海外创新产品周报：比特币ETF继续吸引资金-20250526

Report Investment Rating - No industry investment rating is provided in the report. Core Views - In the US ETF market, thematic product issuance has increased, Bitcoin products continue to attract funds, and Bitcoin spot ETFs have risen nearly 20% this year, while Ethereum has fallen over 20%. In the US ordinary public - offering fund market, the total non - money public - offering funds decreased in March 2025, and there were outflows from domestic stock funds and inflows into bond products recently [1]. Summary by Directory 1. US ETF Innovation Products: Thematic Product Issuance Increases - Last week, there were 7 new US ETF products. iShares issued a military active ETF investing in US and non - US companies, and Amplify issued a natural gas infrastructure ETF with a management fee of 0.59%, investing in 20 - 25 related stocks in transportation, storage, and sales of natural gas [1][6]. - Exchange Traded Concepts issued a stock product tracking the CORE16 Best of Breed Premier Index, selecting 50 stocks based on return skewness and adjusting positions to reduce risk. Vanguard issued 2 tax - exempt municipal bond ETFs, and demand for municipal bond products has been rising [7]. - Volatility Shares issued Ripple XRP futures - related products, including a 2 - times leveraged product and a single - positive product [7]. 2. US ETF Dynamics 2.1 US ETF Funds: Bitcoin Products Continue to Attract Funds - Last week, US bond ETFs had more inflows than stocks, and cross - border stock products also had significant inflows. Bitcoin products continued to attract funds. Except for Vanguard and State Street's S&P 500 ETFs, the top 10 inflow products were from BlackRock. The thematic rotation ETF had large inflows and performed similarly to the S&P 500 this year. BlackRock's AI - segmented ETF also had obvious inflows, while software ETFs had outflows [1][8][11]. - Most products had outflows in the second half of last week. The iShares S&P 500 ETF had the most outflows among S&P 500 ETFs, and gold ETFs had continuous outflows recently [13]. 2.2 US ETF Performance: Bitcoin ETFs Rose Nearly 20% - This year, Bitcoin spot ETFs have risen nearly 20%, while the futures ETF BITO has a gain of about 16%. The 2 - times leveraged product's return is close to that of the spot due to the underperformance of futures and volatility losses. Ethereum has fallen over 20% [1][14]. 3. Recent US Ordinary Public - Offering Fund Fund Flows - In March 2025, the total non - money public - offering funds in the US was $21.17 trillion, a decrease of $0.88 trillion from February. The S&P 500 fell 5.75% in March, and the scale of US domestic stock products declined 6.55%. From May 7th to May 14th, US domestic stock funds had an outflow of $9.4 billion, and bond products had an inflow of over $10 billion [1][18].