多资产指数及指数化投资发展年度报告（2024）_16页_970kb

Summary of Multi-Asset Index and Indexed Investment Development Annual Report (2024)

Overview

Multi-asset funds are key instruments for diversified asset allocation, offering advantages such as reduced investment risk, improved risk-adjusted returns, access to various market opportunities, and cost efficiency over single-asset investments.

U.s. Market Development

The U.S. multi-asset fund market, including traditional funds and ETFs, has seen steady growth, with hybrid funds and FOFs playing significant roles in risk dispersion, especially in pension planning. ETFs face early-stage development, dominated by ETF-FOF structures and active management. Common strategies include constant mix, target risk, risk parity, and dynamic approaches, with target risk ETFs holding the largest share.

China Domestic Status

China's multi-asset funds, primarily hybrid funds, are growing with increasing interest in FOFs and target-date options for retirement planning. Active hybrid funds have shrunk due to market conditions, but FOF adoption is expanding.

CSI Multi-Asset Index System

The CSI index system includes 84 multi-asset indices, covering strategies like constant mix, risk parity, volatility control, target date, and target risk, utilizing various underlying assets.

Key Application Scenarios

These indices are widely used as performance benchmarks for FOF funds, underlying assets for derivatives, investment suggestions for smart advisors, and strategies for portfolio display across financial institutions.

Future Development Prospects

Demand for diversified asset allocation is rising, driven by accumulating household wealth and aging population. Multi-asset indices are expected to expand further, aided by regulations promoting indexed products. Future developments focus on diversifying index strategies and broadening application areas.