In my opinion, factor investing or smart beta investing is just a back door entry for active fund management. Since all AMCs are getting aware about rising popularity of Index funds, they have to protect their revenue somehow, thats why they invented these instruments. If you read Jack Bogle, we just need a simple index and lowest fees for it. We dont need any refined form of it.
If you really want to introduce the factors into index investing, then better to have your own portfolio and then introduce factors into it. That way , you dont have to pay any fees to anybody.
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