2025 CFA Level II Exam: Topic 9. Portfolio Management - Learning Module 40. Using Multifactor Models

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	1. Arbitrage Pricing Theory describe and compare macroeconomic factor models, fundamental factor models, and statistical factor models;
	2. Factors and Types of Multifactor Models explain sources of active risk and interpret tracking risk and the information ratio; describe uses of multifactor models and interpret the output of analyses based on multifactor models; describe the potential benefits for investors in considering multiple risk dimensions when modeling asset returns.
	3. Multifactor Models: Selected Applications explain the use of value at risk (VaR) in measuring portfolio risk; compare the parametric (variance -covariance), historical simulation, and Monte Carlo simulation methods for estimating VaR; estimate and interpret VaR under the parametric, historical simulation, and Monte Carlo simulation methods; describe advantages and limitations of VaR; describe extensions of VaR;

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