1. Gold ETF products are index funds, and the expected return and risk level are higher than that of hybrid, bond and money market funds.

2. The proposed fund managers Xu Zhiyan and Xu Yiyi, both fund managers manage multiple index funds and have rich management experience.

3. Huaan Fund was established in 1998 with a registered capital of 150 million yuan, and the company's flag fund product line is relatively complete. As of the first quarter of 2013, it managed a total of 79.529 billion yuan of public assets, ranking 10 out of 70 fund companies (excluding linked funds). It was rated as an AA grade company in the latest Tianxiang Public Fund Management Company Comprehensive Rating.

Based on the above analysis, gold ETFs are a “medium to high risk” fund type.