One of the most common topics on Wall Street right now is active vs passive investing. According to Morningstar, in 2016 alone passive funds took in $508.4 billion, while active funds saw $340.1 billion in outflows. As hedge funds have been struggling to beat the market recently, assets in the ETF industry (roughly $4.17 trillion) have amounted to over a trillion dollars more than the hedge fund industry. Low-cost index funds and ETFs have been rapidly gaining popularity. However, we haven’t exactly seen this narrative fit in with some of the data. As Eric Balchunas of Bloomberg points out, there have actually been more new mutual funds launched this year than ETFs.