Debit cards have gained market share in aggregate transaction volume at the expense of credit cards since they offer similar payment convenience and rewards benefits without the interest due on outstanding balances that is typical of credit cards.

FORBES: American Express Charges Ahead Through Interchange Fee Cap

All returns cited are based on gross performance before advisory and transaction fees but net of fund or ETF expense ratios.

FORBES: How To Market Time The Fiscal Cliff

Reiner points out that investors and their advisers need to look at total transactions, transaction costs and holding period as they relate to expense ratios and performance differences.

FORBES: Pimco Total Return ETF Shines a Light on Transaction Costs

When investors buy or sell mutual funds through discount brokerage firms' "no transaction fee" marketplaces, part of the funds' expense charges are going to compensate the brokerage firms.

WSJ: Questions to Ask Your Financial Adviser About Fees

Through a spokesman, ProShares managing director Steve Cohen says he believes ProFunds investors think it's worth paying a high expense ratio for the ability to move in and out of the fund without restrictions or transaction fees.

WSJ: Upside: Don't Pay High Fees for Index Funds