Sure it is. The money you put into it is placed for you. That's passive. The fund itself may algorithmically place it in various things, but that's outside your control.

Conversely, look at super undervalued companies like JKS and CSIQ. JKS is the largest and fastest growing solar company in the world BTW. Yet these companies sit mostly under foreign market ETFs which have never been very popular, and hence why they largely remain undervalued.