Wes,
Great article, but does it not assume that exposure to the market is free? For instance, if getting an S&P 500 ETF would cost 10bps, then should not the cost of the smart beta portion of a fund be the difference between its headline fee and the 10bps of general market exposure fee?
Thanks,
Jake
Wes,
Great article, but does it not assume that exposure to the market is free? For instance, if getting an S&P 500 ETF would cost 10bps, then should not the cost of the smart beta portion of a fund be the difference between its headline fee and the 10bps of general market exposure fee?
Thanks,
Jake