83:
or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing. Some index providers announce changes of the companies in their index before the change date whilst other index providers do not make such announcements.
93:
ETFs received $ 1 trillion in new net cash, including reinvested dividends. Index-based domestic equity ETFs have grown particularly quickly, attracting almost twice the flows of index domestic equity mutual funds since 2007. In contrast, actively managed domestic equity mutual funds experienced a net outflow of $ 659 billion, including reinvested dividends, from 2007 to 2014. Passively managed funds, such as index funds, consistently overperform actively managed funds. Investors
444:. Enhanced index funds employ a variety of enhancement techniques, including customized indexes (instead of relying on commercial indexes), trading strategies, exclusion rules, and timing strategies. The cost advantage of indexing could be reduced or eliminated by employing active management. Enhanced indexing strategies help in offsetting the proportion of tracking error that would come from expenses and transaction costs. These enhancement strategies can be:
773:
3213:
3221:
2505:
148:
noticed, fund spokesmen are quick to point out "You can't buy the averages." It's time the public could. ...there is no greater service could provide than to sponsor such a fund and run it on a nonprofit basis.... Such a fund is much needed, and if the New York Stock
Exchange (which, incidentally has considered such a fund) is unwilling to do it, I hope some other institution will.
882:
429:
structure than traditional passive sampling, synthetic indexing can result in more favourable tax treatment, particularly for international investors who are subject to U.S. dividend withholding taxes. The bond portion can hold higher yielding instruments, with a trade-off of corresponding higher risk, a technique referred to as enhanced indexing.
46:(ETF) designed to follow certain preset rules so that it can replicate the performance ("track") of a specified basket of underlying investments. While index providers often emphasize that they are for-profit organizations, index providers have the ability to act as "reluctant regulators" when determining which companies are suitable for an index.
294:. This is not to say that a stock picker cannot achieve a superior return, just that the excess return will on average not exceed the costs of winning it (including salaries, information costs, and trading costs). The conclusion is that most investors would be better off buying a cheap index fund. Note that return refers to the
562:
all have advanced access to the index re-balancing information, and spend large sums on fast technology to compete against each other to be the first—often by a few microseconds—to make these arbitrages. Losses to arbitrageurs appear as "tracking error", the difference between the performance of the
469:
Because the composition of a target index is a known quantity, relative to actively managed funds, it costs less to run an index fund. Typically expense ratios of an index fund range from 0.10% for U.S. Large
Company Indexes to 0.70% for Emerging Market Indexes. The expense ratio of the average large
86:
The main advantage of index funds for investors is they don't require much time to manage as the investors don't have to spend time analyzing various stocks or stock portfolios. Most investors also find it difficult to beat the performance of the S&P 500 Index. Some legal scholars have previously
82:
countries. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability
692:
Some advocate adopting a strategy of investing in every security in the world in proportion to its market capitalization, generally by investing in a collection of ETFs in proportion to their home country market capitalization. A global indexing strategy may have lower variance in returns than one
661:
refers to the number of different securities in a fund. A fund with more securities is said to be better diversified than a fund with smaller number of securities. Owning many securities reduces volatility by decreasing the impact of large price swings above or below the average return in a single
592:
Since index funds aim to match market returns, both under- and over-performance compared to the market is considered a "tracking error". For example, an inefficient index fund may generate a positive tracking error in a falling market by holding too much cash, which holds its value compared to the
583:
index. According to theory, a company should not be worth more when it is in an index. But due to supply and demand, a company being added can have a demand shock, and a company being deleted can have a supply shock, and this will change the price. This does not show up in tracking error since the
92:
As of 2014, index funds made up 20.2% of equity mutual fund assets in the US. Index domestic equity mutual funds and index-based exchange-traded funds (ETFs), have benefited from a trend towards more index-oriented investment products. From 2007 through 2014, index domestic equity mutual funds and
849:
US citizens/taxpayers living at home or abroad should particularly consider whether their investment in an ex-US fund (meaning the fund is administered by a foreign investment company) not providing annual 1099 forms (which report distributed income and capital gains/losses) or annual PFIC annual
718:
and other classes of investable assets to match the investor's risk capacity, which includes attitude towards risk, net income, net worth, knowledge about investing concepts, and time horizon. Index funds capture asset classes in a low-cost and tax-efficient manner and are used to design balanced
428:
Synthetic indexing is a modern technique of using a combination of equity index futures contracts and investments in low-risk bonds to replicate the performance of a similar overall investment in the equities making up the index. Although maintaining the future position has a slightly higher cost
286:
and stock analysts are constantly looking for securities that may out-perform the market; and that this competition is so effective that any new information about the fortune of a company will rapidly be incorporated into stock prices. It is postulated therefore that it is very difficult to tell
826:
In the United States, mutual funds price their assets by their current value every business day, usually at 4:00 p.m. Eastern time, when the New York Stock
Exchange closes for the day. Index ETFs, in contrast, are priced during normal trading hours, usually 9:30 a.m. to 4:00 p.m.
335:
generally gives the advantage of much lower fees compared to actively managed mutual funds and, in taxable accounts, lower taxes. In addition it is usually impossible to precisely mirror the index as the models for sampling and mirroring, by their nature, cannot be 100% accurate. The difference
570:
says that the resulting "poor investor returns" from trading ahead of mutual funds is "the elephant in the room" that "shockingly, people are not talking about." Related "time zone arbitrage" against mutual funds and their underlying securities traded on overseas markets is likely "damaging to
318:
in the index, in the same proportions as the index. Other methods include statistically sampling the market and holding "representative" securities. Many index funds rely on a computer model with little or no human input in the decision as to which securities are purchased or sold and are thus
270:
to be the simple statement that security prices fully reflect all available information." A precondition for this "strong version" of the hypothesis is that information and trading costs, the costs of getting prices to reflect information, are always 0. A weaker and economically more sensible
199:. It started with comparatively meager assets of $ 11 million but crossed the $ 100 billion milestone in November 1999; this astonishing increase was funded by the market's increasing willingness to invest in such a product. Bogle predicted in January 1992 that it would very likely surpass the
147:
What we need is a no-load, minimum management-fee mutual fund that simply buys the hundreds of stocks making up the broad stock-market averages and does no trading from security to security in an attempt to catch the winners. Whenever below-average performance on the part of any mutual fund is
742:
funds are invested in various forms of passive strategies including index funds, as opposed to the more traditional actively managed that still constitute the largest share of institutional investments The proportion invested in passive funds varies widely across jurisdictions and fund type.
507:
occurs when actively managed mutual funds go outside of their described style (i.e., mid-cap value, large cap income, etc.) to increase returns. Such drift hurts portfolios that are built with diversification as a high priority. Drifting into other styles could reduce the overall portfolio's
495:
charges, which are sometimes passed on to fund investors. Even in the absence of taxes, turnover has both explicit and implicit costs, which directly reduce returns on a dollar-for-dollar basis. Because index funds are passive investments, the turnovers are lower than actively managed funds.
61:
or implementation rules, such as tax-management, tracking error minimization, large block trading or patient/flexible trading strategies that allow for greater tracking error but lower market impact costs. Index funds may also have rules that screen for social and sustainable criteria.
