The Clayton canonical vine copula can be used to minimize these constructs’ CVaR when regime switching occurs. According to Roll’s Critique, an all-encompassing example of these constructs is unobservable. A continuous-time case of a problem concerning these constructs was created by Robert C. Merton, (15[1])who also analytically proved the separation theorem of these constructs by explicitly deriving their (*) efficient frontier. (10[1])A defensive exposure (10[2])strategy for these constructs can use factor rotation. (10[1])A common method for optimally (10[1])allocating these constructs (10[1])include a clustering step and a risk assignment step. The standard mean-variance framework of these constructs (10[1])is the basis of Harry Markowitz’s (10[1])modern theory of them, which maximizes the return for any given volatility and assumes only long positions. (10[1])For 10 points, name these collections of financial positions taken by an investor. ■END■