Great piece. Can we get a reprint to present to clients? Whenever I see ebullient ETF advertisements, thinly veiled as credibly researched news articles, I always search for one word... "risk". The premise of passive investing's supremacy is: long term performance. However, the notion of any risk management whatsoever is absent by design. When asked, I find most investors consider the risk to their portfolios to be of paramount concern. The dichotomy in in this aspect of ETF promotion is significant. This is not to say that certain ETF's should not be used as a tool by experienced asset managers. In certain market environments, this short term strategy may prove effective. However, many Canadian ETF investors may feel a little hoodwinked in June 2018 when they compare the performance of their ETF's 10 year performance to that of the many excellent active managers that we have available in Canada.