ETF-FOF，迎来井喷！

Core Viewpoint - The public fund industry in China is intensifying its layout of ETF-FOF products, with 17 products reported this year, reflecting a recovery in market conditions and an increase in ETF scale exceeding 5 trillion yuan [2][4][5]. Group 1: ETF-FOF Product Applications - In September alone, five ETF-FOF products were reported, including those from Ping An, Huafu, and Fuguo [5]. - A total of 17 ETF-FOF products have been reported by 12 public funds this year, with 12 of these applications occurring in the second half of the year [5][6]. - The first half of the year saw five products established, with their scales being 548 million yuan and 599 million yuan respectively [5]. Group 2: Market Conditions and ETF Growth - The rapid development of ETFs has provided a solid foundation for the operation of ETF-FOF products, with over 1,200 ETF products and a total scale exceeding 5 trillion yuan [6]. - ETFs offer significant advantages over actively managed funds in terms of fees, liquidity, transparency, and style sustainability, enhancing the manageability of FOF products [6][9]. Group 3: Development of ETF-FOF Products - The ETF-FOF segment has matured after a period of pilot testing, with the Shanghai Stock Exchange promoting the listing of FOFs to provide liquidity and exit channels for investors [8]. - As of September 7, there are 28 FOF-LOF products in the market, including several ETF-FOF products that have shown good performance since their establishment [8]. Group 4: Management Challenges and Skills - Managing FOFs that allocate to ETFs requires strong macroeconomic analysis and market insight, as well as the ability to adjust asset allocation based on market dynamics [9]. - Fund managers need to possess skills in portfolio optimization and risk control to navigate market volatility effectively [9].