
fsr-3422	383	13	more	more	ADV
fsr-3422	383	14	efficient	efficient	ADJ
fsr-3422	383	15	because	because	SCONJ
fsr-3422	383	16	of	of	ADP
fsr-3422	383	17	increased	increase	VERB
fsr-3422	383	18	level	level	NOUN
fsr-3422	383	19	of	of	ADP
fsr-3422	383	20	competition	competition	NOUN
fsr-3422	383	21	over	over	ADP
fsr-3422	383	22	time	time	NOUN
fsr-3422	383	23	.	.	PUNCT
fsr-3422	384	1	another	another	DET
fsr-3422	384	2	explanation	explanation	NOUN
fsr-3422	384	3	could	could	AUX
fsr-3422	384	4	be	be	AUX
fsr-3422	384	5	attributed	attribute	VERB
fsr-3422	384	6	to	to	ADP
fsr-3422	384	7	correlation	correlation	NOUN
fsr-3422	384	8	convergence	convergence	NOUN
fsr-3422	384	9	between	between	ADP
fsr-3422	384	10	sector	sector	NOUN
fsr-3422	384	11	mutual	mutual	ADJ
fsr-3422	384	12	funds	fund	NOUN
fsr-3422	384	13	and	and	CCONJ
fsr-3422	384	14	their	their	PRON
fsr-3422	384	15	etf	etf	NOUN
fsr-3422	384	16	counterparties	counterpartie	NOUN
fsr-3422	384	17	over	over	ADP
fsr-3422	384	18	time	time	NOUN
fsr-3422	384	19	.	.	PUNCT
fsr-3422	385	1	this	this	PRON
fsr-3422	385	2	is	be	AUX
fsr-3422	385	3	the	the	DET
fsr-3422	385	4	“	"	PUNCT
fsr-3422	385	5	closet	closet	NOUN
fsr-3422	385	6	indexing	indexing	NOUN
fsr-3422	385	7	”	"	PUNCT
fsr-3422	385	8	argument	argument	NOUN
fsr-3422	385	9	stated	state	VERB
fsr-3422	385	10	by	by	ADP
fsr-3422	385	11	petajisto	petajisto	NOUN
fsr-3422	385	12	(	(	PUNCT
fsr-3422	385	13	2013	2013	NUM
fsr-3422	385	14	)	)	PUNCT
fsr-3422	385	15	.	.	PUNCT
fsr-3422	386	1	closet	closet	NOUN
fsr-3422	386	2	indexing	indexing	NOUN
fsr-3422	386	3	is	be	AUX
fsr-3422	386	4	a	a	DET
fsr-3422	386	5	strategy	strategy	NOUN
fsr-3422	386	6	used	use	VERB
fsr-3422	386	7	to	to	PART
fsr-3422	386	8	describe	describe	VERB
fsr-3422	386	9	funds	fund	NOUN
fsr-3422	386	10	that	that	PRON
fsr-3422	386	11	claim	claim	VERB
fsr-3422	386	12	to	to	PART
fsr-3422	386	13	be	be	AUX
fsr-3422	386	14	actively	actively	ADV
fsr-3422	386	15	managed	manage	VERB
fsr-3422	386	16	investments	investment	NOUN
fsr-3422	386	17	but	but	CCONJ
fsr-3422	386	18	wind	wind	VERB
fsr-3422	386	19	up	up	ADP
fsr-3422	386	20	with	with	ADP
fsr-3422	386	21	portfolios	portfolio	NOUN
fsr-3422	386	22	not	not	PART
fsr-3422	386	23	much	much	ADV
fsr-3422	386	24	different	different	ADJ
fsr-3422	386	25	from	from	ADP
fsr-3422	386	26	their	their	PRON
fsr-3422	386	27	benchmarks	benchmark	NOUN
fsr-3422	386	28	.	.	PUNCT
fsr-3422	387	1	these	these	DET
fsr-3422	387	2	portfolio	portfolio	NOUN
fsr-3422	387	3	managers	manager	NOUN
fsr-3422	387	4	achieve	achieve	VERB
fsr-3422	387	5	a	a	DET
fsr-3422	387	6	return	return	NOUN
fsr-3422	387	7	similar	similar	ADJ
fsr-3422	387	8	to	to	ADP
fsr-3422	387	9	an	an	DET
fsr-3422	387	10	underlying	underlie	VERB
fsr-3422	387	11	benchmark	benchmark	NOUN
fsr-3422	387	12	without	without	ADP
fsr-3422	387	13	exactly	exactly	ADV
fsr-3422	387	14	replicating	replicate	VERB
fsr-3422	387	15	it	it	PRON
fsr-3422	387	16	.	.	PUNCT
fsr-3422	388	1	to	to	PART
fsr-3422	388	2	investigate	investigate	VERB
fsr-3422	388	3	this	this	DET
fsr-3422	388	4	time	time	NOUN
fsr-3422	388	5	-	-	PUNCT
fsr-3422	388	6	varying	vary	VERB
fsr-3422	388	7	dynamic	dynamic	NOUN
fsr-3422	388	8	of	of	ADP
fsr-3422	388	9	sector	sector	NOUN
fsr-3422	388	10	mutual	mutual	ADJ
fsr-3422	388	11	fund	fund	NOUN
fsr-3422	388	12	performance	performance	NOUN
fsr-3422	388	13	,	,	PUNCT
fsr-3422	388	14	we	we	PRON
fsr-3422	388	15	calculate	calculate	VERB
fsr-3422	388	16	36month	36month	NUM
fsr-3422	388	17	rolling	rolling	NOUN
fsr-3422	388	18	correlations	correlation	NOUN
fsr-3422	388	19	for	for	ADP
fsr-3422	388	20	the	the	DET
fsr-3422	388	21	nine	nine	NUM
fsr-3422	388	22	fidelity	fidelity	NOUN
fsr-3422	388	23	funds	fund	NOUN
fsr-3422	388	24	with	with	ADP
fsr-3422	388	25	their	their	PRON
fsr-3422	388	26	peer	peer	NOUN
fsr-3422	388	27	etfs.2	etfs.2	NOUN
fsr-3422	388	28	there	there	PRON
fsr-3422	388	29	is	be	VERB
fsr-3422	388	30	no	no	DET
fsr-3422	388	31	consistent	consistent	ADJ
fsr-3422	388	32	evidence	evidence	NOUN
fsr-3422	388	33	of	of	ADP
fsr-3422	388	34	correlation	correlation	NOUN
fsr-3422	388	35	convergence	convergence	NOUN
fsr-3422	388	36	over	over	ADP
fsr-3422	388	37	the	the	DET
fsr-3422	388	38	19	19	NUM
fsr-3422	388	39	-	-	PUNCT
fsr-3422	388	40	year	year	NOUN
fsr-3422	388	41	period	period	NOUN
fsr-3422	388	42	.	.	PUNCT
fsr-3422	389	1	for	for	ADP
fsr-3422	389	2	most	most	ADJ
fsr-3422	389	3	sectors	sector	NOUN
fsr-3422	389	4	,	,	PUNCT
fsr-3422	389	5	the	the	DET
fsr-3422	389	6	36	36	NUM
fsr-3422	389	7	-	-	PUNCT
fsr-3422	389	8	month	month	NOUN
fsr-3422	389	9	rolling	rolling	ADJ
fsr-3422	389	10	corrections	correction	NOUN
fsr-3422	389	11	are	be	AUX
fsr-3422	389	12	relatively	relatively	ADV
fsr-3422	389	13	high	high	ADJ
fsr-3422	389	14	in	in	ADP
fsr-3422	389	15	the	the	DET
fsr-3422	389	16	period	period	NOUN
fsr-3422	389	17	of	of	ADP
fsr-3422	389	18	2008	2008	NUM
fsr-3422	389	19	to	to	ADP
fsr-3422	389	20	2013	2013	NUM
fsr-3422	389	21	.	.	PUNCT
fsr-3422	390	1	the	the	DET
fsr-3422	390	2	deep	deep	ADJ
fsr-3422	390	3	bear	bear	NOUN
fsr-3422	390	4	market	market	NOUN
fsr-3422	390	5	of	of	ADP
fsr-3422	390	6	2007	2007	NUM
fsr-3422	390	7	-	-	SYM
fsr-3422	390	8	2009	2009	NUM
fsr-3422	390	9	could	could	AUX
fsr-3422	390	10	contribute	contribute	VERB
fsr-3422	390	11	to	to	ADP
fsr-3422	390	12	the	the	DET
fsr-3422	390	13	high	high	ADJ
fsr-3422	390	14	correlation	correlation	NOUN
fsr-3422	390	15	as	as	SCONJ
fsr-3422	390	16	in	in	ADP
fsr-3422	390	17	falling	fall	VERB
fsr-3422	390	18	markets	market	NOUN
fsr-3422	390	19	stocks	stock	NOUN
fsr-3422	390	20	tend	tend	VERB
fsr-3422	390	21	to	to	PART
fsr-3422	390	22	move	move	VERB
fsr-3422	390	23	together	together	ADV
fsr-3422	390	24	.	.	PUNCT
fsr-3422	391	1	the	the	DET
fsr-3422	391	2	2000	2000	NUM
fsr-3422	391	3	-	-	SYM
fsr-3422	391	4	2002	2002	NUM
fsr-3422	391	5	bear	bear	NOUN
fsr-3422	391	6	market	market	NOUN
fsr-3422	391	7	also	also	ADV
fsr-3422	391	8	come	come	VERB
fsr-3422	391	9	with	with	ADP
fsr-3422	391	10	a	a	DET
fsr-3422	391	11	relatively	relatively	ADV
fsr-3422	391	12	high	high	ADJ
fsr-3422	391	13	correlation	correlation	NOUN
fsr-3422	391	14	for	for	ADP
fsr-3422	391	15	several	several	ADJ
fsr-3422	391	16	sectors	sector	NOUN
fsr-3422	391	17	.	.	PUNCT
fsr-3422	392	1	the	the	DET
fsr-3422	392	2	deteriorated	deteriorate	VERB
fsr-3422	392	3	performance	performance	NOUN
fsr-3422	392	4	of	of	ADP
fsr-3422	392	5	the	the	DET
fsr-3422	392	6	nine	nine	NUM
fsr-3422	392	7	fidelity	fidelity	NOUN
fsr-3422	392	8	sector	sector	NOUN
fsr-3422	392	9	mutual	mutual	ADJ
fsr-3422	392	10	funds	fund	NOUN
fsr-3422	392	11	could	could	AUX
fsr-3422	392	12	not	not	PART
fsr-3422	392	13	be	be	AUX
fsr-3422	392	14	attributed	attribute	VERB
fsr-3422	392	15	to	to	ADP
fsr-3422	392	16	the	the	DET
fsr-3422	392	17	correlation	correlation	NOUN
fsr-3422	392	18	convergence	convergence	NOUN
fsr-3422	392	19	explanation	explanation	NOUN
fsr-3422	392	20	since	since	SCONJ
fsr-3422	392	21	correlation	correlation	NOUN
fsr-3422	392	22	convergence	convergence	NOUN
fsr-3422	392	23	is	be	AUX
fsr-3422	392	24	not	not	PART
fsr-3422	392	25	consistently	consistently	ADV
fsr-3422	392	26	presented	present	VERB
fsr-3422	392	27	.	.	PUNCT
fsr-3422	393	1	results	result	NOUN
fsr-3422	393	2	in	in	ADP
fsr-3422	393	3	table	table	NOUN
fsr-3422	393	4	7	7	NUM
fsr-3422	393	5	show	show	VERB
fsr-3422	393	6	that	that	SCONJ
fsr-3422	393	7	the	the	DET
fsr-3422	393	8	nine	nine	NUM
fsr-3422	393	9	fidelity	fidelity	PROPN
fsr-3422	393	10	funds	fund	NOUN
fsr-3422	393	11	’	'	PUNCT
fsr-3422	393	12	outperformances	outperformance	NOUN
fsr-3422	393	13	from	from	ADP
fsr-3422	393	14	the	the	DET
fsr-3422	393	15	earlier	early	ADJ
fsr-3422	393	16	time	time	NOUN
fsr-3422	393	17	period	period	NOUN
fsr-3422	393	18	of	of	ADP
fsr-3422	393	19	1999	1999	NUM
fsr-3422	393	20	to	to	ADP
fsr-3422	393	21	2010	2010	NUM
fsr-3422	393	22	have	have	AUX
fsr-3422	393	23	disappeared	disappear	VERB
fsr-3422	393	24	in	in	ADP
fsr-3422	393	25	the	the	DET
fsr-3422	393	26	later	later	ADJ
fsr-3422	393	27	time	time	NOUN
fsr-3422	393	28	period	period	NOUN
fsr-3422	393	29	of	of	ADP
fsr-3422	393	30	2010	2010	NUM
fsr-3422	393	31	to	to	ADP
fsr-3422	393	32	2017	2017	NUM
fsr-3422	393	33	.	.	PUNCT
fsr-3422	394	1	does	do	AUX
fsr-3422	394	2	performance	performance	NOUN
fsr-3422	394	3	from	from	ADP
fsr-3422	394	4	the	the	DET
fsr-3422	394	5	whole	whole	ADJ
fsr-3422	394	6	group	group	NOUN
fsr-3422	394	7	,	,	PUNCT
fsr-3422	394	8	the	the	DET
fsr-3422	394	9	active	active	ADJ
fsr-3422	394	10	sector	sector	NOUN
fsr-3422	394	11	mutual	mutual	ADJ
fsr-3422	394	12	funds	fund	NOUN
fsr-3422	394	13	,	,	PUNCT
fsr-3422	394	14	exhibit	exhibit	VERB
fsr-3422	394	15	the	the	DET
fsr-3422	394	16	same	same	ADJ
fsr-3422	394	17	down	down	ADP
fsr-3422	394	18	172	172	NUM
fsr-3422	394	19	y.	y.	PROPN
fsr-3422	394	20	fan	fan	PROPN
fsr-3422	394	21	,	,	PUNCT
fsr-3422	394	22	c.y	c.y	PROPN
fsr-3422	394	23	.	.	PROPN
fsr-3422	394	24	lin	lin	PROPN
fsr-3422	394	25	/	/	SYM
fsr-3422	394	26	financial	financial	ADJ
fsr-3422	394	27	services	service	NOUN
fsr-3422	394	28	review	review	VERB
fsr-3422	394	29	28	28	NUM
fsr-3422	394	30	(	(	PUNCT
fsr-3422	394	31	2020	2020	NUM
fsr-3422	394	32	)	)	PUNCT
fsr-3422	394	33	159–177	159–177	NUM
fsr-3422	394	34	trend	trend	NOUN
fsr-3422	394	35	as	as	SCONJ
fsr-3422	394	36	the	the	DET
fsr-3422	394	37	nine	nine	NUM
fsr-3422	394	38	fidelity	fidelity	NOUN
fsr-3422	394	39	funds	fund	NOUN
fsr-3422	394	40	do	do	VERB
fsr-3422	394	41	?	?	PUNCT
fsr-3422	395	1	we	we	PRON
fsr-3422	395	2	expand	expand	VERB
fsr-3422	395	3	the	the	DET
fsr-3422	395	4	above	above	ADJ
fsr-3422	395	5	time	time	NOUN
fsr-3422	395	6	trend	trend	NOUN
fsr-3422	395	7	study	study	NOUN
fsr-3422	395	8	sample	sample	NOUN
fsr-3422	395	9	to	to	ADP
fsr-3422	395	10	all	all	DET
fsr-3422	395	11	sector	sector	NOUN
fsr-3422	395	12	mutual	mutual	ADJ
fsr-3422	395	13	funds	fund	NOUN
fsr-3422	395	14	from	from	ADP
fsr-3422	395	15	a	a	DET
fsr-3422	395	16	variety	variety	NOUN
fsr-3422	395	17	of	of	ADP
fsr-3422	395	18	fund	fund	NOUN
fsr-3422	395	19	families	family	NOUN
fsr-3422	395	20	to	to	PART
fsr-3422	395	21	see	see	VERB
fsr-3422	395	22	whether	whether	SCONJ
fsr-3422	395	23	the	the	DET
fsr-3422	395	24	deterioration	deterioration	NOUN
fsr-3422	395	25	of	of	ADP
fsr-3422	395	26	alpha	alpha	NOUN
fsr-3422	395	27	is	be	AUX
fsr-3422	395	28	unique	unique	ADJ
fsr-3422	395	29	to	to	ADP
fsr-3422	395	30	fidelity	fidelity	NOUN
fsr-3422	395	31	funds	fund	NOUN
fsr-3422	395	32	.	.	PUNCT
fsr-3422	396	1	sixty	sixty	NUM
fsr-3422	396	2	sector	sector	NOUN
fsr-3422	396	3	mutual	mutual	ADJ
fsr-3422	396	4	funds	fund	NOUN
fsr-3422	396	5	from	from	ADP
fsr-3422	396	6	the	the	DET
fsr-3422	396	7	sample	sample	NOUN
fsr-3422	396	8	of	of	ADP
fsr-3422	396	9	95	95	NUM
fsr-3422	396	10	are	be	AUX
fsr-3422	396	11	included	include	VERB
fsr-3422	396	12	in	in	ADP
fsr-3422	396	13	table	table	NOUN
fsr-3422	396	14	7	7	NUM
fsr-3422	396	15	alphas	alpha	NOUN
fsr-3422	396	16	of	of	ADP
fsr-3422	396	17	nine	nine	NUM
fsr-3422	396	18	fidelity	fidelity	NOUN
fsr-3422	396	19	funds	fund	NOUN
fsr-3422	396	20	with	with	ADP
fsr-3422	396	21	peer	peer	NOUN
fsr-3422	396	22	etfs	etfs	NOUN
fsr-3422	396	23	as	as	ADP
fsr-3422	396	24	market	market	NOUN
fsr-3422	396	25	portfolios	portfolio	NOUN
fsr-3422	396	26	panel	panel	VERB
fsr-3422	396	27	a	a	DET
fsr-3422	396	28	:	:	PUNCT
fsr-3422	396	29	period	period	NOUN
fsr-3422	396	30	1999–2017	1999–2017	NUM
fsr-3422	396	31	sector	sector	NOUN
fsr-3422	396	32	fund	fund	NOUN
fsr-3422	396	33	a	a	DET
fsr-3422	396	34	estimate	estimate	NOUN
fsr-3422	396	35	p	p	NOUN
fsr-3422	396	36	-	-	PUNCT
fsr-3422	396	37	value	value	NOUN
fsr-3422	396	38	a	a	DET
fsr-3422	396	39	b	b	NOUN
fsr-3422	396	40	estimate	estimate	NOUN
fsr-3422	396	41	p	p	NOUN
fsr-3422	396	42	-	-	PUNCT
fsr-3422	396	43	value	value	NOUN
fsr-3422	396	44	b	b	NUM
fsr-3422	396	45	adjusted	adjust	VERB
fsr-3422	396	46	r2	r2	NOUN
fsr-3422	396	47	materials	material	NOUN
fsr-3422	396	48	fsdpx	fsdpx	VERB
fsr-3422	396	49	0.28	0.28	NUM
fsr-3422	396	50	%	%	NOUN
fsr-3422	396	51	0.073	0.073	NUM
fsr-3422	396	52	0.95	0.95	NUM
fsr-3422	396	53	0.00	0.00	NUM
fsr-3422	396	54	0.86	0.86	NUM
fsr-3422	396	55	energy	energy	NOUN
fsr-3422	396	56	fsenx	fsenx	NOUN
fsr-3422	396	57	0.07	0.07	NUM
fsr-3422	396	58	%	%	NOUN
fsr-3422	396	59	0.701	0.701	NUM
fsr-3422	396	60	1.07	1.07	NUM
fsr-3422	396	61	0.00	0.00	NUM
fsr-3422	396	62	0.87	0.87	NUM
fsr-3422	396	63	financials	financial	NOUN
fsr-3422	396	64	fidsx	fidsx	NOUN
fsr-3422	396	65	0.05	0.05	NUM
fsr-3422	396	66	%	%	NOUN
fsr-3422	396	67	0.849	0.849	NUM
fsr-3422	396	68	0.60	0.60	NUM
fsr-3422	396	69	0.00	0.00	NUM
fsr-3422	396	70	0.59	0.59	NUM
fsr-3422	396	71	industrials	industrial	NOUN
fsr-3422	396	72	fcyix	fcyix	NOUN
fsr-3422	396	73	0.21	0.21	NUM
fsr-3422	396	74	%	%	NOUN
fsr-3422	396	75	0.151	0.151	NUM
fsr-3422	396	76	0.99	0.99	NUM
fsr-3422	396	77	0.00	0.00	NUM
fsr-3422	396	78	0.84	0.84	NUM
fsr-3422	396	79	technology	technology	NOUN
fsr-3422	396	80	fsptx	fsptx	NOUN
fsr-3422	396	81	0.37	0.37	NUM
fsr-3422	396	82	%	%	NOUN
fsr-3422	396	83	0.116	0.116	NUM
fsr-3422	396	84	1.17	1.17	NUM
fsr-3422	396	85	0.00	0.00	NUM
fsr-3422	396	86	0.83	0.83	NUM
fsr-3422	396	87	consumer	consumer	NOUN
fsr-3422	396	88	staples	staple	NOUN
fsr-3422	396	89	fdfax	fdfax	VERB
fsr-3422	396	90	0.23	0.23	NUM
fsr-3422	396	91	%	%	NOUN
fsr-3422	396	92	0.135	0.135	NUM
fsr-3422	396	93	0.85	0.85	NUM
fsr-3422	396	94	0.00	0.00	NUM
fsr-3422	396	95	0.63	0.63	NUM
fsr-3422	396	96	utilities	utility	NOUN
