海外创新产品周报：跨境产品表现出色，发行数量增加-20250519

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The issuance of cross - border products in the US ETF market has increased, and cross - border products have performed well. The inflow of US stock ETFs has resumed, and the risk preference of funds has increased. The scale of US domestic stock - type products in non - money mutual funds has declined, and the outflow of domestic stock funds has been relatively stable while bond products have returned to inflow [2]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Increased Issuance of Cross - border Products - Last week, there were 17 new products issued in the US, with an increase in cross - border product issuance. Lazard converted its international stock active fund into an ETF, and Horizon, Russell, Harbor, and Vontobel all issued cross - border products. Additionally, other companies issued various types of ETFs, such as "on - chain economy" ETFs, monopoly ETFs, and single - stock leveraged products [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stocks Re - enter with Large - scale Inflows - Last week, US stock ETFs resumed inflows, with domestic stocks having a single - week inflow of over $20 billion. Vanguard's S&P 500 ETF and Nasdaq ETF had significant inflows, indicating an increase in the risk preference of funds. In the bond products, short - term bonds continued to outflow while long - term bonds had inflows, also reflecting an increase in risk preference. Gold outflows increased during the decline, maintaining the same - direction relationship between fund flow and returns [11][14]. 3.2.2 US ETF Performance: Cross - border Products Perform Well - Since the beginning of this year, US stocks have shown weak performance, while cross - border products have generally performed well. Most developed - market products have had returns of over 10%, while the S&P 500 has had a return of less than 2% during the same period. Emerging - market products have performed slightly weaker but are close to 10% [20]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In March 2025, the total amount of non - money mutual funds in the US was $21.17 trillion, a decrease of $0.88 trillion compared to February 2025. The S&P 500 fell 5.75% in March, and the scale of US domestic stock - type products declined by 6.55%, with the scale decline rate still higher than the stock decline rate. From April 30th to May 7th, US domestic stock funds had a total outflow of $8.5 billion, with a relatively stable outflow, and bond products returned to inflow [21].