Over the past two decades, the investment industry has undergone drastic changes. Sizable assets have shifted away from actively managed funds and toward passively managed index funds and ETFs. The underperformance of active managers relative to the index in some developed equity markets has been partly attributed to greater market efficiency. This increase in market efficiency is a product of heightened competition as more skilled managers enter the market, while those managers who lack the skills to compete and add value exit the industry.