Smart-beta/factor ETFs shine in years like this, 61% of them curr beating SPX, last two years only 15% and 18% of them did. That's bc most wired to include fundamentals so tend to have value tilt, less Mag7. Themes having rough go w 32% beating, this bad environment for them, they need the big bounce back, 2020 was their best year. via @psarofagis