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Smart beta is an investment strategy that’s a hybrid of passive index investing and actively managed investing intended to outperform a benchmark index. Smart beta incorporates the better parts of passive index investing—low risk and less volatility—with the prospect of the better performance of actively managed funds but with lower expenses.

Steaneb beta-nı necə oynaya bilərəm

How to Play Sittuyin
The Chess of Burma (Myanmar)

The traditional chess of Burma, sittuyin, has many similarities to ancient Indian forms of chess, and bears a unique innovation in the initial array of pieces. Unlike most styles of chess sets, the Burmese pieces have never settled into a simplified, abstract design, but are almost always carefully carved figures, representing people, animals and sometimes legendary characters on the battlefield. These unique sets are highly prized by chess collectors.

The Pieces and Their Moves

Like other forms of chess, each of the six different sorts of pieces has its own move on the chessboard. Some are similar to the modern, international chess and some are more ancient. Let us first consider the pieces with more familiar moves:

The king is called min-gyi, the Burmese word for “king.” His move is also familiar: one space in any direction. As in other forms of chess, the king may not move where he is threatened with capture, since his preservation is all-important.

The knight is called myin, meaning “horse.” It moves in the peculiar L-shaped pattern seen in other types of chess: two spaces forward, backward, left or right and then one space at a right angle (see diagram). This is the only piece which may not be blocked. It simply leaps over any pieces in its way.

The rook is called yahhta. Although this word indicates a sort of “carriage,” the piece is usually depicted as a kind of ceremonial hut. This piece moves exactly like the familiar rook: any number of spaces straight forward, backward, left or right. It can be blocked by a piece in its path, or may capture an enemy piece if it meets one.

The pawn is called nè, an unusually honorable name for this weakest of pieces, indicating a “feudal lord.” These little lords move just like our modern international pawns, one space forward when not capturing, or one space forward-diagonally to capture. Only the pawn has a special move for capturing. All other pieces capture using their normal moves, and landing on the square of the opposing piece. See the back page for discussion of pawn promotion.

. And here are some moves that you may find a little bit strange.

The queen, sit-ke, is a “general” in this game. He has the ancient move of traveling only one space diagonally. A very common move found in ancient and Asian chess forms, but very different from the all-powerful queen of modern, international chess.

The bishop is called sin, meaning “elephant.” It may move one space in any of five directions. That is, one direction for each of its appendages — including the trunk. Accordingly, the elephant moves in any of the four diagonal directions (for the legs) or one space forward (for the trunk). This move has been very widespread in ancient chess forms, and was recorded in India way back in the early 11th century.

Starting the Game

Here’s what’s unique about the Burmese chess tradition. First, the pawns (nè) are set up well advanced on the board. As shown in the diagram, each player starts with pawns at his left on the 3rd row, and pawns at his right on the 4th row. The players then proceed to set up the rest of the pieces in their own chosen arrangement, following a few guidelines.

1) The player playing Red first sets up all of his pieces; the player playing black (or green) then sets up all of his pieces.

2) The back row (first rank) on each side of the board is reserved for the rooks (yahhta). They are placed anywhere on that row.

3) The remaining pieces are set up wherever the player wishes, on the second and third rows, behind the row of pawns (nè). These pieces (min-gyi, myin, sit-ke and sin) may not be placed on the first row.

4) The player with the black (or green) pieces, who begins after the red pieces are already set up, may not place a rook (yahhta) in a direct line with the opponent’s king (min-gyi) unless there is at least one piece, other than a pawn (nè), standing somewhere in the line between the rook and king. The piece between the two may be of either color. This simply reduces the second player’s advantage in setting up an immediate attack once he sees how his opponent’s pieces have been deployed.

5) After all of the black (or green) pieces have been set up, red makes the first move and the players alternate moving one piece at each turn through the rest of the game.

Notice the long diagonals creating a large “X” across the playing surface. These lines mark the promotion squares. When a pawn (nè) moves onto one of these lines, on his opponent’s side of the chessboard, the pawn may be promoted to a queen (sit-ke), only if the queen has been captured and is out of play. If a player has a pawn standing on one of these promotion squares , not yet promoted, he may choose to promote the pawn at any time, as long as the pawn is on the promotion square and the queen is available, off of the board. Choosing to promote the pawn in this way constitutes a move, and the player does not move any piece on the board until his next turn.

Winning the Game

Like other forms of chess, the object of this game is to entrap the enemy king (min-gyi) so that he is threatened and can not avoid capture. If at any time a king is threatened with capture, he is said to be in check and must move so that he is no longer threatened. If no possible move brings him out of check, he is in checkmate and has lost the game.
In this game, stalemate is not allowed. It is not permitted to trap the king, leaving him no legal move, while he is not actually being threatened with capture. The attacking player must make some other move, not creating a stalemate.
If it becomes apparent that neither player has enough force of pieces to create a checkmate, the game is drawn, without a winner.

The game of sittuyin has existed for over a millennium without a unified body of rules in all regions. The rules given here are based on the Burmese Chess Federation rules established after World War II, but they are by no means universal for this game. If you come upon this game in other contexts, among other players, ask about the exact rules of piece deployment, pawn promotion and endgames. There may be interesting differences.

