这是我们在2017年为加拿大多伦多大学的学弟学妹们写的一篇金融投资组合论文代写，文章的主题是讨论PowerShare FTSE RAFI US 1000（PRF）采用基本加权策略来追踪FTSE RAFI US 1000指数。 其基本的加权策略是根据四个基本因素（包括账面价值，现金流量，销售额和股息）选择FTSE RAFI US 1000指数化股票中的股票。
Recent year have seen the rise of the smart beta ETFs. Different from traditional type ofETFs which passively track indexes by simply constructing funds based market capitalizatismall PowerShare FTSE RAFI US 1000 ( PRF ) apply fundamental weighted strategy to track FTSE RAFI US 1000 index. Its fundamental weighted strategy select stocks among FTSE RAFI US 1000 indexed stocks based on four fundamental factors: book value, cash flow, sales and dividends. As is shown in Figure 1, the PRF overlap with its benchmark index in the first half the the sample period but underperform its benchmark index. Thus, the PowerShare FTSE RAFI US 1000 are not delivering on the objective to deliver higher risk adjusted return. PowerShare Russell 2000 pure value (PXSV) employ value strategy and tract Russell 2000 pure value TR USD index. Figure 2 shows that Cumulative return on PXSV outperform its benchmark index over the sample period. Thus deliver its aim with higher return compare to its benchmark.
Body部分通过文字和图表的形式给出论证，提出PowerShare标普500高位（SPHB），PowerShare标普500增长（SPYQ），Vanguard Russell 2000 Growth没有实现他们的目标，因为他们几乎总是表现不佳。 PowerShare标准普尔500质量（SPHQ）有时会跑赢大盘，有时会低于其基准。 但总体而言，如果在样本期内购买SPHQ，则他/她的收益率高于基准。
Similarly, Figure 3 shows that PowerShare S&P 500 High Beta (SPHB), PowerShare S&P 500 Growth(SPYQ), Vanguard Russell 2000 Growth are not deliver their objectives as they almost always underperform their benchmark. PowerShare S&P 500 Quality(SPHQ) sometimes outperform and sometimes underperform its benchmark. But overall, if one buys the SPHQ over the sample period, s/he earn higher return than its benchmark.
最后conclusion的部分给出最终的结论，并且给出相关的建议。提出为了更直观地了解绩效，计算了5个绩效指标来评估6个智能Beta ETF的表现。 通过将业绩衡量标准与上述数据分析相结合，可以为投资者提供ETF值得投资的投资建议。
To provide a more direct view of the performance, I calculate 5 performance measures to evaluate the performance of the 6 Smart Beta ETFs. Combining performance measures with above figure analysis, I can generate investment advice for investor in terms of which ETFs is worthy investing. For ETFs those outperform their benchmark(PXSV and SPHQ), they also have higher geometric average monthly return than those ETFs which underperform their benchmark. Especially, SPHQ has the highest geometric average monthly return, sharp ratio, and lowest CAPM beta. It means that SPHQ earn highest market adjusted return and bear less market related risk. In addition, Only the CAPM alpha of SPHQ is positive and significant. Finally, the SPHQ has the lowest correlation with its benchmark. It can be regarded as a sacrifice to earn better risk adjusted return. Overall, above measures consistently show that SPHQ earns better risk adjusted return. Thus, I will most likely to recommend the SPHQ to prospective investor.