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Exhibit 20

question 31

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Exhibit 20.10.SHY (NYSEARCA: SHY) is a 1-3 year Treasury bond fund which is considered to be a market neutral position.Using the S&P 500 as a benchmark and five years of monthly log-return data,the rank correlation coefficient of SHY with the S&P 500 is found to be Exhibit 20.10.SHY (NYSEARCA: SHY) is a 1-3 year Treasury bond fund which is considered to be a market neutral position.Using the S&P 500 as a benchmark and five years of monthly log-return data,the rank correlation coefficient of SHY with the S&P 500 is found to be   . Refer to Exhibit 20.10.Since the sample size is greater than 10,   can be assumed to follow a normal distribution with standard deviation: A) 0 B) 0.129 C) 0.130 D) 1 . Refer to Exhibit 20.10.Since the sample size is greater than 10, Exhibit 20.10.SHY (NYSEARCA: SHY) is a 1-3 year Treasury bond fund which is considered to be a market neutral position.Using the S&P 500 as a benchmark and five years of monthly log-return data,the rank correlation coefficient of SHY with the S&P 500 is found to be   . Refer to Exhibit 20.10.Since the sample size is greater than 10,   can be assumed to follow a normal distribution with standard deviation: A) 0 B) 0.129 C) 0.130 D) 1 can be assumed to follow a normal distribution with standard deviation:


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