1\begin{table}[htbp]\centering\small2\caption{Universe allocation: instruments per asset class $\times$ dollar-volume tercile $\times$ daily-volatility tercile (selection date 2017-12-29; 60 of the 300 instruments are held out)}3\label{tab:universe_strata}4\begin{tabular}{llccc}5\toprule6Asset class & ADV tercile & Vol. low & Vol. mid & Vol. high \\7\midrule8etf & high & 8 & 8 & 8 \\9etf & low & 9 & 8 & 9 \\10etf & mid & 9 & 8 & 8 \\11stock & high & 25 & 25 & 25 \\12stock & low & 25 & 25 & 25 \\13stock & mid & 25 & 25 & 25 \\14\midrule15held out & & \multicolumn{3}{c}{stocks 42, ETFs 18} \\16\bottomrule17\end{tabular}18\end{table}