The Benchmark Index ETF Performance Problem

Exchange-traded funds have generally underperformed competitive conventional mutual funds, apparently because the ETF structure and fund management process seems to discourage efforts to recapture transaction costs embedded in the benchmark index portfolio change process. An analysis of the problem...

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Bibliographic Details
Published in:	Journal of portfolio management Vol. 30; no. 2; pp. 96 - 103
Main Author:	Gastineau, Gary L.
Format:	Journal Article
Language:	English
Published:	London Pageant Media 01-01-2004
Subjects:	Benchmarks Capital gains Capital losses Efficiency Exchange traded funds Financial performance Index funds Investment advisors Mutual funds Portfolio management Ratios Small cap investments Stock exchanges Stock prices Studies Tax basis Tax rates Tax returns United States > US
Online Access:	Get full text
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Summary:	Exchange-traded funds have generally underperformed competitive conventional mutual funds, apparently because the ETF structure and fund management process seems to discourage efforts to recapture transaction costs embedded in the benchmark index portfolio change process. An analysis of the problem produces a rather simple solution. [PUBLICATION ABSTRACT]
ISSN:	0095-4918 2168-8656
DOI:	10.3905/jpm.2004.319935