Core Viewpoint - The ETF-FOF market is experiencing significant expansion after three years, with 12 institutions filing for 17 ETF-FOF products, driven by a recovering market and increasing popularity of ETFs [1][3][5] Group 1: Market Overview - As of September 5, 2025, there are 17 ETF-FOF products filed by 12 institutions, with 16 expected to be launched within the year [1][3] - The current market for ETFs has surpassed 5 trillion yuan, with over 1,200 products available, providing a diverse range of low-cost and efficient underlying assets for FOFs [7] Group 2: Product Characteristics - ETF-FOF products are defined as public FOFs that allocate over 80% of their non-cash underlying assets to ETFs, marking a shift from traditional active management FOFs [2] - Recent ETF-FOF products include the Xingzheng Global Yingfeng Multi-Asset Allocation and others, with a significant portion of their assets allocated to equity [2][4] Group 3: Industry Trends - The rise of ETF-FOF is attributed to the recovery of market conditions and the growth of the ETF market, which has prompted fund companies to restart their ETF-FOF strategies [5][6] - The first ETF-FOF products were established in 2021, but the expansion was limited until the recent favorable market conditions [5][6] Group 4: Managerial Challenges - The increasing complexity and diversity of ETFs require fund managers to enhance their asset allocation capabilities, focusing on multi-asset strategies rather than just stock selection [8] - Fund managers need strong macroeconomic analysis skills, market insight, and the ability to adapt their strategies to optimize risk-return profiles [8][9]

Core Insights - The ETF-FOF market is experiencing significant expansion after a three-year hiatus, with 12 institutions filing for 17 ETF-FOF products as of September 5, 2025, indicating a renewed interest in this investment vehicle [1][3][5] - The growth of ETF-FOF is attributed to a recovering market and the overall ETF scale surpassing 5 trillion yuan, which has prompted fund companies to enhance their asset allocation capabilities [1][5][6] Group 1: Market Dynamics - As of September 5, 2025, there are 17 ETF-FOF products filed by 12 institutions, with 16 expected to be launched within the year [3][5] - The ETF-FOF products are designed to allocate over 80% of their non-cash underlying assets to ETFs, marking a shift from traditional FOFs that primarily focused on actively managed funds [2][5] - The total number of domestic ETF products has exceeded 1,200, with a total scale of over 5 trillion yuan, providing a diverse range of low-cost and high-efficiency underlying assets for FOFs [5][6] Group 2: Product Development - Notable ETF-FOF products include the Xingzheng Global Yingfeng Multi-Asset Allocation Three-Month Holding and the Ping An Yingxuan 90-Day Holding, both of which have raised over 500 million yuan [2][3] - The first batch of ETF-FOF products was initiated in 2021, with early adopters like Huaxia and ICBC Credit Suisse leading the way [4][5] Group 3: Managerial Challenges - The rise of ETF-FOF necessitates enhanced asset allocation skills from fund managers, as the increasing complexity and variety of ETFs require a more sophisticated approach to investment [7][8] - Fund managers must possess strong macroeconomic analysis capabilities, market insight, and flexible adjustment skills to optimize the risk-return profile of their portfolios [7][8] - The potential for product homogeneity as the number of ETF-FOF products increases highlights the need for strategic innovation and differentiation in the competitive landscape [8]

证监会官网信息显示，截至9月5日，一共有12家机构申报了17只ETF-FOF，其中16只在2025年内申报。包括9月4日和9月 1日申报的2只产品在内，平安基金等公募旗下的ETF-FOF已不少于4只，招商基金、鹏扬基金等申报的ETF-FOF不少于2 只。 基金公司对ETF-FOF的本轮布局，得益于市场行情回暖、ETF规模突破5万亿元等因素。但由于ETF品种日趋多样复杂， 这对基金经理的资产配置能力也提出更高要求。 十多家基金公司布局ETF-FOF 时隔三年后，ETF-FOF迎来大扩容。 从产品分类上看，ETF-FOF不是ETF产品，而是一种将80%以上非现金底层资产配置ETF的公募FOF产品。在此之前， FOF以主动管理型基金为配置对象，较少聚焦被动指数基金。在基金公司大力布局之下，ETF-FOF逐渐成为FOF中的创新 型产品。 根据Wind统计，9月5日正在发行的ETF-FOF有兴证全球盈丰多元配置三个月持有（ETF-FOF）等产品。从招募说明书来 看，这是一只权益型FOF，投资于权益类资产的比例为基金资产的60%-95%，投资公募基金的资产比例不低于80%，其中 投资于ETF的比例不低于非现金基金资产的8 ...