问题如下：
3 Based on Exhibit 1, which of the following factors contributed the least to active return?
选项：
A. HML
B. SMB
C. RMRF
解释：
B is correct.
With an absolute return of 0.29% and with 7.33% of the contribution to return, SMB contributed far less than HML (2.02% and 50.53%, respectively) and RMRF (5.06% and 126.80%, respectively).
