This document discusses exchange traded funds (ETFs) and compares them to actively managed mutual funds. It covers various topics like investment vehicles, active versus passive management, fund performance and selection. The key points are: - ETFs track market indexes passively with lower fees than actively managed mutual funds which try to beat the market. - Analysis of fund performance data found the majority of actively managed funds underperformed their benchmarks over time after accounting for fees. - When comparing specific ETFs and mutual funds, the ETFs had higher cumulative returns due to lower fees, better tracking their benchmarks.