( 1)? Index fund (index? Based on the idea of passive investment, Fund believes that the market is completely effective and no investor can outperform the market for a long time. It turns out that most fund managers who actively invest in the US stock market can't beat the S&P 500 index funds. The advantages of index fund investment are:

a.？ This ratio is very low. Compared with the actively managed 1%-2% management fee and redemption fee, the cost of index funds is usually below 0.5%.

b.？ The income is considerable. Whether in China or the United States, there are too few fund managers who can consistently outperform the market for a long time.

(2) Quantitative fund is a fund created based on various ideas of quantitative investment. Take the fund constructed by Alpha strategy as an example, its purpose is to eliminate the risk of market fluctuation and obtain low-risk excess returns beyond the market. Such funds often think that through certain methods, they can dig out the excess returns of individual stocks (that is, the market is not always completely efficient), so as to obtain low-risk returns through stock index futures hedging.

Conclusion: Quantitative funds are not naturally superior to index funds. They have different dimensions and different risk/return characteristics, so they cannot be generalized. If the market is considered to be effective for a long time, then index funds are a better choice; However, if fund managers can continuously outperform the market, and investors are risk-averse and unwilling to take the risk of market fluctuations, then quantifying hedge funds may be a better choice.