For ETF products, industry income and style income are two important components of product income. Whether it is the choice of industry, the optimization of stock or the construction of portfolio in the index compilation scheme, it will eventually be reflected in the industry and style characteristics of index portfolio. We can understand the industry characteristics and style characteristics of ETF products by drawing the underlying assets of ETF products.

In the common risk model, besides the systematic fluctuation of the market, "industry" is the most important factor affecting the performance of the portfolio. Different industries have different internal competition patterns due to their different life cycles, profit models and positions in the upstream and downstream of the industrial chain. Due to the influence of internal and external economic environment and policy environment, the differentiation of stock price performance may also be great. Take Shenwan's first-class industry index as an example. From 20 19 to 2020, the best-performing food and beverage index rose by 2 19.8%, while the worst-performing architectural decoration index earned -9.87%. The impact of industry sectors on earnings can be seen. Therefore, to choose ETF funds, we must first judge the industry sector characteristics of its tracking index. In the past two years, high-prosperity tracks such as liquor, science and technology, and medicine have been continuously sought after by funds, and the yield is considerable; Banks, real estate and cyclical sectors performed poorly.