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.
近几十年来，主动型基金管理公司在廉价、追踪基准的被动型基金的进攻下不断退缩，只有一个领域，主动型基金的市场份额仍在不断扩大，那就是被动型基金曾经的大本营——交易所交易基金(ETF)。
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