Core Insights - The personal pension investment index fund Y shares have experienced rapid growth since their establishment, with total net assets reaching 1.576 billion yuan by the end of Q2 2025, a 32.82% increase from 1.186 billion yuan at the end of Q1 2025, and nearly five times the net assets reported for 68 products at the end of 2024 [1] Group 1: Fund Performance - The Huatai-PineBridge CSI Dividend Low Volatility ETF Link Y (022951) saw its scale grow by 142 million yuan in the first half of 2025, marking a 312% increase, making it the only index product to exceed 100 million yuan in scale growth during this period [2] - As of July 18, 2025, the fund's adjusted unit net value reached 1.7993, with cumulative returns of 7.12% since inception and 7.43% for 2025, outperforming the benchmark by 1.88% and 3.37% respectively [3][4] Group 2: Investment Strategy - The fund's popularity can be attributed to its strong performance in volatile market conditions, showcasing good resilience and offensive capabilities [3] - The Huatai-PineBridge CSI Dividend Low Volatility ETF Link Y is linked to the first ETF with over 20 billion yuan in scale, which enhances its liquidity and attractiveness to investors [6][7] Group 3: Market Environment - The low-volatility dividend strategy aligns well with the long-term value growth and risk control objectives of pension funds, especially in a low-interest-rate environment where the 10-year government bond yield has dropped to 1.68% [8] - The dividend low volatility index has demonstrated lower volatility characteristics, with an annualized volatility of 12.92% and a maximum drawdown of -30.15% over the past decade, indicating stronger resilience during market downturns [9] Group 4: Long-term Outlook - The dividend low volatility strategy has shown consistent annual positive returns since its inception, with a cumulative increase of 322.94% and an annualized return of 13.65% [11] - The fund's historical performance suggests it may continue to be a preferred asset for pension funds seeking stability and growth [11]