Graphics on this web page

The top illustration is from the title page of the 1924 Burmese publication Min-ma Sit Bayin Lan-nyunt Sa-ok Gyi. All other photos and diagrams are produced by AncintChess.com.

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What Is Smart Beta?

Heather van der Hoop (she/her) has been editing since 2010. She has edited thousands of personal finance articles on everything from what happens to debt when you die to the intricacies of down-payment assistance programs. Her work has appeared on The Penny Hoarder, NerdWallet, and more.

In This Article
In This Article

Tom Werner / Getty Images

Definition

Smart beta refers to an investment strategy that combines elements of passive index investing with those of actively managed investing.

Smart beta refers to an investment strategy that combines elements of passive index investing with those of actively managed investing. The ultimate goal is to outperform a benchmark index while retaining the lower risk and low volatility that are typically mentioned as key elements of index investing.

Investment professionals have varying views on whether smart beta accomplishes its objectives or, as many skeptics have claimed, is more appropriately labeled “smart marketing.” Learn the theory behind smart beta, how it works, and what its pros and cons are.

Definition and Examples of Smart Beta

Smart beta is an investment strategy that’s a hybrid of passive index investing and actively managed investing intended to outperform a benchmark index. Smart beta incorporates the better parts of passive index investing—low risk and less volatility—with the prospect of the better performance of actively managed funds but with lower expenses.

Smart beta investment strategies are primarily available to individual investors through ETFs. They are considered a hybrid between passive index funds and actively managed funds because they seek to outperform the market index while maintaining low turnover and offering lower expenses than an actively managed fund.

How Smart Beta Works

To understand the term “smart beta,” it is necessary to review the meaning of beta as it applies to investing. Beta is a means of measuring a stock’s volatility in relation to the overall market (i.e., the S&P 500). The S&P 500’s beta is expressed as 1.0. If a stock historically has been more volatile than the S&P 500, its beta will be higher than 1.0.

For example, a stock that is 20% more volatile than the S&P 500 has a beta of 1.2. Any stock with a beta over 1.0 is considered riskier than the index, but also should increase in value more than the index when the market is up. If the S&P increases 10% in a time period, the stock with a 1.2 beta should increase 12% during that same period. Conversely, stocks with a beta lower than 1.0 pose less risk than the index, but also are likely to have lower returns.

Note

Beta only measures a stock’s volatility in relation to the market, not whether it performs better or worse than the market. Thus, a stock that performs 50% better than the S&P 500 in an up market and a stock that performs 50% worse in a down market will both have a high beta.

Types of Smart Beta Strategies

Traditional market index funds and ETFs are “capitalization-weighted.” That is, the individual stocks within the fund are based on each stock’s market capitalization. A handful of large-cap stocks can represent a large percentage of the index’s total value.

Smart beta strategies attempt to outperform traditional market indexes while improving diversification and reducing risk by exploiting one or more performance factors other than market capitalization, such as momentum, earnings, volatility, or dividend growth. Multiple factors may be weighted equally or separated into tiers.

Note

Smart beta strategies can be used for fixed income investments as well as stocks, and offer the same benefits—increased diversity, less dependence on size, and potentially lower risk.

Pros and Cons of Smart Beta Investing

• Multiple investing strategies
• Lower expenses than actively managed funds

• Lack of evidence that it’s a reliable strategy
• Can be complicated
• Higher expenses than index funds

Pros Explained

• Multiple investing strategies: Smart beta ETFs ostensibly offer investors a way around the simple capitalization-weighted investing of index funds through a variety of strategies that can match an investor’s investing style.
• Lower expenses than actively managed funds: Smart beta ETFs generally do have lower expenses than actively managed funds.

Cons Explained

• Lack of evidence that it’s a reliable strategy: Research has shown when the performance of smart beta ETFs is assessed against the blended benchmark, the smart beta theme portfolios do not consistently deliver significant benchmark-adjusted returns.
• Can be complicated: The rules of individual smart beta ETFs can be complex and leave investors uncertain about what strategies they are truly following.
• Higher expenses than index funds: Smart beta ETFs tend to be more expensive than index funds.

Alpha vs. Beta

Whereas beta measures volatility, alpha measures the difference between a portfolio’s expected return and its actual performance, taking into account the level of risk as measured by beta. The baseline measure for alpha is zero.

A fund that returned 12% in a year when the S&P 500 returned 8% would have a higher alpha, while a fund that returned less than 8% would have a negative alpha. Naturally, investors seek funds whose management has a high alpha. However, investors who are less aggressive will balance the alpha against the beta.

As fund investors are always warned, past performance is no guarantee of future results.

What It Means for Investors

Investors often seek ways to outperform the market in good and bad times. Smart beta funds aim to outperform index funds in both up and down markets while providing lower volatility. However, investors should carefully research any smart beta investment vehicles they are considering to make sure the strategy matches their objective, and to assess the performance of the fund over various periods compared with index funds.

Key Takeaways

• Smart beta funds are a hybrid between index funds and actively managed funds.
• They seek to outperform index funds by exploiting one or more performance factors other than market capitalization. These may include momentum, liquidity, earnings, volatility, or dividend growth.
• Smart beta investment strategies can be used for fixed income assets like bonds as well as stocks.
• Smart beta funds generally have lower expenses than actively managed funds but higher expenses than index funds.