[chilipepperhott]

> The ultra wealthy are going to be heavily overrepresented in the active basket.

Do you have evidence to substantiate this claim? My brief research has shown the wealthier the investor, the likelier they are to use a passive strategy.

[vmbm]

What levels of wealth are you referring to. I could believe that a doctor or lawyer is more likely to use passive strategies compared to a retail worker, who might just have a small Robinhood account for gambling. But the levels I am talking about are the ultra wealthy vs the middle class. Elon is not using passive index investing for any meaningful amount of his net worth. The vast majority of that is in his companies, which is not a passive investment. The same holds true most of the other ultra wealthy. And the top 1% controls about half the wealth in this country. So I think it is fair to say that they are going to be overrepresented in the active basket.