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].

Core Insights - The article discusses the growing maturity of index-based investment in the domestic market and the challenges investors face in selecting and utilizing these index tools [1] - The introduction of the ETF-FOF strategy by Xingzheng Global Fund aims to leverage index tools for multi-asset allocation strategies, managed by experienced fund managers [1][2] Group 1: ETF-FOF Strategy - The ETF-FOF product launched by Xingzheng Global Fund has a clearly defined performance benchmark that includes a mix of 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 [3] Group 2: Active Management and Investment Approach - The fund management team plans to utilize active management strategies to enhance returns beyond the established benchmark, focusing on market factors and potential arbitrage opportunities [4][5] - The team emphasizes the importance of selecting high-liquidity and well-performing ETFs, while also being prepared to engage in short-term trading during market volatility [5] Group 3: Experience and Future Direction - Xingzheng Global Fund's multi-asset allocation team has over five years of experience in FOF investment management, aiming to provide a comprehensive selection of fund products for investors [6][7] - The future direction of FOF development will focus on expanding asset categories and improving tracking and return enhancement based on established benchmarks [7]

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]