In this report we address the Exchange Traded Fund (ETF) market, with a focus on how these products are increasingly moving away from providing a passive exposure to the broad financial market, and toward “active management”. These products have grown to represent between 5-7% of the total global share market... Show More
Hi Karyn, thanks for your question. The chart excludes the bottom 20% of the S&P500 in terms of price performance in each year. I.e., if an investor had avoided the worst performers in each of those years.