Group 1 - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,024.5 billion, reflecting a 1.2% increase compared to the previous month-end [1][2] - The firm experienced net long-term inflows of $5.8 billion during the month, while non-management fee earning net outflows were $0.4 billion [1] - Money market net inflows amounted to $4.0 billion, and AUM was positively impacted by favorable market returns, which contributed an increase of $22 billion [1] - Foreign exchange (FX) fluctuations decreased AUM by $8.5 billion [1] - Preliminary average total AUM for the quarter through July 31 was $2,029.0 billion, with preliminary average active AUM at $1,095.9 billion [1] Group 2 - As of July 31, 2025, the total AUM was $2,024.5 billion, with specific allocations including $559.0 billion in ETFs & Index Strategies, $298.5 billion in Fixed Income, and $287.0 billion in Equities [2] - The AUM figures for previous months were $2,001.4 billion in June 2025, $1,942.7 billion in May 2025, and $1,840.0 billion in April 2025, indicating a consistent upward trend [2]

Core Insights - The Invesco PHLX Semiconductor ETF (SOXQ) offers broad exposure to the Technology - Semiconductors segment, appealing to both retail and institutional investors due to its low costs and transparency [1][2]. Fund Overview - SOXQ, launched on June 11, 2021, has accumulated over $501.3 million in assets, positioning it as an average-sized ETF in the semiconductor sector [3]. - The ETF aims to replicate the performance of the PHLX Semiconductor Sector Index, which tracks the 30 largest U.S.-listed semiconductor companies [3]. Cost Structure - The annual operating expenses for SOXQ are 0.19%, making it one of the least expensive ETFs in its category, with a 12-month trailing dividend yield of 0.63% [4]. Sector Exposure and Holdings - SOXQ is fully allocated to the Information Technology sector, with Nvidia Corp (NVDA) representing approximately 11.89% of total assets, followed by Broadcom Inc (AVGO) and Taiwan Semiconductor Manufacturing Co Ltd Adr (TSM) [5][6]. - The top 10 holdings constitute about 58.74% of total assets under management [6]. Performance Metrics - As of August 11, 2025, SOXQ has gained approximately 14.39% year-to-date and 20.68% over the past year, with a trading range between $28.07 and $45.58 in the last 52 weeks [7]. - The ETF has a beta of 1.55 and a standard deviation of 36.22% over the trailing three-year period, indicating more concentrated exposure compared to peers [7]. Alternatives - SOXQ holds a Zacks ETF Rank of 2 (Buy), indicating strong potential based on expected returns and expense ratios [8]. - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) with $13.47 billion in assets and VanEck Semiconductor ETF (SMH) with $26.75 billion, both having an expense ratio of 0.35% [9].

Core Insights - The Invesco Dorsey Wright Industrials Momentum ETF (PRN) is designed to provide broad exposure to the Industrials sector, appealing to both retail and institutional investors due to its low costs, transparency, flexibility, and tax efficiency [1][2] Fund Overview - PRN was launched on October 12, 2006, and has accumulated assets over $358.2 million, positioning it as an average-sized ETF in the Industrials - Broad segment [3] - The ETF aims to match the performance of the DWA Industrials Technical Leaders Index, which includes at least 30 stocks from a universe of approximately 3,000 US-traded common stocks [4] Cost Structure - The annual operating expenses for PRN are 0.6%, which is competitive with most peer products, and it has a 12-month trailing dividend yield of 0.35% [5] Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, comprising about 94.8% of the portfolio [6] - Heico Corp (HEI) is the largest holding at approximately 4.95% of total assets, followed by Rocket Lab Corp (RKLB) and Comfort Systems USA Inc (FIX). The top 10 holdings account for about 42.37% of total assets [7] Performance Metrics - As of August 7, 2025, PRN has gained approximately 5.97% year-to-date and about 22.41% over the past year. The ETF has traded between $122.83 and $177.75 in the last 52 weeks [8] - PRN has a beta of 1.22 and a standard deviation of 22.9% over the trailing three-year period, indicating medium risk with more concentrated exposure than peers [8] Alternatives - PRN carries a Zacks ETF Rank of 3 (Hold), suggesting it is a viable option for investors seeking exposure to the Industrials sector. Other alternatives include the Vanguard Industrials ETF (VIS) and the Industrial Select Sector SPDR ETF (XLI), which have significantly larger asset bases and lower expense ratios [9][10]

