Core Viewpoint - The increasing variety of ETF products has created a challenge for investors in selecting suitable options based on their investment needs, prompting public fund institutions to explore ETF-FOF products as a solution [1][2]. Group 1: ETF-FOF Product Development - Multiple public fund institutions, including China Europe Fund and Ping An Fund, have reported ETF-FOF products this year, aiming to enhance investment efficiency and reduce fees [2][3]. - The ETF-FOF products are designed to invest at least 80% of their assets in other public funds, with a significant portion allocated to ETFs, thus optimizing asset allocation and enhancing returns [2][4]. Group 2: Advantages of ETF-FOF Products - ETF-FOF products offer higher capital efficiency, lower total fees, and T+1 valuation disclosure, addressing issues faced by traditional FOF products such as delayed valuation and double fees [3][4]. - The current market conditions, including low overall equity market valuations and rapid expansion of domestic ETF products, present a potential growth window for ETF-FOF products [4][5]. Group 3: Challenges and Requirements - The execution of ETF-FOF strategies faces challenges in effective strategic and tactical asset allocation, as well as selecting appropriate ETFs from a vast array of options [5][6]. - Successful implementation requires a combination of quantitative and qualitative analysis, necessitating strong macroeconomic research and market analysis capabilities within the investment teams [6].