If the 1990s were the age of the mutual fund, this has got to be the age of the ETF, given fund flows and rising popularity. However, since some funds are more active than others - defining active as being different than the index - and ETFs now come in passive - factor based and fully active - it is really not a product vehicle argument anymore. It is the spectrum ranging from passive index strategies to active. In this edition we share our views on the changing industry landscape. Plus, we share our thoughts on what kind of markets and when to be more active or more passive.