主动型基金是根据股票基金投资理念的不同进行的分类：一般主动型基金是以寻求取得超越市场的业绩表现为目标的一种基金。 与其对应的是被动型基金。被动型基金一般选取特定的指数成份股作为投资的对象，不主动寻求超越市场的表现，而是试图复制指数的表现，因而通常又被称为指数基金。
与之相比，指数型共同基金的平均费用率是78个基点，而主动型基金的费用几乎是ETF的两倍。
By contrast, the average expenses of index-tracking mutual funds were 78 basis points, and actively managed funds had expenses almost twice as high.
当查阅这些主动管理型基金经理，留下的历史收益记录时，有个很重要的现象。
There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.
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