fsr-3422	396	97	fsutx	fsutx	NOUN
fsr-3422	396	98	0.05	0.05	NUM
fsr-3422	396	99	%	%	NOUN
fsr-3422	396	100	0.849	0.849	NUM
fsr-3422	396	101	0.72	0.72	NUM
fsr-3422	396	102	0.00	0.00	NUM
fsr-3422	396	103	0.40	0.40	NUM
fsr-3422	396	104	healthcare	healthcare	NOUN
fsr-3422	396	105	fsphx	fsphx	NOUN
fsr-3422	396	106	0.32	0.32	NUM
fsr-3422	396	107	%	%	NOUN
fsr-3422	396	108	0.242	0.242	NUM
fsr-3422	396	109	0.78	0.78	NUM
fsr-3422	396	110	0.00	0.00	NUM
fsr-3422	396	111	0.37	0.37	NUM
fsr-3422	396	112	consumer	consumer	NOUN
fsr-3422	396	113	discretionary	discretionary	ADJ
fsr-3422	396	114	fscpx	fscpx	NOUN
fsr-3422	396	115	�	�	PROPN
fsr-3422	396	116	0.01	0.01	NUM
fsr-3422	396	117	%	%	NOUN
fsr-3422	396	118	0.955	0.955	NUM
fsr-3422	396	119	0.81	0.81	NUM
fsr-3422	396	120	0.00	0.00	NUM
fsr-3422	396	121	0.70	0.70	NUM
fsr-3422	396	122	panel	panel	NOUN
fsr-3422	396	123	b	b	NOUN
fsr-3422	396	124	:	:	PUNCT
fsr-3422	396	125	sub	sub	ADJ
fsr-3422	396	126	-	-	ADJ
fsr-3422	396	127	period	period	ADJ
fsr-3422	396	128	1999–2010	1999–2010	NUM
fsr-3422	396	129	sector	sector	NOUN
fsr-3422	396	130	fund	fund	NOUN
fsr-3422	396	131	a	a	DET
fsr-3422	396	132	estimate	estimate	NOUN
fsr-3422	396	133	p	p	NOUN
fsr-3422	396	134	-	-	PUNCT
fsr-3422	396	135	value	value	NOUN
fsr-3422	396	136	a	a	DET
fsr-3422	396	137	b	b	NOUN
fsr-3422	396	138	estimate	estimate	NOUN
fsr-3422	396	139	p	p	NOUN
fsr-3422	396	140	-	-	PUNCT
fsr-3422	396	141	value	value	NOUN
fsr-3422	396	142	b	b	NUM
fsr-3422	396	143	adjusted	adjust	VERB
fsr-3422	396	144	r2	r2	NOUN
fsr-3422	396	145	materials	material	NOUN
fsr-3422	396	146	fsdpx	fsdpx	VERB
fsr-3422	396	147	0.45	0.45	NUM
fsr-3422	396	148	%	%	NOUN
fsr-3422	396	149	0.041	0.041	NUM
fsr-3422	396	150	0.94	0.94	NUM
fsr-3422	396	151	0.00	0.00	NUM
fsr-3422	396	152	0.86	0.86	NUM
fsr-3422	396	153	energy	energy	NOUN
fsr-3422	396	154	fsenx	fsenx	NOUN
fsr-3422	396	155	0.18	0.18	NUM
fsr-3422	396	156	%	%	NOUN
fsr-3422	396	157	0.416	0.416	NUM
fsr-3422	396	158	1.07	1.07	NUM
fsr-3422	396	159	0.00	0.00	NUM
fsr-3422	396	160	0.88	0.88	NUM
fsr-3422	396	161	financials	financial	NOUN
fsr-3422	396	162	fidsx	fidsx	NOUN
fsr-3422	396	163	0.09	0.09	NUM
fsr-3422	396	164	%	%	NOUN
fsr-3422	396	165	0.647	0.647	NUM
fsr-3422	396	166	0.85	0.85	NUM
fsr-3422	396	167	0.00	0.00	NUM
fsr-3422	396	168	0.85	0.85	NUM
fsr-3422	396	169	industrials	industrial	NOUN
fsr-3422	396	170	fcyix	fcyix	NOUN
fsr-3422	396	171	0.38	0.38	NUM
fsr-3422	396	172	%	%	NOUN
fsr-3422	396	173	0.046	0.046	NUM
fsr-3422	396	174	0.98	0.98	NUM
fsr-3422	396	175	0.00	0.00	NUM
fsr-3422	396	176	0.87	0.87	NUM
fsr-3422	396	177	technology	technology	NOUN
fsr-3422	396	178	fsptx	fsptx	NOUN
fsr-3422	396	179	0.70	0.70	NUM
fsr-3422	396	180	%	%	NOUN
fsr-3422	396	181	0.021	0.021	NUM
fsr-3422	396	182	1.19	1.19	NUM
fsr-3422	396	183	0.00	0.00	NUM
fsr-3422	396	184	0.87	0.87	NUM
fsr-3422	396	185	consumer	consumer	NOUN
fsr-3422	396	186	dtaples	dtaple	NOUN
fsr-3422	396	187	fdfax	fdfax	ADJ
fsr-3422	396	188	0.34	0.34	NUM
fsr-3422	396	189	%	%	NOUN
fsr-3422	396	190	0.094	0.094	NUM
fsr-3422	396	191	0.83	0.83	NUM
fsr-3422	396	192	0.00	0.00	NUM
fsr-3422	396	193	0.62	0.62	NUM
fsr-3422	396	194	utilities	utility	NOUN
fsr-3422	396	195	fsutx	fsutx	PROPN
fsr-3422	396	196	�	�	PROPN
fsr-3422	396	197	0.08	0.08	NUM
fsr-3422	396	198	%	%	NOUN
fsr-3422	396	199	0.834	0.834	NUM
fsr-3422	396	200	0.68	0.68	NUM
fsr-3422	396	201	0.00	0.00	NUM
fsr-3422	396	202	0.34	0.34	NUM
fsr-3422	396	203	healthcare	healthcare	NOUN
fsr-3422	396	204	fsphx	fsphx	NOUN
fsr-3422	396	205	0.22	0.22	NUM
fsr-3422	396	206	%	%	NOUN
fsr-3422	396	207	0.500	0.500	NUM
fsr-3422	396	208	0.62	0.62	NUM
fsr-3422	396	209	0.00	0.00	NUM
fsr-3422	396	210	0.31	0.31	NUM
fsr-3422	396	211	consumer	consumer	NOUN
fsr-3422	396	212	discretionary	discretionary	ADJ
fsr-3422	396	213	fscpx	fscpx	NOUN
fsr-3422	396	214	�	�	PROPN
fsr-3422	396	215	0.07	0.07	NUM
fsr-3422	396	216	%	%	NOUN
fsr-3422	396	217	0.770	0.770	NUM
fsr-3422	396	218	0.77	0.77	NUM
fsr-3422	396	219	0.00	0.00	NUM
fsr-3422	396	220	0.70	0.70	NUM
fsr-3422	396	221	panel	panel	NOUN
fsr-3422	396	222	c	c	NOUN
fsr-3422	396	223	:	:	PUNCT
fsr-3422	396	224	sub	sub	ADJ
fsr-3422	396	225	-	-	ADJ
fsr-3422	396	226	period	period	ADJ
fsr-3422	396	227	2011–2017	2011–2017	NUM
fsr-3422	396	228	sector	sector	NOUN
fsr-3422	396	229	fund	fund	NOUN
fsr-3422	396	230	a	a	DET
fsr-3422	396	231	estimate	estimate	NOUN
fsr-3422	396	232	p	p	NOUN
fsr-3422	396	233	-	-	PUNCT
fsr-3422	396	234	value	value	NOUN
fsr-3422	396	235	a	a	DET
fsr-3422	396	236	b	b	NOUN
fsr-3422	396	237	estimate	estimate	NOUN
fsr-3422	396	238	p	p	NOUN
fsr-3422	396	239	-	-	PUNCT
fsr-3422	396	240	value	value	NOUN
fsr-3422	396	241	b	b	NUM
fsr-3422	396	242	adjusted	adjust	VERB
fsr-3422	396	243	r2	r2	PROPN
fsr-3422	396	244	materials	material	NOUN
fsr-3422	396	245	fsdpx	fsdpx	PROPN
fsr-3422	396	246	�	�	PROPN
fsr-3422	396	247	0.02	0.02	NUM
fsr-3422	396	248	%	%	NOUN
fsr-3422	396	249	0.918	0.918	NUM
fsr-3422	396	250	0.97	0.97	NUM
fsr-3422	396	251	0.00	0.00	NUM
fsr-3422	396	252	0.88	0.88	NUM
fsr-3422	396	253	energy	energy	NOUN
fsr-3422	396	254	fsenx	fsenx	NOUN
fsr-3422	396	255	�	�	PROPN
fsr-3422	396	256	0.12	0.12	NUM
fsr-3422	396	257	%	%	NOUN
fsr-3422	396	258	0.655	0.655	NUM
fsr-3422	396	259	1.06	1.06	NUM
fsr-3422	396	260	0.00	0.00	NUM
fsr-3422	396	261	0.84	0.84	NUM
fsr-3422	396	262	financials	financial	NOUN
fsr-3422	396	263	fidsx	fidsx	NOUN
fsr-3422	396	264	0.54	0.54	NUM
fsr-3422	396	265	%	%	NOUN
fsr-3422	396	266	0.225	0.225	NUM
fsr-3422	396	267	0.28	0.28	NUM
fsr-3422	396	268	0.00	0.00	NUM
fsr-3422	396	269	0.25	0.25	NUM
fsr-3422	396	270	industrials	industrial	NOUN
fsr-3422	396	271	fcyix	fcyix	NOUN
fsr-3422	396	272	�	�	PROPN
fsr-3422	396	273	0.10	0.10	NUM
fsr-3422	396	274	%	%	NOUN
fsr-3422	396	275	0.672	0.672	NUM
fsr-3422	396	276	1.01	1.01	NUM
fsr-3422	396	277	0.00	0.00	NUM
fsr-3422	396	278	0.77	0.77	NUM
fsr-3422	396	279	technology	technology	NOUN
fsr-3422	396	280	fsptx	fsptx	PROPN
fsr-3422	396	281	�	�	PROPN
fsr-3422	396	282	0.09	0.09	NUM
fsr-3422	396	283	%	%	NOUN
fsr-3422	396	284	0.830	0.830	NUM
fsr-3422	396	285	1.09	1.09	NUM
fsr-3422	396	286	0.00	0.00	NUM
fsr-3422	396	287	0.58	0.58	NUM
fsr-3422	396	288	consumer	consumer	NOUN
fsr-3422	396	289	staples	staple	NOUN
fsr-3422	396	290	fdfax	fdfax	PROPN
fsr-3422	396	291	�	�	PROPN
fsr-3422	396	292	0.05	0.05	NUM
fsr-3422	396	293	%	%	NOUN
fsr-3422	396	294	0.834	0.834	NUM
fsr-3422	396	295	0.94	0.94	NUM
fsr-3422	396	296	0.00	0.00	NUM
fsr-3422	396	297	0.63	0.63	NUM
fsr-3422	396	298	utilities	utility	NOUN
fsr-3422	396	299	fsutx	fsutx	PROPN
fsr-3422	396	300	0.20	0.20	NUM
fsr-3422	396	301	%	%	NOUN
fsr-3422	396	302	0.415	0.415	NUM
fsr-3422	396	303	0.80	0.80	NUM
fsr-3422	396	304	0.00	0.00	NUM
fsr-3422	396	305	0.64	0.64	NUM
fsr-3422	396	306	healthcare	healthcare	NOUN
fsr-3422	396	307	fsphx	fsphx	NOUN
fsr-3422	396	308	�	�	PROPN
fsr-3422	396	309	0.12	0.12	NUM
fsr-3422	396	310	%	%	NOUN
fsr-3422	396	311	0.802	0.802	NUM
fsr-3422	396	312	1.23	1.23	NUM
fsr-3422	396	313	0.00	0.00	NUM
fsr-3422	396	314	0.52	0.52	NUM
fsr-3422	396	315	consumer	consumer	NOUN
fsr-3422	396	316	discretionary	discretionary	ADJ
fsr-3422	396	317	fscpx	fscpx	NOUN
fsr-3422	396	318	�	�	PROPN
fsr-3422	396	319	0.17	0.17	NUM
fsr-3422	396	320	%	%	NOUN
fsr-3422	396	321	0.551	0.551	NUM
fsr-3422	396	322	1.00	1.00	NUM
fsr-3422	396	323	0.00	0.00	NUM
fsr-3422	396	324	0.72	0.72	NUM
fsr-3422	396	325	note	note	NOUN
fsr-3422	396	326	:	:	PUNCT
fsr-3422	396	327	number	number	NOUN
fsr-3422	396	328	of	of	ADP
fsr-3422	396	329	observations	observation	NOUN
fsr-3422	396	330	:	:	PUNCT
fsr-3422	396	331	panel	panel	NOUN
fsr-3422	396	332	a-228	a-228	PROPN
fsr-3422	396	333	monthly	monthly	ADJ
fsr-3422	396	334	returns	return	NOUN
fsr-3422	396	335	;	;	PUNCT
fsr-3422	396	336	panel	panel	NOUN
fsr-3422	396	337	b-144	b-144	VERB
fsr-3422	396	338	monthly	monthly	ADJ
fsr-3422	396	339	returns	return	NOUN
fsr-3422	396	340	;	;	PUNCT
fsr-3422	396	341	panel	panel	NOUN
fsr-3422	396	342	c-84	c-84	PROPN
fsr-3422	396	343	monthly	monthly	ADJ
fsr-3422	396	344	returns	return	NOUN
fsr-3422	396	345	.	.	PUNCT
fsr-3422	397	1	the	the	DET
fsr-3422	397	2	fidelity	fidelity	PROPN
fsr-3422	397	3	funds	fund	NOUN
fsr-3422	397	4	are	be	AUX
fsr-3422	397	5	:	:	PUNCT
fsr-3422	397	6	select	select	ADJ
fsr-3422	397	7	consumer	consumer	NOUN
fsr-3422	397	8	discretionary	discretionary	ADJ
fsr-3422	397	9	portfolio	portfolio	NOUN
fsr-3422	397	10	(	(	PUNCT
fsr-3422	397	11	fscpx	fscpx	PROPN
fsr-3422	397	12	)	)	PUNCT
fsr-3422	397	13	,	,	PUNCT
fsr-3422	397	14	select	select	ADJ
fsr-3422	397	15	consumer	consumer	NOUN
fsr-3422	397	16	staples	staple	NOUN
fsr-3422	397	17	portfolio	portfolio	NOUN
fsr-3422	397	18	(	(	PUNCT
fsr-3422	397	19	fdfax	fdfax	PROPN
fsr-3422	397	20	)	)	PUNCT
fsr-3422	397	21	,	,	PUNCT
fsr-3422	397	22	select	select	ADJ
fsr-3422	397	23	energy	energy	NOUN
fsr-3422	397	24	portfolio	portfolio	NOUN
fsr-3422	397	25	(	(	PUNCT
fsr-3422	397	26	fsenx	fsenx	PROPN
fsr-3422	397	27	)	)	PUNCT
fsr-3422	397	28	,	,	PUNCT
fsr-3422	397	29	select	select	VERB
fsr-3422	397	30	financial	financial	ADJ
fsr-3422	397	31	services	service	NOUN
fsr-3422	397	32	portfolio	portfolio	NOUN
fsr-3422	397	33	(	(	PUNCT
fsr-3422	397	34	fidsx	fidsx	NOUN
fsr-3422	397	35	)	)	PUNCT
fsr-3422	397	36	,	,	PUNCT
fsr-3422	397	37	select	select	ADJ
fsr-3422	397	38	health	health	NOUN
fsr-3422	397	39	care	care	NOUN
fsr-3422	397	40	portfolio	portfolio	NOUN
fsr-3422	397	41	(	(	PUNCT
fsr-3422	397	42	fsphx	fsphx	NOUN
fsr-3422	397	43	)	)	PUNCT
fsr-3422	397	44	,	,	PUNCT
fsr-3422	397	45	select	select	ADJ
fsr-3422	397	46	industrial	industrial	ADJ
fsr-3422	397	47	portfolio	portfolio	NOUN
fsr-3422	397	48	(	(	PUNCT
fsr-3422	397	49	fcyix	fcyix	PROPN
fsr-3422	397	50	)	)	PUNCT
fsr-3422	397	51	,	,	PUNCT
fsr-3422	397	52	select	select	ADJ
fsr-3422	397	53	materials	material	NOUN
fsr-3422	397	54	portfolio	portfolio	NOUN
fsr-3422	397	55	(	(	PUNCT
fsr-3422	397	56	fsdpx	fsdpx	PROPN
fsr-3422	397	57	)	)	PUNCT
fsr-3422	397	58	,	,	PUNCT
fsr-3422	397	59	select	select	ADJ
fsr-3422	397	60	technology	technology	NOUN
fsr-3422	397	61	portfolio	portfolio	NOUN
fsr-3422	397	62	(	(	PUNCT
fsr-3422	397	63	fsptx	fsptx	PROPN
fsr-3422	397	64	)	)	PUNCT
fsr-3422	397	65	,	,	PUNCT
fsr-3422	397	66	and	and	CCONJ
fsr-3422	397	67	select	select	ADJ
fsr-3422	397	68	utilities	utility	NOUN
fsr-3422	397	69	portfolio	portfolio	NOUN
fsr-3422	397	70	(	(	PUNCT
fsr-3422	397	71	fsutx	fsutx	PROPN
fsr-3422	397	72	.	.	PUNCT
fsr-3422	397	73	)	)	PUNCT
fsr-3422	397	74	.	.	PUNCT
fsr-3422	398	1	model	model	NOUN
fsr-3422	398	2	used	use	VERB
fsr-3422	398	3	with	with	ADP
fsr-3422	398	4	etf	etf	NOUN
fsr-3422	398	5	:	:	PUNCT
fsr-3422	398	6	rmfj	rmfj	VERB
fsr-3422	398	7	,	,	PUNCT
fsr-3422	398	8	t	t	PROPN
fsr-3422	398	9	�	�	PROPN
fsr-3422	398	10	rf	rf	PROPN
fsr-3422	398	11	,	,	PUNCT
fsr-3422	398	12	t	t	PROPN
fsr-3422	398	13	¼	¼	NOUN
fsr-3422	398	14	aj	aj	PROPN
fsr-3422	398	15	þ	þ	PROPN
fsr-3422	398	16	b	b	PROPN
fsr-3422	398	17	j	j	PROPN
fsr-3422	398	18	retfj	retfj	NOUN
fsr-3422	398	19	,	,	PUNCT
fsr-3422	398	20	t	t	PROPN
fsr-3422	398	21	�	�	PROPN
fsr-3422	398	22	rf	rf	PRON
fsr-3422	398	23	,	,	PUNCT
fsr-3422	398	24	tð	tð	ADP
fsr-3422	398	25	þ	þ	PROPN
fsr-3422	398	26	þ	þ	PROPN
fsr-3422	398	27	«	«	PUNCT
fsr-3422	398	28	j	j	PROPN
fsr-3422	398	29	,	,	PUNCT
fsr-3422	398	30	t.where	t.where	VERB
fsr-3422	398	31	rmfj	rmfj	VERB
fsr-3422	398	32	,	,	PUNCT
fsr-3422	398	33	tis	tis	PROPN
fsr-3422	398	34	the	the	DET
fsr-3422	398	35	return	return	NOUN
fsr-3422	398	36	of	of	ADP
fsr-3422	398	37	individual	individual	ADJ
fsr-3422	398	38	mutual	mutual	ADJ
fsr-3422	398	39	fund	fund	NOUN
fsr-3422	398	40	/	/	SYM
fsr-3422	398	41	mutual	mutual	ADJ
fsr-3422	398	42	fund	fund	NOUN
fsr-3422	398	43	portfolio	portfolio	NOUN
fsr-3422	398	44	of	of	ADP
fsr-3422	398	45	sector	sector	NOUN
fsr-3422	398	46	j	j	PROPN
fsr-3422	398	47	in	in	ADP
fsr-3422	398	48	month	month	PROPN
fsr-3422	398	49	t	t	PROPN
fsr-3422	398	50	,	,	PUNCT
fsr-3422	398	51	rf	rf	PRON
fsr-3422	398	52	,	,	PUNCT
fsr-3422	398	53	tis	tis	PROPN
fsr-3422	398	54	the	the	DET
fsr-3422	398	55	return	return	NOUN
fsr-3422	398	56	of	of	ADP
fsr-3422	398	57	one	one	NUM
fsr-3422	398	58	-	-	PUNCT
fsr-3422	398	59	month	month	NOUN
fsr-3422	398	60	t	t	NOUN
fsr-3422	398	61	-	-	PUNCT
fsr-3422	398	62	bill	bill	NOUN
fsr-3422	398	63	in	in	ADP
fsr-3422	398	64	month	month	NOUN
fsr-3422	398	65	t	t	PROPN
fsr-3422	398	66	,	,	PUNCT
fsr-3422	398	67	and	and	CCONJ
fsr-3422	398	68	retfj	retfj	NOUN
fsr-3422	398	69	,	,	PUNCT
fsr-3422	398	70	tis	tis	PROPN
fsr-3422	398	71	the	the	DET
fsr-3422	398	72	return	return	NOUN
fsr-3422	398	73	of	of	ADP
fsr-3422	398	74	etf	etf	NOUN
fsr-3422	398	75	in	in	ADP
fsr-3422	398	76	the	the	DET
fsr-3422	398	77	same	same	ADJ
fsr-3422	398	78	sector	sector	NOUN
fsr-3422	398	79	j	j	PROPN
fsr-3422	398	80	in	in	ADP
fsr-3422	398	81	month	month	PROPN
fsr-3422	398	82	t	t	PROPN
fsr-3422	398	83	,	,	PUNCT
fsr-3422	398	84	and	and	CCONJ
fsr-3422	398	85	«	«	PUNCT
fsr-3422	398	86	j	j	PROPN
fsr-3422	398	87	,	,	PUNCT
fsr-3422	398	88	t	t	PROPN
fsr-3422	398	89	is	be	AUX
fsr-3422	398	90	an	an	DET
fsr-3422	398	91	error	error	NOUN
fsr-3422	398	92	term	term	NOUN
fsr-3422	398	93	.	.	PUNCT
fsr-3422	399	1	y.	y.	PROPN
fsr-3422	399	2	fan	fan	PROPN
fsr-3422	399	3	,	,	PUNCT
fsr-3422	399	4	c.y	c.y	PROPN
fsr-3422	399	5	.	.	PROPN
fsr-3422	399	6	lin	lin	PROPN
fsr-3422	399	7	/	/	SYM
fsr-3422	399	8	financial	financial	ADJ
fsr-3422	399	9	services	service	NOUN
fsr-3422	399	10	review	review	VERB
fsr-3422	399	11	28	28	NUM
fsr-3422	399	12	(	(	PUNCT
