基金“专业买手”别出心裁 一键“打包”ETF渐成新风尚

Core Viewpoint - The increasing variety of ETF products has created a challenge for investors in selecting suitable options based on their investment needs, prompting several public fund institutions to report ETF-FOF products to address this issue [1][5]. Group 1: ETF-FOF Product Advantages - ETF-FOF products are recognized for their higher capital efficiency, lower fee rates, and the ability to disclose valuations on a "T+1" basis, unlike traditional FOF products which face issues like delayed valuations and double fees [3][4]. - The ETF-FOF strategy requires public fund institutions to enhance their macroeconomic research, market analysis, and asset allocation capabilities, combining both quantitative and qualitative approaches for effective asset allocation [1][6][7]. Group 2: Recent Developments and Offerings - Several public fund institutions, including China Europe Fund and Ping An Fund, have reported ETF-FOF products this year, such as the China Europe Active Multi-Asset 3-Month Holding Mixed Fund and the Ping An Yingxuan 90-Day Holding Bond Fund [2][3]. - The China Europe Active Multi-Asset 3-Month Holding Mixed Fund has been approved and started sales on May 13, with over 80% of its assets allocated to other public funds, including ETFs [3]. Group 3: Market Context and Challenges - The expansion of ETF products has provided a fertile ground for the development of ETF-FOF strategies, although existing FOF products have struggled to grow in scale, often remaining below 200 million yuan due to market adjustments in recent years [4][5]. - The current low valuation of the equity market and the rapid expansion of domestic ETF products across various categories may present a window of opportunity for ETF-FOF strategies to offer diversified asset allocation and better investment experiences [5][6].