Exhibit 25 -Refer to Exhibit 25

question 1

Multiple Choice

Exhibit 25.5
Use the Information Below for the Following Problem(S)
The data presented below has been collected at this point in time.
$$\begin{array} { l c c c c } \text { Fund } & \text { Beta } & \text { Devintion (\%) } & \text { Return (\%) } & \text { R } _ { ( } ( \% ) \\\hline \text { XOX } & 1.07 & 5.13 & 19 & 6 \\\text { YYY } & 1.02 & 4.28 & 17 & 6 \\\text { ZZZ } & 0.86 & 3.52 & 12 & 6\end{array}$$
-Refer to Exhibit 25.5.Compute the Treynor Measure for the ZZZ fund.

• A) 6.98
• B) 2.35
• C) 2.53
• D) 3.86
• E) 1.72

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Definitions:

High Grades

Marks or scores that are significantly above average, indicating a high level of performance or achievement.

Failure

The lack of success in achieving a goal or fulfilling a task, often seen as an opportunity for learning and growth.

Escape Learning

A form of learning where the subject acquires a response to avoid an unpleasant or aversive stimulus.

Aversive Stimulation

A process involving the use of unpleasant stimuli to reduce or eliminate undesirable behaviors.