Ottonello, GiorgioMarto, Francisco Manuel Simões2022-07-182022-07-182022-01-122021-12-17http://hdl.handle.net/10362/142021This work studies the main differences in performance between traditional and synthetic exchange traded funds, based on a sample of twenty-two ETFs. The tests performed throughout this study demonstrate the higher ability of synthetic replicated funds to track the underlying index. Additionally, despite the effects of COVID-19 pandemic in ETFs performance, funds that follow a synthetic replication strategy keep tracking better than physical funds, and, moreover, present higher return values than their own benchmark.engAsset managementExchange-traded fundsEtfs performanceTracking errorSyntheticPhysicalmaster thesis202997588