You read in the financial press that some ETFs take the form of “core/satellite” investment management of a bond portfolio. For example, a “core” asset allocation, like an investment grade bond...

You read in the financial press that some ETFs take the form of “core/satellite” investment management of a bond portfolio. For example, a “core” asset allocation, like an investment grade bond composition, is implemented with bond ETFs, while managers are used for “satellite” investments for that portion of the investor’s portfolio that seeks higher return (thus assuming higher risk). What type of strategy or strategies would that be? Passive, active or both?