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The acceleration in passive investing, and in particular the rise of Exchange Traded Funds (ETFs) as a popular approach for investing passively, is a phenomenon that is well documented. Without seeking to argue the merits or disadvantages of ETFs or other passive instruments, the growth of its market share and speed of uptake raises an obvious question as to what impact the rise of passive investing is having on markets, be it from an excess return or risk perspective. JANA reflects on this question within this paper.