[PART I. Financial Information](index=6&type=section&id=PART%20I.%20Financial%20Information) This section provides Invesco Ltd.'s unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended June 30, 2025 [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Invesco Ltd.'s unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, cash flows, and equity changes, for periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$28.50 billion** by June 30, 2025, driven by consolidated investment products, while total equity attributable to Invesco Ltd. decreased to **$13.87 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$28,496.9** | **$27,008.9** | | Cash and cash equivalents | $922.7 | $986.5 | | Goodwill | $8,583.3 | $8,583.3 | | Investments and other assets of CIP | $9,673.9 | $8,374.5 | | **Total Liabilities** | **$13,538.0** | **$11,340.1** | | Debt | $1,883.9 | $890.6 | | Debt and other liabilities of CIP | $8,192.5 | $6,853.1 | | **Total Equity Attributable to Invesco Ltd.** | **$13,873.1** | **$14,559.9** | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) In Q2 2025, Invesco Ltd. reported a **net loss of $12.5 million** due to a preferred share repurchase, contrasting with net income in Q2 2024 Income Statement Summary (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $1,515.5 | $1,483.3 | $3,044.7 | $2,958.6 | | Operating income | $214.2 | $206.8 | $491.5 | $419.9 | | Net income/(loss) attributable to Invesco Ltd. | $(12.5) | $132.2 | $158.6 | $273.7 | | Diluted EPS | $(0.03) | $0.29 | $0.35 | $0.60 | - A significant cost of **$159.3 million** was incurred for the repurchase of preferred shares in Q2 2025, leading to a net loss attributable to Invesco Ltd. for the quarter[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$463.3 million** for the six months ended June 30, 2025, while financing activities included a **$1.15 billion** preferred share repurchase Six-Month Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $463.3 | $434.7 | | Net cash provided by/(used in) investing activities | $(367.4) | $57.4 | | Net cash provided by/(used in) financing activities | $(195.5) | $(860.0) | | **Increase/(decrease) in cash and cash equivalents** | **$(99.6)** | **$(367.9)** | - Financing activities in the first half of 2025 were marked by a **$1.15 billion** repurchase of preferred shares and the issuance of **$992.7 million** in new bank term loans[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fair value measurements, debt, and share capital, highlighting a **$1.0 billion** preferred stock repurchase and an increased **$2.5 billion** revolving credit facility - On May 16, 2025, Invesco repurchased **$1.0 billion** of Series A Preferred Stock held by Massachusetts Mutual Life Insurance Company (MassMutual)[51](index=51&type=chunk) - The company amended its revolving credit agreement, increasing its capacity from **$2.0 billion** to **$2.5 billion** and extending the maturity to May 2030. It also entered into two new floating-rate bank term loans totaling **$1.0 billion**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has undrawn co-invest capital commitments of **$779.6 million** as of June 30, 2025[62](index=62&type=chunk) - A second quarter 2025 dividend of **$0.21 per common share** was declared on July 21, 2025[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting record **$2.0 trillion** Assets Under Management (AUM) in Q2 2025, capital management, and a strategic partnership with Barings [Executive Overview](index=23&type=section&id=Executive%20Overview) The company achieved record **$2.0 trillion** AUM in Q2 2025, repurchased **$1.0 billion** in preferred shares, and formed a strategic partnership with Barings - The company reached a record **$2.0 trillion** in Assets Under Management (AUM) in the second quarter of 2025[86](index=86&type=chunk) - On May 16, 2025, the company repurchased **$1.0 billion** of its outstanding Series A preferred shares, funded by **$1.0 billion** in new 3-year and 5-year bank term loans. The revolving credit agreement was also increased to **$2.5 