"Incidentally Vanguard et al have no managers in that sense either - they just track the indices." From the wikipedia page (which lines up with my knowledge):

"Incidentally Vanguard et al have no managers in that sense either - they just track the indices." From the wikipedia page (which lines up with my knowledge): Since its founding in 1975, Vanguard has grown to become the world’s largest pure no-load mutual fund company. While mostly known for its low-cost index funds, Vanguard also offers a variety of low-cost, actively managed mutual funds and a line of exchange-traded funds (originally branded as VIPERs.) Vanguard also provides brokerage services, variable and fixed annuities, educational account services, financial planning, asset management, and trust services.