Hello,
I would very much appreciate an explanation of Fama-French 5 factors in their 5 factor model.
Also, I’m a little bit confused because I’ve seen factor ETFs that don’t seem to match any of the 5 factors of FFs model - low volatility, quality, and momentum to name a few. As far as I can tell, FF factors are market risk, small cap, value, profitability, and investment.
I’m confused about how these ETFs fit into the model, if they do at all.
Thanks!