PT  - JOURNAL ARTICLE
AU  - Gary L. Gastineau
TI  - The Benchmark Index ETF Performance Problem
AID  - 10.3905/jpm.2004.319935
DP  - 2004 Jan 31
TA  - The Journal of Portfolio Management
PG  - 96--103
VI  - 30
IP  - 2
4099  - https://pm-research.com/content/30/2/96.short
4100  - https://pm-research.com/content/30/2/96.full
AB  - 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.