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In the Alternatives bucket, we have a custom benchmark. Assume the Fund is at target allocation for Alternatives. The underlying ETFs each have their own

In the Alternatives bucket, we have a custom benchmark. Assume the Fund is at target allocation for Alternatives. The underlying ETFs each have their own custom benchmark. Identify which categories in the attribution analysis would be impacted if the underlying ETFs performed in line with their respective benchmark AND each respective benchmark outperformed the custom Alternatives benchmark. Show calculations using appropriate notation.

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