Volatility drops, returns smooth out and, crucially, fees fall to a fraction of typical active management costs.

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Across the entire universe of funds, active management costs investors from one to two percent compounded per year.

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Asset managers earn a markedly higher advisory fee from active investment strategy and rightly so, since given the relatively more trading of assets, active investing incurs higher transaction costs but more importantly because active management relies on the skill of the asset manager which needs to be duly compensated with a higher advisory fee.

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