If active managers cannot add value, then passive is the preferred position, not the other way around. : Ample data demonstrates that passive management has largely outperformed its active counterpart net of fees for well over a decade. This has helped induce a mass asset transfer from active funds to exchange-traded funds (ETFs) and other passive alternatives and sparked considerable debate about the future of active management and what role it should play in investment portfolios. How, for example, should sponsors of defined contribution (DC) plans approach the issue?