TraditionalevaluationtechniquesformutualfundsarebasedonCAPMorAPT.ProposeanewmeasurebenefitingfromValueatRiskisproposedinthispaper.WeshowhowtoapplytheVARdynamicstotheevaluationofmutualfunds.Meanwhile,weappliedtheideatothedesignofdynamicportfolioconstructionstrategies.Asfortheportfolioweightadjusting,thispaperisfocusedontheoptimaladjustingstrategieswithcosthappensandthoseonconcretetimepoints.