>>> A "creative index" is another term for a "fund." I agree with what you are saying, but I'm referring to the previous commenter conflating that a "creative

>>> A "creative index" is another term for a "fund." I agree with what you are saying, but I'm referring to the previous commenter conflating that a "creative index" or passive investing strategy is a fund, or needs to be implemented through a fund structure. Smart beta is really just factor investing with very tight constraints around index tracking error. i.e. It's seeking out high beta and low alpha by design, so given it is aiming for some variation in alpha, I think your argument makes sense.