There is no such thing as free money. There are no such things as riskless passive investments that beat the reference market rates (which are close to zero the

There is no such thing as free money. There are no such things as riskless passive investments that beat the reference market rates (which are close to zero these days). Therefore, index funds carry risk. Therefore, somebody (the bulk of index fund investors) will have to absorb these risks. All of this is nearly obvious.