This study evaluates the performance of Exchange-Traded Funds (ETFs) by using various tracking error calculation approaches. The aim of the paper is, on the one hand, an evaluation of the performance of ETFs relative to their benchmarking indexes and, on the other, an endeavour to specify any relationship between this performance and both geographical location and the degree of market development. The research was conducted on the basis of 18 different ETFs issued by iShares, six for each of three regions: both Americas, Asia and Europe. The sole criterion for ETF’s selection was the benchmark. All data were collected with daily frequency. They range from January 2013 to December 2019. The results indicate that ETFs do not mimic their corresponding indexes well. Calculated tracking errors do not equal zero and are often significantly negative. Furthermore, the value of tracking errors depends on the region and the degree of market development.

中文翻译：

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考虑到区域多样性，ETF在发达和新兴市场上的表现

本研究通过使用各种跟踪误差计算方法来评估交易所买卖基金（ETF）的绩效。本文的目的是，一方面，对ETF相对于其基准指数的表现进行评估，另一方面，努力确定这种表现与地理位置和市场发展程度之间的任何关系。这项研究是基于iShares发行的18种不同的ETF，在美洲，亚洲和欧洲三个区域中的每个区域分别发行了6种。选择ETF的唯一标准是基准。所有数据每天收集一次。它们的范围从2013年1月到2019年12月。结果表明ETF不能很好地模仿其相应的指数。计算出的跟踪误差不等于零，通常显着为负。