470:
cap actively managed mutual fund as of 2015 is 1.15%. If a mutual fund produces 10% return before expenses, taking account of the expense ratio difference would result in an after expense return of 9.9% for the large cap index fund versus 8.85% for the actively managed large cap fund.
129:
on
October 20, 1970 which became effective on July 31, 1972. "The fund organized as an open-end, diversified investment company whose investment objective is to approximate the performance of the Dow Jones Industrial Stock Average", thereby becoming the first index fund.
858:
U.S. mutual funds are required by law to distribute realized capital gains to their shareholders. If a mutual fund sells a security for a gain, the capital gain is taxable for that year; similarly a realized capital loss can offset any other realized capital gains.
185:
Bogle started the First Index
Investment Trust on December 31, 1975. At the time, it was heavily derided by competitors as being "un-American" and the fund itself was seen as "Bogle's folly". In the first five years of Bogle's company, it made 17 million dollars.
222:
in
Chicago, established the first two Standard and Poor's Composite Index Funds in 1973. Both of these funds were established for institutional clients; individual investors were excluded. Wells Fargo started with $ 5 million from their own pension fund, while
862:
Scenario: An investor entered a mutual fund during the middle of the year and experienced an overall loss for the next six months. The mutual fund itself sold securities for a gain for the year, therefore must declare a capital gains distribution. The
74:. Equity index funds would include groups of stocks with similar characteristics such as the size, value, profitability and/or geographic location of the companies. A group of stocks may include companies from the United States, Non-US Developed,
478:
The investment objectives of index funds are easy to understand. Once an investor knows the target index of an index fund, what securities the index fund will hold can be determined directly. Managing one's index fund holdings may be as easy as
124:
Qualidex Fund, Inc., a
Florida Corporation, chartered on 05/23/1967 (317247) by Richard A. Beach (BSBA Banking and Finance, University of Florida, 1957) and joined by Walton D. Dutcher Jr., filed a registration statement (2-38624) with the
231:
and Dean LeBaron at
Batterymarch Financial Management "described the idea at a Harvard Business School seminar in 1971, but found no takers until 1973. Two years later, in December 1974, the firm finally attracted its first index client."
850:
information statements will be subject to punitive US taxation under section 1291 of the US tax code. Note that if a PFIC annual information statement is provided, a careful filing of form 8621 is required to avoid punitive US taxation.
746:
The relative appeal of index funds, ETFs and other index-replicating investment vehicles has grown rapidly for various reasons ranging from disappointment with underperforming actively managed mandates to the broader tendency towards
3200:
245:
at Wells Fargo harnessed McQuown and Booth's indexing theories, which led to Wells Fargo's pension funds managing over $ 69 billion in 1989 and over $ 565 billion in 1998. In 1996, Wells Fargo sold its indexing operation to
65:
An index fund's rules of construction clearly identify the type of companies suitable for the fund. The most commonly known index fund in the United States, the S&P 500 Index Fund, is based on the rules established by
541:
caused by mutual fund rebalancing, making a profit on foreknowledge of the large institutional block orders. This results in profits transferred from investors to algorithmic traders, estimated to be at least 21 to 28
194:
was quoted as saying that he " believe that the great mass of investors are going to be satisfied with receiving just average returns". Bogle's fund was later renamed the
Vanguard 500 Index Fund, which tracks the
681:, are dominated by large company stocks, an index fund may have a high percentage of the fund concentrated in a few large companies. This position represents a reduction of diversity and can lead to increased
2381:—"the number of funds that have beaten the market over their entire histories is so small that the False Discovery Rate test can't eliminate the possibility that the few that did were merely false positives"—
840:
Typically mutual funds supply the correct tax reporting documents for only one country, which can cause tax problems for shareholders citizen to or resident of another country, either now or in the future.
2140:
870:
A small investor selling an ETF to another investor does not cause a redemption on ETF itself; therefore, ETFs are more immune to the effect of forced redemption causing realized capital gains.
693:
based only on home market indexes, because there may be less correlation between the returns of companies operating in different markets than between companies operating in the same market.
143:, which presented academic findings for the lay public. It was becoming well known in the popular financial press that most mutual funds were not beating the market indices. Malkiel wrote:
554:
funds. In effect, an index, and consequently, all funds tracking an index are announcing ahead of time the trades that they are planning to make, allowing value to be siphoned by
271:
version of the efficiency hypothesis says that prices reflect information to the point where the marginal benefits of acting on information (the profits to be made) do not exceed
1823:
616:
which are very diversified and do not have a direct interest in the performance of the companies, this emerging "asset manager capitalism" is distinct from the earlier
2947:
2840:
1151:
287:
ahead of time which stocks will out-perform the market. By creating an index fund that mirrors the whole market the inefficiencies of stock selection are avoided.
1615:
783:
254:
acquired BGI in 2009; the acquisition included BGI's index fund management (both its institutional funds and its iShares ETF business) and its active management.
239:(DFA), and McQuown joined its board of directors. DFA further developed indexed-based investment strategies. Vanguard started its first bond index fund in 1986.
2174:
2117:
2008:
2907:
1734:
2409:
2148:
2047:
1589:
628:, while asset ownership is diversified, it is a small part of the population who invest in funds and a top 1% of the wealth distribution owning 50% of
420:, in the same ratios as the target index. Modification of security holdings happens only periodically, when companies enter or leave the target index.
1715:
1563:
3216:
1902:
508:
diversity and subsequently increase risk. With an index fund, this drift is not possible and accurate diversification of a portfolio is increased.
126:
1772:"Chapter VIII. Time-zone arbitrage in United States mutual funds: Damaging to financial integration between the United States, Asia and Europe?"
1311:
731:
1854:
1781:. Studies in Trade and Investment 67. New York: United Nations Economic and Social Commission for Asia and the Pacific. pp. 134–165.
722:
A combination of various index mutual funds or ETFs could be used to implement a full range of investment policies from low to high risk.
1278:
2833:
620:. The asset managers usually vote with company managers. Also, as funds invest in most companies in the sector, they would benefit from
1646:
368:
1536:
121:. While their idea for an "Unmanaged Investment Company" garnered little support, it did start off a sequence of events in the 1960s.
2343:
2305:
1510:
1434:
1372:
1336:
813:
491:
Turnover refers to the selling and buying of securities by the fund manager. Selling securities in some jurisdictions may result in
1209:
624:
prices. In an extreme case, there could be economy-wide monopolies where asset managers have "bought the economy". In a regime of
163:. Bogle wrote that his inspiration for starting an index fund came from three sources, all of which confirmed his 1951 research:
1975:
1176:
1018:
2078:
1830:
3224:
3044:
2974:
2826:
2402:
2325:
139:
2932:
2251:
2199:
1422:
3190:
2953:
2685:
2465:
2356:
2204:
567:
58:
1623:
3125:
384:
303:
279:
267:
2108:
2019:
2964:
440:
is a catch-all term referring to improvements to index fund management that emphasize performance, possibly using
3243:
2912:
2881:
2731:
2395:
658:
653:
372:
367:, who created "research indexes" in order to develop asset pricing models, such as their Three Factor Model. The
236:
1745:
3120:
3034:
864:
2015:
1824:"The Price Response to S&P 500 Index Additions and Deletions: Evidence of Asymmetry and a New Explanation"
1686:
67:
282:(EMH) as the fundamental premise that justifies the creation of the index funds. The hypothesis implies that
3195:
3180:
3154:
3149:
2999:
2927:
2869:
2792:
2782:
2631:
2051:
1043:
3175:
3089:
2777:
2621:
559:
242:
219:
2636:
867:
would require the investor to pay tax on the capital gains distribution, regardless of the overall loss.
