With the growing of fund management companies, the number and species of issued fund becoming rich, while low switching costs among the funds, the fund management industry has been in a competitive environment, when a fund hedging based on the stock index, the stability of the fund's net should be considered, what's more, the relatively income comparison with those similar funds is more important, if its NAV is significantly lagging to similar funds would be faced the risk of redemption. This context, not only the traditional theory emphasizes fund hedge risk aversion function, hedging might result in the fund underperforming similar funds in the overall level of risk should be pay more attention. Aggressive hedging strategy based on the price moving trend analysis would be more effective.