Last year ETFs, which are designed to track and mimic index returns, missed their targets by an average 1.25 percentage points, off by more than twice the 0.52-percentage-point average they posted in 2008, according to a study of ETF returns released by Morgan Stanley. In fact, the number of ETFs with tracking errors of more than three percentage points increased from four in 2008 to 54 last year; many of the funds were off by more than 10 percentage points.
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