NO.PZ202403050400000102
问题如下：
In describing tracking error, Sorrill’s example most likely relates to:选项：
A.trading costs.
B.full replication.
C.securities lending.
解释：
A is incorrect. Trading costs are a source of tracking error but are not caused by operations with short sellers.
B is incorrect. Replication (lack of full replication) is a source of tracking error but is not caused by operations with short sellers.
C is correct. Sorrill’s description of ETF tracking error includes a reference to securities lending by the ETF portfolio manager. Many ETF portfolio managers lend a portion of their portfolio holdings to short sellers. Securities lending provides income for an ETF that offsets a portion of an ETF’s administrative expenses.
为什么说AB是ETF的来源，但是不是问题的答案 。C是什么角度没看懂
