海外创新产品周报：期权策略不断扩充，贝莱德标普500ETF规模升至第二-2025-03-31

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The options strategies of US ETF innovative products are continuously expanding, with an increase in the issuance of active stock - picking ETFs and options - strategy products last week [3]. - The scale of BlackRock's S&P 500 ETF rose to the second place, while US stocks retreated last week, leading to outflows from stock ETFs and stable inflows into gold - based commodity ETFs [3]. - Gold mining ETFs have risen by more than 30% this year, making the raw materials sector the best - performing sector in US stocks [3]. - In February 2025, the total amount of non - money public funds in the US decreased, and the scale of domestic stock - type products declined. From March 12th to March 19th, domestic stock funds and bond products both had outflows [3]. 3. Summary by Directory 3.1 US ETF Innovative Products: Options Strategies Continuously Expanding - Last week, 28 new products were issued in the US, with an increase in the issuance speed. There were many active stock - picking ETFs and options - strategy products [8]. - Single - stock leveraged inverse ETFs had a fast issuance speed. GraniteShares issued 3 products, and Direxion issued leveraged and inverse products [8]. - Options - strategy products continued to expand. First Trust, JPMorgan, YieldMax, and T. Rowe Price all issued relevant products [10]. - BlackRock issued a series of target - maturity bond ETFs, Polen Capital issued high - yield bond products, and other institutions also issued various types of active ETFs [11]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: BlackRock's S&P 500 ETF Scale Rises to Second - US stocks retreated last week, resulting in outflows from stock ETFs and stable inflows into gold - based commodity ETFs [12]. - BlackRock's S&P 500 ETF had the largest inflow, while Vanguard's products had obvious outflows. By last Friday, BlackRock's S&P 500 ETF scale surpassed SPY of State Street [15]. - Dividend products had obvious outflows last week [15]. 3.2.2 US ETF Performance: Gold Mining ETFs Rise by More Than 30% - US stocks have been weak overall this year, but gold mining ETFs have risen by more than 30% due to the strong performance of gold assets, making the raw materials sector the best - performing sector [18]. 3.3 Recent US Ordinary Public Fund Capital Flows - In February 2025, the total amount of non - money public funds in the US was $22.04 trillion, a decrease of $0.18 trillion compared to January. The scale of domestic stock - type products declined by 2.47% [22]. - From March 12th to March 19th, domestic stock funds in the US had a total outflow of $7.812 billion, with the outflow narrowing, while bond products had an outflow close to $7.5 billion [22].