TY - JOUR T1 - The Benchmark Index ETF Performance Problem JF - The Journal of Portfolio Management SP - 96 LP - 103 DO - 10.3905/jpm.2004.319935 VL - 30 IS - 2 AU - Gary L. Gastineau Y1 - 2004/01/31 UR - https://pm-research.com/content/30/2/96.abstract N2 - 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. ER -