Core Viewpoint - The article discusses the growing popularity of "fixed income + partial equity investment" public funds among investors with medium to low risk preferences, emphasizing the use of ETFs to construct diversified investment portfolios [1][2]. Group 1: Investment Strategies - Investors can utilize ETFs to build medium to low-risk investment portfolios based on their investment goals and time horizons, employing qualitative analysis or quantitative models to allocate ETFs across different asset classes [1]. - Three common strategies for medium to low-risk asset allocation are introduced, with a focus on the constant proportion allocation strategy [1]. Group 2: Constant Proportion Allocation Strategy - The constant proportion allocation strategy is a fundamental multi-asset allocation approach that allows investors to set target weights for each asset based on desired returns and risk tolerance, maintaining these weights through continuous rebalancing [2]. - This strategy limits the allocation ratio between different assets, reducing human intervention and achieving risk diversification when asset returns are less correlated, while also keeping trading costs low [2]. - A notable example for medium to low-risk investors is the "20/80" equity-debt allocation, where 80% is allocated to bond ETFs and 20% to equity ETFs, with the latter further diversified using a "core-satellite" approach [2]. - The main drawback of the constant proportion allocation strategy is its lack of flexibility, as it does not allow for adjustments based on market conditions, potentially increasing risk exposure during market downturns [2].