2989:
2849:
2726:
2554:
1916:
1912:
1233:
522:
344:
302:
realisation of payoffs may make some stock-pickers appear successful. In addition, there have been many
283:
118:
629:
114:
110:
2979:
2875:
2802:
2675:
1937:
Braun, Benjamin (18 June 2020). Hacker, J. S.; Hertel-Fernandez, A.; Pierson, P.; Thelen, K. (eds.).
975:
900:
756:
682:
667:
187:
156:
43:
2942:
2716:
2706:
2570:
2549:
2470:
827:
Eastern time. Index ETFs are also sometimes weighted by revenue rather than market capitalization.
617:
530:
3144:
3054:
3019:
2711:
2544:
2529:
2286:
2043:
910:
905:
759:
funds have been among the early adopters of index funds and other passive management strategies.
597:
521:
Index funds must periodically "rebalance" or adjust their portfolios to match the new prices and
417:
320:
315:
191:
179:
172:
87:
suggested a value maximization and agency-costs theory for understanding index funds stewardship.
2534:
1858:
1373:"The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy"
1880:
1210:"Warren Buffett just won a $ 1 million bet—and highlighted one of the best ways to grow wealth"
3015:
2736:
2606:
2590:
2479:
2449:
2339:
2321:
2301:
1782:
1506:
1430:
1332:
1307:
1253:
1184:
1152:"Billionaire Warren Buffett swears by this inexpensive investing strategy that anyone can try"
1132:
1091:
932:
895:
604:
or less, but a
Morningstar survey found an average of 38 basis points across all index funds.
492:
441:
437:
332:
50:
1771:
3063:
3029:
2897:
2524:
2362:
1946:
1661:
1122:
1081:
707:
702:
625:
584:
index is also affected. A fund may experience less impact by tracking a less popular index.
376:
168:
79:
75:
71:
54:
2616:
1353:
3104:
3094:
3084:
3079:
3059:
2857:
2787:
2756:
2680:
2475:
2418:
2378:
2331:
2311:
1981:
1069:
887:
795:
752:
739:
641:
633:
534:
228:
215:
1376:
1110:
1000:
953:
416:
Indexing is traditionally known as the practice of owning a representative collection of
1779:
Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific
612:
Benjamin Braun suggests that, since American stock ownership is concentrated on few big
3138:
3049:
3039:
2807:
2797:
2611:
2585:
748:
715:
686:
364:
337:
272:
207:
164:
134:
94:
1302:
Fox, Justin (2011). "Chapter 7: Jack Bogle takes on the performance cult (and wins)".
3237:
3134:
3099:
2984:
2959:
2922:
2887:
2668:
2559:
1987:
1452:
663:
613:
538:
380:
291:
224:
200:
98:
2290:
1022:
3185:
3130:
2937:
2761:
2721:
2626:
2483:
2366:
1907:
735:
551:
533:(80% of the trades of whom involve the top 20% most popular securities) to perform
1976:"As The Index Fund Moves from Heresy to Dogma . . . What More Do We Need To Know?"
1665:
1001:"Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy"
182:
in 1974; as of 2009 it was the largest mutual fund company in the United States.
3159:
2917:
2663:
2539:
2504:
2373:
False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas
1426:
637:
601:
543:
526:
504:
449:
360:
263:
211:
39:
1800:
3024:
2994:
2902:
2701:
2490:
2439:
2209:
1971:
877:
674:
640:. Asset managers have an incentive to increase the assets value and influence
547:
396:
352:
348:
227:
put in $ 5 million of their pension funds at American National Bank. In 1971,
196:
152:
1786:
1188:
1136:
1095:
2444:
1950:
1801:"Market Reactions to Changes in the S&P 500 Index: An Industry Analysis"
555:
251:
2048:"Building a Globally Efficient Equity Portfolio with Exchange Traded Funds"
17:
1938:
881:
2273:
1398:"The Economist - World News, Politics, Economics, Business & Finance"
1086:
678:
621:
392:
388:
356:
247:
2818:
1127:
751:
across public services and social benefits that followed the 2008-2012
299:
295:
290:
In particular, the EMH says that economic profits cannot be wrung from
109:
The first theoretical model for an index fund was suggested in 1960 by
600:, a well-run S&P 500 index fund should have a tracking error of 5
336:
between the index performance and the fund performance is called the "
2230:
2298:
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
250:, which it operated under the name Barclays Global Investors (BGI).
2387:
2372:
1694:
571:
financial integration between the United States, Asia and Europe."
2969:
2375:—Evidence that stock selection is not a viable investing strategy.
1716:"The Hugely Profitable, Wholly Legal Way to Game the Stock Market"
1044:"Mutual Funds That Consistently Beat the Market? Not One of 2,132"
711:
558:, in a legal practice known as "index front running". Algorithmic
400:
1537:"High-Frequency Firms Tripled Trades in Stock Rout, Wedbush Says"
2315:
2822:
2391:
2317:
Index Funds: The 12-Step Recovery Program for Active Investors
766:
1397:
550:
index funds, and at least 38 to 77 basis points per year for
455:
Sector and quality positioning and call exposure positioning.
2200:"Frequently Asked Questions About Mutual Fund Share Pricing"
1279:"John Bogle's Advice: Live Long and Prosper, on Index Funds"
1939:"Asset Manager Capitalism as a Corporate Governance Regime"
579:
One problem occurs when a large amount of money tracks the
1521:
2079:"Why Pension Funds Won't Allocate 90 Percent To Passives"
1943:
American Political Economy: Politics, Markets, and Power
1070:"Popular Personal Financial Advice versus the Professors"
2359:—The paper argues that there is a move towards indexing.
734:
suggests that up to 15% of overall assets held by large
1647:"The index premium and its hidden cost for index funds"
1254:"40 years after his "folly," Bogle's index funds reign"
791:
171:' 1975 study, "The Loser's Game"; and Al Ehrbar's 1975
666:
index would be considered diversified, but a bio-tech
314:
Tracking can be achieved by trying to hold all of the
563:
index and the fund which is attempting to follow it.
3168:
3113:
3072:
3008:
2856:
2770:
2749:
2694:
2656:
2649:
2599:
2578:
2568:
2512:
2458:
2432:
2425:
1735:"The Weighting Game, and Other Puzzles of Indexing"
2175:"UK Govt. Leading Way For Pensions Using Passives"
2107:
1451:
101:have long been a strong proponent of Index funds.
2168:
2166:
2072:
2070:
2068:
1111:"Asset Management Fees and the Growth of Finance"
2948:Qualifying investor alternative investment fund
1564:"Americans Want More Social Security, Not Less"
782:deal primarily with USA and do not represent a
359:. Less common indexes come from academics like
145:
2357:"Is Stock Picking Declining Around the World?"
2101:
2099:
1855:"Small-Cap Indexing: Popularity Can Be a Pain"
1531:
1529:
689:for an investor who seeks a diversified fund.
