Equity 课件56页

补充一下 如下这段是教材引用的那篇论文的原话

Smart beta is often characterized as passive investing because it uses rules-based selection and weighting, with rebalancing at predetermined intervals, and does not attempt to make explicit forecasts of returns and risks for individual securities. Yet the decision not to hold the capitalization-weighted market portfolio is an active decision in itself. Smart beta strategies require additional active decisions to identify the specific factor(s) to target, and to define the factor(s), the selection universe, the weighting method, and the rebalancing rules. These decisions are made at the outset of the investment process, rather than throughout the process.

它主要就是在解释smart beta是怎么做的， 简单来说就是在被动指数投资基础上，又加上点筛选指标，添上点主动投资的逻辑。 其中主动部分是一次性设定好的，但是被动的部分还是需要不断adjustment。

同学你好，刚好是相反的，这句话如果把顺序调整一下是这样子的，compared with passive factor investing, conventional active management takes place up front rather than continuously.

就是老师讲的，Active investment都是提前做好决策的，但是passive是要随着benchmark的变化来随时track/rebalance的。

论文中说的smart beta, 本质还是一种passive 投资，只是其中有了一些active成分，这些active成分，比如决定要投资哪些factor，weighting怎么设置之类的，这些是可以在既定benchmark基础上主动得做出决策做出一些调整，但是一旦调整好了，之后的投资都是passive tracking, 就需要频繁的随着benchmark调整 。所以只要理解了active部分是一次性决定好的，而passive部分是要频繁调整的就可以。