Near 20% of the S&P500 is zombie meaning their net income does not cover the costs of servicing their debt. It is only through more debt that they are able to stay in operation.

You are right, the index funds will get crushed as these zombie companies fall and others are disrupted. There is so much passive money in the market that people will be caught off guard.

There is little money, as a percentage of the total, that is in actively managed funds.

Cathy Wood is someone who is on top of her game. I like the way her firm analyzes stuff.