fsr-3422	399	13	2020	2020	NUM
fsr-3422	399	14	)	)	PUNCT
fsr-3422	400	1	159–177	159–177	NUM
fsr-3422	400	2	173	173	NUM
fsr-3422	400	3	this	this	DET
fsr-3422	400	4	analysis	analysis	NOUN
fsr-3422	400	5	.	.	PUNCT
fsr-3422	401	1	funds	fund	NOUN
fsr-3422	401	2	incepted	incepte	VERB
fsr-3422	401	3	after	after	ADP
fsr-3422	401	4	1999	1999	NUM
fsr-3422	401	5	and	and	CCONJ
fsr-3422	401	6	the	the	DET
fsr-3422	401	7	nine	nine	NUM
fsr-3422	401	8	fidelity	fidelity	NOUN
fsr-3422	401	9	funds	fund	NOUN
fsr-3422	401	10	studied	study	VERB
fsr-3422	401	11	before	before	ADV
fsr-3422	401	12	are	be	AUX
fsr-3422	401	13	excluded	exclude	VERB
fsr-3422	401	14	.	.	PUNCT
fsr-3422	402	1	table	table	NOUN
fsr-3422	402	2	8	8	NUM
fsr-3422	402	3	presents	present	NOUN
fsr-3422	402	4	results	result	NOUN
fsr-3422	402	5	of	of	ADP
fsr-3422	402	6	one	one	NUM
fsr-3422	402	7	factor	factor	NOUN
fsr-3422	402	8	model	model	NOUN
fsr-3422	402	9	of	of	ADP
fsr-3422	402	10	equal	equal	ADJ
fsr-3422	402	11	-	-	PUNCT
fsr-3422	402	12	weighted	weight	VERB
fsr-3422	402	13	sector	sector	NOUN
fsr-3422	402	14	mutual	mutual	ADJ
fsr-3422	402	15	fund	fund	NOUN
fsr-3422	402	16	portfolios	portfolio	NOUN
fsr-3422	402	17	against	against	ADP
fsr-3422	402	18	their	their	PRON
fsr-3422	402	19	peer	peer	NOUN
fsr-3422	402	20	etfs	etfs	NOUN
fsr-3422	402	21	in	in	ADP
fsr-3422	402	22	the	the	DET
fsr-3422	402	23	same	same	ADJ
fsr-3422	402	24	three	three	NUM
fsr-3422	402	25	time	time	NOUN
fsr-3422	402	26	periods	period	NOUN
fsr-3422	402	27	as	as	ADP
fsr-3422	402	28	in	in	ADP
fsr-3422	402	29	table	table	NOUN
fsr-3422	402	30	7	7	NUM
fsr-3422	402	31	,	,	PUNCT
fsr-3422	402	32	1999	1999	NUM
fsr-3422	402	33	-	-	SYM
fsr-3422	402	34	2017	2017	NUM
fsr-3422	402	35	,	,	PUNCT
fsr-3422	402	36	19992010	19992010	NUM
fsr-3422	402	37	,	,	PUNCT
fsr-3422	402	38	and	and	CCONJ
fsr-3422	402	39	2011	2011	NUM
fsr-3422	402	40	-	-	SYM
fsr-3422	402	41	2017	2017	NUM
fsr-3422	402	42	.	.	PUNCT
fsr-3422	403	1	the	the	DET
fsr-3422	403	2	consumer	consumer	NOUN
fsr-3422	403	3	staples	staple	NOUN
fsr-3422	403	4	sector	sector	NOUN
fsr-3422	403	5	is	be	AUX
fsr-3422	403	6	eliminated	eliminate	VERB
fsr-3422	403	7	in	in	ADP
fsr-3422	403	8	table	table	NOUN
fsr-3422	403	9	8	8	NUM
fsr-3422	403	10	because	because	SCONJ
fsr-3422	403	11	the	the	DET
fsr-3422	403	12	only	only	ADJ
fsr-3422	403	13	two	two	NUM
fsr-3422	403	14	funds	fund	NOUN
fsr-3422	403	15	in	in	ADP
fsr-3422	403	16	the	the	DET
fsr-3422	403	17	sector	sector	NOUN
fsr-3422	403	18	are	be	AUX
fsr-3422	403	19	either	either	ADV
fsr-3422	403	20	incepted	incepte	VERB
fsr-3422	403	21	after	after	ADP
fsr-3422	403	22	1999	1999	NUM
fsr-3422	403	23	or	or	CCONJ
fsr-3422	403	24	belong	belong	VERB
fsr-3422	403	25	to	to	ADP
fsr-3422	403	26	the	the	DET
fsr-3422	403	27	nine	nine	NUM
fsr-3422	403	28	fidelity	fidelity	PROPN
fsr-3422	403	29	fund	fund	NOUN
fsr-3422	403	30	group	group	NOUN
fsr-3422	403	31	.	.	PUNCT
fsr-3422	404	1	in	in	ADP
fsr-3422	404	2	panel	panel	NOUN
fsr-3422	404	3	a	a	PRON
fsr-3422	404	4	,	,	PUNCT
fsr-3422	404	5	industrials	industrial	NOUN
fsr-3422	404	6	,	,	PUNCT
fsr-3422	404	7	technology	technology	NOUN
fsr-3422	404	8	,	,	PUNCT
fsr-3422	404	9	and	and	CCONJ
fsr-3422	404	10	healthcare	healthcare	NOUN
fsr-3422	404	11	sector	sector	NOUN
fsr-3422	404	12	fund	fund	NOUN
fsr-3422	404	13	portfolios	portfolio	NOUN
fsr-3422	404	14	produce	produce	VERB
fsr-3422	404	15	a	a	DET
fsr-3422	404	16	significantly	significantly	ADV
fsr-3422	404	17	positive	positive	ADJ
fsr-3422	404	18	alpha	alpha	NOUN
fsr-3422	404	19	for	for	ADP
fsr-3422	404	20	the	the	DET
fsr-3422	404	21	period	period	NOUN
fsr-3422	404	22	of	of	ADP
fsr-3422	404	23	1999	1999	NUM
fsr-3422	404	24	to	to	ADP
fsr-3422	404	25	2017	2017	NUM
fsr-3422	404	26	.	.	PUNCT
fsr-3422	405	1	a	a	DET
fsr-3422	405	2	total	total	ADJ
fsr-3422	405	3	number	number	NOUN
fsr-3422	405	4	of	of	ADP
fsr-3422	405	5	eleven	eleven	NUM
fsr-3422	405	6	individual	individual	ADJ
fsr-3422	405	7	funds	fund	NOUN
fsr-3422	405	8	from	from	ADP
fsr-3422	405	9	financials	financial	NOUN
fsr-3422	405	10	,	,	PUNCT
fsr-3422	405	11	industrials	industrial	NOUN
fsr-3422	405	12	,	,	PUNCT
fsr-3422	405	13	technology	technology	NOUN
fsr-3422	405	14	,	,	PUNCT
fsr-3422	405	15	and	and	CCONJ
fsr-3422	405	16	healthcare	healthcare	NOUN
fsr-3422	405	17	have	have	VERB
fsr-3422	405	18	a	a	DET
fsr-3422	405	19	significant	significant	ADJ
fsr-3422	405	20	positive	positive	ADJ
fsr-3422	405	21	alpha	alpha	NOUN
fsr-3422	405	22	at	at	ADP
fsr-3422	405	23	the	the	DET
fsr-3422	405	24	10	10	NUM
fsr-3422	405	25	%	%	NOUN
fsr-3422	405	26	level	level	NOUN
fsr-3422	405	27	.	.	PUNCT
fsr-3422	406	1	when	when	SCONJ
fsr-3422	406	2	breaking	break	VERB
fsr-3422	406	3	the	the	DET
fsr-3422	406	4	whole	whole	ADJ
fsr-3422	406	5	sample	sample	NOUN
fsr-3422	406	6	period	period	NOUN
fsr-3422	406	7	into	into	ADP
fsr-3422	406	8	two	two	NUM
fsr-3422	406	9	subperiods	subperiod	NOUN
fsr-3422	406	10	,	,	PUNCT
fsr-3422	406	11	divergence	divergence	NOUN
fsr-3422	406	12	of	of	ADP
fsr-3422	406	13	results	result	NOUN
fsr-3422	406	14	appears	appear	VERB
fsr-3422	406	15	.	.	PUNCT
fsr-3422	407	1	for	for	ADP
fsr-3422	407	2	the	the	DET
fsr-3422	407	3	earlier	early	ADJ
fsr-3422	407	4	subperiod	subperiod	NOUN
fsr-3422	407	5	1999	1999	NUM
fsr-3422	407	6	-	-	SYM
fsr-3422	407	7	2010	2010	NUM
fsr-3422	407	8	,	,	PUNCT
fsr-3422	407	9	mutual	mutual	ADJ
fsr-3422	407	10	fund	fund	NOUN
fsr-3422	407	11	portfolios	portfolio	NOUN
fsr-3422	407	12	in	in	ADP
fsr-3422	407	13	four	four	NUM
fsr-3422	407	14	sectors	sector	NOUN
fsr-3422	407	15	,	,	PUNCT
fsr-3422	407	16	materials	material	NOUN
fsr-3422	407	17	,	,	PUNCT
fsr-3422	407	18	financials	financial	NOUN
fsr-3422	407	19	,	,	PUNCT
fsr-3422	407	20	technology	technology	NOUN
fsr-3422	407	21	,	,	PUNCT
fsr-3422	407	22	and	and	CCONJ
fsr-3422	407	23	healthcare	healthcare	NOUN
fsr-3422	407	24	outperform	outperform	VERB
fsr-3422	407	25	their	their	PRON
fsr-3422	407	26	peer	peer	NOUN
fsr-3422	407	27	etfs	etfs	NOUN
fsr-3422	407	28	with	with	ADP
fsr-3422	407	29	a	a	DET
fsr-3422	407	30	significant	significant	ADJ
fsr-3422	407	31	positive	positive	ADJ
fsr-3422	407	32	alpha	alpha	NOUN
fsr-3422	407	33	at	at	ADP
fsr-3422	407	34	the	the	DET
fsr-3422	407	35	10	10	NUM
fsr-3422	407	36	%	%	NOUN
fsr-3422	407	37	level	level	NOUN
fsr-3422	407	38	.	.	PUNCT
fsr-3422	408	1	the	the	DET
fsr-3422	408	2	total	total	ADJ
fsr-3422	408	3	count	count	NOUN
fsr-3422	408	4	of	of	ADP
fsr-3422	408	5	individual	individual	ADJ
fsr-3422	408	6	funds	fund	NOUN
fsr-3422	408	7	with	with	ADP
fsr-3422	408	8	a	a	DET
fsr-3422	408	9	significant	significant	ADJ
fsr-3422	408	10	positive	positive	ADJ
fsr-3422	408	11	alpha	alpha	NOUN
fsr-3422	408	12	is	be	AUX
fsr-3422	408	13	18	18	NUM
fsr-3422	408	14	.	.	PUNCT
fsr-3422	409	1	only	only	ADV
fsr-3422	409	2	two	two	NUM
fsr-3422	409	3	sectors	sector	NOUN
fsr-3422	409	4	,	,	PUNCT
fsr-3422	409	5	utilities	utility	NOUN
fsr-3422	409	6	and	and	CCONJ
fsr-3422	409	7	consumer	consumer	NOUN
fsr-3422	409	8	discretionary	discretionary	NOUN
fsr-3422	409	9	,	,	PUNCT
fsr-3422	409	10	do	do	AUX
fsr-3422	409	11	not	not	PART
fsr-3422	409	12	have	have	VERB
fsr-3422	409	13	funds	fund	NOUN
fsr-3422	409	14	that	that	PRON
fsr-3422	409	15	outperform	outperform	VERB
fsr-3422	409	16	their	their	PRON
fsr-3422	409	17	peer	peer	NOUN
fsr-3422	409	18	etfs	etfs	NOUN
fsr-3422	409	19	.	.	PUNCT
fsr-3422	410	1	when	when	SCONJ
fsr-3422	410	2	moving	move	VERB
fsr-3422	410	3	to	to	ADP
fsr-3422	410	4	the	the	DET
fsr-3422	410	5	second	second	ADJ
fsr-3422	410	6	subperiod	subperiod	NOUN
fsr-3422	410	7	of	of	ADP
fsr-3422	410	8	2011	2011	NUM
fsr-3422	410	9	-	-	SYM
fsr-3422	410	10	2017	2017	NUM
fsr-3422	410	11	,	,	PUNCT
fsr-3422	410	12	however	however	ADV
fsr-3422	410	13	,	,	PUNCT
fsr-3422	410	14	only	only	ADV
fsr-3422	410	15	financials	financial	NOUN
fsr-3422	410	16	portfolio	portfolio	NOUN
fsr-3422	410	17	outperforms	outperform	VERB
fsr-3422	410	18	with	with	ADP
fsr-3422	410	19	a	a	DET
fsr-3422	410	20	significant	significant	ADJ
fsr-3422	410	21	positive	positive	ADJ
fsr-3422	410	22	alpha	alpha	NOUN
fsr-3422	410	23	.	.	PUNCT
fsr-3422	411	1	in	in	ADP
fsr-3422	411	2	contrast	contrast	NOUN
fsr-3422	411	3	,	,	PUNCT
fsr-3422	411	4	the	the	DET
fsr-3422	411	5	energy	energy	NOUN
fsr-3422	411	6	sector	sector	NOUN
fsr-3422	411	7	portfolio	portfolio	NOUN
fsr-3422	411	8	produces	produce	VERB
fsr-3422	411	9	a	a	DET
fsr-3422	411	10	significant	significant	ADJ
fsr-3422	411	11	negative	negative	ADJ
fsr-3422	411	12	alpha	alpha	NOUN
fsr-3422	411	13	.	.	PUNCT
fsr-3422	412	1	six	six	NUM
fsr-3422	412	2	individual	individual	ADJ
fsr-3422	412	3	funds	fund	NOUN
fsr-3422	412	4	from	from	ADP
fsr-3422	412	5	financials	financial	NOUN
fsr-3422	412	6	show	show	VERB
fsr-3422	412	7	a	a	DET
fsr-3422	412	8	significant	significant	ADJ
fsr-3422	412	9	positive	positive	ADJ
fsr-3422	412	10	alpha	alpha	NOUN
fsr-3422	412	11	,	,	PUNCT
fsr-3422	412	12	whereas	whereas	SCONJ
fsr-3422	412	13	six	six	NUM
fsr-3422	412	14	funds	fund	NOUN
fsr-3422	412	15	from	from	ADP
fsr-3422	412	16	materials	material	NOUN
fsr-3422	412	17	and	and	CCONJ
fsr-3422	412	18	two	two	NUM
fsr-3422	412	19	funds	fund	NOUN
fsr-3422	412	20	from	from	ADP
fsr-3422	412	21	energy	energy	NOUN
fsr-3422	412	22	sector	sector	NOUN
fsr-3422	412	23	produce	produce	VERB
fsr-3422	412	24	a	a	DET
fsr-3422	412	25	significant	significant	ADJ
fsr-3422	412	26	negative	negative	ADJ
fsr-3422	412	27	alpha	alpha	NOUN
fsr-3422	412	28	.	.	PUNCT
fsr-3422	413	1	generally	generally	ADV
fsr-3422	413	2	speaking	speak	VERB
fsr-3422	413	3	,	,	PUNCT
fsr-3422	413	4	results	result	NOUN
fsr-3422	413	5	from	from	ADP
fsr-3422	413	6	table	table	NOUN
fsr-3422	413	7	8	8	NUM
fsr-3422	413	8	are	be	AUX
fsr-3422	413	9	similar	similar	ADJ
fsr-3422	413	10	to	to	ADP
fsr-3422	413	11	table	table	NOUN
fsr-3422	413	12	7	7	NUM
fsr-3422	413	13	,	,	PUNCT
fsr-3422	413	14	which	which	PRON
fsr-3422	413	15	confirms	confirm	VERB
fsr-3422	413	16	the	the	DET
fsr-3422	413	17	proposition	proposition	NOUN
fsr-3422	413	18	that	that	SCONJ
fsr-3422	413	19	not	not	PART
fsr-3422	413	20	only	only	ADV
fsr-3422	413	21	the	the	DET
fsr-3422	413	22	nine	nine	NUM
fsr-3422	413	23	fidelity	fidelity	NOUN
fsr-3422	413	24	funds	fund	NOUN
fsr-3422	413	25	from	from	ADP
fsr-3422	413	26	lin	lin	PROPN
fsr-3422	413	27	(	(	PUNCT
fsr-3422	413	28	2014	2014	NUM
fsr-3422	413	29	)	)	PUNCT
fsr-3422	413	30	,	,	PUNCT
fsr-3422	413	31	but	but	CCONJ
fsr-3422	413	32	also	also	ADV
fsr-3422	413	33	a	a	DET
fsr-3422	413	34	large	large	ADJ
fsr-3422	413	35	number	number	NOUN
fsr-3422	413	36	of	of	ADP
fsr-3422	413	37	sector	sector	NOUN
fsr-3422	413	38	funds	fund	NOUN
fsr-3422	413	39	in	in	ADP
fsr-3422	413	40	this	this	DET
fsr-3422	413	41	study	study	NOUN
fsr-3422	413	42	,	,	PUNCT
fsr-3422	413	43	have	have	AUX
fsr-3422	413	44	experienced	experience	VERB
fsr-3422	413	45	a	a	DET
fsr-3422	413	46	performance	performance	NOUN
fsr-3422	413	47	deterioration	deterioration	NOUN
fsr-3422	413	48	.	.	PUNCT
fsr-3422	414	1	why	why	SCONJ
fsr-3422	414	2	is	be	AUX
fsr-3422	414	3	the	the	DET
fsr-3422	414	4	so	so	ADV
fsr-3422	414	5	-	-	PUNCT
fsr-3422	414	6	called	call	VERB
fsr-3422	414	7	smart	smart	ADJ
fsr-3422	414	8	money	money	NOUN
fsr-3422	414	9	not	not	PART
fsr-3422	414	10	as	as	ADV
fsr-3422	414	11	smart	smart	ADJ
fsr-3422	414	12	as	as	SCONJ
fsr-3422	414	13	investors	investor	NOUN
fsr-3422	414	14	observed	observe	VERB
fsr-3422	414	15	a	a	DET
fsr-3422	414	16	decade	decade	NOUN
fsr-3422	414	17	ago	ago	ADV
fsr-3422	414	18	?	?	PUNCT
fsr-3422	415	1	our	our	PRON
fsr-3422	415	2	explanation	explanation	NOUN
fsr-3422	415	3	is	be	AUX
fsr-3422	415	4	that	that	SCONJ
fsr-3422	415	5	the	the	DET
fsr-3422	415	6	u.s	u.s	PROPN
fsr-3422	415	7	.	.	PROPN
fsr-3422	415	8	stock	stock	NOUN
fsr-3422	415	9	market	market	NOUN
fsr-3422	415	10	has	have	AUX
fsr-3422	415	11	become	become	VERB
fsr-3422	415	12	more	more	ADV
fsr-3422	415	13	efficient	efficient	ADJ
fsr-3422	415	14	and	and	CCONJ
fsr-3422	415	15	it	it	PRON
fsr-3422	415	16	is	be	AUX
fsr-3422	415	17	more	more	ADV
fsr-3422	415	18	difficult	difficult	ADJ
fsr-3422	415	19	to	to	PART
fsr-3422	415	20	hunt	hunt	VERB
fsr-3422	415	21	alphas	alpha	NOUN
fsr-3422	415	22	even	even	ADV
fsr-3422	415	23	for	for	ADP
fsr-3422	415	24	the	the	DET
fsr-3422	415	25	smart	smart	ADJ
fsr-3422	415	26	money	money	NOUN
fsr-3422	415	27	.	.	PUNCT
fsr-3422	416	1	the	the	DET
fsr-3422	416	2	game	game	NOUN
fsr-3422	416	3	has	have	AUX
fsr-3422	416	4	changed	change	VERB
fsr-3422	416	5	as	as	SCONJ
fsr-3422	416	6	investment	investment	NOUN
fsr-3422	416	7	assets	asset	NOUN
fsr-3422	416	8	of	of	ADP
fsr-3422	416	9	low	low	ADJ
fsr-3422	416	10	cost	cost	NOUN
fsr-3422	416	11	index	index	NOUN
fsr-3422	416	12	strategies	strategy	NOUN
fsr-3422	416	13	has	have	AUX
fsr-3422	416	14	surpassed	surpass	VERB
fsr-3422	416	15	assets	asset	NOUN
fsr-3422	416	16	of	of	ADP
fsr-3422	416	17	active	active	ADJ
fsr-3422	416	18	managed	manage	VERB
fsr-3422	416	19	funds	fund	NOUN
fsr-3422	416	20	for	for	ADP
fsr-3422	416	21	the	the	DET
fsr-3422	416	22	first	first	ADJ
fsr-3422	416	23	time	time	NOUN
fsr-3422	416	24	in	in	ADP
fsr-3422	416	25	september	september	PROPN
fsr-3422	416	26	2019	2019	NUM
fsr-3422	416	27	(	(	PUNCT
fsr-3422	416	28	lim	lim	PROPN
fsr-3422	416	29	,	,	PUNCT
fsr-3422	416	30	2019	2019	NUM
fsr-3422	416	31	)	)	PUNCT
fsr-3422	416	32	.	.	PUNCT
fsr-3422	417	1	the	the	DET
fsr-3422	417	2	time	time	NOUN
fsr-3422	417	3	trend	trend	NOUN
fsr-3422	417	4	analysis	analysis	NOUN
fsr-3422	417	5	of	of	ADP
