The simplicity of a value-weighted index has to be replaced by a set of complex rules.

简单的市值加权指数已经被一系列复杂的规则所代替。

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Only up to a point. Conventional index-tracking has a logical advantage on its side: a value-weighted index represents, by definition, the performance of all investors.

只有达到这么一点，传统的指数跟踪在这方面有一个逻辑优势：按照定义，一个以价值为权重的指数代表所有投资者的业绩。

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A similar philosophy lies behind the approach of Intech, a fund-management group which has constructed an "alpha capture" index that combines a value-weighted index with an equally-weighted approach.

Intech方法的背后也包含着同样的哲理，这是一个基金管理小组，曾构建一种叫做“阿尔发捕获”的指数，这种指数将一种价值加权指数与一种同等的方法相结合。

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Traditional capitalization-weighted index funds are lower cost, while alternative indexes often have higher exposures to size and value factors.

FORBES: No Free Lunch from Alternative Indexes