商品型基金全解析：定义、分类、风险与投资策略

Core Viewpoint - The article emphasizes the importance of asset allocation thinking for stable investment, contrasting it with trading-oriented thinking, and suggests that a well-structured investment portfolio can mitigate market emotional disturbances [3]. Group 1: Definition and Types of Commodity ETFs - Commodity ETFs aim to track the performance of specific commodity prices or indices, providing indirect participation in the commodity market without the need to manage physical assets [4]. - Commodity ETFs are primarily divided into two categories: 1. Physical-backed ETFs, which are transparent and have clear management mechanisms but incur storage costs and potential liquidity risks [6]. 2. Non-physical-backed ETFs, which invest in related futures contracts and derivatives, covering various commodities like energy and agricultural products [6][7]. Group 2: Classification of Commodity ETFs - Commodity ETFs can be classified based on their usage direction: 1. Precious metals, primarily gold and silver, dominate the commodity ETF market, with gold ETFs accounting for over 90% of the total scale [8]. 2. Energy-related ETFs track prices of crude oil and natural gas, with significant volatility observed in products like crude oil [8]. 3. Agricultural ETFs, such as soybean meal ETFs, are limited in the domestic market, indicating a need for more diverse products [8]. 4. Industrial metals ETFs, which include copper and aluminum, are also scarce, with only a few products available [8]. Group 3: Economic Relevance and Investment Considerations - Commodity prices are highly correlated with inflation indicators and are crucial for economic development; commodity ETFs can hedge against inflation, with gold being a primary choice [9]. - A diversified combination of different commodity ETFs can mitigate risks associated with single commodity price fluctuations and adapt to market changes across various economic cycles [9]. - Despite their benefits, commodity ETFs present higher investment difficulties compared to traditional stock and bond products, requiring substantial investment experience and awareness of unique risks [9].