billion** and extended to 2030[87](index=87&type=chunk) - A strategic partnership with Barings (MassMutual's asset management subsidiary) was announced to expand the private markets business, with MassMutual intending to invest an initial total of **$650 million**[88](index=88&type=chunk) [Assets Under Management](index=28&type=section&id=Assets%20Under%20Management) Total AUM increased to **$2,001.4 billion** by June 30, 2025, driven by **$15.6 billion** in net long-term flows and **$126.4 billion** in market gains AUM Roll-Forward for Q2 2025 (in billions) | Metric | Total AUM | Active | Passive | | :--- | :--- | :--- | :--- | | Beginning Assets (April 1) | $1,844.8 | $1,041.3 | $803.5 | | Net long-term flows | $15.6 | $3.8 | $11.8 | | Total net flows | $15.2 | $0.6 | $14.6 | | Market gains and losses | $126.4 | $33.4 | $93.0 | | Foreign currency translation | $14.0 | $11.2 | $2.8 | | **Ending Assets (June 30)** | **$2,001.4** | **$1,087.5** | **$913.9** | - For the six months ended June 30, 2025, total net flows were **$47.8 billion**, with net long-term flows contributing **$33.2 billion**[106](index=106&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2025 operating revenues increased 2.2% to **$1.52 billion**, with operating income rising 3.6% to **$214.2 million**, despite a 12.8% increase in employee compensation Q2 2025 vs Q2 2024 Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $1,515.5 | $1,483.3 | 2.2% | | Total operating expenses | $1,301.3 | $1,276.5 | 1.9% | | Operating income | $214.2 | $206.8 | 3.6% | - Employee compensation expense increased by **$58.1 million (12.8%)** YoY in Q2 2025, primarily due to **$16.9 million** in severance, a **$22.4 million** increase in deferred compensation mark-to-market expense, and higher variable compensation[155](index=155&type=chunk) - General and administrative expenses decreased by **$41.2 million (22.8%)** YoY in Q2 2025, mainly because the prior-year period included a **$50 million** accrual for a regulatory settlement[161](index=161&type=chunk) - The effective tax rate increased to **28.1%** for Q2 2025 from **24.6%** in Q2 2024, primarily due to jurisdictional tax rate changes and an unfavorable mix of income[175](index=175&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity reached **$3.42 billion** by June 30, 2025, supported by a **$2.5 billion** revolving credit facility, with the company repurchasing **$1.0 billion** in preferred stock Sources of Liquidity (in millions) | Source | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $922.7 | $986.5 | | Available Revolving credit agreement | $2,500.0 | $2,000.0 | | **Total sources of liquidity** | **$3,422.7** | **$2,986.5** | - In H1 2025, the company repurchased **3.2 million common shares** for **$50 million** and **$1.0 billion** of Series A Preferred Stock[204](index=204&type=chunk) - The company maintained strong investment-grade credit ratings of **BBB+ (S&P)**, **A3 (Moody's)**, and **A (Fitch)**, all with stable outlooks[205](index=205&type=chunk) - As of June 30, 2025, the company was in compliance with its debt covenants, reporting a leverage ratio of **0.83:1.00** (well below the maximum of 3.25:1.00) and an interest coverage ratio of **26.69:1.00** (above the minimum of 4.00:1.00)[225](index=225&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include AUM market price, securities market, interest rate, and foreign exchange rate risks, with no material changes reported - The company's main market risks are AUM market price risk, securities market risk, interest rate risk, and foreign exchange rate risk, with no material changes reported for the period[235](index=235&type=chunk) - Investment management revenues are directly tied to the value of AUM, meaning declines in market prices of securities could significantly reduce revenues[236](index=236&type=chunk) - As of June 30, 2025, **47.3%** of the company's debt had fixed interest rates, mitigating some exposure to interest rate fluctuations[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[244](index=244&type=chunk) - There were no changes during the six months ended June 30, 2025, that materially affected or are likely to materially affect the company's internal control over financial reporting[245](index=245&type=chunk) [PART II. Other Information](index=59&type=section&id=PART%20II.