2834:
2403:
2320:, IFA Publishing; Updated and Revised, 2015,
2009:"Practice Essentials - Equal Weight Indexing"
780:The examples and perspective in this section
8:
2908:Labour-sponsored venture capital corporation
1901:Tergesen, Anne; Young, Lauren (2004-04-19).
1770:Donnelly, Katelyn Rae; Edward Tower (2009).
159:in 1951, where his senior thesis was titled
2109:"Alarm Bells Ring for Active Fund Managers"
1356:The Economic Role of the Investment Company
161:The Economic Role of the Investment Company
49:Those rules may include tracking prominent
3220:
2841:
2827:
2819:
2653:
2575:
2429:
2410:
2396:
2388:
952:Hirst, Scott; Kastiel, Kobi (2019-05-01).
927:
925:
798:, or create a new section, as appropriate.
1733:Rekenthaler, John (February–March 2011).
1126:
1085:
954:"Corporate Governance by Index Exclusion"
814:Learn how and when to remove this message
763:Comparison of index funds with index ETFs
710:is the process of determining the mix of
1986:. Bogle Financial Center. Archived from
1375:. Bogle Financial Center. Archived from
1306:. USA: HarperCollins. pp. 111–112.
167:'s 1974 paper, "Challenge to Judgment";
921:
235:In 1981, Booth and Sinquefield started
2141:"Institutional Investors Look to ETFs"
1616:"What's driving the Total Return ETF?"
755:. Public-sector pensions and national
697:Asset allocation and achieving balance
1469:"How This Man Manages $ 69 Billion".
854:U.S. capital gains tax considerations
537:by anticipating and trading ahead of
7:
525:of the underlying securities in the
343:Index funds are available from many
2077:Rachael Revesz (27 November 2013).
1687:"Understanding index front running"
1019:"2014 Investment Company Fact Book"
203:before 2001, which it did in 2000.
178:article on indexing. Bogle founded
2336:The Bogleheads' Guide to Investing
1177:"Why Buffett bats for index funds"
588:Possible tracking error from index
347:. Some common indices include the
27:Fund representing a specific index
25:
1879:Arvedlund, Erin E. (2006-04-03).
1588:Amery, Paul (November 11, 2010).
1208:CFP®, Emmie Martin (2018-01-03).
726:Pension investment in index funds
3219:
3212:
3211:
2503:
1744:. pp. 52–56. Archived from
1331:. W. W. Norton. pp. 226–7.
1115:Journal of Economic Perspectives
1074:Journal of Economic Perspectives
880:
836:International tax considerations
771:
673:Since some indices, such as the
483:every six months or every year.
383:have also created new competing
2330:Taylor Larimore, Mel Lindauer,
2274:"Instructions for US form 8621"
2120:from the original on 2022-12-10
1881:"Keeping Costs Down - Barron's"
1693:. The TRADE Ltd. Archived from
1614:Salmon, Felix (July 18, 2012).
1360:. Princeton University Library.
1304:The Myth of the Rational Market
1234:"Warren Buffett on Index Funds"
1175:Krishnan, Aarati (2022-08-07).
340:", or, colloquially, "jitter".
3045:Socially responsible investing
2975:Split capital investment trust
2369:'s introduction to index funds
1903:"Index Funds Aren't All Equal"
1562:Siedle, Ted (March 25, 2013).
1503:A Random Walk Down Wall Street
1329:A Random Walk Down Wall Street
976:"Can Anybody Beat the Market?"
369:Fama–French three-factor model
140:A Random Walk Down Wall Street
1:
2933:Open-ended investment company
2808:Money-weighted rate of return
2173:Rachael Revesz (7 May 2014).
1666:10.1016/j.jempfin.2010.10.002
1421:Ferri, Richard (2006-12-22).
845:Implications for US investors
529:that they track. This allows
448:Lower cost, issue selection,
375:to design their index funds.
197:Standard and Poor's 500 Index
3191:Returns-based style analysis
2954:Real estate investment trust
2686:Real estate investment trust
2466:Real estate investment trust
2310:Mark T. Hebner, Foreword by
2205:Investment Company Institute
2179:Journal of Indexes - ETF.com
1654:Journal of Empirical Finance
1483:Grossman and Stiglitz (1980)
1454:Common Sense on Mutual Funds
958:Boston University Law Review
732:World Pensions Council (WPC)
568:Bridgeway Capital Management
268:market efficiency hypothesis
59:Dow Jones Industrial Average
3126:Efficient-market hypothesis
2289:'s 2004 Annual Report; see
2139:Mike Foster (6 June 2014).
2106:Chris Flood (11 May 2014).
1541:Bloomberg/Financial Advisor
1109:Malkiel, Burton G. (2013).
999:Hirst, Scott (2019-09-01).
794:, discuss the issue on the
385:fundamentally based indexes
280:efficient-market hypothesis
3260:
2965:Short-term investment fund
2480:Mezzanine investment funds
2363:The Lowdown on Index Funds
1150:Pisani, Bob (2022-10-03).
730:Research conducted by the
700:
651:
387:based on such criteria as
3209:
2913:Listed investment company
2882:Fonds commun de placement
2732:Sovereign investment fund
2501:
2016:S&P Dow Jones Indices
1645:Petajisto, Antti (2011).
1352:Bogle, John (1950–1951).
654:Diversification (finance)
373:Dimensional Fund Advisors
237:Dimensional Fund Advisors
68:S&P Dow Jones Indices
3121:Arbitrage pricing theory
1005:ECGI - Law Working Paper
933:"Reasonable Investor(s)"
608:Asset manager capitalism
3196:Traditional investments
3181:Commodity pool operator
3155:Noisy market hypothesis
3150:Modern portfolio theory
3000:Unitised insurance fund
2928:Open-ended fund company
2870:Common contractual fund
2793:Assets under management
2783:Traditional investments
2778:Alternative investments
2379:"The Prescient Are Few"
2250:Gianni, Monica (2014).
1423:"All About Index Funds"
1327:Burton Malkiel (1973).
1068:Choi, James J. (2022).
248:Barclays Bank of London
117:, both students at the
3176:Alternative investment
3090:Institutional investor
2607:Long/short equity fund
1505:, W. W. Norton, 1996,
560:high-frequency traders
527:stock or other indexes
517:Losses to arbitrageurs
243:Frederick L. A. Grauer
220:American National Bank
150:
2990:Unit investment trust
2850:Investment management
2750:By measure of returns
2727:Sovereign wealth fund
2555:Asset allocation fund
1984:Distinguished Lecture
1951:10.31235/osf.io/v6gue
1913:McGraw-Hill Companies
636:would be an expected
539:stock price movements
523:market capitalization
319:subject to a form of
119:University of Chicago
2980:Tax transparent fund
2876:Exchange-traded fund
2803:Time-weighted return
2676:Exchange-traded fund
2632:Managed futures fund
2476:Venture capital fund
1883:. Online.barrons.com
1450:Bogle, John (1999).
1371:Bogle, John (2006).
