为什么ETF联接基金的涨幅跟ETF不太一样

Core Viewpoint - The article discusses the differences in performance between ETFs and their linked funds, particularly during periods of market volatility and holiday trading schedules, highlighting the impact of pricing mechanisms and trading conditions on investment outcomes [1][4][6]. Group 1: ETF and Linked Fund Performance - ETFs have two price indicators: net asset value (NAV) and trading price, while linked funds base their performance on the NAV of the ETF, not its trading price [5]. - During bullish market conditions, the trading price of ETFs may exceed the indicative optimized portfolio value (IOPV), leading to higher price increases for ETFs compared to their NAV and linked funds [5]. - Factors such as position limits and fund subscriptions/redemptions contribute to the performance discrepancies between ETFs and linked funds [5]. Group 2: Cross-Border ETF Linked Funds - The premium on cross-border ETFs has gained attention due to differences in trading hours, where A-shares may be closed while Hong Kong stocks are still trading, affecting the NAV of ETFs [6]. - Holiday trading arrangements can further complicate the situation; for instance, during the National Day holiday, A-shares were closed while Hong Kong stocks traded, allowing cross-border ETFs to benefit from price movements without updating NAV until the holiday ended [6]. - Overall, both ETF linked funds and ETFs share similar underlying assets, and investors should choose based on their investment goals, trading habits, and capital size [6].