: managers or markets  Trackers: low-cost investment  Strategic Beta: beyond cap-weighting 4 4 Typical fee rate could take more than one-third of the return over a long-term investment horizon. • With 4

our analyses, which are relative return, tracking error, asset pricing risk factors, holding-based fund beta, and capital flow to fund. Relative return, measured at monthly interval, is computed as the

, BETA, BORA, BTC, C98, CAKE, CELO, CELR, CHR, CHZ, COTI, CRO, CTSI, CVC, CVX, DAG, DAI, DAR, DASH, DCR, DENT, DOGE, DOT, EGLD, ELF, ENS, EOS, ETC, ETH, EURS, EWT, FTM, FX, FXS, GAL, GALA, GMX, GNO, GRT

1 5 m 6 20 1 6 m 2 20 1 6 m 1 0 2 0 1 7 m 6 2 0 1 8 m 2 Low Beta Beta 2 Beta 3 Beta 4 High Beta High beta (1) (2) (3) Depvar: Fund beta [t, t+1] Pooled LTF/RMF Non-Tax Fund flow [t] -0.0151 -0.0664

, AXS, BADGER, BAKE, BAND, BETA, BFC, BICO, BNB, BOND, BONE, BORA, BSW, BTCST, BTRST, C98, CAKE, CEEK, CELR, CFX, CHR, CHZ, CLV, COTI, CRO, CRV, CTSI, CVC, CVX, DAR, DCR, DENT, DEXE, DFI, DGB, DIA, DOGE

, API3, AR, ARK, ARPA, ARRR, ATA, AUDIO, AVA, AVAX, AXS, BAKE, BAT, BCH, BEL, BETA, BICO, BIFI, BIT, BLOK, BNT, BOBA, BOND, BORA, BSV, BSW, BTC, BTG, BTRST, BTS, BTT, BUSD, C98, CAKE, CBK, CEEK, CELO, CELR

, ASD, AUDIO, AXS, BADGER, BAKE, BAND, BETA, BFC, BICO, BNB, BOND, BONE, BORA, BSW, BTCST, BTRST, C98, CAKE, CEEK, CELR, CFX, CHR, CHZ, CLV, COTI, CRO, CRV, CTSI, CVC, CVX, DAR, DCR, DENT, DEXE, DFI, DGB

, BCH, BDX, BEL, BETA, BGB, BICO, BLOK, BLUR, BLZ, BMX, BNT, BNX, BOBA, BONE, BORA, BOSON, BRISE, BSV, BSW, BTC, BTCB, BTG, BTT, BUSD, C98, CAKE, CBK, CCD, CEEK, CELO, CELR, CFG, CFX, CGPT, CHR, CHZ, CKB

Why Do people Seek Help? 3 Alpha, Beta and Now…Gamma 4 Different Types of Gamma 5 6 No Portfolio is an Island 7 One Size Does Not Fit All 8 A Total Wealth View 9 A Total Wealth Perspective Over the

ความส าคัญอยู่ 2 เร่ืองหลักๆนั้นก็คือ การเลือกหาการ ลงทุนที่ดี (Alpha) และการจัดพอร์ตโฟลิโอการลงทุนให้เหมาะสม (Beta) ซ่ึงแท้จริงแล้วนั้นการวางแผนการเงินการลงทุนให้ประสบความส าเร็จตามเป้าหมาย นั้นยังมี