We investigate the role of sectors on the performance of smart beta products during the COVID-19 crisis. Cross-sectional differences in excess returns (versus a market capitalized portfolio) are driven by strong exposures to COVID-19-related industry rotation, rather than to long-term structural causes.

中文翻译：

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Covid-19 和智能测试版

我们调查了行业在 COVID-19 危机期间对智能 Beta 产品性能的作用。超额回报（相对于市值投资组合）的横截面差异是由与 COVID-19 相关的行业轮动的强烈敞口驱动的，而不是长期结构性原因。