fsr-3422	417	6	alphas	alpha	NOUN
fsr-3422	417	7	shown	show	VERB
fsr-3422	417	8	in	in	ADP
fsr-3422	417	9	this	this	DET
fsr-3422	417	10	study	study	NOUN
fsr-3422	417	11	provides	provide	VERB
fsr-3422	417	12	explanations	explanation	NOUN
fsr-3422	417	13	of	of	ADP
fsr-3422	417	14	the	the	DET
fsr-3422	417	15	movement	movement	NOUN
fsr-3422	417	16	that	that	PRON
fsr-3422	417	17	investors	investor	NOUN
fsr-3422	417	18	shift	shift	VERB
fsr-3422	417	19	their	their	PRON
fsr-3422	417	20	money	money	NOUN
fsr-3422	417	21	from	from	ADP
fsr-3422	417	22	active	active	ADJ
fsr-3422	417	23	to	to	ADP
fsr-3422	417	24	passive	passive	ADJ
fsr-3422	417	25	strategies	strategy	NOUN
fsr-3422	417	26	.	.	PUNCT
fsr-3422	418	1	5	5	X
fsr-3422	418	2	.	.	X
fsr-3422	418	3	conclusions	conclusion	NOUN
fsr-3422	418	4	this	this	DET
fsr-3422	418	5	paper	paper	NOUN
fsr-3422	418	6	investigates	investigate	VERB
fsr-3422	418	7	performance	performance	NOUN
fsr-3422	418	8	of	of	ADP
fsr-3422	418	9	united	united	PROPN
fsr-3422	418	10	states	states	PROPN
fsr-3422	418	11	actively	actively	ADV
fsr-3422	418	12	managed	manage	VERB
fsr-3422	418	13	sector	sector	NOUN
fsr-3422	418	14	equity	equity	NOUN
fsr-3422	418	15	mutual	mutual	ADJ
fsr-3422	418	16	funds	fund	NOUN
fsr-3422	418	17	and	and	CCONJ
fsr-3422	418	18	their	their	PRON
fsr-3422	418	19	peer	peer	NOUN
fsr-3422	418	20	spdr	spdr	NOUN
fsr-3422	418	21	etfs	etfs	PROPN
fsr-3422	418	22	for	for	ADP
fsr-3422	418	23	the	the	DET
fsr-3422	418	24	period	period	NOUN
fsr-3422	418	25	of	of	ADP
fsr-3422	418	26	2008–2017	2008–2017	NUM
fsr-3422	418	27	.	.	PUNCT
fsr-3422	419	1	the	the	DET
fsr-3422	419	2	sample	sample	NOUN
fsr-3422	419	3	includes	include	VERB
fsr-3422	419	4	95	95	NUM
fsr-3422	419	5	actively	actively	ADV
fsr-3422	419	6	managed	manage	VERB
fsr-3422	419	7	individual	individual	ADJ
fsr-3422	419	8	sector	sector	NOUN
fsr-3422	419	9	mutual	mutual	ADJ
fsr-3422	419	10	funds	fund	NOUN
fsr-3422	419	11	from	from	ADP
fsr-3422	419	12	29	29	NUM
fsr-3422	419	13	fund	fund	NOUN
fsr-3422	419	14	families	family	NOUN
fsr-3422	419	15	.	.	PUNCT
fsr-3422	420	1	a	a	DET
fsr-3422	420	2	portfolio	portfolio	NOUN
fsr-3422	420	3	with	with	ADP
fsr-3422	420	4	multi	multi	NOUN
fsr-3422	420	5	-	-	ADJ
fsr-3422	420	6	funds	fund	NOUN
fsr-3422	420	7	is	be	AUX
fsr-3422	420	8	constructed	construct	VERB
fsr-3422	420	9	for	for	ADP
fsr-3422	420	10	each	each	PRON
fsr-3422	420	11	of	of	ADP
fsr-3422	420	12	the	the	DET
fsr-3422	420	13	nine	nine	NUM
fsr-3422	420	14	sectors	sector	NOUN
fsr-3422	420	15	:	:	PUNCT
fsr-3422	420	16	materials	material	NOUN
fsr-3422	420	17	,	,	PUNCT
fsr-3422	420	18	energy	energy	NOUN
fsr-3422	420	19	,	,	PUNCT
fsr-3422	420	20	financials	financial	NOUN
fsr-3422	420	21	,	,	PUNCT
fsr-3422	420	22	industrials	industrial	NOUN
fsr-3422	420	23	,	,	PUNCT
fsr-3422	420	24	technology	technology	NOUN
fsr-3422	420	25	,	,	PUNCT
fsr-3422	420	26	consumer	consumer	NOUN
fsr-3422	420	27	staples	staple	NOUN
fsr-3422	420	28	,	,	PUNCT
fsr-3422	420	29	utilities	utility	NOUN
fsr-3422	420	30	,	,	PUNCT
fsr-3422	420	31	healthcare	healthcare	PROPN
fsr-3422	420	32	,	,	PUNCT
fsr-3422	420	33	and	and	CCONJ
fsr-3422	420	34	consumer	consumer	NOUN
fsr-3422	420	35	discretionary	discretionary	NOUN
fsr-3422	420	36	.	.	PUNCT
fsr-3422	421	1	results	result	NOUN
fsr-3422	421	2	show	show	VERB
fsr-3422	421	3	little	little	ADJ
fsr-3422	421	4	evidence	evidence	NOUN
fsr-3422	421	5	that	that	PRON
fsr-3422	421	6	actively	actively	ADV
fsr-3422	421	7	managed	manage	VERB
fsr-3422	421	8	sector	sector	NOUN
fsr-3422	421	9	equity	equity	NOUN
fsr-3422	421	10	funds	fund	NOUN
fsr-3422	421	11	outperform	outperform	VERB
fsr-3422	421	12	their	their	PRON
fsr-3422	421	13	passive	passive	ADJ
fsr-3422	421	14	counterparties	counterpartie	NOUN
fsr-3422	421	15	.	.	PUNCT
fsr-3422	422	1	only	only	ADV
fsr-3422	422	2	three	three	NUM
fsr-3422	422	3	or	or	CCONJ
fsr-3422	422	4	four	four	NUM
fsr-3422	422	5	out	out	ADP
fsr-3422	422	6	of	of	ADP
fsr-3422	422	7	the	the	DET
fsr-3422	422	8	nine	nine	NUM
fsr-3422	422	9	sector	sector	NOUN
fsr-3422	422	10	equity	equity	NOUN
fsr-3422	422	11	fund	fund	NOUN
fsr-3422	422	12	portfolios	portfolio	NOUN
fsr-3422	422	13	exhibit	exhibit	VERB
fsr-3422	422	14	a	a	DET
fsr-3422	422	15	higher	high	ADJ
fsr-3422	422	16	sharpe	sharpe	NOUN
fsr-3422	422	17	ratio	ratio	NOUN
fsr-3422	422	18	or	or	CCONJ
fsr-3422	422	19	a	a	DET
fsr-3422	422	20	positive	positive	ADJ
fsr-3422	422	21	information	information	NOUN
fsr-3422	422	22	ratio	ratio	NOUN
fsr-3422	422	23	for	for	ADP
fsr-3422	422	24	the	the	DET
fsr-3422	422	25	sample	sample	NOUN
fsr-3422	422	26	period	period	NOUN
fsr-3422	422	27	.	.	PUNCT
fsr-3422	423	1	none	none	NOUN
fsr-3422	423	2	of	of	ADP
fsr-3422	423	3	the	the	DET
fsr-3422	423	4	sector	sector	NOUN
fsr-3422	423	5	equity	equity	NOUN
fsr-3422	423	6	fund	fund	NOUN
fsr-3422	423	7	portfolios	portfolio	NOUN
fsr-3422	423	8	produces	produce	VERB
fsr-3422	423	9	a	a	DET
fsr-3422	423	10	significant	significant	ADJ
fsr-3422	423	11	positive	positive	ADJ
fsr-3422	423	12	alpha	alpha	NOUN
fsr-3422	423	13	using	use	VERB
fsr-3422	423	14	factor	factor	NOUN
fsr-3422	423	15	models	model	NOUN
fsr-3422	423	16	with	with	ADP
fsr-3422	423	17	spy	spy	NOUN
fsr-3422	423	18	as	as	ADP
fsr-3422	423	19	the	the	DET
fsr-3422	423	20	market	market	NOUN
fsr-3422	423	21	portfolio	portfolio	NOUN
fsr-3422	423	22	,	,	PUNCT
fsr-3422	423	23	even	even	ADV
fsr-3422	423	24	though	though	SCONJ
fsr-3422	423	25	several	several	ADJ
fsr-3422	423	26	peer	peer	NOUN
fsr-3422	423	27	sector	sector	NOUN
fsr-3422	423	28	etfs	etfs	PROPN
fsr-3422	423	29	do	do	AUX
fsr-3422	423	30	generate	generate	VERB
fsr-3422	423	31	significant	significant	ADJ
fsr-3422	423	32	positive	positive	ADJ
fsr-3422	423	33	alphas	alpha	NOUN
fsr-3422	423	34	.	.	PUNCT
fsr-3422	424	1	none	none	NOUN
fsr-3422	424	2	of	of	ADP
fsr-3422	424	3	the	the	DET
fsr-3422	424	4	sector	sector	NOUN
fsr-3422	424	5	equity	equity	NOUN
fsr-3422	424	6	fund	fund	NOUN
fsr-3422	424	7	portfolios	portfolio	NOUN
fsr-3422	424	8	delivers	deliver	VERB
fsr-3422	424	9	a	a	DET
fsr-3422	424	10	significant	significant	ADJ
fsr-3422	424	11	positive	positive	ADJ
fsr-3422	424	12	alpha	alpha	NOUN
fsr-3422	424	13	against	against	ADP
fsr-3422	424	14	their	their	PRON
fsr-3422	424	15	passive	passive	ADJ
fsr-3422	424	16	managed	manage	VERB
fsr-3422	424	17	peer	peer	NOUN
fsr-3422	424	18	etfs	etfs	NOUN
fsr-3422	424	19	through	through	ADP
fsr-3422	424	20	the	the	DET
fsr-3422	424	21	one	one	NUM
fsr-3422	424	22	-	-	PUNCT
fsr-3422	424	23	factor	factor	NOUN
fsr-3422	424	24	model	model	NOUN
fsr-3422	424	25	.	.	PUNCT
fsr-3422	425	1	174	174	NUM
fsr-3422	425	2	y.	y.	PROPN
fsr-3422	425	3	fan	fan	PROPN
fsr-3422	425	4	,	,	PUNCT
fsr-3422	425	5	c.y	c.y	PROPN
fsr-3422	425	6	.	.	PROPN
fsr-3422	425	7	lin	lin	PROPN
fsr-3422	425	8	/	/	SYM
fsr-3422	425	9	financial	financial	ADJ
fsr-3422	425	10	services	service	NOUN
fsr-3422	425	11	review	review	VERB
fsr-3422	425	12	28	28	NUM
fsr-3422	425	13	(	(	PUNCT
fsr-3422	425	14	2020	2020	NUM
fsr-3422	425	15	)	)	PUNCT
fsr-3422	426	1	159–177	159–177	NUM
fsr-3422	426	2	t	t	PROPN
fsr-3422	426	3	ab	ab	PROPN
fsr-3422	426	4	le	le	PROPN
fsr-3422	426	5	8	8	NUM
fsr-3422	426	6	t	t	NOUN
fsr-3422	426	7	i	i	PRON
fsr-3422	426	8	m	m	VERB
fsr-3422	426	9	e	e	VERB
fsr-3422	426	10	tr	tr	VERB
fsr-3422	426	11	en	en	PROPN
fsr-3422	426	12	d	d	NOUN
fsr-3422	426	13	o	o	X
fsr-3422	426	14	f	f	PROPN
fsr-3422	426	15	al	al	PROPN
fsr-3422	426	16	p	p	PROPN
fsr-3422	426	17	h	h	PROPN
fsr-3422	426	18	as	as	ADP
fsr-3422	426	19	w	w	INTJ
fsr-3422	426	20	it	it	PRON
fsr-3422	427	1	h	h	NOUN
fsr-3422	428	1	p	p	X
fsr-3422	428	2	ee	ee	INTJ
fsr-3422	428	3	r	r	NOUN
fsr-3422	428	4	e	e	NOUN
fsr-3422	428	5	t	t	NOUN
fsr-3422	428	6	f	f	PROPN
fsr-3422	428	7	s	s	PROPN
fsr-3422	428	8	as	as	ADP
fsr-3422	428	9	m	m	PROPN
fsr-3422	428	10	ar	ar	PROPN
fsr-3422	428	11	k	k	PROPN
fsr-3422	428	12	et	et	PROPN
fsr-3422	429	1	p	p	NOUN
fsr-3422	429	2	o	o	X
fsr-3422	429	3	rt	rt	INTJ
fsr-3422	429	4	fo	fo	INTJ
fsr-3422	429	5	li	li	PROPN
fsr-3422	430	1	o	o	PROPN
fsr-3422	430	2	s	s	PROPN
fsr-3422	430	3	p	p	NOUN
fsr-3422	430	4	an	an	PROPN
fsr-3422	430	5	el	el	PROPN
fsr-3422	430	6	a	a	PRON
fsr-3422	430	7	:	:	PUNCT
fsr-3422	430	8	p	p	X
fsr-3422	430	9	er	er	INTJ
fsr-3422	430	10	io	io	X
fsr-3422	430	11	d	d	PROPN
fsr-3422	430	12	1	1	NUM
fsr-3422	430	13	9	9	NUM
fsr-3422	430	14	9	9	NUM
fsr-3422	430	15	9	9	NUM
fsr-3422	430	16	-2	-2	NOUN
fsr-3422	430	17	0	0	NUM
fsr-3422	430	18	1	1	NUM
fsr-3422	430	19	7	7	NUM
fsr-3422	430	20	s	s	PART
fsr-3422	430	21	ec	ec	PROPN
fsr-3422	430	22	to	to	PART
fsr-3422	430	23	rs	rs	VERB
fsr-3422	430	24	n	n	PRON
fsr-3422	430	25	o	o	NOUN
fsr-3422	430	26	.	.	PUNCT
fsr-3422	431	1	o	o	X
fsr-3422	431	2	f	f	PROPN
fsr-3422	431	3	fu	fu	PROPN
fsr-3422	431	4	n	n	PROPN
fsr-3422	431	5	d	d	PROPN
fsr-3422	431	6	s	s	X
fsr-3422	431	7	(	(	PUNCT
fsr-3422	431	8	6	6	NUM
fsr-3422	431	9	0	0	NUM
fsr-3422	431	10	)	)	PUNCT
fsr-3422	431	11	a	a	DET
fsr-3422	431	12	e	e	PROPN
fsr-3422	431	13	st	st	PROPN
fsr-3422	431	14	i	i	X
fsr-3422	431	15	m	m	VERB
fsr-3422	431	16	at	at	ADP
fsr-3422	431	17	e	e	X
fsr-3422	431	18	p	p	X
fsr-3422	431	19	-v	-v	PUNCT
fsr-3422	431	20	al	al	PROPN
fsr-3422	431	21	u	u	PROPN
fsr-3422	432	1	e	e	NOUN
fsr-3422	432	2	o	o	NOUN
fsr-3422	432	3	f	f	PROPN
fsr-3422	432	4	a	a	DET
fsr-3422	432	5	b	b	PROPN
fsr-3422	432	6	e	e	X
fsr-3422	432	7	st	st	PROPN
fsr-3422	432	8	i	i	X
fsr-3422	432	9	m	m	VERB
fsr-3422	432	10	at	at	ADP
fsr-3422	432	11	e	e	X
fsr-3422	432	12	p	p	X
fsr-3422	432	13	-v	-v	PUNCT
fsr-3422	432	14	al	al	PROPN
fsr-3422	432	15	u	u	PROPN
fsr-3422	432	16	e	e	NOUN
fsr-3422	432	17	o	o	NOUN
fsr-3422	432	18	f	f	PROPN
fsr-3422	432	19	b	b	PROPN
fsr-3422	432	20	a	a	PROPN
fsr-3422	432	21	d	d	PROPN
fsr-3422	432	22	ju	ju	PROPN
fsr-3422	432	23	st	st	PROPN
fsr-3422	432	24	ed	ed	PROPN
fsr-3422	432	25	r	r	NOUN
fsr-3422	432	26	2	2	NUM
fsr-3422	432	27	n	n	NUM
fsr-3422	432	28	o	o	NOUN
fsr-3422	432	29	.	.	PUNCT
fsr-3422	433	1	fu	fu	PROPN
fsr-3422	434	1	n	n	PROPN
fsr-3422	434	2	d	d	PROPN
fsr-3422	434	3	s	s	PROPN
fsr-3422	434	4	w	w	NOUN
fsr-3422	434	5	it	it	PRON
fsr-3422	435	1	h	h	NOUN
fsr-3422	436	1	si	si	PROPN
fsr-3422	436	2	g	g	PROPN
fsr-3422	436	3	n	n	PROPN
fsr-3422	436	4	ifi	ifi	PROPN
fsr-3422	436	5	ca	ca	PROPN
fsr-3422	436	6	n	n	ADV
fsr-3422	436	7	t	t	NOUN
fsr-3422	437	1	p	p	X
fsr-3422	437	2	o	o	X
fsr-3422	437	3	si	si	X
fsr-3422	437	4	ti	ti	X
fsr-3422	437	5	v	v	ADP
fsr-3422	437	6	e	e	PROPN
fsr-3422	437	7	a	a	PRON
fsr-3422	437	8	n	n	NUM
fsr-3422	437	9	o	o	NOUN
fsr-3422	437	10	.	.	PUNCT
fsr-3422	438	1	fu	fu	PROPN
fsr-3422	439	1	n	n	PROPN
fsr-3422	439	2	d	d	PROPN
fsr-3422	439	3	s	s	PROPN
fsr-3422	439	4	w	w	NOUN
fsr-3422	439	5	it	it	PRON
fsr-3422	440	1	h	h	NOUN
fsr-3422	441	1	si	si	PROPN
fsr-3422	441	2	g	g	PROPN
fsr-3422	441	3	n	n	PROPN
fsr-3422	441	4	ifi	ifi	PROPN
fsr-3422	441	5	ca	ca	PROPN
fsr-3422	441	6	n	n	ADP
fsr-3422	441	7	t	t	PROPN
fsr-3422	442	1	n	n	NUM
fsr-3422	442	2	eg	eg	NOUN
fsr-3422	442	3	at	at	ADP
fsr-3422	442	4	iv	iv	NUM
fsr-3422	442	5	e	e	PROPN
fsr-3422	442	6	a	a	DET
fsr-3422	442	7	m	m	NOUN
fsr-3422	442	8	at	at	ADP
fsr-3422	442	9	er	er	INTJ
fsr-3422	442	10	ia	ia	NOUN
fsr-3422	442	11	ls	ls	ADJ
fsr-3422	442	12	8	8	NUM
fsr-3422	442	13	0	0	NUM
fsr-3422	442	14	.7	.7	NUM
fsr-3422	442	15	6	6	NUM
fsr-3422	442	16	%	%	NOUN
fsr-3422	442	17	0	0	NUM
fsr-3422	443	1	.2	.2	NUM
fsr-3422	443	2	0	0	NUM
fsr-3422	443	3	2	2	NUM
fsr-3422	443	4	0	0	NUM
fsr-3422	443	5	.7	.7	NUM
fsr-3422	443	6	8	8	NUM
fsr-3422	443	7	0	0	NUM
fsr-3422	443	8	.0	.0	NUM
fsr-3422	443	9	0	0	NUM
fsr-3422	443	10	0	0	NUM
fsr-3422	444	1	.2	.2	NUM
fsr-3422	444	2	2	2	NUM
fsr-3422	444	3	0	0	NUM
fsr-3422	444	4	0	0	NUM
fsr-3422	444	5	e	e	NOUN
fsr-3422	444	6	n	n	CCONJ
fsr-3422	444	7	er	er	INTJ
fsr-3422	444	8	g	g	NOUN
fsr-3422	444	9	y	y	PROPN
fsr-3422	444	10	5	5	NUM
fsr-3422	444	11	0	0	NUM
fsr-3422	444	12	.1	.1	NUM
fsr-3422	444	13	0	0	NUM
fsr-3422	445	1	%	%	NOUN
fsr-3422	445	2	0	0	NUM
fsr-3422	446	1	.6	.6	NUM
fsr-3422	446	2	2	2	NUM
fsr-3422	446	3	4	4	NUM
fsr-3422	446	4	1	1	NUM
fsr-3422	446	5	.1	.1	NUM
fsr-3422	446	6	5	5	NUM
fsr-3422	446	7	0	0	NUM
fsr-3422	446	8	.0	.0	NUM
fsr-3422	446	9	0	0	NUM
fsr-3422	446	10	0	0	NUM
fsr-3422	446	11	.8	.8	NUM
fsr-3422	446	12	5	5	NUM
fsr-3422	446	13	0	0	NUM
fsr-3422	446	14	0	0	NUM
fsr-3422	447	1	f	f	NOUN
fsr-3422	448	1	in	in	ADP
fsr-3422	448	2	an	an	DET
fsr-3422	448	3	ci	ci	NOUN
fsr-3422	448	4	al	al	PROPN
fsr-3422	448	5	s	s	PROPN
fsr-3422	448	6	1	1	NUM
fsr-3422	448	7	1	1	NUM
fsr-3422	448	8	0	0	NUM
fsr-3422	448	9	.3	.3	NUM
fsr-3422	448	10	6	6	NUM
fsr-3422	448	11	%	%	NOUN
fsr-3422	448	12	0	0	PUNCT
fsr-3422	449	1	.1	.1	NUM
fsr-3422	449	2	0	0	NUM
fsr-3422	450	1	2	2	NUM
fsr-3422	450	2	0	0	NUM
fsr-3422	450	3	.4	.4	NUM
fsr-3422	450	4	8	8	NUM
fsr-3422	450	5	0	0	NUM
fsr-3422	450	6	.0	.0	NUM
fsr-3422	450	7	0	0	NUM
fsr-3422	450	8	0	0	NUM
fsr-3422	450	9	.5	.5	NUM
fsr-3422	451	1	4	4	NUM
fsr-3422	451	2	3	3	NUM
fsr-3422	451	3	0	0	NUM
fsr-3422	451	4	in	in	ADP
fsr-3422	451	5	d	d	PROPN
fsr-3422	451	6	u	u	PROPN
fsr-3422	451	7	st	st	PROPN
fsr-3422	451	8	ri	ri	PROPN
fsr-3422	451	9	al	al	PROPN
fsr-3422	451	10	s	s	PROPN
fsr-3422	451	11	4	4	NUM
fsr-3422	451	12	0	0	NUM
fsr-3422	451	13	.3	.3	NUM
fsr-3422	451	14	2	2	NUM
fsr-3422	451	15	%	%	NOUN
fsr-3422	451	16	0	0	NUM
fsr-3422	451	17	.0	.0	NUM
fsr-3422	451	18	6	6	NUM
fsr-3422	451	19	4	4	NUM
fsr-3422	451	20	0	0	NUM
fsr-3422	451	21	.8	.8	NUM
fsr-3422	451	22	1	1	NUM
fsr-3422	451	23	0	0	NUM
fsr-3422	451	24	.0	.0	NUM
fsr-3422	451	25	0	0	NUM
fsr-3422	451	26	0	0	NUM
fsr-3422	451	27	.7	.7	NUM
fsr-3422	451	28	4	4	NUM
