Smart Beta
Also called: factor investing, strategic beta, factor ETF
Smart beta packages factor exposures — value, momentum, quality, low volatility, size — into rules-based index funds priced between passive and active. The premise is that these premia are real and harvestable systematically. The caution is that factors underperform for a decade at a time, that published premia often shrink after discovery, and that a fund's specific construction rules matter as much as the factor label on the tin.