Unlike equity funds, where the share of passive funds has increased over the past two years, most debt funds are still actively-managed. As the name suggests, an actively-managed debt fund is where the fund manager buys and sells bonds based on her assessment of interest rates, prevailing yields and credit risk. A lesser active fund is one that follows a roll-down strategy in which bonds are held till maturity. The average maturity of this portfolio keeps coming down. Of late, a few passive funds--mostly tracking the government securities index--have been launched. The biggest passive fund is Edelweiss Bharat Bond tracking an index of high-rated bonds of government-owned companies.