Active fund managers have been in retreat in recent decades, assailed by the advancing forces of cheap, benchmark-tracking passive funds, except for one corner where they are gaining market share: the once passive stronghold of exchange traded funds.
近幾十年來，主動型基金管理公司在廉價、追蹤基準的被動型基金的進攻下不斷退縮，只有一個領域，主動型基金的市場份額仍在不斷擴大，那就是被動型基金曾經的大本營——交易所交易基金(ETF)。
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