filter4dMethod 2 – Use the Excel FILTER Function to Extract Data Based on a Data Validation Drop Down List. If you are working in Excel 2019 and later versions or in Microsoft 365, you can filter data using the FILTER function..An overview of Filtered Historical Simulation (FHS) By Giovanni Barone-Adesi & Kostas Giannopoulos. FHS is a scenario generating technique for speculative assets prices (risk factors).