RT Journal Article SR Electronic T1 The Benchmark Index ETF Performance Problem JF ETFs and Indexing FD Institutional Investor Journals SP 62 OP 69 VO 2004 IS 1 A1 Gary L. Gastineau YR 2004 UL http://guides.pm-research.com/content/2004/1/62.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.