1283:Knowledge at Wharton
1087:10.1257/jep.36.4.167
901:Exchange-traded fund
792:improve this section
575:Common market impact
412:Traditional indexing
278:Economists cite the
188:Fidelity Investments
157:Princeton University
44:exchange-traded fund
3035:Manager of managers
2943:Private-equity fund
2707:Private equity fund
2637:Multi-strategy fund
2612:Market neutral fund
2571:investment strategy
2471:Private equity fund
2212:on October 26, 2008
1742:Morningstar Advisor
1522:Index Fund Advisors
1501:Burton G. Malkiel,
1128:10.1257/jep.27.2.97
618:shareholder primacy
566:John Montgomery of
531:algorithmic traders
345:investment managers
3145:Martingale pricing
3055:Thematic investing
3020:passive management
2712:Pooled income fund
2383:The New York Times
2287:Berkshire Hathaway
2083:Journal of Indexes
1691:The Trade Magazine
1048:The New York Times
911:Stock market index
906:Passive management
831:Tax considerations
632:and mutual funds.
598:The Vanguard Group
424:Synthetic indexing
321:passive management
266:said, "I take the
180:The Vanguard Group
3231:
3230:
3009:Investment styles
2816:
2815:
2745:
2744:
2737:Urban wealth fund
2672:
2645:
2644:
2627:Global macro fund
2622:Event-driven fund
2591:Stable value fund
2499:
2498:
2487:
2450:Money market fund
2252:"PFICs Gone Wild"
1919:on April 26, 2004
1590:"Know Your Enemy"
1543:. August 12, 2011
1313:978-0-06-059903-4
896:Enhanced indexing
824:
823:
816:
493:capital gains tax
442:active management
438:Enhanced indexing
433:Enhanced indexing
333:active management
206:John McQuown and
72:S&P 500 Index
16:(Redirected from
3251:
3244:Investment funds
3223:
3222:
3215:
3214:
3064:growth investing
3030:Impact investing
2898:Investment trust
2843:
2836:
2829:
2820:
2666:
2654:
2576:
2525:Target date fund
2507:
2473:
2430:
2419:Investment funds
2412:
2405:
2398:
2389:
2278:
2277:
2270:
2264:
2263:
2247:
2241:
2240:
2238:
2237:
2227:
2221:
2220:
2218:
2217:
2208:. Archived from
2196:
2190:
2189:
2187:
2185:
2170:
2161:
2160:
2158:
2156:
2147:. Archived from
2136:
2130:
2129:
2127:
2125:
2111:
2103:
2094:
2093:
2091:
2089:
2074:
2063:
2062:
2060:
2059:
2050:. Archived from
2040:
2034:
2033:
2031:
2030:
2024:
2018:. Archived from
2013:
2005:
1999:
1998:
1996:
1995:
1968:
1962:
1961:
1959:
1957:
1934:
1928:
1927:
1925:
1924:
1915:. Archived from
1898:
1892:
1891:
1889:
1888:
1876:
1870:
1869:
1867:
1866:
1857:. Archived from
1851:
1845:
1844:
1842:
1841:
1835:
1829:. Archived from
1828:
1820:
1814:
1813:
1811:
1810:
1805:
1797:
1791:
1790:
1776:
1767:
1761:
1760:
1758:
1756:
1750:
1739:
1730:
1724:
1723:
1712:
1706:
1705:
1703:
1702:
1683:
1677:
1676:
1674:
1672:
1651:
1642:
1636:
1635:
1633:
1631:
1626:on July 20, 2012
1622:. Archived from
1611:
1605:
1604:
1602:
1600:
1594:IndexUniverse.eu
1585:
1579:
1578:
1576:
1574:
1559:
1553:
1552:
1550:
1548:
1533:
1524:
1519:
1513:
1499:
1493:
1490:
1484:
1481:
1475:
1474:
1466:
1460:
1459:
1457:
1447:
1441:
1440:
1418:
1412:
1411:
1409:
1408:
1394:
1388:
1387:
1385:
1384:
1368:
1362:
1361:
1354:"Senior Thesis,
1349:
1343:
1342:
1324:
1318:
1317:
1299:
1293:
1292:
1290:
1289:
1275:
1269:
1268:
1266:
1265:
1250:
1244:
1243:
1241:
1240:
1230:
1224:
1223:
1221:
1220:
1205:
1199:
1198:
1196:
1195:
1172:
1166:
1165:
1163:
1162:
1147:
1141:
1140:
1130:
1106:
1100:
1099:
1089:
1065:
1059:
1058:
1056:
1055:
1040:
1034:
1033:
1031:
1030:
1021:. Archived from
1015:
1009:
1008:
996:
990:
989:
987:
986:
972:
966:
965:
949:
943:
942:
940:
939:
929:
890:
885:
884:
819:
812:
808:
805:
799:
775:
774:
767:
708:Asset allocation
703:Asset allocation
630:corporate equity
626:common ownership
482:
407:Indexing methods
76:emerging markets
21:
3259:
3258:
3254:
3253:
3252:
3250:
3249:
3248:
3234:
3233:
3232:
3227:
3205:
3164:
3109:
3105:Performance fee
3095:Net asset value
3085:Fund governance
3080:Closed-end fund
3068:
3004:
2861:
2859:
2852:
2847:
2817:
2812:
2788:Net asset value
2766:
2757:Absolute return
2741:
2690:
2681:Closed-end fund
2641:
2595:
2564:
2508:
2495:
2454:
2421:
2416:
2353:
2348:
2338:, Wiley, 2006,
2332:Michael LeBoeuf
2312:Harry Markowitz
2281:
2272:
2271:
2267:
2249:
2248:
2244:
2235:
2233:
2229:
2228:
2224:
2215:
2213:
2198:
2197:
2193:
2183:
2181:
2172:
2171:
2164:
2154:
2152:
2151:on 15 July 2014
2138:
2137:
2133:
2123:
2121:
2105:
2104:
2097:
2087:
2085:
2076:
2075:
2066:
2057:
2055:
2042:
2041:
2037:
2028:
2026:
2022:
2011:
2007:
2006:
2002:
1993:
1991:
1982:Gary P. Brinson
1970:
1969:
1965:
1955:
1953:
1936:
1935:
1931:
1922:
1920:
1900:
1899:
1895:
1886:
1884:
1878:
1877:
1873:
1864:
1862:
1853:
1852:
1848:
1839:
1837:
1833:
1826:
1822:
1821:
1817:
1808:
1806:
1803:
1799:
1798:
1794:
1774:
1769:
1768:
1764:
1754:
1752:
1751:on 29 July 2013
1748:
1737:
1732:
1731:
1727:
1714:
1713:
1709:
1700:
1698:
1685:
1684:
1680:
1670:
1668:
1649:
1644:
1643:
1639:
1629:
1627:
1613:
1612:
1608:
1598:
1596:
1587:
1586:
1582:
1572:
1570:
1561:
1560:
1556:
1546:
1544:
1535:
1534:
1527:
1520:
1516:
1500:
1496:
1491:
1487:
1482:
1478:
1468:
1467:
1463:
1449:
1448:
1444:
1437:
1420:
1419:
1415:
1406:
1404:
1396:
1395:
1391:
1382:
1380:
1370:
1369:
1365:
1351:
1350:
1346:
1339:
1326:
1325:
1321:
1314:
1301:
1300:
1296:
1287:
1285:
1277:
1276:
1272:
1263:
1261:
1252:
1251:
1247:
1238:
1236:
1232:
1231:
1227:
1218:
1216:
1207:
1206:
1202:
1193:
1191:
1174:
1173:
1169:
1160:
1158:
1149:
1148:
1144:
1108:
1107:
1103:
1067:
1066:
1062:
1053:
1051:
1042:
1041:
1037:
1028:
1026:
1017:
1016:
1012:
998:
997:
993:
984:
982:
974:
973:
969:
951:
950:
946:
937:
935:
931:
930:
923:
919:
888:Business portal
886:
879:
876:
856:
847:
838:
833:
820:
809:
803:
800:
789:
776:
772:
765:
753:Great Recession
740:social security
728:
705:
699:
687:investment risk
659:Diversification
656:
650:
648:Diversification
642:monetary policy
634:Wage stagnation
610:
590:
577:
535:index arbitrage
519:
514:
502:
489:
487:Lower turnovers
480:
476:
467:
462:
435:
426:
414:
409:
329:
312:
260:
258:Economic theory
252:Blackrock, Inc.
