Meanwhile, the Invesco S&P 500 Low Volatility ETF (SPLV) and the ProShares S&P 500 Dividend Aristocrats (NOBL) were down 4.9% and 6.5%, respectively. Smart beta is a term few people like and some wished to be dead, but many still understand that it represents a segment of the ETF industry that tracks indexes constructed by something other than market capitalization. I’m a big believer that past performance is no guarantee of future results and expect that 2023 will be a different market environment than 2022 with a less aggressive Federal Reserve, diminished inflation, and perhaps a U.S. recession underway.