Uh... KOMP is the 3rd largest holder of NNDM and a passive fund. But regardless, whether these are passive/active is besides the point. Which is that most investment activity nowadays happen through vehicles that act as a basket of equities, and because of this, some of this money ends up flowing into bad equities given the vast majority of them don't trade on any sound fundamentals. I mean ARK surely doesn't, despite being actively managed.