{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T01:53:48Z","timestamp":1760147628636,"version":"build-2065373602"},"reference-count":49,"publisher":"MDPI AG","issue":"2","license":[{"start":{"date-parts":[[2023,2,16]],"date-time":"2023-02-16T00:00:00Z","timestamp":1676505600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Portuguese Foundation for Science and Technology","award":["UIDB\/04011\/2020","UID\/MULTI\/00308\/2020","UIDB\/05037\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020","UID\/MULTI\/00308\/2020","UIDB\/05037\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>This study evaluates the performance of United States (US) and European Exchange Traded Funds (ETFs) using the non-oriented version of the base point-slack-based measure (BP-SBM) Data Envelopment Analysis (DEA) model, which allows for handling negative data that can arise in some of the metrics traditionally used in this type of analysis. Our findings show that US efficient ETFs are considered benchmarks more often than European efficient ETFs. Nonetheless, it was possible to conclude that European inefficient ETFs were generally less inefficient than US ETFs. Our findings also show that ETFs\u2019 efficiency (particularly for US ETFs) in the short run is more related to risk than to profitability factors. This implies that as the time horizon lengthens, the importance of profitability factors for the ETFs\u2019 financial performance grows.<\/jats:p>","DOI":"10.3390\/jrfm16020130","type":"journal-article","created":{"date-parts":[[2023,2,16]],"date-time":"2023-02-16T03:32:30Z","timestamp":1676518350000},"page":"130","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Performance of US and European Exchange Traded Funds: A Base Point-Slack-Based Measure Approach"],"prefix":"10.3390","volume":"16","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4045-6101","authenticated-orcid":false,"given":"Carla O.","family":"Henriques","sequence":"first","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"},{"name":"INESCC, Departamento de Engenharia Electrot\u00e9cnica e de Computadores, University of Coimbra, Polo 2, 3030-290 Coimbra, Portugal"},{"name":"CeBER, Faculty of Economics, University of Coimbra, Av Dias da Silva 165, 3004-512 Coimbra, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6250-1113","authenticated-orcid":false,"given":"Maria E.","family":"Neves","sequence":"additional","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"},{"name":"Centre for Transdisciplinary Development Studies (CETRAD), University of Tr\u00e1s-os-Montes and Alto Douro, 5000-801 Vila Real, Portugal"}]},{"given":"Jeremias A.","family":"Concei\u00e7\u00e3o","sequence":"additional","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"}]},{"given":"Elisabete S.","family":"Vieira","sequence":"additional","affiliation":[{"name":"GOVCOPP Unit Research, ISCA-UA|University of Aveiro, Campus Universit\u00e1rio, 3810-902 Aveiro, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2023,2,16]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"147","DOI":"10.1504\/IJBCRM.2015.075779","article-title":"Application od Data Envelopment analysis on Indian Gold ETFs","volume":"6","author":"Acharya","year":"2015","journal-title":"International Journal of Business Continuity and Risk Management"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/296280","article-title":"Measuring Investment Performance in a Rational Expectations Equilibrium Model","volume":"53","author":"Admati","year":"1985","journal-title":"The Journal of Business"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"1078","DOI":"10.1287\/mnsc.30.9.1078","article-title":"Some models for estimating technical and scale inefficiencies in data envelopment analysis","volume":"30","author":"Banker","year":"1984","journal-title":"Management Science"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"477","DOI":"10.1016\/S0377-2217(00)00311-8","article-title":"A data envelopment analysis approach to measure mutual fund performance","volume":"135","author":"Basso","year":"2001","journal-title":"European Journal of Operational Research"},{"key":"ref_5","first-page":"21","article-title":"DEA models for ethical and non ethical mutual funds with negative data","volume":"2","author":"Basso","year":"2007","journal-title":"Mathematics and Methods in Economics Finance"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"775","DOI":"10.1016\/j.ejor.2013.11.024","article-title":"Constant and variable returns to scale DEA models for socially responsible investment funds","volume":"235","author":"Basso","year":"2014","journal-title":"European Journal of Operational Research"},{"key":"ref_7","unstructured":"Basso, Antonella, and Funari, Stefania (2016). 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