Group 1 - The core viewpoint of the news is the performance and metrics of the Ping An MSCI Low Volatility ETF, which has shown positive returns and strong liquidity indicators [2][3] - As of August 4, 2025, the Ping An MSCI Low Volatility ETF has increased by 12.39% over the past year, with a maximum monthly return of 14.79% since its inception [2] - The ETF has a year-to-date maximum drawdown of 4.60%, with a recovery time of 9 days, indicating its resilience in the market [2] Group 2 - The ETF's management fee is 0.50%, and the custody fee is 0.10%, which are relatively low compared to industry standards [2] - The tracking error for the ETF over the past month is 0.040%, demonstrating its effectiveness in tracking the underlying index [3] Group 3 - The top holdings in the ETF include major companies such as Changjiang Electric Power, Daqin Railway, and Agricultural Bank of China, with respective weights of 2.88%, 2.78%, and 2.70% [5] - The ETF has shown a 3-month annualized excess return of 6.95% compared to its benchmark, highlighting its competitive performance [2]

Group 1 - The core viewpoint of the news highlights the performance of the CSI All Share Free Cash Flow Index, which increased by 0.22% as of June 9, 2025, with notable gains from stocks such as Yiming Pharmaceutical (up 9.99%) and Morning Light Co. (up 9.32%) [1] - The Free Cash Flow ETF Fund closely tracks the CSI All Share Free Cash Flow Index, which includes 100 listed companies with high free cash flow rates, reflecting the overall performance of companies with strong cash flow generation capabilities [6] - The top ten weighted stocks in the CSI All Share Free Cash Flow Index account for 65.68% of the index, with major companies including Midea Group and China Shenhua [6] Group 2 - The macroeconomic environment is characterized by low inflation, rising inventory levels, and declining credit, which positively influences dividend indices and high-performance styles, leading to a recommendation to be bullish on dividend indices [1] - The analysis incorporates a high-dimensional macro variable system to enhance predictive capabilities regarding broad-based, style, and industry returns, focusing on the stability of cycle identification and the significant impact of inflation and inventory on dividend indices [1]