exchanged traded fund?

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ETF的投资组合通常完全复制标的指数,
Dose the returns of the fund and index are synchronous ?

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关键词：exchanged exchange Changed Exchang Traded Fund Traded exchanged

yes...most etf are duplicate from the most share choice from index

but garp 2009 practice states they are non-synchronous

题目：
4. You are asked by your boss to estimate the exposure of a hedge fund to the S&P 500. Though the fund claims to mark to market weekly, it does not do so and marks to market once a month. The fund also does not tell investors that it simply holds an Exchange Traded Fund (ETF) that is indexed to the S&P 500. Because of the claims of the hedge fund, you decide to estimate the market exposure by regressing weekly returns of the fund on the weekly return of the S&P 500. Which of the following correctly describes a property of your regression estimates?
a. The intercept of your regression will be positive, showing that the fund has positive alpha when estimated using an OLS regression.
b. The beta will be misestimated because hedge fund exposures are nonlinear.
c. The beta of your regression will be one because the fund holds the S&P 500.
d. The beta of your regression will be zero because the fund returns are not synchronous with the S&P 500 returns.

the answer provided by Garp is A,

cos
The alpha is spurious and results from the fact that returns are non-synchronous. d. is incorrect because the true exposure is linear. The beta is greater than zero and less than one because of non-sychroneity.

ETF本身应该说是和MARKET同步的（一般来说ETF应该是10秒刷新一次市值，所以来说还是很同步市场的），但是这个题目问的应该是HEDGE FUND自身，而不是HEDGE FUND所持有的ETF（题目中的应该investors持有HEDGE FUND,而HEDGE FUND又持有EFT来进行PASSIVE INVESTMENT)

thank for your  help,however, I am confused by "The fund also does not tell investors that it simply holds an Exchange Traded Fund (ETF) that is indexed to the S&P 500."  and  your advice. 6# lshi018

investor claim hedge fund(题目要考的部分），hedge fund hold ETF(常用的PASSIVE INVESTMENT方法，这个只是一个陈述，不是考题要问的）， 这里的ETF是以SP500为参照的ETF,也只是一个陈述。

ETF应该说是同步于MARKET(SP500), 而HEDGE FUND本身不是同步于ETF的，这个也就是是题目要考的考点，做REGRESSION ANALYSIS的RETURN是HEDGE FUND的DATA。并不涉及ETF是否同步MAKRET。

题其实很简单，但是题目比较绕，给了一些无关的信息，这个也是CFA,FRM考试经常的情况

谢谢耐心指教，大体我明白你的意思了，不过还有一点，为什么 hedge fund
仅持有ETF ，其return 会与 ETF 不同步？如果麻烦，能否告诉我去哪里可以获得相关知识，再次感谢

复制有很多种，完全复制、分组复制、微偏差复制，小偏差复制等等，好像有5～6种方法，我的表述是英文意译，总之，完全复制理论上是不可能的，因为成本很高，反而收益不可能一样