ETFs usher in active passivism

As investors increasingly move away from active management, ETFs are stepping into the breach. Emma Oakman reports Nothing focuses investors' attention on risk budgeting faster than a market downturn. As active managers have increasingly struggled to justify high fees for market-level returns, passive management has regained popularity. But the distinction between the two is not as clear as it was 15 years ago. Exchange traded funds (ETFs) have increasingly blurred the boundary since their introduction in 1993. By providing cost-efficient passive access to alternative strategies and as...