The discussion touches on the arrival of Vanguard in the UK in 2009: «Vanguard believes that passive investing has far greater potential in the UK because the
cost of active fund management is higher over here than it is in the US.»
Now the door is open for actively managed ETFs with less transparency than a typical ETF, so expect to see over the next few years a long
line of active fund management companies shift gears away from mutual funds and prepping new ETMF structures on the heels of Eaton Vance's approval from the SEC.