spårningsfelet

Spårningsfelet, or tracking error, is a phenomenon that occurs when a financial instrument, typically an index fund or ETF, does not perfectly replicate the performance of its underlying benchmark index. This discrepancy can arise from various factors. Management fees charged by the fund are a common cause, as they reduce the overall return to investors. Transaction costs incurred during the buying and selling of securities within the fund also contribute to tracking error. Furthermore, differences in the timing of cash flows, such as dividend payments or capital gains distributions, between the fund and the index can lead to deviations.

Other contributing factors include sampling strategies employed by index funds, where the fund may not hold every single security in the index but a representative sample. This can introduce minor tracking differences. Corporate actions, like mergers or stock splits affecting index constituents, can also create temporary tracking errors until the fund adjusts its holdings. The liquidity of the underlying securities can also play a role; less liquid assets may be harder for the fund manager to trade at optimal prices. In essence, any divergence between the fund's portfolio and the exact composition and performance of the benchmark index is considered tracking error. Investors in index-tracking products should be aware that a small degree of tracking error is inherent and unavoidable.