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Month Value of $1in HERI EH Index Value of $1 in S&P 500 Index Value of $1 in One-Month Treasury Bills Value of $1 in

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Month Value of $1in HERI EH Index Value of $1 in S&P 500 Index Value of $1 in One-Month Treasury Bills Value of $1 in Badtested Collar Nov 70 Dec-90 102 1.025 1.096 1.03 Nov 07 4,031 4,552 1,942 2,75 40-180 1.019 4.556 1.917 7.72 The Sharpe ratio measures the risk-adjusted return and is calculated by the formula as shown below: 0:my adIRIS

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