$1$vs$.$

$$passive mutual fund$),$active mutual fund$)$hedge fund$$

$r_t^{}=r_t^{}$

$r_t^{}=2\mathrm{.}2\%+r_t^{}+{}_t$

$$

$\sqrt[\phantom{2}]{\text{V}\text{a}\text{r}[r_t^{}]}=15\%.$

$($tracking error$)E[{}_t]=0,\sqrt[\phantom{2}]{\text{V}\text{a}\text{r}[{}_t]}=3\mathrm{.}5\%,$ Cov$[{}_t,r_t^{}]=0,=1$ETF$0\mathrm{.}1\%,1\mathrm{.}2\%$

$,$equity long$-$short$),4r^f=1\%,),$

$r_t^{}=1\%+4(r_t^{}-r_t^{})$

$?$

$?$

$?$