Core Insights - The current investment landscape is dominated by passive products, particularly ETFs, which are favored by investors to capture market trends [2] - As of October 24, 2025, the net inflow into technology sector ETFs reached 182.863 billion, significantly surpassing other sectors, while mainstream broad-based indices experienced net outflows or limited growth [2] - The trend of sector-focused investments through ETFs is evident, but it also leads to concentration risks in a few industries, especially in the context of increased market volatility since September [2] - Investors are seeking to leverage the benefits of ETFs, such as high liquidity, transparency, and low costs, while diversifying risks across multiple sectors and asset classes [2] ETF-FOF Products - In 2025, 19 ETF-FOF products have been filed by public fund companies, with 4 already established, including the upcoming ETF-FOF from浦银安盛基金, focusing on multi-asset allocation primarily through ETFs [3] - The浦银安盛颐和稳健养老一年 fund holds 56 funds, with a significant portion in bond funds (70.2%), followed by stock funds (11.4%), and international QDII (8.86%) [4][5] - The asset allocation strategy includes a diverse range of assets such as A-shares, overseas markets, bonds, and commodities, aiming to smooth volatility and control drawdowns [4][5] Performance and Characteristics - The浦银安盛颐和稳健养老一年 fund has shown a return of 6.32% with a maximum drawdown of 1.41% over a recent period, indicating strong performance relative to traditional "fixed income plus" products [8][11] - The performance metrics of the fund include an annualized return of 7.82%, an annualized volatility of 2.42%, and a Sharpe ratio of 2.38, showcasing its attractiveness compared to low-volatility fixed income products [18] - The ETF-FOF products are seen as an upgrade to "fixed income plus" offerings, providing a broader asset class exposure while maintaining a significant bond allocation [12][14] Investment Strategy - The investment strategy for multi-asset FOFs emphasizes "risk budgeting and volatility control," with fund managers using volatility as a benchmark for overall portfolio construction [20] - The investment scope includes a wide range of public fund tools such as ETFs, LOFs, QDII funds, commodity funds, and public REITs, reflecting a comprehensive approach to asset allocation [20] - The diverse nature of multi-asset FOFs allows them to adapt to varying market conditions, providing opportunities even when certain asset classes underperform [19]