%20Other%20Information) This section covers legal proceedings, risk factors, unregistered sales of equity securities, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings are referenced in Note 10 of the financial statements, with management expecting no material impact on the company's financial condition - Details regarding legal proceedings are provided in Note 10, "Commitments and Contingencies - Legal Contingencies," within the financial statements[248](index=248&type=chunk) [Item 1A. Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) No significant changes to the company's risk factors have been reported since the Annual Report on Form 10-K for 2024 - The company reports no significant changes in its risk factors from those previously disclosed in its 2024 Form 10-K[249](index=249&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **1,745,987 common shares**, with **$282.2 million** remaining available under the repurchase authorization Common Share Repurchases for Q2 2025 | Month | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 632,875 | $13.38 | | May 2025 | 543,180 | $14.85 | | June 2025 | 569,932 | $14.85 | | **Total** | **1,745,987** | **N/A** | - As of June 30, 2025, **$282.2 million** remained available under the company's share repurchase authorization[251](index=251&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the Form 10-Q, including corporate governance documents, credit agreements, and CEO/CFO certifications - The exhibits include certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[255](index=255&type=chunk)

Core Viewpoint - Invesco Ltd. (IVZ) has reached a significant support level and is considered a potential investment opportunity due to a recent "golden cross" technical pattern, indicating a bullish breakout may be forthcoming [1]. Technical Analysis - IVZ's 50-day simple moving average has recently crossed above its 200-day moving average, forming a "golden cross," which is a bullish signal for traders [1]. - A successful golden cross event consists of three stages: the stock price bottoms out, the shorter moving average crosses above the longer moving average, and the stock maintains upward momentum [2]. Performance Metrics - Over the past four weeks, IVZ has experienced a gain of 25.6% [3]. - The stock currently holds a 3 (Hold) rating on the Zacks Rank, suggesting it may be poised for further breakout [3]. - Earnings expectations for IVZ have improved, with six upward revisions and no downward changes in the last 60 days, leading to an increase in the Zacks Consensus Estimate [3]. Investment Outlook - The combination of positive earnings estimate revisions and the technical breakout suggests that investors should monitor IVZ for potential gains in the near future [5].

Core Insights - The focus for income investors is generating consistent cash flow from liquid investments, primarily through dividends, bond interest, and other investment interests [1][2] Company Overview - Invesco (IVZ), headquartered in Atlanta, has experienced a price change of 24.26% this year and currently pays a dividend of $0.21 per share, resulting in a dividend yield of 3.87% [3] - The Financial - Investment Management industry has a yield of 2.79%, while the S&P 500's yield is 1.48% [3] Dividend Performance - Invesco's current annualized dividend of $0.84 has increased by 3.1% from the previous year, with an average annual increase of 7.66% over the last five years [4] - The company's payout ratio is 48%, indicating that it paid out 48% of its trailing 12-month EPS as dividends [4] Earnings Growth Expectations - For the fiscal year, Invesco expects solid earnings growth, with the Zacks Consensus Estimate for 2025 at $1.79 per share, reflecting a year-over-year growth rate of 4.68% [5] Investment Considerations - High-growth firms typically do not provide dividends, while established companies with secure profits are often preferred for dividend investments [6] - Invesco is viewed as an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [6]

IVZ currently has a forward P/E ratio of 12.15, while TPG has a forward P/E of 28.82. We also note that IVZ has a PEG ratio of 1.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TPG currently has a PEG ratio of 1.48. Another notable valuation metric for IVZ is its P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is def ...

