Because the linked fund invests in the target ETF, which is essentially an index fund of FOF, the redemption funds should be reserved, which cannot be Man Cang like ETF, so the yield will be lower than the target ETF. Moreover, as the market changes, the size of the fund will change constantly, which will also affect the fund position, so the yield will not match the target ETF completely.

When you say 5% cash is mandatory by laws and regulations, you don't mean how to use it as you want.

Then you also mentioned that the subscription and redemption fee of ETF connection is higher than that of ETF fund. In fact, this is quite wrong, and it belongs to comparing the charges of different types of funds. The essence of linked funds is an index fund of FOF, so the subscription fee is determined according to the general index fund level in the market, that is, 1.2%. You can check the subscription fees of all open-end index funds, 1.2%. The subscription fee of ETF is not higher than 0.5% according to the securities company's own regulations, which is the commission extracted by the securities company and paid to the exchange as an arbitrage transaction.

Therefore, the yield gap depends on the specific operation of a company's linked fund. You can collect the yield gap for a period of time and make a regression yourself, and you can roughly see where the gap is.