Active equity strategies have maintained a similar performance rate of 35-40% regardless of being in an ETF or mutual fund (MF) format. However, over the past 12 months, ETFs have attracted $350 billion in inflows, while active equity mutual funds have experienced $500 billion in outflows. This trend highlights a shift in investor preference towards ETFs, likened to the difference between CDs and Spotify, where the same content is delivered through different channels, but only one garners significant audience interest.