%0 Journal Article %A Robert J. Waid %T The ETF Free Lunch %B The Shorts are Served the Fees %D 2008 %J ETFs and Indexing %P 55-57 %V 2008 %N 1 %X 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. %U https://guides.pm-research.com/content/iijetfind/2008/1/55.full.pdf