Core Viewpoint - The article discusses the importance of multi-asset products in the context of China's regulatory push for high-quality development of public funds, emphasizing the need for long-term absolute return capabilities in fund products [2][9]. Group 1: Overview of Multi-Asset Products - The U.S. multi-asset index market has evolved significantly since the Pension Protection Act of 2006, which established target date funds as default investment options for retirement plans [4][12]. - Various types of multi-asset indices have emerged, including constant proportion, risk parity, target risk, target date, and macro rotation indices, each with distinct methodologies and asset allocation strategies [14][18][20]. Group 2: Current State of Multi-Asset Products in China - Domestic actively managed multi-asset products are characterized by an increase in quantity but lack significant scale, indicating a disconnect between fund managers' intentions and investors' acceptance [5][6]. - Performance issues have contributed to low investor acceptance, with many active multi-asset products underperforming their benchmarks over the past two and a half years [5][6]. Group 3: Future Development Paths - The article suggests that "indexation" could be a viable strategy for the development of multi-asset products in China, which could reduce the complexity of benchmark selection and management pressure [5][6]. - Future development may involve enhancing the diversity of underlying indices and promoting the adoption of multi-asset index products, primarily focusing on constant proportion and target risk index products [6][20]. Group 4: Performance Analysis of U.S. Multi-Asset Indices - The article highlights that the best-performing U.S. multi-asset indices in terms of risk-adjusted returns include the S&P MARC 5% Index, S&P MAESTRO 5 Index, and S&P PRISM ETF Tracker, with the latter achieving an annualized return of 9.7% since 2010 [20][22]. - The performance of these indices varies significantly based on market conditions, with risk parity indices often outperforming in volatile years and macro rotation indices excelling during periods of high inflation [20][21].