229:Jeremy Grantham
216:Rex Sinquefield
155:graduated from
107:
80:frontier market
28:
23:
22:
15:
12:
11:
5:
3257:
3255:
3247:
3246:
3236:
3235:
3229:
3228:
3210:
3207:
3206:
3204:
3203:
3198:
3193:
3188:
3183:
3178:
3172:
3170:
3169:Related topics
3166:
3165:
3163:
3162:
3157:
3152:
3147:
3142:
3128:
3123:
3117:
3115:
3111:
3110:
3108:
3107:
3102:
3097:
3092:
3087:
3082:
3076:
3074:
3070:
3069:
3067:
3066:
3057:
3052:
3050:Social trading
3047:
3042:
3040:Social finance
3037:
3032:
3027:
3022:
3012:
3010:
3006:
3005:
3003:
3002:
2997:
2992:
2987:
2982:
2977:
2972:
2967:
2962:
2957:
2951:
2945:
2940:
2935:
2930:
2925:
2920:
2915:
2910:
2905:
2900:
2895:
2890:
2885:
2879:
2873:
2866:
2864:
2854:
2853:
2848:
2846:
2845:
2838:
2831:
2823:
2814:
2813:
2811:
2810:
2805:
2800:
2798:Rate of return
2795:
2790:
2785:
2780:
2774:
2772:
2771:Related topics
2768:
2767:
2765:
2764:
2759:
2753:
2751:
2747:
2746:
2743:
2742:
2740:
2739:
2734:
2729:
2724:
2719:
2717:Endowment fund
2714:
2709:
2704:
2698:
2696:
2692:
2691:
2689:
2688:
2683:
2678:
2673:
2660:
2658:
2651:
2647:
2646:
2643:
2642:
2640:
2639:
2634:
2629:
2624:
2619:
2614:
2609:
2603:
2601:
2597:
2596:
2594:
2593:
2588:
2586:Long-only fund
2582:
2580:
2573:
2566:
2565:
2563:
2562:
2557:
2552:
2547:
2542:
2537:
2532:
2527:
2522:
2516:
2514:
2510:
2509:
2502:
2500:
2497:
2496:
2494:
2493:
2488:
2468:
2462:
2460:
2456:
2455:
2453:
2452:
2447:
2442:
2436:
2434:
2427:
2426:By asset class
2423:
2422:
2417:
2415:
2414:
2407:
2400:
2392:
2386:
2385:
2376:
2370:
2360:
2352:
2351:External links
2349:
2347:
2346:
2328:
2308:
2300:, Dell, 1994,
2294:
2282:
2280:
2279:
2265:
2242:
2222:
2191:
2162:
2145:Financial News
2131:
2095:
2064:
2035:
2000:
1974:(2004-04-13).
1972:Bogle, John C.
1963:
1929:
1893:
1871:
1846:
1815:
1792:
1762:
1725:
1722:. 7 July 2015.
1707:
1678:
1660:(2): 271–288.
1637:
1606:
1580:
1554:
1525:
1514:
1494:
1485:
1476:
1461:
1442:
1435:
1413:
1389:
1363:
1344:
1337:
1319:
1312:
1294:
1270:
1245:
1225:
1200:
1167:
1142:
1101:
1080:(4): 167–192.
1060:
1035:
1010:
991:
967:
944:
920:
918:
915:
914:
913:
908:
903:
898:
892:
891:
875:
872:
855:
852:
846:
843:
837:
834:
832:
829:
822:
821:
786:of the subject
784:worldwide view
779:
777:
770:
764:
761:
749:cost reduction
727:
724:
701:Main article:
698:
695:
652:Main article:
649:
646:
614:asset managers
609:
606:
589:
586:
576:
573:
518:
515:
513:
510:
501:
500:No style drift
498:
488:
485:
475:
472:
466:
463:
461:
458:
457:
456:
453:
434:
431:
425:
422:
413:
410:
408:
405:
379:and Professor
365:Kenneth French
338:tracking error
328:
325:
311:
308:
273:marginal costs
259:
256:
208:David G. Booth
192:Edward Johnson
165:Paul Samuelson
135:Burton Malkiel
115:Paul Feldstein
111:Edward Renshaw
106:
103:
95:Warren Buffett
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3256:
3245:
3242:
3241:
3239:
3226:
3218:
3208:
3202:
3199:
3197:
3194:
3192:
3189:
3187:
3184:
3182:
3179:
3177:
3174:
3173:
3171:
3167:
3161:
3158:
3156:
3153:
3151:
3148:
3146:
3143:
3140:
3136:
3132:
3129:
3127:
3124:
3122:
3119:
3118:
3116:
3112:
3106:
3103:
3101:
3100:Open-end fund
3098:
3096:
3093:
3091:
3088:
3086:
3083:
3081:
3078:
3077:
3075:
3071:
3065:
3061:
3058:
3056:
3053:
3051:
3048:
3046:
3043:
3041:
3038:
3036:
3033:
3031:
3028:
3026:
3023:
3021:
3017:
3014:
3013:
3011:
3007:
3001:
2998:
2996:
2993:
2991:
2988:
2986:
2985:Umbrella fund
2983:
2981:
2978:
2976:
2973:
2971:
2968:
2966:
2963:
2961:
2960:Royalty trust
2958:
2955:
2952:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2924:
2923:Offshore fund
2921:
2919:
2916:
2914:
2911:
2909:
2906:
2904:
2901:
2899:
2896:
2894:
2891:
2889:
2888:Fund of funds
2886:
2883:
2880:
2877:
2874:
2871:
2868:
2867:
2865:
2863:
2855:
2851:
2844:
2839:
2837:
2832:
2830:
2825:
2824:
2821:
2809:
2806:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2775:
2773:
2769:
2763:
2760:
2758:
2755:
2754:
2752:
2748:
2738:
2735:
2733:
2730:
2728:
2725:
2723:
2720:
2718:
2715:
2713:
2710:
2708:
2705:
2703:
2700:
2699:
2697:
2695:Institutional
2693:
2687:
2684:
2682:
2679:
2677:
2674:
2670:
2669:Open-end fund
2665:
2662:
2661:
2659:
2655:
2652:
2650:By structures
2648:
2638:
2635:
2633:
2630:
2628:
2625:
2623:
2620:
2618:
2615:
2613:
2610:
2608:
2605:
2604:
2602:
2598:
2592:
2589:
2587:
2584:
2583:
2581:
