RT Journal Article SR Electronic T1 The Benchmark Index ETF Performance Problem JF The Journal of Portfolio Management FD Institutional Investor Journals SP 96 OP 103 DO 10.3905/jpm.2004.319935 VO 30 IS 2 A1 Gary L. Gastineau YR 2004 UL https://pm-research.com/content/30/2/96.abstract 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.