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You have just joined a small foundation as an investment officer. The board has approved any of the following six assets to be purchased and/or shorted by the fund. The Chief Investment Officer would like you to build the optimal portfolio. The historical monthly returns, standard deviations and correlations coefficients are listed below.

Asset#	Name	Ticker	SHY	TIP	TLT	IVV	GLD	VNQ	Monthly Return	Monthly Standard Deviation
0	iShares 1-3 Year Treasury Bond ETF	SHY	1.00	0.32	0.56	-0.40	0.32	-0.17	0.13%	0.34%
1	iShares TIPS Bond ETF	TIP	0.32	1.00	0.51	0.24	0.52	0.39	0.33%	1.64%
2	iShares 20+ Year Treasury Bond ETF	TLT	0.56	0.51	1.00	-0.32	0.25	-0.01	0.53%	4.05%
3	iShares Core S&P 500 ETF	IVV	-0.40	0.24	-0.32	1.00	0.04	0.74	0.86%	4.51%
4	SPDR Gold Shares	GLD	0.32	0.52	0.25	0.04	1.00	0.09	0.44%	5.13%
5	Vanguard Real Estate ETF	VNQ	-0.17	0.39	-0.01	0.74	0.09	1.00	0.70%	6.69%

From your analysis, if the foundation decides to invest in the optimal portfolio which asset classes should the foundation short? SPDR Gold Shares & Vanguard Real Estate ETF iShares TIPS Bond ETF only iShares TIPS Bond ETF & Vanguard Real Estate ETF No asset classes should be shorted, the foundation has a conservative investment mandate SPDR Gold Shares only Vanguard Real Estate ETF only

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