Workday sells software to manage employee data, time tracking, procurement, expense management and financial accounting.

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We also got rid of ETFs with high expense ratios or a history of tracking errors relative to their benchmark.

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He switched to ETFs in 2006 because these index-tracking products have lower expense ratios than the traditional mutual funds that try unsuccessfully to beat the market.

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Traditional mutual funds tend to be actively managed, while ETFs adhere to a passive index-tracking strategy, and therefore have lower expense ratios.

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