%0 Journal Article %A Gary L. Gastineau %T The Benchmark Index ETF Performance Problem %B A Simple Solution %D 2004 %J ETFs and Indexing %P 62-69 %V 2004 %N 1 %X 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. %U https://guides.pm-research.com/content/iijetfind/2004/1/62.full.pdf