fsr-3422	451	29	2	2	NUM
fsr-3422	451	30	0	0	NUM
fsr-3422	451	31	t	t	PROPN
fsr-3422	451	32	ec	ec	PROPN
fsr-3422	451	33	h	h	PROPN
fsr-3422	451	34	n	n	NOUN
fsr-3422	451	35	o	o	NOUN
fsr-3422	452	1	lo	lo	NOUN
fsr-3422	453	1	g	g	NOUN
fsr-3422	453	2	y	y	PROPN
fsr-3422	453	3	1	1	NUM
fsr-3422	453	4	4	4	NUM
fsr-3422	453	5	0	0	NUM
fsr-3422	453	6	.3	.3	NUM
fsr-3422	453	7	3	3	NUM
fsr-3422	453	8	%	%	NOUN
fsr-3422	453	9	0	0	NUM
fsr-3422	453	10	.0	.0	NUM
fsr-3422	453	11	7	7	NUM
fsr-3422	453	12	1	1	NUM
fsr-3422	453	13	1	1	NUM
fsr-3422	453	14	.0	.0	NUM
fsr-3422	453	15	9	9	NUM
fsr-3422	453	16	0	0	NUM
fsr-3422	453	17	.0	.0	NUM
fsr-3422	453	18	0	0	NUM
fsr-3422	453	19	0	0	NUM
fsr-3422	453	20	.8	.8	NUM
fsr-3422	453	21	8	8	NUM
fsr-3422	453	22	3	3	NUM
fsr-3422	453	23	0	0	NUM
fsr-3422	453	24	u	u	NOUN
fsr-3422	453	25	ti	ti	X
fsr-3422	453	26	li	li	X
fsr-3422	453	27	ti	ti	NOUN
fsr-3422	453	28	es	es	ADP
fsr-3422	453	29	7	7	NUM
fsr-3422	453	30	0	0	NUM
fsr-3422	453	31	.1	.1	NUM
fsr-3422	453	32	6	6	NUM
fsr-3422	453	33	%	%	NOUN
fsr-3422	453	34	0	0	NUM
fsr-3422	453	35	.3	.3	NUM
fsr-3422	453	36	1	1	NUM
fsr-3422	453	37	4	4	NUM
fsr-3422	453	38	0	0	NUM
fsr-3422	453	39	.7	.7	NUM
fsr-3422	453	40	2	2	NUM
fsr-3422	453	41	0	0	NUM
fsr-3422	453	42	.0	.0	NUM
fsr-3422	453	43	0	0	NUM
fsr-3422	453	44	0	0	NUM
fsr-3422	453	45	.5	.5	NUM
fsr-3422	453	46	0	0	NUM
fsr-3422	453	47	0	0	SYM
fsr-3422	453	48	0	0	NUM
fsr-3422	454	1	h	h	NOUN
fsr-3422	454	2	ea	ea	PROPN
fsr-3422	455	1	lt	lt	PRON
fsr-3422	456	1	h	h	PROPN
fsr-3422	456	2	ca	can	AUX
fsr-3422	456	3	re	re	VERB
fsr-3422	456	4	8	8	NUM
fsr-3422	456	5	0	0	NUM
fsr-3422	456	6	.4	.4	NUM
fsr-3422	456	7	8	8	NUM
fsr-3422	456	8	%	%	NOUN
fsr-3422	456	9	0	0	NUM
fsr-3422	456	10	.0	.0	NUM
fsr-3422	456	11	6	6	NUM
fsr-3422	456	12	8	8	NUM
fsr-3422	456	13	0	0	NUM
fsr-3422	456	14	.7	.7	NUM
fsr-3422	456	15	7	7	NUM
fsr-3422	456	16	0	0	NUM
fsr-3422	456	17	.0	.0	NUM
fsr-3422	456	18	0	0	NUM
fsr-3422	456	19	0	0	NUM
fsr-3422	457	1	.6	.6	NUM
fsr-3422	457	2	4	4	NUM
fsr-3422	457	3	3	3	NUM
fsr-3422	457	4	0	0	NUM
fsr-3422	457	5	c	c	NOUN
fsr-3422	457	6	o	o	NOUN
fsr-3422	457	7	n	n	CCONJ
fsr-3422	457	8	su	su	NOUN
fsr-3422	457	9	m	m	ADJ
fsr-3422	457	10	er	er	INTJ
fsr-3422	457	11	d	d	NOUN
fsr-3422	457	12	is	be	AUX
fsr-3422	457	13	cr	cr	ADP
fsr-3422	457	14	et	et	PROPN
fsr-3422	457	15	io	io	PROPN
fsr-3422	457	16	n	n	PROPN
fsr-3422	457	17	ar	ar	PROPN
fsr-3422	457	18	y	y	PROPN
fsr-3422	457	19	3	3	NUM
fsr-3422	457	20	0	0	NUM
fsr-3422	457	21	.1	.1	NUM
fsr-3422	457	22	6	6	NUM
fsr-3422	457	23	%	%	NOUN
fsr-3422	457	24	0	0	NUM
fsr-3422	457	25	.3	.3	NUM
fsr-3422	457	26	7	7	NUM
fsr-3422	457	27	2	2	NUM
fsr-3422	457	28	0	0	NUM
fsr-3422	457	29	.8	.8	NUM
fsr-3422	457	30	6	6	NUM
fsr-3422	457	31	0	0	NUM
fsr-3422	457	32	.0	.0	NUM
fsr-3422	457	33	0	0	NUM
fsr-3422	457	34	0	0	NUM
fsr-3422	458	1	.7	.7	NUM
fsr-3422	458	2	3	3	NUM
fsr-3422	458	3	0	0	NUM
fsr-3422	458	4	0	0	NUM
fsr-3422	459	1	p	p	NOUN
fsr-3422	459	2	an	an	PRON
fsr-3422	459	3	el	el	PROPN
fsr-3422	459	4	b	b	PROPN
fsr-3422	459	5	:	:	PUNCT
fsr-3422	459	6	s	s	VERB
fsr-3422	459	7	u	u	PROPN
fsr-3422	459	8	b	b	PROPN
fsr-3422	459	9	-p	-p	INTJ
fsr-3422	459	10	er	er	INTJ
fsr-3422	459	11	io	io	X
fsr-3422	459	12	d	d	PROPN
fsr-3422	459	13	1	1	NUM
fsr-3422	459	14	9	9	NUM
fsr-3422	459	15	9	9	NUM
fsr-3422	459	16	9	9	NUM
fsr-3422	459	17	-2	-2	NOUN
fsr-3422	459	18	0	0	NUM
fsr-3422	459	19	1	1	NUM
fsr-3422	459	20	0	0	NUM
fsr-3422	459	21	s	s	PART
fsr-3422	459	22	ec	ec	PROPN
fsr-3422	459	23	to	to	PART
fsr-3422	459	24	rs	rs	VERB
fsr-3422	459	25	n	n	PRON
fsr-3422	459	26	o	o	NOUN
fsr-3422	459	27	.	.	PUNCT
fsr-3422	460	1	o	o	X
fsr-3422	460	2	f	f	PROPN
fsr-3422	460	3	fu	fu	PROPN
fsr-3422	460	4	n	n	PROPN
fsr-3422	460	5	d	d	PROPN
fsr-3422	460	6	s	s	X
fsr-3422	460	7	(	(	PUNCT
fsr-3422	460	8	6	6	NUM
fsr-3422	460	9	0	0	NUM
fsr-3422	460	10	)	)	PUNCT
fsr-3422	460	11	a	a	DET
fsr-3422	460	12	e	e	PROPN
fsr-3422	460	13	st	st	PROPN
fsr-3422	460	14	i	i	X
fsr-3422	460	15	m	m	VERB
fsr-3422	460	16	at	at	ADP
fsr-3422	460	17	e	e	X
fsr-3422	460	18	p	p	X
fsr-3422	460	19	-v	-v	PUNCT
fsr-3422	460	20	al	al	PROPN
fsr-3422	460	21	u	u	PROPN
fsr-3422	461	1	e	e	NOUN
fsr-3422	461	2	o	o	NOUN
fsr-3422	461	3	f	f	PROPN
fsr-3422	461	4	a	a	DET
fsr-3422	461	5	b	b	PROPN
fsr-3422	461	6	e	e	X
fsr-3422	461	7	st	st	PROPN
fsr-3422	461	8	i	i	X
fsr-3422	461	9	m	m	VERB
fsr-3422	461	10	at	at	ADP
fsr-3422	461	11	e	e	X
fsr-3422	461	12	p	p	X
fsr-3422	461	13	-v	-v	PUNCT
fsr-3422	461	14	al	al	PROPN
fsr-3422	461	15	u	u	PROPN
fsr-3422	461	16	e	e	NOUN
fsr-3422	461	17	o	o	NOUN
fsr-3422	461	18	f	f	PROPN
fsr-3422	461	19	b	b	PROPN
fsr-3422	461	20	a	a	PROPN
fsr-3422	461	21	d	d	PROPN
fsr-3422	461	22	ju	ju	PROPN
fsr-3422	461	23	st	st	PROPN
fsr-3422	461	24	ed	ed	PROPN
fsr-3422	461	25	r	r	NOUN
fsr-3422	461	26	2	2	NUM
fsr-3422	461	27	n	n	NUM
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fsr-3422	462	1	fu	fu	PROPN
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fsr-3422	464	1	h	h	NOUN
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fsr-3422	466	5	v	v	ADP
fsr-3422	466	6	e	e	PROPN
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fsr-3422	466	8	n	n	NUM
fsr-3422	466	9	o	o	NOUN
fsr-3422	466	10	.	.	PUNCT
fsr-3422	467	1	fu	fu	PROPN
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fsr-3422	469	1	h	h	NOUN
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fsr-3422	470	3	n	n	PROPN
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fsr-3422	470	5	ca	ca	PROPN
fsr-3422	470	6	n	n	ADP
fsr-3422	470	7	t	t	PROPN
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fsr-3422	471	2	eg	eg	NOUN
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fsr-3422	471	5	e	e	PROPN
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fsr-3422	471	8	at	at	ADP
fsr-3422	471	9	er	er	INTJ
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fsr-3422	471	15	6	6	NUM
fsr-3422	471	16	%	%	NOUN
fsr-3422	471	17	0	0	NUM
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fsr-3422	471	19	2	2	NUM
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fsr-3422	471	21	0	0	NUM
fsr-3422	471	22	.7	.7	NUM
fsr-3422	471	23	4	4	NUM
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fsr-3422	471	26	0	0	NUM
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fsr-3422	471	28	.5	.5	NUM
fsr-3422	471	29	4	4	NUM
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fsr-3422	471	40	4	4	NUM
fsr-3422	471	41	%	%	NOUN
fsr-3422	471	42	0	0	PUNCT
fsr-3422	472	1	.1	.1	NUM
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fsr-3422	473	3	1	1	NUM
fsr-3422	473	4	.1	.1	NUM
fsr-3422	473	5	4	4	NUM
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fsr-3422	473	8	0	0	NUM
fsr-3422	473	9	0	0	NUM
fsr-3422	473	10	.8	.8	NUM
fsr-3422	473	11	3	3	NUM
fsr-3422	473	12	1	1	NUM
fsr-3422	473	13	0	0	NUM
fsr-3422	473	14	f	f	NOUN
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fsr-3422	473	19	s	s	PROPN
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fsr-3422	473	21	1	1	NUM
fsr-3422	473	22	0	0	NUM
fsr-3422	473	23	.4	.4	NUM
fsr-3422	473	24	0	0	NUM
fsr-3422	473	25	%	%	NOUN
fsr-3422	473	26	0	0	NUM
fsr-3422	473	27	.0	.0	NUM
fsr-3422	473	28	3	3	NUM
fsr-3422	473	29	6	6	NUM
fsr-3422	473	30	0	0	NUM
fsr-3422	473	31	.6	.6	NUM
fsr-3422	473	32	7	7	NUM
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fsr-3422	473	35	0	0	NUM
fsr-3422	473	36	0	0	NUM
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fsr-3422	473	38	1	1	NUM
fsr-3422	473	39	2	2	NUM
fsr-3422	473	40	0	0	NUM
fsr-3422	473	41	in	in	ADP
fsr-3422	473	42	d	d	PROPN
fsr-3422	473	43	u	u	PROPN
fsr-3422	473	44	st	st	PROPN
fsr-3422	473	45	ri	ri	PROPN
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fsr-3422	473	47	s	s	PROPN
fsr-3422	473	48	4	4	NUM
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fsr-3422	473	50	.3	.3	NUM
fsr-3422	473	51	4	4	NUM
fsr-3422	473	52	%	%	NOUN
fsr-3422	473	53	0	0	PUNCT
fsr-3422	473	54	.1	.1	NUM
fsr-3422	473	55	5	5	NUM
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fsr-3422	473	70	h	h	PROPN
fsr-3422	473	71	n	n	NOUN
fsr-3422	473	72	o	o	NOUN
fsr-3422	474	1	lo	lo	NOUN
fsr-3422	475	1	g	g	NOUN
fsr-3422	475	2	y	y	PROPN
fsr-3422	475	3	1	1	NUM
fsr-3422	475	4	4	4	NUM
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fsr-3422	475	6	.5	.5	NUM
fsr-3422	475	7	9	9	NUM
fsr-3422	475	8	%	%	NOUN
fsr-3422	475	9	0	0	NUM
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fsr-3422	475	11	0	0	NUM
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fsr-3422	475	13	1	1	NUM
fsr-3422	475	14	.1	.1	NUM
fsr-3422	475	15	0	0	NUM
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fsr-3422	475	17	.0	.0	NUM
fsr-3422	475	18	0	0	NUM
fsr-3422	475	19	0	0	NUM
fsr-3422	475	20	.9	.9	NUM
fsr-3422	475	21	1	1	NUM
fsr-3422	475	22	5	5	NUM
fsr-3422	475	23	0	0	NUM
fsr-3422	475	24	u	u	NOUN
fsr-3422	475	25	ti	ti	X
fsr-3422	475	26	li	li	X
fsr-3422	475	27	ti	ti	NOUN
fsr-3422	475	28	es	es	ADP
fsr-3422	475	29	7	7	NUM
fsr-3422	475	30	0	0	NUM
fsr-3422	475	31	.1	.1	NUM
fsr-3422	475	32	7	7	NUM
fsr-3422	475	33	%	%	NOUN
fsr-3422	475	34	0	0	NUM
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fsr-3422	476	2	3	3	NUM
fsr-3422	476	3	0	0	NUM
fsr-3422	476	4	0	0	NUM
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fsr-3422	478	4	0	0	NUM
fsr-3422	478	5	0	0	NUM
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fsr-3422	479	2	2	2	NUM
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fsr-3422	479	4	0	0	NUM
fsr-3422	480	1	h	h	NOUN
fsr-3422	481	1	ea	ea	PROPN
fsr-3422	482	1	lt	lt	PRON
fsr-3422	483	1	h	h	PROPN
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fsr-3422	483	3	re	re	VERB
fsr-3422	483	4	8	8	NUM
fsr-3422	483	5	0	0	NUM
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fsr-3422	483	7	5	5	NUM
fsr-3422	483	8	%	%	NOUN
fsr-3422	483	9	0	0	PUNCT
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fsr-3422	484	3	0	0	SYM
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fsr-3422	485	5	0	0	NUM
fsr-3422	485	6	0	0	NUM
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fsr-3422	486	2	9	9	NUM
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fsr-3422	486	7	n	n	CCONJ
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fsr-3422	486	14	et	et	PROPN
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fsr-3422	486	20	0	0	NUM
fsr-3422	486	21	.1	.1	NUM
fsr-3422	486	22	7	7	NUM
fsr-3422	486	23	%	%	NOUN
fsr-3422	486	24	0	0	NUM
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fsr-3422	489	5	:	:	PUNCT
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fsr-3422	489	9	-p	-p	INTJ
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fsr-3422	489	13	2	2	NUM
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fsr-3422	489	17	-2	-2	NOUN
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fsr-3422	489	19	1	1	NUM
fsr-3422	489	20	7	7	NUM
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fsr-3422	489	26	o	o	NOUN
fsr-3422	489	27	.	.	PUNCT
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fsr-3422	490	10	)	)	PUNCT
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fsr-3422	490	12	e	e	PROPN
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fsr-3422	490	17	e	e	X
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fsr-3422	490	19	-v	-v	PUNCT
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fsr-3422	491	4	a	a	DET
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fsr-3422	491	8	i	i	X
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fsr-3422	491	13	-v	-v	PUNCT
fsr-3422	491	14	al	al	PROPN
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fsr-3422	491	16	e	e	NOUN
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fsr-3422	491	18	f	f	PROPN
fsr-3422	491	19	b	b	PROPN
fsr-3422	491	20	a	a	PROPN
fsr-3422	491	21	d	d	PROPN
fsr-3422	491	22	ju	ju	PROPN
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fsr-3422	496	1	p	p	X
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fsr-3422	496	5	v	v	ADP
fsr-3422	496	6	e	e	PROPN
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fsr-3422	501	1	n	n	NUM
fsr-3422	501	2	eg	eg	NOUN
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fsr-3422	501	5	e	e	PROPN
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fsr-3422	501	8	at	at	ADP
fsr-3422	501	9	er	er	INTJ
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fsr-3422	501	17	0	0	NUM
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fsr-3422	506	4	0	0	NUM
fsr-3422	506	5	0	0	NUM
fsr-3422	507	1	.2	.2	NUM
fsr-3422	507	2	1	1	NUM
fsr-3422	507	3	6	6	NUM
fsr-3422	507	4	0	0	NUM
fsr-3422	507	5	in	in	ADP
fsr-3422	507	6	d	d	PROPN
fsr-3422	507	7	u	u	PROPN
fsr-3422	507	8	st	st	PROPN
fsr-3422	507	9	ri	ri	PROPN
fsr-3422	507	10	al	al	PROPN
fsr-3422	507	11	s	s	PROPN
fsr-3422	507	12	4	4	NUM
fsr-3422	507	13	0	0	NUM
fsr-3422	507	14	.1	.1	NUM
fsr-3422	507	15	9	9	NUM
fsr-3422	507	16	%	%	NOUN
fsr-3422	507	17	0	0	NUM
fsr-3422	508	1	.4	.4	NUM
fsr-3422	508	2	1	1	NUM
fsr-3422	508	3	6	6	NUM
fsr-3422	508	4	0	0	NUM
fsr-3422	508	5	.9	.9	NUM
fsr-3422	509	1	1	1	NUM
fsr-3422	509	2	0	0	NUM
fsr-3422	509	3	.0	.0	NUM
fsr-3422	509	4	0	0	NUM
fsr-3422	509	5	0	0	NUM
fsr-3422	509	6	.7	.7	NUM
fsr-3422	509	7	5	5	NUM
fsr-3422	509	8	0	0	NUM
fsr-3422	509	9	0	0	NUM
fsr-3422	510	1	t	t	PROPN
fsr-3422	510	2	ec	ec	PROPN
fsr-3422	510	3	h	h	PROPN
fsr-3422	510	4	n	n	NOUN
fsr-3422	510	5	o	o	NOUN
fsr-3422	510	6	lo	lo	NOUN
fsr-3422	511	1	g	g	NOUN
fsr-3422	511	2	y	y	PROPN
fsr-3422	511	3	1	1	NUM
fsr-3422	511	4	4	4	NUM
fsr-3422	511	5	�	�	NOUN
fsr-3422	511	6	0	0	NUM
fsr-3422	511	7	.0	.0	NUM
fsr-3422	511	8	8	8	NUM
fsr-3422	511	9	%	%	NOUN
fsr-3422	511	10	0	0	NUM
fsr-3422	511	11	.8	.8	NUM
