questions are in the picture

Even if an index fund tracks the index perfectly, why will the returns on the fund always be lower than the returns on the index? Index funds have management and transaction fees They are managed by different people They do not have access to the same information Even if an index fund tracks the index perfectly, why will the returns on the fund always be lower than the returns on the index? Index funds have management and transaction fees They are managed by different people They do not have access to the same information