为什么thematic ETF是passive？

问题如下：

Which of the following statements regarding applications of ETFs in portfolio management is least likely correct?

选项：

The application of factor (smart beta) ETFs is typically in providing longer-term, buy-and-hold exposure to a desired factor based on an investment view.

Thematic ETFs hold stocks passively but allow investors to take an active view on a market segment.

Management fees, rather than trading costs and liquidity, is the important criteria in selecting an ETF for tactical adjustments.

解释：

C is correct.

Trading costs and liquidity, rather than management fees, are the important criteria in selecting an ETF for tactical adjustments.

ETFs that have the highest trading volumes in their asset class category are generally preferred for tactical trading applications, and the liquidity in many of the largest ETFs makes them well suited for this purpose.