fsr-3422	511	12	0	0	NUM
fsr-3422	511	13	2	2	NUM
fsr-3422	511	14	1	1	NUM
fsr-3422	511	15	.0	.0	NUM
fsr-3422	511	16	7	7	NUM
fsr-3422	511	17	0	0	NUM
fsr-3422	511	18	.0	.0	NUM
fsr-3422	511	19	0	0	NUM
fsr-3422	511	20	0	0	NUM
fsr-3422	511	21	.6	.6	NUM
fsr-3422	511	22	6	6	NUM
fsr-3422	511	23	0	0	NUM
fsr-3422	511	24	0	0	NUM
fsr-3422	511	25	u	u	NOUN
fsr-3422	511	26	ti	ti	X
fsr-3422	511	27	li	li	X
fsr-3422	511	28	ti	ti	NOUN
fsr-3422	511	29	es	es	ADP
fsr-3422	511	30	7	7	NUM
fsr-3422	511	31	0	0	NUM
fsr-3422	511	32	.1	.1	NUM
fsr-3422	511	33	2	2	NUM
fsr-3422	511	34	%	%	NOUN
fsr-3422	511	35	0	0	NUM
fsr-3422	511	36	.5	.5	NUM
fsr-3422	512	1	4	4	NUM
fsr-3422	512	2	4	4	NUM
fsr-3422	512	3	0	0	NUM
fsr-3422	512	4	.7	.7	NUM
fsr-3422	512	5	3	3	NUM
fsr-3422	512	6	0	0	NUM
fsr-3422	512	7	.0	.0	NUM
fsr-3422	512	8	0	0	NUM
fsr-3422	512	9	0	0	NUM
fsr-3422	513	1	.6	.6	NUM
fsr-3422	513	2	8	8	NUM
fsr-3422	513	3	0	0	NUM
fsr-3422	513	4	0	0	NUM
fsr-3422	513	5	h	h	NOUN
fsr-3422	513	6	ea	ea	PROPN
fsr-3422	514	1	lt	lt	DET
fsr-3422	514	2	h	h	PROPN
fsr-3422	514	3	ca	can	AUX
fsr-3422	514	4	re	re	VERB
fsr-3422	514	5	8	8	NUM
fsr-3422	514	6	�	�	SYM
fsr-3422	514	7	0	0	NUM
fsr-3422	514	8	.2	.2	NUM
fsr-3422	514	9	4	4	NUM
fsr-3422	514	10	%	%	NOUN
fsr-3422	514	11	0	0	NUM
fsr-3422	514	12	.5	.5	NUM
fsr-3422	515	1	5	5	NUM
fsr-3422	515	2	3	3	NUM
fsr-3422	515	3	1	1	NUM
fsr-3422	515	4	.2	.2	NUM
fsr-3422	515	5	2	2	NUM
fsr-3422	515	6	0	0	NUM
fsr-3422	515	7	.0	.0	NUM
fsr-3422	515	8	0	0	NUM
fsr-3422	515	9	0	0	NUM
fsr-3422	515	10	.5	.5	NUM
fsr-3422	515	11	8	8	NUM
fsr-3422	515	12	0	0	NUM
fsr-3422	515	13	0	0	NUM
fsr-3422	516	1	c	c	NOUN
fsr-3422	516	2	o	o	NOUN
fsr-3422	516	3	n	n	CCONJ
fsr-3422	516	4	su	su	NOUN
fsr-3422	516	5	m	m	ADJ
fsr-3422	516	6	er	er	INTJ
fsr-3422	516	7	d	d	NOUN
fsr-3422	516	8	is	be	AUX
fsr-3422	516	9	cr	cr	ADP
fsr-3422	516	10	et	et	PROPN
fsr-3422	516	11	io	io	PROPN
fsr-3422	516	12	n	n	PROPN
fsr-3422	516	13	ar	ar	PROPN
fsr-3422	516	14	y	y	PROPN
fsr-3422	516	15	3	3	NUM
fsr-3422	516	16	0	0	NUM
fsr-3422	516	17	.0	.0	NUM
fsr-3422	516	18	0	0	NUM
fsr-3422	516	19	%	%	NOUN
fsr-3422	516	20	0	0	NUM
fsr-3422	517	1	.9	.9	NUM
fsr-3422	517	2	9	9	NUM
fsr-3422	517	3	2	2	NUM
fsr-3422	517	4	0	0	NUM
fsr-3422	517	5	.9	.9	NUM
fsr-3422	518	1	7	7	NUM
fsr-3422	518	2	0	0	NUM
fsr-3422	518	3	.0	.0	NUM
fsr-3422	518	4	0	0	NUM
fsr-3422	518	5	0	0	NUM
fsr-3422	518	6	.8	.8	NUM
fsr-3422	518	7	3	3	NUM
fsr-3422	518	8	0	0	NUM
fsr-3422	518	9	0	0	NUM
fsr-3422	518	10	n	n	CCONJ
fsr-3422	518	11	o	o	NOUN
fsr-3422	518	12	te	te	X
fsr-3422	518	13	:	:	PUNCT
fsr-3422	518	14	n	n	CCONJ
fsr-3422	518	15	u	u	NOUN
fsr-3422	518	16	m	m	NOUN
fsr-3422	518	17	b	b	NOUN
fsr-3422	518	18	er	er	INTJ
fsr-3422	518	19	o	o	X
fsr-3422	518	20	f	f	X
fsr-3422	518	21	o	o	X
fsr-3422	518	22	b	b	X
fsr-3422	518	23	se	se	PROPN
fsr-3422	518	24	rv	rv	PROPN
fsr-3422	518	25	at	at	ADP
fsr-3422	518	26	io	io	PROPN
fsr-3422	518	27	n	n	PROPN
fsr-3422	518	28	s	s	PROPN
fsr-3422	518	29	:	:	PUNCT
fsr-3422	518	30	p	p	X
fsr-3422	518	31	an	an	PROPN
fsr-3422	518	32	el	el	PROPN
fsr-3422	518	33	a	a	DET
fsr-3422	518	34	-2	-2	NOUN
fsr-3422	519	1	2	2	NUM
fsr-3422	519	2	8	8	NUM
fsr-3422	519	3	m	m	NOUN
fsr-3422	519	4	o	o	NOUN
fsr-3422	520	1	n	n	ADV
fsr-3422	520	2	th	th	X
fsr-3422	520	3	ly	ly	X
fsr-3422	520	4	re	re	ADP
fsr-3422	520	5	tu	tu	PROPN
fsr-3422	520	6	rn	rn	PROPN
fsr-3422	520	7	s	s	PROPN
fsr-3422	520	8	;	;	PUNCT
fsr-3422	520	9	p	p	X
fsr-3422	520	10	an	an	PROPN
fsr-3422	520	11	el	el	PROPN
fsr-3422	520	12	b	b	PROPN
fsr-3422	520	13	-1	-1	PROPN
fsr-3422	521	1	4	4	NUM
fsr-3422	521	2	4	4	NUM
fsr-3422	521	3	m	m	NOUN
fsr-3422	521	4	o	o	NOUN
fsr-3422	521	5	n	n	ADV
fsr-3422	521	6	th	th	X
fsr-3422	521	7	ly	ly	X
fsr-3422	521	8	re	re	ADP
fsr-3422	521	9	tu	tu	PROPN
fsr-3422	521	10	rn	rn	PROPN
fsr-3422	521	11	s	s	PROPN
fsr-3422	521	12	;	;	PUNCT
fsr-3422	521	13	p	p	X
fsr-3422	521	14	an	an	PROPN
fsr-3422	521	15	el	el	PROPN
fsr-3422	521	16	c	c	PROPN
fsr-3422	521	17	-8	-8	PUNCT
fsr-3422	521	18	4	4	NUM
fsr-3422	521	19	m	m	NOUN
fsr-3422	521	20	o	o	NOUN
fsr-3422	521	21	n	n	ADV
fsr-3422	521	22	th	th	X
fsr-3422	521	23	ly	ly	X
fsr-3422	521	24	re	re	ADP
fsr-3422	521	25	tu	tu	PROPN
fsr-3422	521	26	rn	rn	PROPN
fsr-3422	521	27	s.	s.	PROPN
fsr-3422	521	28	m	m	PROPN
fsr-3422	522	1	o	o	PROPN
fsr-3422	522	2	d	d	X
fsr-3422	522	3	el	el	PROPN
fsr-3422	522	4	u	u	PROPN
fsr-3422	522	5	se	se	PROPN
fsr-3422	522	6	d	d	X
fsr-3422	522	7	:	:	PUNCT
fsr-3422	522	8	r	r	NOUN
fsr-3422	522	9	m	m	VERB
fsr-3422	522	10	f	f	PROPN
fsr-3422	522	11	j	j	PROPN
fsr-3422	522	12	,	,	PUNCT
fsr-3422	522	13	t	t	PROPN
fsr-3422	522	14	�	�	PROPN
fsr-3422	522	15	r	r	NOUN
fsr-3422	522	16	f	f	PROPN
fsr-3422	522	17	,	,	PUNCT
fsr-3422	522	18	t	t	X
fsr-3422	522	19	¼	¼	NOUN
fsr-3422	522	20	a	a	DET
fsr-3422	522	21	j	j	PROPN
fsr-3422	522	22	þ	þ	PROPN
fsr-3422	522	23	b	b	PROPN
fsr-3422	522	24	j	j	PROPN
fsr-3422	522	25	r	r	NOUN
fsr-3422	522	26	e	e	PROPN
fsr-3422	522	27	t	t	PROPN
fsr-3422	522	28	f	f	PROPN
fsr-3422	522	29	j	j	PROPN
fsr-3422	522	30	,	,	PUNCT
fsr-3422	522	31	t	t	PROPN
fsr-3422	522	32	�	�	PROPN
fsr-3422	522	33	r	r	PROPN
fsr-3422	522	34	f	f	PROPN
fsr-3422	522	35	,	,	PUNCT
fsr-3422	522	36	t	t	PROPN
fsr-3422	522	37	ð	ð	PROPN
fsr-3422	522	38	þþ	þþ	X
fsr-3422	522	39	«	«	PUNCT
fsr-3422	522	40	j	j	PROPN
fsr-3422	522	41	,	,	PUNCT
fsr-3422	522	42	t	t	PROPN
fsr-3422	522	43	.w	.w	PROPN
fsr-3422	523	1	h	h	NOUN
fsr-3422	524	1	er	er	INTJ
fsr-3422	524	2	e	e	X
fsr-3422	524	3	r	r	NOUN
fsr-3422	524	4	m	m	PROPN
fsr-3422	524	5	f	f	PROPN
fsr-3422	524	6	j	j	PROPN
fsr-3422	524	7	,	,	PUNCT
fsr-3422	524	8	t	t	PROPN
fsr-3422	524	9	is	be	AUX
fsr-3422	524	10	th	th	X
fsr-3422	524	11	e	e	X
fsr-3422	524	12	re	re	X
fsr-3422	524	13	tu	tu	PROPN
fsr-3422	524	14	rn	rn	PROPN
fsr-3422	524	15	o	o	PROPN
fsr-3422	524	16	f	f	PROPN
fsr-3422	525	1	in	in	ADP
fsr-3422	525	2	d	d	PROPN
fsr-3422	525	3	iv	iv	INTJ
fsr-3422	525	4	i	i	PROPN
fsr-3422	525	5	d	d	PROPN
fsr-3422	525	6	u	u	PROPN
fsr-3422	525	7	al	al	PROPN
fsr-3422	525	8	m	m	VERB
fsr-3422	525	9	u	u	PROPN
fsr-3422	525	10	tu	tu	PROPN
fsr-3422	525	11	al	al	PROPN
fsr-3422	525	12	fu	fu	PROPN
fsr-3422	526	1	n	n	PROPN
fsr-3422	526	2	d	d	NOUN
fsr-3422	526	3	/m	/m	PUNCT
fsr-3422	526	4	u	u	PROPN
fsr-3422	526	5	tu	tu	PROPN
fsr-3422	526	6	al	al	PROPN
fsr-3422	526	7	fu	fu	PROPN
fsr-3422	526	8	n	n	PROPN
fsr-3422	527	1	d	d	NOUN
fsr-3422	527	2	p	p	X
fsr-3422	527	3	o	o	X
fsr-3422	527	4	rt	rt	INTJ
fsr-3422	527	5	fo	fo	INTJ
fsr-3422	527	6	li	li	PROPN
fsr-3422	528	1	o	o	NOUN
fsr-3422	528	2	o	o	X
fsr-3422	529	1	f	f	X
fsr-3422	529	2	se	se	INTJ
fsr-3422	529	3	ct	ct	NUM
fsr-3422	530	1	o	o	NOUN
fsr-3422	530	2	r	r	NOUN
fsr-3422	530	3	j	j	PROPN
fsr-3422	530	4	in	in	ADP
fsr-3422	530	5	m	m	PROPN
fsr-3422	530	6	o	o	NOUN
fsr-3422	530	7	n	n	ADV
fsr-3422	530	8	th	th	X
fsr-3422	530	9	t	t	PROPN
fsr-3422	530	10	,	,	PUNCT
fsr-3422	530	11	r	r	NOUN
fsr-3422	530	12	f	f	PROPN
fsr-3422	530	13	,	,	PUNCT
fsr-3422	530	14	ti	ti	PROPN
fsr-3422	530	15	s	s	PART
fsr-3422	530	16	th	th	X
fsr-3422	530	17	e	e	X
fsr-3422	530	18	re	re	X
fsr-3422	530	19	tu	tu	PROPN
fsr-3422	530	20	rn	rn	PROPN
fsr-3422	530	21	o	o	PROPN
fsr-3422	531	1	f	f	X
fsr-3422	531	2	o	o	INTJ
fsr-3422	531	3	n	n	CCONJ
fsr-3422	531	4	em	em	PRON
fsr-3422	531	5	o	o	INTJ
fsr-3422	531	6	n	n	ADV
fsr-3422	531	7	th	th	X
fsr-3422	531	8	t	t	PROPN
fsr-3422	531	9	-b	-b	PUNCT
fsr-3422	531	10	il	il	PROPN
fsr-3422	531	11	l	l	PROPN
fsr-3422	531	12	in	in	ADP
fsr-3422	531	13	m	m	PROPN
fsr-3422	531	14	o	o	NOUN
fsr-3422	531	15	n	n	ADV
fsr-3422	531	16	th	th	X
fsr-3422	531	17	t	t	PROPN
fsr-3422	531	18	,	,	PUNCT
fsr-3422	531	19	an	an	DET
fsr-3422	531	20	d	d	NOUN
fsr-3422	531	21	r	r	NOUN
fsr-3422	531	22	e	e	NOUN
fsr-3422	531	23	t	t	PROPN
fsr-3422	531	24	f	f	PROPN
fsr-3422	531	25	j	j	PROPN
fsr-3422	531	26	,	,	PUNCT
fsr-3422	531	27	t	t	PROPN
fsr-3422	531	28	is	be	AUX
fsr-3422	531	29	th	th	X
fsr-3422	531	30	e	e	X
fsr-3422	531	31	re	re	X
fsr-3422	531	32	tu	tu	PROPN
fsr-3422	531	33	rn	rn	PROPN
fsr-3422	531	34	o	o	PROPN
fsr-3422	531	35	f	f	PROPN
fsr-3422	531	36	e	e	X
fsr-3422	531	37	t	t	PROPN
fsr-3422	531	38	f	f	PROPN
fsr-3422	531	39	in	in	ADP
fsr-3422	531	40	th	th	X
fsr-3422	531	41	e	e	X
fsr-3422	531	42	sa	sa	PROPN
fsr-3422	531	43	m	m	PROPN
fsr-3422	531	44	e	e	X
fsr-3422	531	45	se	se	X
fsr-3422	532	1	ct	ct	NUM
fsr-3422	532	2	o	o	NOUN
fsr-3422	533	1	r	r	NOUN
fsr-3422	533	2	j	j	PROPN
fsr-3422	533	3	in	in	ADP
fsr-3422	533	4	m	m	PROPN
fsr-3422	533	5	o	o	NOUN
fsr-3422	533	6	n	n	ADV
fsr-3422	533	7	th	th	X
fsr-3422	533	8	t	t	PROPN
fsr-3422	533	9	,	,	PUNCT
fsr-3422	533	10	an	an	DET
fsr-3422	533	11	d	d	X
fsr-3422	533	12	«	«	PUNCT
fsr-3422	533	13	j	j	PROPN
fsr-3422	533	14	,	,	PUNCT
fsr-3422	533	15	t	t	PROPN
fsr-3422	533	16	is	be	AUX
fsr-3422	533	17	an	an	DET
fsr-3422	533	18	er	er	INTJ
fsr-3422	533	19	ro	ro	INTJ
fsr-3422	533	20	r	r	NOUN
fsr-3422	533	21	te	te	PROPN
fsr-3422	533	22	rm	rm	PROPN
fsr-3422	533	23	.	.	PUNCT
fsr-3422	534	1	y.	y.	PROPN
fsr-3422	534	2	fan	fan	PROPN
fsr-3422	534	3	,	,	PUNCT
fsr-3422	534	4	c.y	c.y	PROPN
fsr-3422	534	5	.	.	PROPN
fsr-3422	534	6	lin	lin	PROPN
fsr-3422	534	7	/	/	SYM
fsr-3422	534	8	financial	financial	ADJ
fsr-3422	534	9	services	service	NOUN
fsr-3422	534	10	review	review	VERB
fsr-3422	534	11	28	28	NUM
fsr-3422	534	12	(	(	PUNCT
fsr-3422	534	13	2020	2020	NUM
fsr-3422	534	14	)	)	PUNCT
fsr-3422	535	1	159–177	159–177	NUM
fsr-3422	535	2	175	175	NUM
fsr-3422	535	3	moreover	moreover	ADV
fsr-3422	535	4	,	,	PUNCT
fsr-3422	535	5	we	we	PRON
fsr-3422	535	6	conduct	conduct	VERB
fsr-3422	535	7	time	time	NOUN
fsr-3422	535	8	trend	trend	NOUN
fsr-3422	535	9	analysis	analysis	NOUN
fsr-3422	535	10	of	of	ADP
fsr-3422	535	11	fund	fund	NOUN
fsr-3422	535	12	performance	performance	NOUN
fsr-3422	535	13	over	over	ADP
fsr-3422	535	14	an	an	DET
fsr-3422	535	15	extended	extended	ADJ
fsr-3422	535	16	period	period	NOUN
fsr-3422	535	17	,	,	PUNCT
fsr-3422	535	18	1999	1999	NUM
fsr-3422	535	19	-	-	SYM
fsr-3422	535	20	2017	2017	NUM
fsr-3422	535	21	.	.	PUNCT
fsr-3422	536	1	our	our	PRON
fsr-3422	536	2	results	result	NOUN
fsr-3422	536	3	indicate	indicate	VERB
fsr-3422	536	4	that	that	DET
fsr-3422	536	5	outperformance	outperformance	NOUN
fsr-3422	536	6	fades	fade	VERB
fsr-3422	536	7	away	away	ADV
fsr-3422	536	8	as	as	ADP
fsr-3422	536	9	time	time	NOUN
fsr-3422	536	10	passes	pass	VERB
fsr-3422	536	11	.	.	PUNCT
fsr-3422	537	1	this	this	PRON
fsr-3422	537	2	is	be	AUX
fsr-3422	537	3	true	true	ADJ
fsr-3422	537	4	for	for	ADP
fsr-3422	537	5	both	both	CCONJ
fsr-3422	537	6	the	the	DET
fsr-3422	537	7	nine	nine	NUM
fsr-3422	537	8	fidelity	fidelity	NOUN
fsr-3422	537	9	sector	sector	NOUN
fsr-3422	537	10	mutual	mutual	ADJ
fsr-3422	537	11	funds	fund	NOUN
fsr-3422	537	12	studied	study	VERB
fsr-3422	537	13	in	in	ADP
fsr-3422	537	14	lin	lin	PROPN
fsr-3422	537	15	(	(	PUNCT
fsr-3422	537	16	2014	2014	NUM
fsr-3422	537	17	)	)	PUNCT
fsr-3422	537	18	and	and	CCONJ
fsr-3422	537	19	a	a	DET
fsr-3422	537	20	sample	sample	NOUN
fsr-3422	537	21	of	of	ADP
fsr-3422	537	22	60	60	NUM
fsr-3422	537	23	sector	sector	NOUN
fsr-3422	537	24	mutual	mutual	ADJ
fsr-3422	537	25	funds	fund	NOUN
fsr-3422	537	26	with	with	ADP
fsr-3422	537	27	data	datum	NOUN
fsr-3422	537	28	available	available	ADJ
fsr-3422	537	29	in	in	ADP
fsr-3422	537	30	the	the	DET
fsr-3422	537	31	19	19	NUM
fsr-3422	537	32	-	-	PUNCT
fsr-3422	537	33	year	year	NOUN
fsr-3422	537	34	period	period	NOUN
fsr-3422	537	35	excluding	exclude	VERB
fsr-3422	537	36	the	the	DET
fsr-3422	537	37	nine	nine	NUM
fsr-3422	537	38	fidelity	fidelity	NOUN
fsr-3422	537	39	funds	fund	NOUN
fsr-3422	537	40	.	.	PUNCT
fsr-3422	538	1	although	although	SCONJ
fsr-3422	538	2	there	there	PRON
fsr-3422	538	3	are	be	VERB
fsr-3422	538	4	some	some	DET
fsr-3422	538	5	sector	sector	NOUN
fsr-3422	538	6	mutual	mutual	ADJ
fsr-3422	538	7	funds	fund	NOUN
fsr-3422	538	8	outperform	outperform	VERB
fsr-3422	538	9	in	in	ADP
fsr-3422	538	10	the	the	DET
fsr-3422	538	11	1999	1999	NUM
fsr-3422	538	12	-	-	SYM
fsr-3422	538	13	2010	2010	NUM
fsr-3422	538	14	period	period	NOUN
fsr-3422	538	15	,	,	PUNCT
fsr-3422	538	16	much	much	ADV
fsr-3422	538	17	less	less	ADJ
fsr-3422	538	18	funds	fund	NOUN
fsr-3422	538	19	outperform	outperform	VERB
fsr-3422	538	20	in	in	ADP
fsr-3422	538	21	the	the	DET
fsr-3422	538	22	later	later	ADJ
fsr-3422	538	23	period	period	NOUN
fsr-3422	538	24	of	of	ADP
fsr-3422	538	25	2011	2011	NUM
fsr-3422	538	26	-	-	SYM
fsr-3422	538	27	2017	2017	NUM
fsr-3422	538	28	.	.	PUNCT
fsr-3422	539	1	this	this	DET
fsr-3422	539	2	result	result	NOUN
fsr-3422	539	3	holds	hold	VERB
fsr-3422	539	4	for	for	ADP
fsr-3422	539	5	both	both	CCONJ
fsr-3422	539	6	equal	equal	ADJ
fsr-3422	539	7	-	-	PUNCT
fsr-3422	539	8	weighted	weight	VERB
fsr-3422	539	9	sector	sector	NOUN
fsr-3422	539	10	mutual	mutual	ADJ
fsr-3422	539	11	fund	fund	NOUN
fsr-3422	539	12	portfolios	portfolio	NOUN
fsr-3422	539	13	and	and	CCONJ
fsr-3422	539	14	individual	individual	ADJ
fsr-3422	539	15	sector	sector	NOUN
fsr-3422	539	16	mutual	mutual	ADJ
fsr-3422	539	17	funds	fund	NOUN
fsr-3422	539	18	.	.	PUNCT
fsr-3422	540	1	this	this	PRON
fsr-3422	540	2	could	could	AUX
fsr-3422	540	3	be	be	AUX
fsr-3422	540	4	interpreted	interpret	VERB
fsr-3422	540	5	as	as	SCONJ
fsr-3422	540	6	the	the	DET
fsr-3422	540	7	u.s	u.s	PROPN
fsr-3422	540	8	.	.	PROPN
fsr-3422	540	9	sector	sector	NOUN
fsr-3422	540	10	equity	equity	NOUN
fsr-3422	540	11	market	market	NOUN
fsr-3422	540	12	has	have	AUX
fsr-3422	540	13	become	become	VERB
fsr-3422	540	14	more	more	ADV
fsr-3422	540	15	efficient	efficient	ADJ
fsr-3422	540	16	in	in	ADP
fsr-3422	540	17	the	the	DET
fsr-3422	540	18	past	past	ADJ
