隨著近年來投資工具不斷推陳出新，例如：股票、債券、定存等等，其中較受投資者青睞的就是共同基金(Mutual Fund)！但根據統計，絕大多股票型基金都無法有效的擊敗大盤收益，因應而生的，就是以消極追蹤大盤的被動式管理，一來保證績效跟大盤一樣，二來又有較低廉的手續費用。被動式管理以指數型基金(Index Fund)最為著名。
本研究根據MSCI(Morgan Stanley Capital International)所公布全球較具競爭的50個國家大盤指數，綜合其指數型基金，藉由現代投資組合理論，找出這50個國家最適的投資比重，建立一支基金中的基金(Fund of Funds)！
本文自創投資組合，藉由將資金投資在世界主要股票市場上，徹底分散風險；除此之外，還透過購買該國所發行的指數基金，更進一步避免購買到許多大盤漲，但基金卻不漲的挑選問題。實證結果發現，本文自創投資組合擁有不錯的績效！

There are many investment tools for investors to choose in a financial marker, such as stocks, bonds, and time deposits. But most of large-cap funds can not beat market Index in terms of return in the long run indicated by data from America. Hence, this is one of the reasons why passive fund management is so popular nowadays. Beside, its return is the same as Index and has much cheapen fees than active fund management. The most famous mutual fund of passive management is Vanguard Index 500 in America.
In our study, we combine fifty countries’ Index funds and use modern portfolio theory to derive the optimal weights for countries to construct a fund of funds.
Our portfolio disperses risk by investing the global index funds. By doing that, we can avoid choosing a falling but fund the Index rises. Finally, by an empirical study, our portfolio produces good performance, no worse than any individual index in the long run.

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