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]

Core Viewpoint - The ETF-FOF market is experiencing significant expansion after a three-year hiatus, driven by a recovering market and the growth of ETF assets exceeding 5 trillion yuan [2][6]. Group 1: ETF-FOF Market Overview - As of September 5, 12 institutions have filed for 17 ETF-FOF products, with 16 expected to be launched by 2025 [2][4]. - Major fund companies like Ping An Fund and China Merchants Fund are actively participating, with Ping An Fund alone filing for at least four ETF-FOF products [2][4]. - The current trend indicates a shift from traditional FOFs, which primarily invested in actively managed funds, to ETF-FOFs that focus on passive index funds [3][6]. Group 2: Product Characteristics and Performance - ETF-FOFs are defined as public FOF products that allocate over 80% of their non-cash underlying assets to ETFs [3]. - Recent products include the Xingzheng Global Yingfeng Multi-Asset Allocation ETF-FOF, which has a target investment in equity assets of 60%-95% and a minimum of 80% in public funds [3]. - Two ETF-FOFs have been established since Q2 2025, each with a scale exceeding 500 million yuan and nearly 10,000 effective subscriptions [3][5]. Group 3: Market Drivers and Trends - The resurgence of the ETF-FOF market is attributed to favorable market conditions and the increasing scale of ETFs, which now exceed 5 trillion yuan and include over 1,200 products [6][7]. - The advantages of ETFs over traditional actively managed funds include lower costs, higher efficiency, and greater transparency, which enhance the appeal of FOF products [7]. Group 4: Challenges and Future Outlook - The rise of ETF-FOFs necessitates higher asset allocation capabilities from fund managers, who must navigate a complex array of ETF products [8]. - The current market environment poses challenges for asset rotation, with potential issues such as liquidity constraints and tracking errors in some ETFs [9]. - As the number of ETF-FOF products increases, there may be a risk of homogenization, emphasizing the need for strategic innovation and differentiation [9].