fsr-3422	540	19	decade	decade	NOUN
fsr-3422	540	20	than	than	ADP
fsr-3422	540	21	the	the	DET
fsr-3422	540	22	decade	decade	NOUN
fsr-3422	540	23	before	before	ADV
fsr-3422	540	24	.	.	PUNCT
fsr-3422	541	1	our	our	PRON
fsr-3422	541	2	results	result	NOUN
fsr-3422	541	3	are	be	AUX
fsr-3422	541	4	consistent	consistent	ADJ
fsr-3422	541	5	with	with	ADP
fsr-3422	541	6	many	many	ADJ
fsr-3422	541	7	researches	research	NOUN
fsr-3422	541	8	,	,	PUNCT
fsr-3422	541	9	which	which	PRON
fsr-3422	541	10	argue	argue	VERB
fsr-3422	541	11	that	that	SCONJ
fsr-3422	541	12	active	active	ADJ
fsr-3422	541	13	managers	manager	NOUN
fsr-3422	541	14	do	do	AUX
fsr-3422	541	15	not	not	PART
fsr-3422	541	16	add	add	VERB
fsr-3422	541	17	value	value	NOUN
fsr-3422	541	18	after	after	ADP
fsr-3422	541	19	fees	fee	NOUN
fsr-3422	541	20	and	and	CCONJ
fsr-3422	541	21	expenses	expense	NOUN
fsr-3422	541	22	on	on	ADP
fsr-3422	541	23	average	average	ADJ
fsr-3422	541	24	,	,	PUNCT
fsr-3422	541	25	for	for	ADP
fsr-3422	541	26	example	example	NOUN
fsr-3422	541	27	,	,	PUNCT
fsr-3422	541	28	barras	barra	NOUN
fsr-3422	541	29	,	,	PUNCT
fsr-3422	541	30	scaillet	scaillet	NOUN
fsr-3422	541	31	,	,	PUNCT
fsr-3422	541	32	and	and	CCONJ
fsr-3422	541	33	wermers	wermer	NOUN
fsr-3422	541	34	(	(	PUNCT
fsr-3422	541	35	2010	2010	NUM
fsr-3422	541	36	)	)	PUNCT
fsr-3422	541	37	.	.	PUNCT
fsr-3422	542	1	the	the	DET
fsr-3422	542	2	value	value	NOUN
fsr-3422	542	3	of	of	ADP
fsr-3422	542	4	active	active	ADJ
fsr-3422	542	5	management	management	NOUN
fsr-3422	542	6	may	may	AUX
fsr-3422	542	7	lie	lie	VERB
fsr-3422	542	8	on	on	ADP
fsr-3422	542	9	the	the	DET
fsr-3422	542	10	concept	concept	NOUN
fsr-3422	542	11	of	of	ADP
fsr-3422	542	12	making	make	VERB
fsr-3422	542	13	market	market	NOUN
fsr-3422	542	14	more	more	ADV
fsr-3422	542	15	efficient	efficient	ADJ
fsr-3422	542	16	by	by	ADP
fsr-3422	542	17	decisions	decision	NOUN
fsr-3422	542	18	such	such	ADJ
fsr-3422	542	19	as	as	ADP
fsr-3422	542	20	asset	asset	NOUN
fsr-3422	542	21	allocation	allocation	NOUN
fsr-3422	542	22	and	and	CCONJ
fsr-3422	542	23	security	security	NOUN
fsr-3422	542	24	selection	selection	NOUN
fsr-3422	542	25	as	as	SCONJ
fsr-3422	542	26	stated	state	VERB
fsr-3422	542	27	by	by	ADP
fsr-3422	542	28	jones	jones	PROPN
fsr-3422	542	29	and	and	CCONJ
fsr-3422	542	30	wermers	wermer	NOUN
fsr-3422	542	31	(	(	PUNCT
fsr-3422	542	32	2011	2011	NUM
fsr-3422	542	33	)	)	PUNCT
fsr-3422	542	34	.	.	PUNCT
fsr-3422	543	1	for	for	ADP
fsr-3422	543	2	investors	investor	NOUN
fsr-3422	543	3	who	who	PRON
fsr-3422	543	4	are	be	AUX
fsr-3422	543	5	interested	interested	ADJ
fsr-3422	543	6	in	in	ADP
fsr-3422	543	7	sector	sector	NOUN
fsr-3422	543	8	investing	investing	NOUN
fsr-3422	543	9	,	,	PUNCT
fsr-3422	543	10	this	this	DET
fsr-3422	543	11	study	study	NOUN
fsr-3422	543	12	shows	show	VERB
fsr-3422	543	13	that	that	SCONJ
fsr-3422	543	14	actively	actively	ADV
fsr-3422	543	15	managed	manage	VERB
fsr-3422	543	16	mutual	mutual	ADJ
fsr-3422	543	17	funds	fund	NOUN
fsr-3422	543	18	may	may	AUX
fsr-3422	543	19	not	not	PART
fsr-3422	543	20	be	be	AUX
fsr-3422	543	21	a	a	DET
fsr-3422	543	22	good	good	ADJ
fsr-3422	543	23	candidate	candidate	NOUN
fsr-3422	543	24	for	for	ADP
fsr-3422	543	25	sector	sector	NOUN
fsr-3422	543	26	allocation	allocation	NOUN
fsr-3422	543	27	or	or	CCONJ
fsr-3422	543	28	rotation	rotation	NOUN
fsr-3422	543	29	.	.	PUNCT
fsr-3422	544	1	instead	instead	ADV
fsr-3422	544	2	,	,	PUNCT
fsr-3422	544	3	passive	passive	ADJ
fsr-3422	544	4	sector	sector	NOUN
fsr-3422	544	5	etfs	etfs	NOUN
fsr-3422	544	6	,	,	PUNCT
fsr-3422	544	7	which	which	PRON
fsr-3422	544	8	are	be	AUX
fsr-3422	544	9	index	index	NOUN
fsr-3422	544	10	-	-	PUNCT
fsr-3422	544	11	tracking	track	VERB
fsr-3422	544	12	vehicles	vehicle	NOUN
fsr-3422	544	13	,	,	PUNCT
fsr-3422	544	14	can	can	AUX
fsr-3422	544	15	provide	provide	VERB
fsr-3422	544	16	average	average	ADJ
fsr-3422	544	17	returns	return	NOUN
fsr-3422	544	18	with	with	ADP
fsr-3422	544	19	much	much	ADV
fsr-3422	544	20	lower	low	ADJ
fsr-3422	544	21	costs	cost	NOUN
fsr-3422	544	22	and	and	CCONJ
fsr-3422	544	23	simplicity	simplicity	NOUN
fsr-3422	544	24	.	.	PUNCT
fsr-3422	545	1	notes	note	NOUN
fsr-3422	545	2	1	1	NUM
fsr-3422	545	3	to	to	PART
fsr-3422	545	4	save	save	VERB
fsr-3422	545	5	space	space	NOUN
fsr-3422	545	6	,	,	PUNCT
fsr-3422	545	7	tables	table	NOUN
fsr-3422	545	8	for	for	ADP
fsr-3422	545	9	the	the	DET
fsr-3422	545	10	two	two	NUM
fsr-3422	545	11	sub	sub	ADJ
fsr-3422	545	12	-	-	ADJ
fsr-3422	545	13	sample	sample	ADJ
fsr-3422	545	14	period	period	NOUN
fsr-3422	545	15	are	be	AUX
fsr-3422	545	16	not	not	PART
fsr-3422	545	17	presented	present	VERB
fsr-3422	545	18	.	.	PUNCT
fsr-3422	546	1	results	result	NOUN
fsr-3422	546	2	are	be	AUX
fsr-3422	546	3	available	available	ADJ
fsr-3422	546	4	upon	upon	SCONJ
fsr-3422	546	5	request	request	NOUN
fsr-3422	546	6	.	.	PUNCT
fsr-3422	547	1	2	2	NUM
fsr-3422	547	2	to	to	PART
fsr-3422	547	3	save	save	VERB
fsr-3422	547	4	space	space	NOUN
fsr-3422	547	5	,	,	PUNCT
fsr-3422	547	6	the	the	DET
fsr-3422	547	7	rolling	rolling	ADJ
fsr-3422	547	8	36	36	NUM
fsr-3422	547	9	-	-	PUNCT
fsr-3422	547	10	month	month	NOUN
fsr-3422	547	11	correlations	correlation	NOUN
fsr-3422	547	12	are	be	AUX
fsr-3422	547	13	not	not	PART
fsr-3422	547	14	reported	report	VERB
fsr-3422	547	15	here	here	ADV
fsr-3422	547	16	.	.	PUNCT
fsr-3422	548	1	results	result	NOUN
fsr-3422	548	2	are	be	AUX
fsr-3422	548	3	available	available	ADJ
fsr-3422	548	4	upon	upon	SCONJ
fsr-3422	548	5	request	request	NOUN
fsr-3422	548	6	.	.	PUNCT
fsr-3422	549	1	references	reference	NOUN
fsr-3422	549	2	barras	barras	PROPN
fsr-3422	549	3	,	,	PUNCT
fsr-3422	549	4	l.	l.	PROPN
fsr-3422	549	5	,	,	PUNCT
fsr-3422	549	6	scaillet	scaillet	NOUN
fsr-3422	549	7	,	,	PUNCT
fsr-3422	549	8	o.	o.	PROPN
fsr-3422	549	9	,	,	PUNCT
fsr-3422	549	10	&	&	CCONJ
fsr-3422	549	11	wermers	wermer	NOUN
fsr-3422	549	12	,	,	PUNCT
fsr-3422	549	13	r.	r.	PROPN
fsr-3422	549	14	(	(	PUNCT
fsr-3422	549	15	2010	2010	NUM
fsr-3422	549	16	)	)	PUNCT
fsr-3422	549	17	.	.	PUNCT
fsr-3422	550	1	false	false	ADJ
fsr-3422	550	2	discoveries	discovery	NOUN
fsr-3422	550	3	in	in	ADP
fsr-3422	550	4	mutual	mutual	ADJ
fsr-3422	550	5	fund	fund	NOUN
fsr-3422	550	6	performance	performance	NOUN
fsr-3422	550	7	:	:	PUNCT
fsr-3422	550	8	measuring	measure	VERB
fsr-3422	550	9	luck	luck	NOUN
fsr-3422	550	10	in	in	ADP
fsr-3422	550	11	estimated	estimate	VERB
fsr-3422	550	12	alphas	alpha	NOUN
fsr-3422	550	13	.	.	PUNCT
fsr-3422	551	1	the	the	DET
fsr-3422	551	2	journal	journal	PROPN
fsr-3422	551	3	of	of	ADP
fsr-3422	551	4	finance	finance	NOUN
fsr-3422	551	5	,	,	PUNCT
fsr-3422	551	6	65	65	NUM
fsr-3422	551	7	,	,	PUNCT
fsr-3422	551	8	179–216	179–216	NUM
fsr-3422	551	9	.	.	PUNCT
fsr-3422	552	1	bogle	bogle	PROPN
fsr-3422	552	2	,	,	PUNCT
fsr-3422	552	3	j.	j.	PROPN
fsr-3422	552	4	c.	c.	PROPN
fsr-3422	552	5	(	(	PUNCT
fsr-3422	552	6	2015	2015	NUM
fsr-3422	552	7	)	)	PUNCT
fsr-3422	552	8	.	.	PUNCT
fsr-3422	553	1	bogle	bogle	NOUN
fsr-3422	553	2	on	on	ADP
fsr-3422	553	3	mutual	mutual	ADJ
fsr-3422	553	4	funds	fund	NOUN
fsr-3422	553	5	:	:	PUNCT
fsr-3422	553	6	new	new	ADJ
fsr-3422	553	7	perspectives	perspective	NOUN
fsr-3422	553	8	for	for	ADP
fsr-3422	553	9	the	the	DET
fsr-3422	553	10	intelligent	intelligent	ADJ
fsr-3422	553	11	investor	investor	NOUN
fsr-3422	553	12	.	.	PUNCT
fsr-3422	554	1	hoboken	hoboken	PROPN
fsr-3422	554	2	,	,	PUNCT
fsr-3422	554	3	nj	nj	PROPN
fsr-3422	554	4	:	:	PUNCT
fsr-3422	554	5	wiley	wiley	PROPN
fsr-3422	554	6	.	.	PUNCT
fsr-3422	555	1	bogle	bogle	PROPN
fsr-3422	555	2	,	,	PUNCT
fsr-3422	555	3	j.	j.	PROPN
fsr-3422	555	4	c.	c.	PROPN
fsr-3422	555	5	(	(	PUNCT
fsr-3422	555	6	2016	2016	NUM
fsr-3422	555	7	)	)	PUNCT
fsr-3422	555	8	.	.	PUNCT
fsr-3422	556	1	the	the	DET
fsr-3422	556	2	index	index	NOUN
fsr-3422	556	3	mutual	mutual	ADJ
fsr-3422	556	4	fund	fund	NOUN
fsr-3422	556	5	:	:	PUNCT
fsr-3422	556	6	40	40	NUM
fsr-3422	556	7	years	year	NOUN
fsr-3422	556	8	of	of	ADP
fsr-3422	556	9	growth	growth	NOUN
fsr-3422	556	10	,	,	PUNCT
fsr-3422	556	11	change	change	NOUN
fsr-3422	556	12	,	,	PUNCT
fsr-3422	556	13	and	and	CCONJ
fsr-3422	556	14	challenge	challenge	NOUN
fsr-3422	556	15	.	.	PUNCT
fsr-3422	557	1	financial	financial	ADJ
fsr-3422	557	2	analysts	analyst	NOUN
fsr-3422	557	3	journal	journal	NOUN
fsr-3422	557	4	,	,	PUNCT
fsr-3422	557	5	72	72	NUM
fsr-3422	557	6	,	,	PUNCT
fsr-3422	557	7	9	9	NUM
fsr-3422	557	8	-	-	SYM
fsr-3422	557	9	13	13	NUM
fsr-3422	557	10	.	.	PUNCT
fsr-3422	557	11	brown	brown	PROPN
fsr-3422	557	12	,	,	PUNCT
fsr-3422	557	13	s.	s.	PROPN
fsr-3422	557	14	j.	j.	PROPN
fsr-3422	557	15	(	(	PUNCT
fsr-3422	557	16	2016	2016	NUM
fsr-3422	557	17	)	)	PUNCT
fsr-3422	557	18	.	.	PUNCT
fsr-3422	558	1	why	why	SCONJ
fsr-3422	558	2	hedge	hedge	NOUN
fsr-3422	558	3	funds	fund	NOUN
fsr-3422	558	4	?	?	PUNCT
fsr-3422	559	1	financial	financial	ADJ
fsr-3422	559	2	analysts	analyst	NOUN
fsr-3422	559	3	journal	journal	NOUN
fsr-3422	559	4	,	,	PUNCT
fsr-3422	559	5	72	72	NUM
fsr-3422	559	6	,	,	PUNCT
fsr-3422	559	7	5	5	NUM
fsr-3422	559	8	-	-	SYM
fsr-3422	559	9	7	7	NUM
fsr-3422	559	10	.	.	PUNCT
fsr-3422	560	1	carhart	carhart	NOUN
fsr-3422	560	2	,	,	PUNCT
fsr-3422	560	3	m.	m.	NOUN
fsr-3422	560	4	m.	m.	NOUN
fsr-3422	560	5	(	(	PUNCT
fsr-3422	560	6	1997	1997	NUM
fsr-3422	560	7	)	)	PUNCT
fsr-3422	560	8	.	.	PUNCT
fsr-3422	561	1	on	on	ADP
fsr-3422	561	2	persistence	persistence	NOUN
fsr-3422	561	3	in	in	ADP
fsr-3422	561	4	mutual	mutual	ADJ
fsr-3422	561	5	fund	fund	NOUN
fsr-3422	561	6	performance	performance	NOUN
fsr-3422	561	7	.	.	PUNCT
fsr-3422	562	1	the	the	DET
fsr-3422	562	2	journal	journal	PROPN
fsr-3422	562	3	of	of	ADP
fsr-3422	562	4	finance	finance	NOUN
fsr-3422	562	5	,	,	PUNCT
fsr-3422	562	6	52	52	NUM
fsr-3422	562	7	,	,	PUNCT
fsr-3422	562	8	57	57	NUM
fsr-3422	562	9	-	-	SYM
fsr-3422	562	10	82	82	NUM
fsr-3422	562	11	.	.	PUNCT
fsr-3422	563	1	chen	chen	PROPN
fsr-3422	563	2	,	,	PUNCT
fsr-3422	563	3	h.	h.	PROPN
fsr-3422	563	4	,	,	PUNCT
fsr-3422	563	5	estes	estes	PROPN
fsr-3422	563	6	,	,	PUNCT
fsr-3422	563	7	j.	j.	PROPN
fsr-3422	563	8	,	,	PUNCT
fsr-3422	563	9	&	&	CCONJ
fsr-3422	563	10	pratt	pratt	PROPN
fsr-3422	563	11	,	,	PUNCT
fsr-3422	563	12	w.	w.	PROPN
fsr-3422	563	13	(	(	PUNCT
fsr-3422	563	14	2018	2018	NUM
fsr-3422	563	15	)	)	PUNCT
fsr-3422	563	16	.	.	PUNCT
fsr-3422	564	1	investing	invest	VERB
fsr-3422	564	2	in	in	ADP
fsr-3422	564	3	the	the	DET
fsr-3422	564	4	healthcare	healthcare	NOUN
fsr-3422	564	5	sector	sector	NOUN
fsr-3422	564	6	:	:	PUNCT
fsr-3422	564	7	mutual	mutual	ADJ
fsr-3422	564	8	funds	fund	NOUN
fsr-3422	564	9	or	or	CCONJ
fsr-3422	564	10	etfs	etfs	NOUN
fsr-3422	564	11	.	.	PUNCT
fsr-3422	565	1	managerial	managerial	ADJ
fsr-3422	565	2	finance	finance	NOUN
fsr-3422	565	3	,	,	PUNCT
fsr-3422	565	4	44	44	NUM
fsr-3422	565	5	,	,	PUNCT
fsr-3422	565	6	495	495	NUM
fsr-3422	565	7	-	-	SYM
fsr-3422	565	8	508	508	NUM
fsr-3422	565	9	.	.	PUNCT
fsr-3422	566	1	cremers	cremer	NOUN
fsr-3422	566	2	,	,	PUNCT
fsr-3422	566	3	k.	k.	PROPN
fsr-3422	566	4	j.	j.	PROPN
fsr-3422	566	5	,	,	PUNCT
fsr-3422	566	6	fulkerson	fulkerson	PROPN
fsr-3422	566	7	,	,	PUNCT
fsr-3422	566	8	j.	j.	PROPN
fsr-3422	566	9	a.	a.	PROPN
fsr-3422	566	10	,	,	PUNCT
fsr-3422	566	11	&	&	CCONJ
fsr-3422	566	12	riley	riley	PROPN
fsr-3422	566	13	,	,	PUNCT
fsr-3422	566	14	t.	t.	PROPN
fsr-3422	566	15	b.	b.	PROPN
fsr-3422	566	16	(	(	PUNCT
fsr-3422	566	17	2019	2019	NUM
fsr-3422	566	18	)	)	PUNCT
fsr-3422	566	19	.	.	PUNCT
fsr-3422	567	1	challenging	challenge	VERB
fsr-3422	567	2	the	the	DET
fsr-3422	567	3	conventional	conventional	ADJ
fsr-3422	567	4	wisdom	wisdom	NOUN
fsr-3422	567	5	on	on	ADP
fsr-3422	567	6	active	active	ADJ
fsr-3422	567	7	management	management	NOUN
fsr-3422	567	8	:	:	PUNCT
fsr-3422	567	9	a	a	DET
fsr-3422	567	10	review	review	NOUN
fsr-3422	567	11	of	of	ADP
fsr-3422	567	12	the	the	DET
fsr-3422	567	13	past	past	ADJ
fsr-3422	567	14	20	20	NUM
fsr-3422	567	15	years	year	NOUN
fsr-3422	567	16	of	of	ADP
fsr-3422	567	17	academic	academic	ADJ
fsr-3422	567	18	literature	literature	NOUN
fsr-3422	567	19	on	on	ADP
fsr-3422	567	20	actively	actively	ADV
fsr-3422	567	21	managed	manage	VERB
fsr-3422	567	22	mutual	mutual	ADJ
fsr-3422	567	23	funds	fund	NOUN
fsr-3422	567	24	.	.	PUNCT
fsr-3422	568	1	financial	financial	ADJ
fsr-3422	568	2	analysts	analyst	NOUN
fsr-3422	568	3	journal	journal	NOUN
fsr-3422	568	4	,	,	PUNCT
fsr-3422	568	5	75	75	NUM
fsr-3422	568	6	,	,	PUNCT
fsr-3422	568	7	8	8	NUM
fsr-3422	568	8	-	-	SYM
fsr-3422	568	9	35	35	NUM
fsr-3422	568	10	.	.	PUNCT
fsr-3422	569	1	dellva	dellva	PROPN
fsr-3422	569	2	,	,	PUNCT
fsr-3422	569	3	w.	w.	PROPN
fsr-3422	569	4	l.	l.	PROPN
fsr-3422	569	5	,	,	PUNCT
fsr-3422	569	6	demaskey	demaskey	PROPN
fsr-3422	569	7	,	,	PUNCT
fsr-3422	569	8	a.	a.	PROPN
fsr-3422	569	9	l.	l.	PROPN
fsr-3422	569	10	,	,	PUNCT
fsr-3422	569	11	&	&	CCONJ
fsr-3422	569	12	smith	smith	PROPN
fsr-3422	569	13	,	,	PUNCT
fsr-3422	569	14	c.	c.	PROPN
fsr-3422	569	15	a.	a.	PROPN
fsr-3422	569	16	(	(	PUNCT
fsr-3422	569	17	2001	2001	NUM
fsr-3422	569	18	)	)	PUNCT
fsr-3422	569	19	.	.	PUNCT
fsr-3422	570	1	selectivity	selectivity	NOUN
fsr-3422	570	2	and	and	CCONJ
fsr-3422	570	3	market	market	NOUN
fsr-3422	570	4	timing	timing	NOUN
fsr-3422	570	5	performance	performance	NOUN
fsr-3422	570	6	of	of	ADP
fsr-3422	570	7	fidelity	fidelity	NOUN
fsr-3422	570	8	sector	sector	NOUN
fsr-3422	570	9	mutual	mutual	ADJ
fsr-3422	570	10	funds	fund	NOUN
fsr-3422	570	11	.	.	PUNCT
fsr-3422	571	1	the	the	DET
fsr-3422	571	2	financial	financial	PROPN
fsr-3422	571	3	review	review	NOUN
