不太懂为啥reconstituted less frequently会导致Tracking error变大

NO.PZ2019012201000070 问题如下 For the large-cUS equity portion of Sapphire’s investment portfolio, Cullen believes ththere are some existing passive inxebasefun thtrathe S P 500 Inx ththe fountion shoulconsir. Cullen presents Exhibit 2 to Sapphire’s boarExhibit 2 S P 500 Inx Fun Baseon Exhibit 2, the portfolio manager most likely to have the largest tracking error is: A.Manager B.Manager C.Manager Tracking errorincates how closely the portfolio behaves like its benchmark anmeasures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:l The portfolio contains a smaller number of the inx holngs thanthe other two portfolios, resulting in a lower level of replication. l vin are reinvestethe y following receipt rather ththesame y, whiwoulcause cash relative to Manager B.l The portfolio is reconstituteless frequently ththe other twoportfolios.Although Manager Cha slightly lower management fee, whiwoulresult in a lower trackingerror, the benefit is unlikely to offset the combinehigher tracking errorrelateto the other portfolio characteristics.A anC areincorrect. 跟踪误差的主要判断依据是什么

NO.PZ2019012201000070问题如下 For the large-cUS equity portion of Sapphire’s investment portfolio, Cullen believes ththere are some existing passive inxebasefun thtrathe S P 500 Inx ththe fountion shoulconsir. Cullen presents Exhibit 2 to Sapphire’s boarExhibit 2 S P 500 Inx Fun Baseon Exhibit 2, the portfolio manager most likely to have the largest tracking error is:A.Manager A B.Manager C C.Manager B Tracking errorincates how closely the portfolio behaves like its benchmark anmeasures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:l The portfolio contains a smaller number of the inx holngs thanthe other two portfolios, resulting in a lower level of replication. l vin are reinvestethe y following receipt rather ththesame y, whiwoulcause cash relative to Manager B.l The portfolio is reconstituteless frequently ththe other twoportfolios.Although Manager Cha slightly lower management fee, whiwoulresult in a lower trackingerror, the benefit is unlikely to offset the combinehigher tracking errorrelateto the other portfolio characteristics.A anC areincorrect. 我想请问一下rebalance和Reconstitution都是指benchmark调整的频率吧？recons是里面个股的组成？rebalance是权重改变？这两个因素怎么影响TE呢？只知道benchmark的，并不知道portfolio的呢。另外，总结一下，是不是inx数量影响TE，组合和inx数量差越大，TE越大。v要当天投资，不然有cash ag有TE？management fee越高TE越大？谢谢。

NO.PZ2019012201000070问题如下For the large-cUS equity portion of Sapphire’s investment portfolio, Cullen believes ththere are some existing passive inxebasefun thtrathe S P 500 Inx ththe fountion shoulconsir. Cullen presents Exhibit 2 to Sapphire’s boarExhibit 2 S P 500 Inx Fun Baseon Exhibit 2, the portfolio manager most likely to have the largest tracking error is:A.Manager A B.Manager C C.Manager B Tracking errorincates how closely the portfolio behaves like its benchmark anmeasures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:l The portfolio contains a smaller number of the inx holngs thanthe other two portfolios, resulting in a lower level of replication. l vin are reinvestethe y following receipt rather ththesame y, whiwoulcause cash relative to Manager B.l The portfolio is reconstituteless frequently ththe other twoportfolios.Although Manager Cha slightly lower management fee, whiwoulresult in a lower trackingerror, the benefit is unlikely to offset the combinehigher tracking errorrelateto the other portfolio characteristics.A anC areincorrect. 看了还是不懂。股票数量多于benchmark不是会更有tracking error吗？调仓频率更高不是才有tracking error吗？

NO.PZ2019012201000070 问题如下 For the large-cUS equity portion of Sapphire’s investment portfolio, Cullen believes ththere are some existing passive inxebasefun thtrathe S P 500 Inx ththe fountion shoulconsir. Cullen presents Exhibit 2 to Sapphire’s boarExhibit 2 S P 500 Inx Fun Baseon Exhibit 2, the portfolio manager most likely to have the largest tracking error is: A.Manager B.Manager C.Manager Tracking errorincates how closely the portfolio behaves like its benchmark anmeasures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:l The portfolio contains a smaller number of the inx holngs thanthe other two portfolios, resulting in a lower level of replication. l vin are reinvestethe y following receipt rather ththesame y, whiwoulcause cash relative to Manager B.l The portfolio is reconstituteless frequently ththe other twoportfolios.Although Manager Cha slightly lower management fee, whiwoulresult in a lower trackingerror, the benefit is unlikely to offset the combinehigher tracking errorrelateto the other portfolio characteristics.A anC areincorrect. 几个点想明确一下Manager B 的 portfolio有504支股票，manager A 的portfolio有498支股票，S P 500 inx中是500只股票，那么manger A和inx更接近还是manager B和inx更接近manager C 调仓频率比较低，那么有两个角度，一方面调仓频率低会导致长时间不调仓和inx差异较大，增加tracking error, 但是另一方面，调仓频率低，对应调仓成本也低，这方面是降低tracking error.所以这里我无法判定调仓频率对于tracking error的最终影响是怎样的

NO.PZ2019012201000070问题如下For the large-cUS equity portion of Sapphire’s investment portfolio, Cullen believes ththere are some existing passive inxebasefun thtrathe S P 500 Inx ththe fountion shoulconsir. Cullen presents Exhibit 2 to Sapphire’s boarExhibit 2 S P 500 Inx Fun Baseon Exhibit 2, the portfolio manager most likely to have the largest tracking error is:A.Manager A B.Manager C C.Manager B Tracking errorincates how closely the portfolio behaves like its benchmark anmeasures amanager’s ability to replicate the benchmark return. Manager C is most likelyto have the largest tracking error for three reasons:l The portfolio contains a smaller number of the inx holngs thanthe other two portfolios, resulting in a lower level of replication. l vin are reinvestethe y following receipt rather ththesame y, whiwoulcause cash relative to Manager B.l The portfolio is reconstituteless frequently ththe other twoportfolios.Although Manager Cha slightly lower management fee, whiwoulresult in a lower trackingerror, the benefit is unlikely to offset the combinehigher tracking errorrelateto the other portfolio characteristics.A anC areincorrect. b的组合个数与基准更接近，代表他的调仓换股非常频繁，同时费率最高，成本非常高，为什么不选c呢