5万亿之上，多家基金布局ETF-FOF

Core Viewpoint - The rapid development of ETFs has led to increased attention on ETF-FOF products, which are expected to become an important direction for FOF allocation as asset allocation concepts deepen and the ETF market continues to grow [2][10]. ETF-FOF Development - ETF-FOF has matured after a period of trial and exploration, with the Shanghai Stock Exchange promoting the listing of FOFs in August 2021 to enhance liquidity and exit channels for FOF investors [4]. - Several fund companies have intensified their focus on ETF-FOF, with new products being launched and others reported for approval, indicating a growing trend in this segment [4][5]. Advantages of ETF-FOF - The rapid growth of the ETF market, with over 1,200 products and a scale exceeding 5 trillion yuan, provides a solid foundation for ETF-FOF operations, offering lower costs, higher efficiency, and greater transparency compared to actively managed funds [5][6]. - ETF-FOF can effectively reduce risks by incorporating overseas stocks and commodities while maintaining equity asset allocation, thus achieving a favorable risk-return profile [6]. Asset Allocation as Core Competence - Asset allocation capability is identified as the core competence for ETF-FOF, requiring fund managers to possess strong macroeconomic analysis skills and market insight to adjust asset allocation dynamically [7]. - The ability to build a robust benchmark framework and capture arbitrage opportunities is crucial for fund managers in this space [7]. Challenges Facing ETF-FOF - Challenges include the need for enhanced tracking and research frameworks for non-traditional domestic assets, as well as limitations related to the liquidity and availability of certain ETFs [8]. Positive Implications for FOF Market - The rise of ETF-FOF is expected to optimize the structure of the FOF market, enhance product transparency, and lower investment thresholds, thereby increasing accessibility [10]. - ETF-FOF introduces low-fee, high-transparency products that can improve capital efficiency and risk management capabilities for fund managers [10].