暴涨行情下，联接基金为什么总是“跟不上”ETF？

Core Viewpoint - The article discusses the differences between on-market ETFs and off-market linked funds, emphasizing that there is no absolute superiority between the two, as their performance is influenced by their underlying operational mechanisms [1][4]. Group 1: Differences Between ETFs and Linked Funds - On-market ETFs are traded on stock exchanges, allowing real-time transactions and low costs, while off-market linked funds act as intermediaries, enabling investors without brokerage accounts to invest indirectly in ETFs [6][7]. - The operational differences lead to performance discrepancies, particularly in volatile markets, where linked funds may lag behind ETFs due to additional layers in their structure [8]. Group 2: Reasons for Underperformance of Linked Funds - The first reason for the underperformance of linked funds is the inherent cash reserve requirement, which limits their ability to operate close to full investment capacity, resulting in a drag on returns during market upswings [11][12]. - The second reason is the dilution effect caused by large inflows of new capital, which can increase the total number of shares and dilute existing shareholders' returns during rapid market movements [13][15]. - The third reason involves timing discrepancies in the trading mechanism, where funds submitted for linked funds do not immediately convert into ETF shares, potentially causing investors to miss out on gains during market surges [17][18]. Group 3: Performance Comparison - During a specific period in March 2026, the on-market oil ETF saw significant gains of 10.03% and 7.97%, while the corresponding linked fund only increased by 6.97% and 2.94%, highlighting the performance gap [15]. - Conversely, during market downturns, linked funds may exhibit better resilience due to their cash reserves and lower investment levels, as seen when the oil ETF dropped significantly while the linked fund experienced smaller declines [19][20]. Group 4: Investment Considerations - For investors seeking quick trading opportunities, on-market ETFs are recommended as the superior choice, while those focused on long-term value and convenience may find off-market linked funds to be a more suitable option [21].