there are many reasons for the unsatisfactory development of FOF. first, there are not many kinds of domestic fund products, most of which are linked to the stock market. the purpose of spreading risks that fof can achieve cannot be achieved, and the correlation coefficient between various products is too high. Second, the income of these fund products that can be selected is not excellent, or the volatility is too great, so the income that FOF funds can provide is naturally unattractive. Third, FOF is a fund in the fund, and it is also "exploited" at the trading system and tax level. The sub-fund collects management fees and performance commissions, and the parent fund collects them again. Finally, how much income can investors have left? Fourth, the proportion of retail investors in China's stock market is already high, and the development of funds and other institutions is weak, which has a lot to do with investors' ideas.