The new investment frontier is the use of strategies using low expense ETF products representing proven underlying CAPM risk premium factors ( hundreds of stocks ) combined with tactical allocation variables for optimal alpha production and risk management. The ability to move to "defensive" asset classes during higher risk environments through predetermined, objective tactical instruction, circumvents the fund distribution "restrictions" mentioned. The strategy can be offered within "motifs" and managed by one or two persons, cutting out the large retail fund management structure and administrative and staff requirements, offering a more direct and efficient route for the investor to access.