I need a response post in APA format with one APA in-text citation and one APA reference for the initial discussion post listed below. The textbook indicates that the average return rate for actively managed funds has been below that of a passive index fund, and that ETFs may offer a greater advantage over mutual funds. This has been the case because of a number of factors. For one, there are fees and costs that are put into place. For example, actively managed mutual funds most of the time have higher management fees because they are being actively managed. Another reason this could be possible is because of the lack of consistency. For example, managers may have a great one or two years where they are consistently growing, but there is the fall-off that occurs when they aren't able to keep up that steady growth over the course of time. It creates a lack of consistency for themselves and the mutual funds being managed. ETFs often have a more tax efficient structure. This is because they are able to minimize capital gains distributions. I do anticipate this trend continuing because there is a constant on-going shift between lower costs and tax efficient products. The effect that income tax policy has on returns for these investments is it has a major role when it comes to capital gains taxes and dividend taxes that impact the performance of managed mutual funds