According to data from Morning Star, as of the end of 2023, the total asset size of passive funds in the United States was $13.293 trillion, equivalent to RMB 94.61 trillion; During the same period, the total asset size of active funds in the United States was $13.234 trillion, equivalent to RMB 94.1877 trillion. It is understood that the above statistics do not include money market funds and funds in funds (FOFs), but include traded open end index funds (ETFs).