(Bloomberg Gadfly) -- Wall Street's passive aggression may be going too far.

This week a team of stock market strategists at Bank of America released a report suggesting investors may no longer be safe from index and ETFs. The report, titled "The ETF-ization of the S&P 500, Part 1" (part two is not out yet), argued that passive investing is already making the market less efficient and that it might soon make investing in stocks generally even riskier.

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