Right. It’s difficult to get the full picture. We’d have to account for passive mutual funds, and people who have a passive portfolio by buying a lot of individ

Right. It’s difficult to get the full picture. We’d have to account for passive mutual funds, and people who have a passive portfolio by buying a lot of individual stocks. But the point is that this “passive investing is changing market behavior” meme is being spread around with few people actually knowing what percentage of the market is active versus passive. The ETF statistic helped me consider that the passive market might still be small compared to the market as a whole.