Alternatively, for mid-cap exposure, investors can take a look at passively managed ETF options, like the iShares Core S&P Mid-Cap ETF (NYSEArca: IJH), SPDR S&P MidCap 400 ETF (NYSEArca: MDY) and Vanguard Mid-Cap ETF (NYSEArca: VO). IJH and MDY try to track the S&P MidCap 400 Index. VO follows the CRSP US Mid Cap Index.

Additionally, the iShares Core S&P Small-Cap ETF (NYSEArca: IJR), Vanguard Small Cap ETF (NYSEArca: VB) and iShares Russell 2000 ETF (NYSEArca: IWM) are some broad small-cap options. IJR tries to reflect the performance of the S&P SmllCap 600 Index. VB tracks the CRSP US Small Cap Index. Lastly, IWM follows the widely observed Russell 2000 Index.

While many believe that active management may work or outperform in inefficient markets, like small-cap or emerging markets, the SPIVA report disputes that claim – the majority of small-cap active managers consistently underperformed benchmarks in both the 10-year and each rolling five-year period since 2002, Soe said.

For more information on the fund industry, visit our mutual funds category.

Max Chen contributed to this article.

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