2577:
2574:
2572:
2567:
2561:
2560:Fund of funds
2558:
2556:
2553:
2551:
2550:Balanced fund
2548:
2546:
2543:
2541:
2538:
2536:
2533:
2531:
2528:
2526:
2523:
2521:
2518:
2517:
2515:
2511:
2506:
2492:
2489:
2485:
2481:
2477:
2472:
2469:
2467:
2464:
2463:
2461:
2457:
2451:
2448:
2446:
2443:
2441:
2438:
2437:
2435:
2431:
2428:
2424:
2420:
2413:
2408:
2406:
2401:
2399:
2394:
2393:
2390:
2384:
2380:
2377:
2374:
2371:
2368:
2364:
2361:
2358:
2355:
2354:
2350:
2345:
2344:0-471-73033-5
2341:
2337:
2333:
2329:
2327:
2323:
2319:
2318:
2313:
2309:
2307:
2306:0-440-50682-4
2303:
2299:
2295:
2292:
2288:
2284:
2283:
2275:
2269:
2266:
2261:
2257:
2253:
2246:
2243:
2232:
2226:
2223:
2211:
2207:
2206:
2201:
2195:
2192:
2180:
2176:
2169:
2167:
2163:
2150:
2146:
2142:
2135:
2132:
2119:
2115:
2110:
2102:
2100:
2096:
2084:
2080:
2073:
2071:
2069:
2065:
2054:on 2018-11-16
2053:
2049:
2045:
2039:
2036:
2025:on 2014-05-12
2021:
2017:
2010:
2004:
2001:
1990:on 2007-03-13
1989:
1985:
1983:
1977:
1973:
1967:
1964:
1952:
1948:
1944:
1940:
1933:
1930:
1918:
1914:
1910:
1909:
1904:
1897:
1894:
1882:
1875:
1872:
1861:on 2015-04-02
1860:
1856:
1850:
1847:
1836:on 2014-06-06
1832:
1825:
1819:
1816:
1802:
1796:
1793:
1788:
1784:
1780:
1773:
1766:
1763:
1747:
1743:
1736:
1729:
1726:
1721:
1720:Bloomberg.com
1717:
1711:
1708:
1697:on 2008-10-23
1696:
1692:
1688:
1682:
1679:
1667:
1663:
1659:
1655:
1648:
1641:
1638:
1625:
1621:
1617:
1610:
1607:
1595:
1591:
1584:
1581:
1569:
1565:
1558:
1555:
1542:
1538:
1532:
1530:
1526:
1523:
1518:
1515:
1512:
1511:0-393-03888-2
1508:
1504:
1498:
1495:
1492:Jensen (1978)
1489:
1486:
1480:
1477:
1472:
1465:
1462:
1456:
1455:
1446:
1443:
1438:
1436:9780071423380
1432:
1428:
1424:
1417:
1414:
1403:
1402:The Economist
1399:
1393:
1390:
1379:on 2013-05-07
1378:
1374:
1367:
1364:
1359:
1357:
1348:
1345:
1340:
1338:0-393-05500-0
1334:
1330:
1323:
1320:
1315:
1309:
1305:
1298:
1295:
1284:
1280:
1274:
1271:
1259:
1255:
1249:
1246:
1235:
1229:
1226:
1215:
1211:
1204:
1201:
1190:
1186:
1182:
1178:
1171:
1168:
1157:
1153:
1146:
1143:
1138:
1134:
1129:
1124:
1121:(2): 97–108.
1120:
1116:
1112:
1105:
1102:
1097:
1093:
1088:
1083:
1079:
1075:
1071:
1064:
1061:
1049:
1045:
1039:
1036:
1025:on 2016-06-20
1024:
1020:
1014:
1011:
1006:
1002:
995:
992:
981:
977:
971:
968:
963:
959:
955:
948:
945:
934:
928:
926:
922:
916:
912:
909:
907:
904:
902:
899:
897:
894:
893:
889:
883:
878:
873:
871:
868:
866:
860:
853:
851:
844:
842:
835:
830:
828:
818:
815:
807:
804:December 2020
797:
793:
787:
785:
778:
769:
768:
762:
760:
758:
754:
750:
744:
741:
738:and national
737:
736:pension funds
733:
725:
723:
720:
717:
713:
709:
704:
696:
694:
690:
688:
684:
680:
676:
671:
669:
665:
664:Wilshire 5000
660:
655:
647:
645:
643:
639:
635:
631:
627:
623:
619:
615:
607:
605:
603:
599:
596:According to
594:
587:
585:
582:
574:
572:
569:
564:
561:
557:
553:
549:
546:annually for
545:
540:
536:
532:
528:
524:
516:
512:Disadvantages
511:
509:
506:
499:
497:
494:
486:
484:
473:
471:
464:
459:
454:
451:
447:
446:
445:
443:
439:
432:
430:
423:
421:
419:
411:
406:
404:
402:
398:
394:
390:
386:
382:
381:Jeremy Siegel
378:
377:Robert Arnott
374:
370:
366:
362:
358:
354:
350:
346:
341:
339:
334:
326:
324:
322:
317:
309:
307:
305:
301:
298:expectation;
297:
293:
292:stock picking
288:
285:
284:fund managers
281:
276:
274:
269:
265:
257:
255:
253:
249:
244:
240:
238:
233:
230:
226:
225:Illinois Bell
221:
217:
213:
209:
204:
202:
201:Magellan Fund
198:
193:
189:
183:
181:
177:
175:
170:
169:Charles Ellis
166:
162:
158:
154:
149:
144:
142:
141:
136:
131:
128:
122:
120:
116:
112:
104:
102:
100:
99:John C. Bogle
96:
90:
89:
84:
81:
77:
73:
69:
63:
60:
56:
52:
48:
45:
41:
37:
36:index tracker
33:
19:
3186:Robo-advisor
3131:Fixed income
3062: /
3018: /
2938:Pension fund
2892:
2762:Total return
2722:Pension fund
2519:
2484:Vulture fund
2382:
2367:Investopedia
2335:
2316:
2297:
2296:John Bogle,
2268:
2259:
2255:
2245:
2234:. Retrieved
2225:
2214:. Retrieved
2210:the original
2203:
2194:
2182:. Retrieved
2178:
2153:. Retrieved
2149:the original
2144:
2134:
2122:. Retrieved
2113:
2086:. Retrieved
2082:
2056:. Retrieved
2052:the original
2044:Gale, Martin
2038:
2027:. Retrieved
2020:the original
2003:
1992:. Retrieved
1988:the original
1979:
1966:
1954:. Retrieved
1945:. SocArXiv.
