After reading the case "Smart Beta Exchange-Traded Funds and Factor Investing" answer the following questions:

1. Using the data in Exhibit 4, plot in one chart the minimum-variance frontiers constructed from the:

- MSCI Diversified Multiple-Factor Index (Proxy for the iShares Multifactor ETF) and iShares Bond ETF.

- MSCI's US Large-Mid-Cap Index (the MSCI USA Index) and iShares Bond ETF.

- Four MSCI Factor Indexes for Size, Value, Quality, and Momentum (Proxies for the iShares Factor ETFs) and iShares Bond ETF. Is there any additional value added from investing in the combined factor indexes (which are proxies for iShares smart beta individual factor ETFs)? What about the MSCI multifactor Index (Proxies for the iShares potential smart beta multifactor ETF)?