and there are no performance "drags" from holdings of cash assets. Investors may also unbundle portfolio shares received … errors in matching the performance of international small market benchmark indexes. These indexes do not provide required … methods to approximate benchmark performance. These ETFs also have higher expense ratios and higher portfolio turnover and …

relations between fees and performance is due to fund strategic fee-setting and investor sensitivity to performance; (4 …

continues. But, while there may be a small number of portfolio managers who provide evidence of persistency in high performance … (assuming they meet the daunting statistical burden of proof), in most cases such performance is likely due to chance. Based on … significant superior performance.Further, as reported by Jonathan Clements, Professors Mark Rubinstein and William Sharpe both …

they know it works in increasing assets under management. Fund managers have learned that investors chase past performance … in the mistaken belief that the past predicts future performance. Funds further take advantage of investors by increasing … advertising when current past performance is high. Advertising encourages individual investors to make fund choices in specific …

portfolios, higher trading costs and lower earnings. Further, these high cost funds are associated with performance attributes … that include lower risk/return performance based on three measures and lower total returns over two time periods … their Morningstar category are further associated with both negative portfolio characteristics and performance attributes …