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:

Punishment

A consequence that decreases the likelihood of a behavior being repeated, often implemented to discourage undesirable actions.

Punishment Strategy

A behavioral approach aimed at reducing undesirable actions by introducing negative consequences or removing positive stimuli.

Continuous

Referring to processes or operations that proceed without interruption or breaks.

Intermittent

Occurring at irregular intervals; not continuous or steady.