Active money is trading much faster these days. A smaller percentage is enough to make the market efficient. The outflow is mostly from active domestic equity

Active money is trading much faster these days. A smaller percentage is enough to make the market efficient. The outflow is mostly from active domestic equity mutual funds (average expense ratio: 1%-1.5%) to index domestic equity ETFs (average expense ratio: 0.1%-0.2%), so it's really about lower costs and the relative underperformance of active management.