Smart beta and factor investing strategies have been developed by academic experts and practitioners to address the two main limits of traditional market capitalization weighted indices. Firstly, these indices do not adequately capture rewarded risk premia. Secondly, risk tends to be concentrated in few stocks or sectors. In response, different approaches have emerged with the objective to outperform and/or optimize risk vs cap-weighted indices. Even if there is no widely accepted definition, these Smart beta strategies generally cover risk-efficient solutions and factor investing.