近年来ETF产品火速出圈，成为广大投资者的配置"新宠"，当前市场上ETF数量已突破千只，品类丰富的同时，也让普通投资者陷入了筛选、择时与组合配 置的难题。在此背景下，新型资产配置工具ETF-FOF应运而生，为投资者提供了更省心、省力的投资新思路。 与传统FOF侧重配置主动管理型基金不同，ETF-FOF聚焦被动指数基金构建投资组合，完美融合ETF与FOF的双重核心优势——既承袭了ETF灵活高效、交 易便捷的投资体验，又依托FOF的专业投研能力实现科学分散配置，相当于为投资者一键打包风格各异的优质ETF，成功化解选基难、配基难的实操痛点。 1、立足多元资产投资，追求稳健回报 过去的一年堪称金属商品的大年，黄金、白银、铜等商品都收获了高额的涨幅。但另一方面，同样是商品，原油、焦煤等黑色系商品则表现疲软，以及前几 年市场讨论热烈的中债、美股等资产的热度也逐渐下降。实际上回顾历史会发现，没有任何一种资产可以做到永远上涨，若想要规避大涨大跌的虚幻而切实 留住收益，力争实现稳健的增长，将资金动态的调配到不同类型的资产里是一个很好的解决方案。 | 表1：历史上各类资产的涨跌幅表现 | | --- | | 2014 | 201 ...

Core Insights - Hai Fu Tong Short-term Bond ETF has reached a scale of 700.01 billion yuan, becoming the first bond ETF in China to surpass the 700 billion yuan mark [2][3] - The overall bond ETF market has seen significant growth, with a total scale of 7150.60 billion yuan as of November 20, marking a historical high and an increase of over 540 billion yuan this year [2][9] - The growth of Hai Fu Tong Short-term Bond ETF is attributed to a shift in investor preferences towards short-term investments due to declining yields in money market funds [6][10] Market Performance - Hai Fu Tong Short-term Bond ETF's scale increased by 4.3 billion yuan from the previous trading day, reflecting a year-to-date growth of 138.58% from 293.41 billion yuan at the end of last year [3][6] - The unit net value of Hai Fu Tong Short-term Bond ETF has risen by 1.37% since March, indicating stable performance in the secondary market [6] Investor Behavior - Investors are increasingly attracted to bond ETFs due to lower management fees and higher transparency compared to traditional bond funds, leading to a significant inflow of funds into this segment [10] - The demand for short-term bond ETFs has been bolstered by the growing number of Fund of Funds (FOF) products that are allocating more resources to these ETFs, with 67 FOFs holding a combined market value of 3.29 billion yuan in short-term bond ETFs as of the end of Q3 [6][7] Regulatory and Market Dynamics - The rapid growth of bond ETFs is supported by regulatory initiatives and product innovations from exchanges, which have introduced various new bond ETF products this year [10][11] - Increased participation from market makers and broker-dealer proprietary trading has improved liquidity in the bond ETF market, creating a positive cycle of growth and investment [11] Future Outlook - Despite the current rapid growth, the bond ETF market is still in its early stages, with significant room for expansion as the product offerings remain limited [11] - Future innovations are expected to include cross-border bond ETFs and thematic bond ETFs to meet diverse investor needs and further expand market opportunities [11]

Core Viewpoint - The rapid growth of bond ETFs in China is highlighted by the Hai Futong Short-term Bond ETF surpassing 70 billion yuan, marking a significant milestone in the domestic bond ETF market [2][4][6]. Group 1: Market Growth - As of November 20, the total scale of bond ETFs reached 715.06 billion yuan, a historical high, with an increase of over 540 billion yuan this year, representing a growth rate of 311.02% compared to the end of last year [8][10]. - The Hai Futong Short-term Bond ETF, established on August 3, 2020, has seen its scale grow from 29.34 billion yuan at the end of last year to 70 billion yuan, an increase of 406.6 billion yuan, or 138.58% [6][9]. Group 2: Investment Demand - The low interest rate environment has led to a shift in investor strategies, with a growing demand for trading to achieve returns rather than traditional buy-and-hold strategies [10]. - Investors are increasingly sensitive to management fees, making bond ETFs, which have lower fees and higher transparency, more attractive [10]. Group 3: Regulatory Support - Continuous support from regulatory bodies and exchanges has been crucial for the rapid development of bond ETFs, with innovations in product offerings driving market growth [10][11]. Group 4: Market Liquidity - The involvement of more market makers and proprietary trading firms has significantly improved the liquidity of bond ETFs, creating a positive cycle of scale, liquidity, and capital inflow [11]. - Despite the rapid growth, the bond ETF market is still in its early stages, indicating substantial future growth potential [11].

Core Viewpoint - The launch of the new ETF-FOF product by China Europe Fund marks a significant development in the ETF market, which has seen rapid growth and is expected to continue evolving with more innovative products in response to diverse investor needs [1][5][8] Group 1: Product Details - The China Europe Fund's ETF-FOF product, named "China Europe Active Multi-Asset Allocation 3-Month Holding Mixed Fund," was officially launched on May 13, with a subscription period ending on May 30, 2025, and a minimum fundraising target of 200 million shares [3] - The product aims to invest over 80% of its assets in publicly offered funds approved by the China Securities Regulatory Commission, with at least 80% of non-cash fund assets allocated to ETFs [3][4] - ETF-FOF serves as an innovative asset allocation tool, primarily investing in various types of ETFs to achieve diversified exposure across assets, industries, and regions [3][6] Group 2: Market Context - The ETF market has experienced rapid growth, surpassing 4 trillion yuan in scale, with multiple FOFs heavily investing in ETFs [1][8] - As of the first quarter of 2025, the top three holdings in public FOFs were all ETFs, indicating a strong preference for ETF investments among fund managers [8] - The emergence of ETF-FOF products is attributed to the maturity of the ETF market, which now includes a wide range of products across different risk levels [5][6] Group 3: Investor Suitability - The ETF-FOF product is particularly suitable for long-term investors who are optimistic about equity markets and ETFs but face challenges in selecting individual funds [4][5] - It is also designed for mature investors seeking low-threshold, clear, and diversified asset allocation [4] - The product aims to address common investor difficulties such as selection, operation, and profitability in ETF investments [3][4]

Core Viewpoint - The launch of the innovative "ETF-FOF" asset allocation tool, the China Europe Active Multi-Asset 3-Month Holding Mixed Fund, aims to address the challenges faced by investors in ETF selection and profitability amidst a rapidly growing ETF market exceeding 4 trillion yuan [1] Group 1: Product Launch - The China Europe Active Multi-Asset 3-Month Holding Mixed Fund (A Class: 024021, C Class: 024022) was officially issued on May 13 [1] - The fund is managed by the FOF team led by Hou Danlin from the multi-asset and solutions investment department of China Europe Fund [1] Group 2: Market Context - The ETF market has seen rapid growth, surpassing 4 trillion yuan, leading to challenges such as extreme style differentiation and difficulties in ETF selection and profitability for investors [1] Group 3: Product Features - The "ETF-FOF" asset allocation tool is designed to combine the advantages of ETF investments, such as diversification, transparency, stable styles, convenient trading, and lower fees, with the potential benefits of FOF asset allocation, including reduced portfolio volatility [1] - The product aims to enhance the investment experience and improve the sense of gain for investors [1]