Sure, which is why I said that _most_ passive investments are not really passive. Vanguard Total Stock Market is pretty passive, as long as you consider your investment universe to be "US stocks".
But even in this case the fund only holds stocks (no bonds or real estate) and only US stocks at that (no international or emerging market exposure).
But even in this case the fund only holds stocks (no bonds or real estate) and only US stocks at that (no international or emerging market exposure).