Core Viewpoint - The recent surge in ETF-FOF strategies has attracted significant attention in the industry, with multiple fund managers submitting applications for such products [2][4]. Group 1: Fund Submissions - On September 3, 2023, the China Securities Regulatory Commission (CSRC) reported that FuGuo Fund submitted an application for the FuGuo Hengyi 3-Month Holding Period Mixed Fund of Funds (ETF-FOF) [1]. - Several fund management companies, including Ping An Fund, Guotai Junan Asset Management, Pengyang Fund, and others, have also submitted applications for similar products in the second half of this year [2]. - Specific products submitted include Ping An Yingda 90-Day Holding Period Bond Fund of Funds (ETF-FOF), Ping An Ying'an 3-Month Holding Period Mixed Fund of Funds (ETF-FOF), and Guotai Junan's Good Selection Stable Allocation 3-Month Holding Period Mixed Fund of Funds (ETF-FOF) [2]. Group 2: Ongoing Issuance - The Xingzheng Global Yingfeng Multi-Asset Allocation 3-Month Holding Period Mixed Fund of Funds (ETF-FOF) is currently in the issuance phase [3]. Group 3: Approval Progress - The approval status for various ETF-FOF applications shows that some are in progress while others are under review, indicating a robust interest in this investment vehicle [4].

Core Viewpoint - The article discusses the launch of the ETF-FOF strategy by Xingzheng Global Fund, highlighting the growing importance of index-based investment tools in multi-asset allocation strategies as the domestic market matures [3][4]. Group 1: ETF-FOF Strategy Launch - The ETF-FOF product, named Xingzheng Global Yingfeng Multi-Asset Allocation Three-Month Holding (ETF-FOF), is managed by experienced fund managers Liu Xiao and Liu Shuiqing [3][4]. - The performance benchmark for the ETF-FOF is set to a specific mix of indices, including 60% of the CSI A500 Index, 15% of the MSCI World Index, 15% of the China Bond Composite Index, 5% of the Hang Seng Index, and 5% of the Shanghai Gold Exchange Au99.99 spot contract closing price [4][5]. - The strategy aims to create a more diversified asset portfolio compared to traditional stock-bond combinations, focusing on long-term risk diversification and stable returns [5][6]. Group 2: Investment Approach and Management - The team plans to utilize index-based tools to express market factor views while also taking advantage of pricing discrepancies in extreme market conditions [6][7]. - The focus will be on selecting high-liquidity ETFs and engaging in short-term trading when significant arbitrage opportunities arise [7][8]. - The team emphasizes the importance of the capabilities of the index management teams behind the ETFs, considering factors like tracking error, liquidity, and fees in their selection process [6][8]. Group 3: Future Development and Goals - The team has over five years of experience in FOF investment management and aims to provide a comprehensive solution for multi-asset allocation [8][9]. - Future plans include expanding the range of asset classes included in the portfolio while maintaining a focus on performance benchmarks to enhance tracking and returns [9].

随着国内市场指数化投资日益成熟，如何挑选和运用这些指数化工具，成为不少投资者面临的难题。伴 随结构化行情持续演绎，多资产策略逐步得到市场关注和认可，指数化工具产品凭借其纯粹且透明的优 势，正在成为落实大类资产配置策略的有力抓手。 借此时机，兴证全球基金多元资产配置部启动ETF-FOF策略，推出拟由资深FOF基金经理刘潇和指数投 资"强将"刘水清共同管理的兴证全球盈丰多元配置三个月持有（ETF-FOF）。日前，刘潇、刘水清在接 受中国证券报记者采访时，围绕如何借助指数化工具践行多资产配置策略展开了详细介绍。 兴证全球基金 刘潇 兴证全球基金 刘水清 ETF-FOF推出时机成熟 "一方面，基于公司的主动权益投研观点支持，我们会在市值、成长、价值等方面适当做些风格暴露， 利用指数化工具来表达我们对于市场因子的观点；另一方面，ETF在极端情况下会出现定价失真的情 况，我们会积极把握这样的套利机会；此外，我们还会参与一些网下IPO、定增以及大宗交易的机会， 为组合积累更多的超额收益。"刘水清表示。 在海外权益投资部分，刘水清坦言，由于海外市场的机构化程度较高，相比指数难以做出更稳定的超额 收益，团队在这方面的主动管理操 ...

Group 1 - The core viewpoint of the article emphasizes the growing maturity of index-based investment in the domestic market and the increasing recognition of multi-asset strategies, with index tools becoming essential for implementing asset allocation strategies [1][2] - The newly launched ETF-FOF product by Xingzheng Global Fund aims to provide a diversified asset allocation strategy, with a performance benchmark that includes various asset classes such as A-shares, overseas stocks, domestic bonds, Hong Kong stocks, and gold [2][3] - The long-term return of the performance benchmark is considered substantial, with improved risk resistance compared to traditional stock-bond combinations, focusing on generating excess returns [3] Group 2 - The team at Xingzheng Global Fund plans to utilize active style exposure in their FOF management, leveraging their expertise in equity investment to enhance returns beyond the benchmark [4][5] - The ETF products selected will primarily be those with large scale and good liquidity, facilitating the achievement of benchmark tracking goals, while also taking advantage of arbitrage opportunities during market volatility [5][6] - The development direction for FOF is to provide multi-asset allocation solutions, with plans to gradually incorporate more asset classes into their portfolio based on established strategies [7][8]