Actively Managed ETF

Well, first see ETF if you don't already know what it is.

An actively managed one seems contrary to what ETFs are all about, right? An ETF is more or less a fixed basket of stocks that just...sits there. But not when it's actively managed. In practice, active managers weight and re-weight exposures inside of an ETF when it is actively managed.

Like...let's say oil stocks have sucked like an ocean-bottom-sucking-thing for a decade (they have), but the managers feel the global economy waking up again, and want to take their exposure to oil stocks from, say, 7% to 11% in the portfolio. They'd then rebalance the weightings over a given period (usually a quarter or a month) and then re-weight the ETF so that it follows whatever their macro views are about the given sectors to which the ETFs are exposed.

And then they play golf.