无论被动指数基金的规模多么庞大，价格发现的功能始终由主动投资者主导。在市场中起决定性作用的是边际买方和卖方，即使有海量资金涌入 ETF，也是由市场上仅存的主动基金经理人通过相互交易来决定股票的相对价值，被动基金在此过程中仅仅是价格接受者。
此外，针对新上市公司的指数权重，多数指数会进行「自由流通量调整」以防止市值操纵，但不同指数的调整规则有所不同（如那斯达克综合指数与那斯达克 100 指数）。作者强调，仅管被动基金必须依规则购买某些股票，这并不代表它们决定了这些股票的市场价格。
SpaceX's recent valuation of $135 per share has reignited investors' criticism of passive index funds. Critics argue that passive investing, such as ETFs, forces the purchase of all stocks within an index regardless of their performance, which undermines free markets and capital allocation. However, the author refutes this, stating that passive investing does not drive the decline in return dispersion.
Regardless of how large passive index funds become, price discovery remains the exclusive domain of active investors. In any market, it is the marginal buyers and sellers who set the prices; even if vast sums flow into an ETF, the remaining active managers determine the relative values through trading, while the passive fund acts as a price taker.
Furthermore, regarding index weightings for newly listed companies, most indices apply "float adjustments" to prevent valuation manipulation, though rules vary between indices like the Nasdaq Composite and the Nasdaq-100. The author concludes that simply because passive funds are required to purchase a stock, it does not mean they are setting its price.