1942:
1932:
1921:. Retrieved
1917:the original
1908:BusinessWeek
1906:
1896:
1885:. Retrieved
1874:
1863:. Retrieved
1859:the original
1849:
1838:. Retrieved
1831:the original
1818:
1807:. Retrieved
1795:
1778:
1765:
1753:. Retrieved
1746:the original
1741:
1728:
1719:
1710:
1699:. Retrieved
1695:the original
1690:
1681:
1669:. Retrieved
1657:
1653:
1640:
1628:. Retrieved
1624:the original
1619:
1609:
1597:. Retrieved
1593:
1583:
1571:. Retrieved
1567:
1557:
1545:. Retrieved
1540:
1517:
1502:
1497:
1488:
1479:
1470:
1464:
1453:
1445:
1416:
1405:. Retrieved
1401:
1392:
1381:. Retrieved
1377:the original
1366:
1355:
1347:
1328:
1322:
1303:
1297:
1286:. Retrieved
1282:
1273:
1262:. Retrieved
1260:. 2019-01-23
1257:
1248:
1237:. Retrieved
1228:
1217:. Retrieved
1213:
1203:
1192:. Retrieved
1180:
1170:
1159:. Retrieved
1155:
1145:
1118:
1114:
1104:
1077:
1073:
1063:
1052:. Retrieved
1050:. 2022-12-02
1047:
1038:
1027:. Retrieved
1023:the original
1013:
1004:
994:
983:. Retrieved
980:Investopedia
979:
970:
961:
957:
947:
936:. Retrieved
869:
861:
857:
848:
839:
825:
810:
801:
781:
745:
729:
721:
719:portfolios.
706:
691:
672:
662:security. A
657:
622:monopolistic
611:
602:basis points
595:
591:
580:
578:
565:
556:arbitrageurs
552:Russell 2000
544:basis points
520:
503:
490:
477:
468:
452:positioning.
436:
427:
415:
342:
331:The lack of
330:
313:
306:of the EMH.
289:
277:
261:
241:
234:
205:
184:
173:
160:
151:
146:
138:
132:
123:
108:
91:
88:
85:
64:
47:
35:
31:
29:
3160:Yield curve
3073:Terminology
3025:Hedge Funds
2918:Mutual fund
2858:Investment
2664:Mutual fund
2617:130–30 fund
2600:Alternative
2579:Traditional
2545:Sector fund
2540:Income fund
2530:Growth fund
2459:Alternative
2433:Traditional
2256:Akron Tax J
1427:McGraw-Hill
1007:. 433/2018.
675:S&P 500
670:would not.
638:externality
548:S&P 500
505:Style drift
481:rebalancing
450:yield curve
371:is used by
361:Eugene Fama
349:S&P 500
264:Eugene Fama
212:Wells Fargo
55:S&P 500
40:mutual fund
18:Index funds
2995:Unit trust
2903:Hedge fund
2893:Index fund
2862:structures
2702:Hedge fund
2535:Value fund
2520:Index fund
2491:Hedge fund
2440:Stock fund
2326:0976802317
2291:Wikiquotes
2236:2013-05-09
2216:2009-03-24
2058:2008-01-08
2029:2014-05-21
1994:2007-02-20
1923:2007-02-20
1887:2014-07-30
1865:2015-03-26
1840:2014-07-30
1809:2014-07-30
1701:2009-03-24
1407:2019-02-04
1383:2007-08-04
1288:2024-02-08
1264:2024-02-08
1239:2024-02-08
1219:2024-02-08
1194:2024-02-08
1161:2024-02-08
1054:2023-08-21
1029:2014-11-05
985:2022-01-03
964:(3): 1229.
938:2024-02-08
917:References
683:volatility
474:Simplicity
460:Advantages
418:securities
397:book value
355:, and the
353:Nikkei 225
316:securities
304:criticisms
262:Economist
153:John Bogle
70:for their
32:index fund
3139:Convexity
2445:Bond fund
2293:for text.
1787:1020-3516
1189:0971-751X
1181:The Hindu
1137:0895-3309
1096:0895-3309
796:talk page
465:Low costs
389:dividends
190:Chairman
133:In 1973,
53:like the
3238:Category
3217:Category
3135:Duration
2513:By style
2118:Archived
1956:7 August
1755:26 March
1671:26 March
1630:26 March
1599:26 March
1573:26 March
1547:26 March
874:See also
790:You may
679:FTSE 100
593:market.
393:earnings
357:FTSE 100
310:Tracking
176:magazine
2950:(QIAIF)
2184:June 7,
2155:June 7,
2124:June 7,
2088:June 7,
1620:Reuters
1473:. 1989.
1471:Fortune
1258:AP News
757:reserve
300:ex-post
296:ex-ante
218:of the
174:Fortune
105:Origins
57:or the
51:indices
38:) is a
3114:Theory
3016:Active
2956:(REIT)
2657:Public
2342:
2324:
2304:
2231:"ETFs"
1785:
1568:Forbes
1509:
1433:
1335:
1310:
1187:
1135:
1094:
712:stocks
399:, and
351:, the
214:, and
137:wrote
34:(also
3201:UCITS
3060:Value
2970:SICAV
2884:(FCP)
2878:(ETF)
2872:(CCF)
2285:From
2023:(PDF)
2012:(PDF)
1834:(PDF)
1827:(PDF)
1804:(PDF)
1775:(PDF)
1749:(PDF)
1738:(PDF)
1650:(PDF)
716:bonds
401:sales
3225:List
2860:fund
2340:ISBN
2322:ISBN
2302:ISBN
2186:2014
2157:2014
2126:2014
2090:2014
1980:The
1958:2024
1783:ISSN
1757:2013
1673:2013
1632:2013
1601:2013
1575:2013
1549:2013
1507:ISBN
1431:ISBN
1333:ISBN
1308:ISBN
1214:CNBC
1185:ISSN
1156:CNBC
1133:ISSN
1092:ISSN
685:and
677:and
581:same
363:and
327:Fees
113:and
97:and
2569:By
1947:doi
1662:doi
1123:doi
1082:doi
865:IRS
668:ETF
210:of
127:SEC
78:or
42:or
30:An
3240::
3137:,
2482:,
2478:,
2334:,
2314:,
2260:29
2258:.
2254:.
2202:.
2177:.
2165:^
2143:.
2116:.
2114:FT
2112:.
2098:^
2081:.
2067:^
2046:.
2014:.
1978:.
1941:.
1911:.
1905:.
1777:.
1740:.
1718:.
1689:.
1658:18
1656:.
1652:.
1618:.
1592:.
1566:.
1539:.
1528:^
1429:.
1425:.
1400:.
1281:.
1256:.
1212:.
1183:.
1179:.
1154:.
1131:.
1119:27
1117:.
1113:.
1090:.
1078:36
1076:.
1072:.
1046:.
1003:.
978:.
962:99
960:.
956:.
924:^
714:,
644:.
403:.
395:,
391:,
323:.
275:.
3141:)
3133:(
2842:e
2835:t
2828:v
2671:)
2667:(
2486:)
2474:(
2411:e
2404:t
2397:v
2365:—
2276:.
2262:.
2239:.
2219:.
2188:.
2159:.
2128:.
2092:.
2061:.
2032:.
1997:.
1960:.
1949::
1926:.
1890:.
1868:.
1843:.
1812:.
1789:.
1759:.
1704:.
1675:.
1664::
1634:.
1603:.
1577:.
1551:.
1458:.
1439:.
1410:.
1386:.
1358:"
1341:.
1316:.
1291:.
1267:.
1242:.
1222:.
1197:.
1164:.
1139:.
1125::
1098:.
1084::
1057:.
1032:.
988:.
941:.
817:)
811:(
806:)
802:(
788:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.