International Telemetering Conference Proceedings / October 28-31, 1996 / Town and Country Hotel and Convention Center, San Diego, California / The selection of the Intermediate Frequency (IF) bandwidth filter for a data receiver for processing PCM data is based on using a peak deviation of 0.35 times the bit rate. The optimum IF bandwidth filter is equal to the bit rate. An IF bandwidth filter of 1.5 times the bit rate degrades the data by approximately 0.7 dB. The selection of the IF bandwidth filter for tracking receivers is based on the narrowest “noise bandwidth” that will yield the best system sensitivity. In some cases the noise bandwidth of the tracking receiver is the same as the IF bandwidth of the data receiver because it is the same receiver. If this is the case, the PCM bit rate determines the IF bandwidth and establishes the system sensitivity. With increasing bit rates and increased transmitter stability characteristics, the IF bandwidth filter selection criteria for a tracking receiver must include system sensitivity considerations. The tracking receiver IF bandwidth filter selection criteria should also be based on the narrowest IF bandwidth that will not cause the tracking errors to be masked by high bit rates and alter the pedestal dynamic response. This paper describes a selection criteria for a tracking receiver IF bandwidth filter based on measurements of the tracking error signals versus antenna pedestal dynamic response. Different IF bandwidth filters for low and high bit rates were used.

Actively-managed funds have recently come under fire as it has been determined that they consistently underperform passive funds. Benchmarking, and the constraints placed on actively-managed funds, are standard practices within the industry, but research suggests that these constraints negatively affect fund performance. This research paper explores the effectiveness of actively-managed funds in relation to their benchmark indices, in terms of tracking errors and weighting constraints. This is done by qualifying the effect of these constraints on the performance of hypothetically constructed portfolios in relation to the FTSE / JSE Top 40 Index. The results are presented graphically and show that tracking error limits did, as expected, limit the possible upside returns of these funds. It was found however, that the tracking error constraints had a much greater effect on limiting downside risk than they had on limiting upside effects. Weighting limitations did not have a single universal effect on the simulated portfolios’ performance but affect performance in conjunction with tracking error limits. It was concluded that for the hypothetically constructed portfolios for the period studied, constraints did not affect the possible upside return to such a magnitude that the constraints themselves could account for the underperformance of actively managed funds and they had an overall positive effect on performance. / Mini Dissertation (MBA)--University of Pretoria, 2018. / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

This paper investigates differences in returns between the ETF price, Net Asset Value, and Benchmark Asset Baskets for five popular futures-backed ETFs. We decompose tracking difference to examine the relative size of tracking differences attributable to managers versus the arbitrage process. Tracking differences attributable to managers is found to be significantly smaller than that attributable to the arbitrage process. We then test for average Tracking Differences using the Mincer-Zarnowitz Equation. We find evidence of bias in returns for multiple ETFs and demonstrate the usefulness of the decomposition. Furthermore, we investigate the dynamics of Tracking Error using a GARCH methodology. We find support that the volatility of the ETF effects Tracking Error but find no evidence that rolling futures contracts influences Tracking Error. / Master of Science / This research focuses on futures-backed commodity ETFs. ETFs are exchange-traded instruments and are a convenient way for investors to gain commodity exposure without having to have access to a margin account, deal with futures contract expiration, or the large size of futures contracts. We investigate the ability of these instruments to achieve their investment goals: namely to perfectly replicate the exposure of a benchmark of futures contracts. We find that differences in the returns of the benchmark and ETF exist on average and that the bulk of these differences are attributable to the Creation and Redemption process rather than the ETF manager. Finally, we find that market volatility effects the volatility of these differences, but roll dates have no effect.

International Telemetering Conference Proceedings / October 25-28, 1999 / Riviera Hotel and Convention Center, Las Vegas, Nevada / The Transportable Range Augmentation and Control System (TRACS), Mobile Telemetry System (MTS), is a versatile system capable of supporting anywhere when called upon. The MTS is designed to operate anywhere on land. It is unknown how the system will perform on a floating platform without a stabilizing gimbal. The operation of a tracking system at sea generally require the use of a three-axis pedestal. The MTS is a two-axis pedestal. This paper is a report on how the MTS responds to simulated ocean-motion. Testing the system on a body of water is very expensive, especially out in the desert. The MTS was tested in the desert area of Las Cruces, New Mexico in the parking lot of EMI Technologies, prime contractor, using two forklifts to simulate ship motion in the pitch and yaw planes. The location is perfect for crossover dynamics tests. The tests conducted were for the purpose of determining if the MTS could auto-track a moving signal in space while it also moves due to “simulated ocean swells” that increase the generated tracking error signal levels in an opposite or in addition to the ones generated from the space vehicle. There is no gyroscopic correction. Successful results of the tests could preclude the use of a gyroscopically stabilized gimbaled platform necessary to keep the tracking system steady for auto-tracking a target during “6 degrees of freedom” disturbances. Several thousand dollars can be saved if the concept can be proven.

Submitted by Diego de Aragão (diegodearagao@gmail.com) on 2011-09-05T18:22:11Z No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-09-05T18:43:23Z (GMT) No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-09-05T18:57:16Z (GMT) No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Made available in DSpace on 2011-09-05T19:01:47Z (GMT). No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) Previous issue date: 2011-08-17 / O objetivo deste trabalho é avaliar a eficiência da precificação e os erros de aderência dos Exchange Traded Funds (ETFs), conhecidos no mercado de capitais como fundos de investimentos abertos listados e comercializados em bolsas de valores. Para esta avaliação, são realizados testes sobre hipóteses acerca da significância estatística dos mispricings entre (1) os valores das cotas patrimoniais e os preços de fechamentos destes ETFs e (2) sobre a diferença entre os preços de fechamento dos ETFs e dos seus índices de referência. A amostra utilizada é dos oito ETFs comercializados no mercado brasileiro de capitais durante o período de realização do trabalho. Como resultado do esforço de pesquisa realizado, o último capítulo mostra uma tendência a distintos níveis de eficiência da precificação e erros de aderência nos ETFs brasileiros. Enquanto alguns ETFs mais líquidos apresentam prêmios/descontos insignificantes estatisticamente, os prêmios/descontos de outros ETFs se mostraram razoavelmente consideráveis. No que tange aos erros de aderência, a média dos erros do ETFs listados localmente mostrou-se em um patamar intermediário entre aqueles ETFs listados no mercado americano e os de uma seleção de ETFs listados em mercados emergentes. / The objective of this study is to evaluate the pricing efficiency and tracking error of Exchange Traded Funds (ETFs), known in the capital market as mutual funds listed and traded on stock markets. For this evaluation, tests are performed on assumptions about the statistical significance of mispricings between (1) the values of equity shares and the closing prices of the ETFs and (2) on the difference between the closing prices of the ETFs and their reference indexes closing prices. The sample is compounded by the eight ETFs that were traded on the Brazilian capital market during the period of the work. As a result of the research effort carried out, the last chapter shows a tendency to different levels of pricing efficiency and tracking errors on Brazilian ETFs. While a few more liquid ETFs presents premium/discounts that are statistically insignificant, some other ETFs’ premium/discounts have proved considerable. With respect to tracking errors, the errors average of ETFs listed locally showed to be in an intermediary level between those ETFs listed in the U.S. market and a selection of ETFs listed in emerging markets.