TY - JOUR T1 - The ETF Free Lunch JF - ETFs and Indexing SP - 55 LP - 57 VL - 2008 IS - 1 AU - Robert J. Waid Y1 - 2008/09/21 UR - http://guides.pm-research.com/content/2008/1/55.abstract N2 - One promoted advantage of Exchange Traded Funds (ETFs) versus mutual funds is the ability to short the ETF. What is not advertised is that the management fees of the ETF are included in the performance of the short, creating a tailwind for performance as opposed to selling a future or shorting the holdings directly. ER -