• An ultra-low expense ratio is not the end of the story when it comes to selecting an index fund manager.

  • At low fee levels, performance differences between funds depend more on the less visible and complex elements of index fund management.

  • Investors should consider a broader set of complex factors, such as organisational incentives, portfolio management capabilities, securities lending practices, pricing policies and scale.

  • We present a decision-making framework for the most popular, broad-based equity and fixed income index funds.
     

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