Core Insights - The Invesco KBW Property & Casualty Insurance ETF (KBWP) provides broad exposure to the Financials - Insurance segment and is passively managed, launched on December 2, 2010 [1] - The ETF has gained popularity among retail and institutional investors due to its low costs, transparency, flexibility, and tax efficiency, making it suitable for long-term investment [1] Fund Overview - Sponsored by Invesco, KBWP has assets exceeding $456.27 million, positioning it as an average-sized ETF in the Financials - Insurance segment [3] - The fund aims to match the performance of the KBW Nasdaq Property & Casualty Index, which includes approximately 24 property and casualty insurance companies [4] Cost Structure - The annual operating expenses for KBWP are 0.35%, categorizing it as one of the least expensive options in its category [5] - The ETF has a 12-month trailing dividend yield of 1.84% [5] Sector Exposure and Holdings - KBWP is fully allocated to the Financials sector, with about 100% of its portfolio dedicated to this area [6] - American International Group Inc (AIG) constitutes approximately 8.15% of total assets, with the top 10 holdings making up about 59.91% of total assets under management [7] Performance Metrics - The ETF has returned roughly 1.2% year-to-date and increased by about 10.73% over the past year, with a trading range between $104.61 and $126.65 in the last 52 weeks [8] - It has a beta of 0.57 and a standard deviation of 18.57% over the trailing three-year period, indicating medium risk [8] Alternatives - KBWP holds a Zacks ETF Rank of 2 (Buy), based on expected asset class return, expense ratio, and momentum [9] - Other ETFs in the space include iShares U.S. Insurance ETF (IAK) and SPDR S&P Insurance ETF (KIE), with assets of $731.29 million and $844.93 million respectively [10]

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - Last week in the US, 37 new ETF products were issued, with an acceleration in issuance, including products that both increase and decrease concentration. The factor rotation ETF had inflows of over $1 billion, and Bitcoin products outperformed Ethereum products. In May 2025, the total non - money public funds in the US increased, and from July 2nd to 9th, domestic stock funds had outflows while bond products had inflows [2]. Summary According to the Table of Contents 1. US ETF Innovation Products: Products with Increased and Decreased Concentration Issued Simultaneously - 37 new products were issued last week, involving series products from multiple companies. Direxion, Leverage Shares, etc. expanded single - stock leveraged and inverse products. WEBs issued the Defined Volatility series products. Invesco and Janus Henderson issued bond products. Crossmark issued large - cap growth and value ETFs, and Defiance issued an AI and power infrastructure ETF. Roundhill expanded its weekly leveraged + dividend ETFs [5][6][7]. - Xtrackers issued an industry - diversified product, SPXD, which tracks the S&P 500 Diversified Sector Weight Index and distributes weights based on sub - industry revenues. Its first - largest weighted stock is Berkshire Hathaway, with a weight of about 3.7%, and the weights of other stocks are below 2%. Global X issued the PureCap series products to address US regulatory restrictions on ETF shareholding ratios [8][11][12]. 2. US ETF Dynamics 2.1 US ETF Funds: Factor Rotation ETF Inflows Exceeded $1 Billion - Last week, stock ETFs had inflows of over $16 billion, with similar inflows for domestic and international stocks. Bond ETFs had more domestic inflows than international ones, and Bitcoin and commodity ETFs continued to have inflows. The factor rotation products had single - week inflows of over $1 billion and their current scale has exceeded $20 billion. The top out - flowing products were mainly S&P 500 ETFs from State Street and BlackRock [13][14]. 2.2 US ETF Performance: Bitcoin Products Outperformed Ethereum - Since the beginning of this year, the cryptocurrency market has attracted attention. The total scale of relevant US ETFs has exceeded $150 billion. The BlackRock Bitcoin ETF is close to $90 billion, and the BlackRock Ethereum ETF exceeds $10 billion. Bitcoin has a year - to - date increase of about 25%, while Ethereum products have an increase of less than 10%, and BlackRock's products have relatively good performance [17]. 3. Recent Capital Flows of US Ordinary Public Funds - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic US equity products increased by 5.49%, slightly lower than the stock increase. From July 2nd to 9th, domestic US stock funds had total outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [21].