@DonkeyInvestor So $AVWS has relatively little to do with an active fund from the 2000s. That is also the point I was trying to make, why do we need an index? You can implement the rule without one, it saves the fund money and the result is similar.
@PowerWordChill That was an exaggeration, of course. But the boundaries are slowly becoming blurred. What is still passive, what is active and where does rule-based fit in between? And what does that do to returns?
@PowerWordChill okay, then just how complex the rules should be. A fund manager also acts according to certain rules. To answer your question: of course you don't need an index.
