0%1%2%3%4%5%6%7%8%9%10%4%7%9%12%15%17%20%23%25%28%31%34%36%39%42%44%47%50%52%55%58%60%63%66%69%71%74%77%% of observationsDistribution of 3 years return based on back test of historic spread since Jan. 3, 2003 Lowest return:Inception of fund (current spread level) per July 21, 2008 (subsequent historical spread development).Highest return:Inception of fund per November 9, 2011.Most likely return:More than 300 "inception dates" in this category.