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The industry and market are increasingly focusing on multi - asset ETFs as an innovative product offering one - stop asset allocation solutions. The report explores the development of US multi - asset ETFs to provide insights for domestic market innovation [2][11]. - US multi - asset ETFs have shown significant growth in recent years, with distinct characteristics such as strong head - effects in scale, rapid development of actively managed products, and extensive application of FOF - type products [2][20][31]. - The development of US multi - asset ETFs offers important lessons for the domestic market, including deepening multi - asset index development, diversifying allocation strategies, and broadening underlying asset investment tools [5]. 3. Summary by Directory 3.1 Two Action Plans Mentioned, Multi - asset ETFs Are Approaching - The "Public Offering Plan" emphasizes increasing the creation of asset - allocation products to meet the needs of investors with different risk preferences and promote the coordinated development of equity and fixed - income investments [8]. - The "Index Plan" proposes researching and launching innovative index products such as multi - asset ETFs and expanding the underlying asset categories of ETFs. Recent releases of multi - asset indices indicate growing market attention [10][11]. 3.2 Analysis of the Development History and Current Situation of US Multi - asset ETFs - In 2005, BlackRock issued the world's first multi - asset ETF in Canada. In 2006, Invesco launched the first US multi - asset ETF. After the 2008 financial crisis, multi - asset ETFs evolved rapidly [13][14]. - As of March 31, 2025, there are 181 multi - asset ETFs in the US market, with a total scale of $36 billion, ranking first globally. However, their scale accounts for only 0.35% of all US ETFs, indicating significant growth potential [18]. - The top three fund managers in terms of management scale are BlackRock, Pacer Advisors, and First Trust Portfolios, with a combined scale ratio of 45.35%. The top ten multi - asset ETFs in terms of fund scale account for 51.26% of the total scale [22][25]. - Actively managed multi - asset ETFs have developed rapidly. As of March 31, 2025, 146 out of 181 multi - asset ETFs are actively managed, accounting for 80.66%. Their issuance has increased explosively since 2021 [31]. - FOF - type products are widely used in US multi - asset ETFs. As of March 31, 2025, 73 out of 181 multi - asset ETFs are marked as FOF - type, accounting for nearly 40%, with a fund scale of $13.041 billion, about 36% of the total [34]. - The expense ratios of US multi - asset ETFs vary significantly. The average expense ratio of all 181 multi - asset ETFs is 0.80%, with actively managed and passively managed products having average expense ratios of 0.83% and 0.69% respectively. The expense ratio has generally remained low since 2016 [5][40]. 3.3 Exploration of the Strategy Classification of US Multi - asset ETFs - **Core Allocation Type**: This is the most common strategy type, further divided into target - risk, macro - strategy, and subjective - allocation subtypes. Target - risk type aims to meet pre - designed risk metrics, with 28 products and a scale of $8.176 billion. Macro - strategy type adjusts asset allocation based on macro - economic analysis, with 12 products and a scale of $0.937 billion. Subjective - allocation type gives investment managers high freedom, with 57 products and a scale of $10.402 billion [44][47][51]. - **Trend - Following Type**: These ETFs use momentum factors or trend - following models for asset allocation. As of March 31, 2025, there are 26 products with a scale of $7.193 billion, accounting for about 20% of the total [54][55]. - **Target - Dividend Type**: These ETFs focus on interest (dividend) income, with 22 products and a scale of $6.384 billion. The average historical dividend rate of 17 products issued before 2024 is 7.20%, much higher than other types [58][63]. - **Option - Strategy Type**: These ETFs add option - based derivatives to underlying assets to change the risk - return characteristics. As of March 31, 2025, there are 36 products with a scale of $2.907 billion, accounting for 8.08% of the total [63][64]. 3.4 Suggestions and Insights - **Investor Suggestions**: Different types of investors can choose corresponding multi - asset ETFs. For example, risk - sensitive investors can choose target - risk type; policy - sensitive investors can choose macro - strategy type; investors seeking stable cash flow can choose target - dividend type; those preferring quantitative strategies can choose trend - following type; and investors interested in alternative strategies can choose option - strategy type [68][69][70]. - **Insights for the Domestic Market**: The domestic market should prioritize using existing multi - asset indices as tracking targets, deepen the development of multi - asset indices, focus on stable strategies and diversify allocation strategies, and broaden underlying asset investment tools to promote the development of multi - asset ETFs [72][73][75].