fsr-3422	571	4	,	,	PUNCT
fsr-3422	571	5	36	36	NUM
fsr-3422	571	6	,	,	PUNCT
fsr-3422	571	7	39	39	NUM
fsr-3422	571	8	-	-	SYM
fsr-3422	571	9	54	54	NUM
fsr-3422	571	10	.	.	PUNCT
fsr-3422	572	1	fama	fama	PROPN
fsr-3422	572	2	,	,	PUNCT
fsr-3422	572	3	e.	e.	PROPN
fsr-3422	572	4	f.	f.	PROPN
fsr-3422	572	5	,	,	PUNCT
fsr-3422	572	6	&	&	CCONJ
fsr-3422	572	7	french	french	PROPN
fsr-3422	572	8	,	,	PUNCT
fsr-3422	572	9	k.	k.	PROPN
fsr-3422	572	10	r.	r.	PROPN
fsr-3422	572	11	(	(	PUNCT
fsr-3422	572	12	1993	1993	NUM
fsr-3422	572	13	)	)	PUNCT
fsr-3422	572	14	.	.	PUNCT
fsr-3422	573	1	common	common	ADJ
fsr-3422	573	2	risk	risk	NOUN
fsr-3422	573	3	factors	factor	NOUN
fsr-3422	573	4	in	in	ADP
fsr-3422	573	5	the	the	DET
fsr-3422	573	6	returns	return	NOUN
fsr-3422	573	7	on	on	ADP
fsr-3422	573	8	stocks	stock	NOUN
fsr-3422	573	9	and	and	CCONJ
fsr-3422	573	10	bonds	bond	NOUN
fsr-3422	573	11	.	.	PUNCT
fsr-3422	574	1	journal	journal	NOUN
fsr-3422	574	2	of	of	ADP
fsr-3422	574	3	financial	financial	ADJ
fsr-3422	574	4	economics	economic	NOUN
fsr-3422	574	5	,	,	PUNCT
fsr-3422	574	6	33	33	NUM
fsr-3422	574	7	,	,	PUNCT
fsr-3422	574	8	3	3	NUM
fsr-3422	574	9	-	-	SYM
fsr-3422	574	10	53	53	NUM
fsr-3422	574	11	.	.	PUNCT
fsr-3422	575	1	fan	fan	PROPN
fsr-3422	575	2	,	,	PUNCT
fsr-3422	575	3	y.	y.	PROPN
fsr-3422	575	4	,	,	PUNCT
fsr-3422	575	5	&	&	CCONJ
fsr-3422	575	6	addams	addams	PROPN
fsr-3422	575	7	,	,	PUNCT
fsr-3422	575	8	h.	h.	PROPN
fsr-3422	575	9	l.	l.	PROPN
fsr-3422	575	10	(	(	PUNCT
fsr-3422	575	11	2012	2012	NUM
fsr-3422	575	12	)	)	PUNCT
fsr-3422	575	13	.	.	PUNCT
fsr-3422	576	1	united	united	PROPN
fsr-3422	576	2	states	states	PROPN
fsr-3422	576	3	-	-	PUNCT
fsr-3422	576	4	based	base	VERB
fsr-3422	576	5	international	international	ADJ
fsr-3422	576	6	mutual	mutual	ADJ
fsr-3422	576	7	funds	fund	NOUN
fsr-3422	576	8	:	:	PUNCT
fsr-3422	576	9	performance	performance	NOUN
fsr-3422	576	10	and	and	CCONJ
fsr-3422	576	11	persistence	persistence	NOUN
fsr-3422	576	12	.	.	PUNCT
fsr-3422	577	1	financial	financial	ADJ
fsr-3422	577	2	services	service	NOUN
fsr-3422	577	3	review	review	PROPN
fsr-3422	577	4	,	,	PUNCT
fsr-3422	577	5	21	21	NUM
fsr-3422	577	6	,	,	PUNCT
fsr-3422	577	7	51	51	NUM
fsr-3422	577	8	-	-	SYM
fsr-3422	577	9	61	61	NUM
fsr-3422	577	10	.	.	PUNCT
fsr-3422	578	1	jones	jones	PROPN
fsr-3422	578	2	,	,	PUNCT
fsr-3422	578	3	r.	r.	PROPN
fsr-3422	578	4	c.	c.	PROPN
fsr-3422	578	5	,	,	PUNCT
fsr-3422	578	6	&	&	CCONJ
fsr-3422	578	7	wermers	wermers	PROPN
fsr-3422	578	8	,	,	PUNCT
fsr-3422	578	9	r.	r.	PROPN
fsr-3422	578	10	(	(	PUNCT
fsr-3422	578	11	2011	2011	NUM
fsr-3422	578	12	)	)	PUNCT
fsr-3422	578	13	.	.	PUNCT
fsr-3422	579	1	active	active	ADJ
fsr-3422	579	2	management	management	NOUN
fsr-3422	579	3	in	in	ADP
fsr-3422	579	4	mostly	mostly	ADV
fsr-3422	579	5	efficient	efficient	ADJ
fsr-3422	579	6	markets	market	NOUN
fsr-3422	579	7	.	.	PUNCT
fsr-3422	580	1	financial	financial	ADJ
fsr-3422	580	2	analysts	analyst	NOUN
fsr-3422	580	3	journal	journal	NOUN
fsr-3422	580	4	,	,	PUNCT
fsr-3422	580	5	67	67	NUM
fsr-3422	580	6	,	,	PUNCT
fsr-3422	580	7	29	29	NUM
fsr-3422	580	8	-	-	SYM
fsr-3422	580	9	45	45	NUM
fsr-3422	580	10	.	.	PUNCT
fsr-3422	581	1	176	176	NUM
fsr-3422	581	2	y.	y.	PROPN
fsr-3422	581	3	fan	fan	PROPN
fsr-3422	581	4	,	,	PUNCT
fsr-3422	581	5	c.y	c.y	PROPN
fsr-3422	581	6	.	.	PROPN
fsr-3422	581	7	lin	lin	PROPN
fsr-3422	581	8	/	/	SYM
fsr-3422	581	9	financial	financial	ADJ
fsr-3422	581	10	services	service	NOUN
fsr-3422	581	11	review	review	VERB
fsr-3422	581	12	28	28	NUM
fsr-3422	581	13	(	(	PUNCT
fsr-3422	581	14	2020	2020	NUM
fsr-3422	581	15	)	)	PUNCT
fsr-3422	581	16	159–177	159–177	NUM
fsr-3422	581	17	kaushik	kaushik	NOUN
fsr-3422	581	18	,	,	PUNCT
fsr-3422	581	19	a.	a.	NOUN
fsr-3422	581	20	,	,	PUNCT
fsr-3422	581	21	pennathur	pennathur	PROPN
fsr-3422	581	22	,	,	PUNCT
fsr-3422	581	23	a.	a.	NOUN
fsr-3422	581	24	,	,	PUNCT
fsr-3422	581	25	&	&	CCONJ
fsr-3422	581	26	barnhart	barnhart	PROPN
fsr-3422	581	27	,	,	PUNCT
fsr-3422	581	28	s.	s.	PROPN
fsr-3422	581	29	(	(	PUNCT
fsr-3422	581	30	2010	2010	NUM
fsr-3422	581	31	)	)	PUNCT
fsr-3422	581	32	.	.	PUNCT
fsr-3422	582	1	market	market	NOUN
fsr-3422	582	2	timing	timing	NOUN
fsr-3422	582	3	and	and	CCONJ
fsr-3422	582	4	the	the	DET
fsr-3422	582	5	determinants	determinant	NOUN
fsr-3422	582	6	of	of	ADP
fsr-3422	582	7	performance	performance	NOUN
fsr-3422	582	8	of	of	ADP
fsr-3422	582	9	sector	sector	NOUN
fsr-3422	582	10	funds	fund	NOUN
fsr-3422	582	11	over	over	ADP
fsr-3422	582	12	the	the	DET
fsr-3422	582	13	business	business	NOUN
fsr-3422	582	14	cycle.managerial	cycle.managerial	ADJ
fsr-3422	582	15	finance	finance	NOUN
fsr-3422	582	16	,	,	PUNCT
fsr-3422	582	17	36	36	NUM
fsr-3422	582	18	,	,	PUNCT
fsr-3422	582	19	583	583	NUM
fsr-3422	582	20	-	-	SYM
fsr-3422	582	21	602	602	NUM
fsr-3422	582	22	.	.	PUNCT
fsr-3422	583	1	kaushik	kaushik	PROPN
fsr-3422	583	2	,	,	PUNCT
fsr-3422	583	3	a.	a.	PROPN
fsr-3422	583	4	,	,	PUNCT
fsr-3422	583	5	saubert	saubert	NOUN
fsr-3422	583	6	,	,	PUNCT
fsr-3422	583	7	l.	l.	PROPN
fsr-3422	583	8	k.	k.	PROPN
fsr-3422	583	9	,	,	PUNCT
fsr-3422	583	10	&	&	CCONJ
fsr-3422	583	11	saubert	saubert	PROPN
fsr-3422	583	12	,	,	PUNCT
fsr-3422	583	13	r.	r.	PROPN
fsr-3422	583	14	w.	w.	PROPN
fsr-3422	583	15	(	(	PUNCT
fsr-3422	583	16	2014	2014	NUM
fsr-3422	583	17	)	)	PUNCT
fsr-3422	583	18	.	.	PUNCT
fsr-3422	584	1	performance	performance	NOUN
fsr-3422	584	2	and	and	CCONJ
fsr-3422	584	3	persistence	persistence	NOUN
fsr-3422	584	4	of	of	ADP
fsr-3422	584	5	performance	performance	NOUN
fsr-3422	584	6	of	of	ADP
fsr-3422	584	7	healthcare	healthcare	NOUN
fsr-3422	584	8	mutual	mutual	ADJ
fsr-3422	584	9	funds	fund	NOUN
fsr-3422	584	10	.	.	PUNCT
fsr-3422	585	1	financial	financial	ADJ
fsr-3422	585	2	services	service	NOUN
fsr-3422	585	3	review	review	PROPN
fsr-3422	585	4	,	,	PUNCT
fsr-3422	585	5	23	23	NUM
fsr-3422	585	6	,	,	PUNCT
fsr-3422	585	7	77	77	NUM
fsr-3422	585	8	-	-	SYM
fsr-3422	585	9	91	91	NUM
fsr-3422	585	10	.	.	PUNCT
fsr-3422	586	1	lin	lin	PROPN
fsr-3422	586	2	,	,	PUNCT
fsr-3422	586	3	c.	c.	PROPN
fsr-3422	586	4	y.	y.	PROPN
fsr-3422	586	5	(	(	PUNCT
fsr-3422	586	6	2014	2014	NUM
fsr-3422	586	7	)	)	PUNCT
fsr-3422	586	8	.	.	PUNCT
fsr-3422	587	1	does	do	VERB
fsr-3422	587	2	active	active	ADJ
fsr-3422	587	3	management	management	NOUN
fsr-3422	587	4	work	work	NOUN
fsr-3422	587	5	?	?	PUNCT
fsr-3422	588	1	evidence	evidence	NOUN
fsr-3422	588	2	from	from	ADP
fsr-3422	588	3	equity	equity	NOUN
fsr-3422	588	4	sector	sector	NOUN
fsr-3422	588	5	funds	fund	NOUN
fsr-3422	588	6	.	.	PUNCT
fsr-3422	589	1	financial	financial	ADJ
fsr-3422	589	2	services	service	NOUN
fsr-3422	589	3	review	review	PROPN
fsr-3422	589	4	,	,	PUNCT
fsr-3422	589	5	23	23	NUM
fsr-3422	589	6	,	,	PUNCT
fsr-3422	589	7	249	249	NUM
fsr-3422	589	8	-	-	SYM
fsr-3422	589	9	271	271	NUM
fsr-3422	589	10	.	.	PUNCT
fsr-3422	590	1	lim	lim	PROPN
fsr-3422	590	2	,	,	PUNCT
fsr-3422	590	3	d.	d.	PROPN
fsr-3422	590	4	(	(	PUNCT
fsr-3422	590	5	2019	2019	NUM
fsr-3422	590	6	)	)	PUNCT
fsr-3422	590	7	.	.	PUNCT
fsr-3422	591	1	index	index	NOUN
fsr-3422	591	2	funds	fund	NOUN
fsr-3422	591	3	are	be	AUX
fsr-3422	591	4	the	the	DET
fsr-3422	591	5	new	new	ADJ
fsr-3422	591	6	kings	king	NOUN
fsr-3422	591	7	of	of	ADP
fsr-3422	591	8	wall	wall	PROPN
fsr-3422	591	9	street	street	PROPN
fsr-3422	591	10	.	.	PUNCT
fsr-3422	592	1	the	the	DET
fsr-3422	592	2	wall	wall	PROPN
fsr-3422	592	3	street	street	PROPN
fsr-3422	592	4	journal	journal	PROPN
fsr-3422	592	5	,	,	PUNCT
fsr-3422	592	6	18	18	NUM
fsr-3422	592	7	september	september	PROPN
fsr-3422	592	8	,	,	PUNCT
fsr-3422	592	9	2019	2019	NUM
fsr-3422	592	10	.	.	PUNCT
fsr-3422	593	1	malkiel	malkiel	PROPN
fsr-3422	593	2	,	,	PUNCT
fsr-3422	593	3	b.	b.	PROPN
fsr-3422	593	4	g.	g.	PROPN
fsr-3422	593	5	(	(	PUNCT
fsr-3422	593	6	1973	1973	NUM
fsr-3422	593	7	)	)	PUNCT
fsr-3422	593	8	.	.	PUNCT
fsr-3422	594	1	a	a	DET
fsr-3422	594	2	random	random	ADJ
fsr-3422	594	3	walk	walk	NOUN
fsr-3422	594	4	down	down	ADP
fsr-3422	594	5	wall	wall	PROPN
fsr-3422	594	6	street	street	PROPN
fsr-3422	594	7	.	.	PUNCT
fsr-3422	595	1	new	new	PROPN
fsr-3422	595	2	york	york	PROPN
fsr-3422	595	3	,	,	PUNCT
fsr-3422	595	4	ny	ny	PROPN
fsr-3422	595	5	:	:	PUNCT
fsr-3422	595	6	norton	norton	PROPN
fsr-3422	595	7	.	.	PUNCT
fsr-3422	596	1	malkiel	malkiel	PROPN
fsr-3422	596	2	,	,	PUNCT
fsr-3422	596	3	b.	b.	PROPN
fsr-3422	596	4	g.	g.	PROPN
fsr-3422	596	5	(	(	PUNCT
fsr-3422	596	6	1995	1995	NUM
fsr-3422	596	7	)	)	PUNCT
fsr-3422	596	8	.	.	PUNCT
fsr-3422	597	1	returns	return	NOUN
fsr-3422	597	2	from	from	ADP
fsr-3422	597	3	investing	invest	VERB
fsr-3422	597	4	in	in	ADP
fsr-3422	597	5	equity	equity	NOUN
fsr-3422	597	6	mutual	mutual	ADJ
fsr-3422	597	7	funds	fund	NOUN
fsr-3422	597	8	,	,	PUNCT
fsr-3422	597	9	1971–1991	1971–1991	NUM
fsr-3422	597	10	.	.	PUNCT
fsr-3422	598	1	the	the	DET
fsr-3422	598	2	journal	journal	PROPN
fsr-3422	598	3	of	of	ADP
fsr-3422	598	4	finance	finance	NOUN
fsr-3422	598	5	,	,	PUNCT
fsr-3422	598	6	50	50	NUM
fsr-3422	598	7	,	,	PUNCT
fsr-3422	598	8	549	549	NUM
fsr-3422	598	9	-	-	SYM
fsr-3422	598	10	572	572	NUM
fsr-3422	598	11	.	.	PUNCT
fsr-3422	598	12	malkiel	malkiel	PROPN
fsr-3422	598	13	,	,	PUNCT
fsr-3422	598	14	b.	b.	PROPN
fsr-3422	598	15	g.	g.	PROPN
fsr-3422	598	16	,	,	PUNCT
fsr-3422	598	17	&	&	CCONJ
fsr-3422	598	18	radisich	radisich	PROPN
fsr-3422	598	19	,	,	PUNCT
fsr-3422	598	20	a.	a.	NOUN
fsr-3422	598	21	(	(	PUNCT
fsr-3422	598	22	2001	2001	NUM
fsr-3422	598	23	)	)	PUNCT
fsr-3422	598	24	.	.	PUNCT
fsr-3422	599	1	the	the	DET
fsr-3422	599	2	growth	growth	NOUN
fsr-3422	599	3	of	of	ADP
fsr-3422	599	4	index	index	NOUN
fsr-3422	599	5	funds	fund	NOUN
fsr-3422	599	6	and	and	CCONJ
fsr-3422	599	7	the	the	DET
fsr-3422	599	8	pricing	pricing	NOUN
fsr-3422	599	9	of	of	ADP
fsr-3422	599	10	equity	equity	NOUN
fsr-3422	599	11	securities	security	NOUN
fsr-3422	599	12	.	.	PUNCT
fsr-3422	600	1	the	the	DET
fsr-3422	600	2	journal	journal	PROPN
fsr-3422	600	3	of	of	ADP
fsr-3422	600	4	portfolio	portfolio	NOUN
fsr-3422	600	5	management	management	NOUN
fsr-3422	600	6	,	,	PUNCT
fsr-3422	600	7	27	27	NUM
fsr-3422	600	8	,	,	PUNCT
fsr-3422	600	9	9	9	NUM
fsr-3422	600	10	-	-	SYM
fsr-3422	600	11	21	21	NUM
fsr-3422	600	12	.	.	PUNCT
fsr-3422	601	1	petajisto	petajisto	PROPN
fsr-3422	601	2	,	,	PUNCT
fsr-3422	601	3	a.	a.	NOUN
fsr-3422	601	4	(	(	PUNCT
fsr-3422	601	5	2013	2013	NUM
fsr-3422	601	6	)	)	PUNCT
fsr-3422	601	7	.	.	PUNCT
fsr-3422	602	1	active	active	ADJ
fsr-3422	602	2	share	share	NOUN
fsr-3422	602	3	and	and	CCONJ
fsr-3422	602	4	mutual	mutual	ADJ
fsr-3422	602	5	fund	fund	NOUN
fsr-3422	602	6	performance	performance	NOUN
fsr-3422	602	7	.	.	PUNCT
fsr-3422	603	1	financial	financial	ADJ
fsr-3422	603	2	analysts	analyst	NOUN
fsr-3422	603	3	journal	journal	NOUN
fsr-3422	603	4	,	,	PUNCT
fsr-3422	603	5	69	69	NUM
fsr-3422	603	6	,	,	PUNCT
fsr-3422	603	7	73	73	NUM
fsr-3422	603	8	-	-	SYM
fsr-3422	603	9	93	93	NUM
fsr-3422	603	10	.	.	PUNCT
fsr-3422	604	1	tergesen	tergesen	PROPN
fsr-3422	604	2	,	,	PUNCT
fsr-3422	604	3	a.	a.	PROPN
fsr-3422	604	4	,	,	PUNCT
fsr-3422	604	5	&	&	CCONJ
fsr-3422	604	6	zweig	zweig	PROPN
fsr-3422	604	7	,	,	PUNCT
fsr-3422	604	8	j.	j.	PROPN
fsr-3422	604	9	(	(	PUNCT
fsr-3422	604	10	2016	2016	NUM
fsr-3422	604	11	)	)	PUNCT
fsr-3422	604	12	.	.	PUNCT
fsr-3422	605	1	the	the	DET
fsr-3422	605	2	dying	die	VERB
fsr-3422	605	3	business	business	NOUN
fsr-3422	605	4	of	of	ADP
fsr-3422	605	5	picking	pick	VERB
fsr-3422	605	6	stocks.wall	stocks.wall	NUM
fsr-3422	605	7	street	street	NOUN
fsr-3422	605	8	journal	journal	NOUN
fsr-3422	605	9	,	,	PUNCT
fsr-3422	605	10	17	17	NUM
fsr-3422	605	11	october	october	PROPN
fsr-3422	605	12	,	,	PUNCT
fsr-3422	605	13	2016	2016	NUM
fsr-3422	605	14	.	.	PUNCT
fsr-3422	606	1	wermers	wermer	NOUN
fsr-3422	606	2	,	,	PUNCT
fsr-3422	606	3	r.	r.	PROPN
fsr-3422	606	4	,	,	PUNCT
fsr-3422	606	5	&	&	CCONJ
fsr-3422	606	6	moskowitz	moskowitz	PROPN
fsr-3422	606	7	,	,	PUNCT
fsr-3422	606	8	t.	t.	PROPN
fsr-3422	606	9	j.	j.	PROPN
fsr-3422	606	10	(	(	PUNCT
fsr-3422	606	11	2000	2000	NUM
fsr-3422	606	12	)	)	PUNCT
fsr-3422	606	13	.	.	PUNCT
fsr-3422	607	1	mutual	mutual	ADJ
fsr-3422	607	2	fund	fund	NOUN
fsr-3422	607	3	performance	performance	NOUN
fsr-3422	607	4	:	:	PUNCT
fsr-3422	607	5	an	an	DET
fsr-3422	607	6	empirical	empirical	ADJ
fsr-3422	607	7	decomposition	decomposition	NOUN
fsr-3422	607	8	into	into	ADP
fsr-3422	607	9	stockpicking	stockpicke	VERB
fsr-3422	607	10	talent	talent	NOUN
fsr-3422	607	11	,	,	PUNCT
fsr-3422	607	12	style	style	NOUN
fsr-3422	607	13	,	,	PUNCT
fsr-3422	607	14	transactions	transaction	NOUN
fsr-3422	607	15	costs	cost	NOUN
fsr-3422	607	16	,	,	PUNCT
fsr-3422	607	17	and	and	CCONJ
fsr-3422	607	18	expenses	expense	NOUN
fsr-3422	607	19	/	/	SYM
fsr-3422	607	20	discussion	discussion	NOUN
fsr-3422	607	21	.	.	PUNCT
fsr-3422	608	1	the	the	DET
fsr-3422	608	2	journal	journal	PROPN
fsr-3422	608	3	of	of	ADP
fsr-3422	608	4	finance	finance	NOUN
fsr-3422	608	5	,	,	PUNCT
fsr-3422	608	6	55	55	NUM
fsr-3422	608	7	,	,	PUNCT
fsr-3422	608	8	1655	1655	NUM
fsr-3422	608	9	-	-	SYM
fsr-3422	608	10	1703	1703	NUM
fsr-3422	608	11	.	.	PUNCT
fsr-3422	609	1	y.	y.	PROPN
fsr-3422	609	2	fan	fan	PROPN
fsr-3422	609	3	,	,	PUNCT
fsr-3422	609	4	c.y	c.y	PROPN
fsr-3422	609	5	.	.	PROPN
fsr-3422	609	6	lin	lin	PROPN
fsr-3422	609	7	/	/	SYM
fsr-3422	609	8	financial	financial	ADJ
fsr-3422	609	9	services	service	NOUN
fsr-3422	609	10	review	review	VERB
fsr-3422	609	11	28	28	NUM
fsr-3422	609	12	(	(	PUNCT
fsr-3422	609	13	2020	2020	NUM
fsr-3422	609	14	)	)	PUNCT
fsr-3422	610	1	159–177	159–177	NUM
fsr-3422	610	2	177	177	NUM