Conversely, look at super undervalued companies like JKS and CSIQ. JKS is the largest and fastest growing solar company in the world BTW. Yet these companies sit mostly under foreign market ETFs which have never been very popular, and hence why they largely remain undervalued.

https://cathiesark.com/ark-combined-holdings-of-nndm

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.