Hi, does the CFA Institute have any information that compares passive ETF's with their active brothers? The SPIVA report is flawed in that it compares active mutual funds with index returns. You can't buy the index!! There are costs, and tracking error and ETF's would be the right proxy for the index. It may not do anything to the resulting conclusion, but lets compare apples to apples before we conclude anything. Thanks for your perspective on this.