海外创新产品周报：KraneShares发行人形机器人ETF-20250609

Report Industry Investment Rating No relevant content provided. Core View of the Report The report focuses on the innovation, capital flow, and performance of US ETFs, as well as the capital flow of US ordinary public - offering funds. It points out that new US ETF products cover various strategies and themes, cross - border products have continuous capital inflows, international interest - rate bonds perform well, and the capital flow of public - offering funds shows certain trends [1]. Summary by Directory 1. US ETF Innovation Products: KraneShares Issues Humanoid Robot ETF - Last week, there were 19 new US products, with more option - strategy products and some theme products. Option - related products were the focus of recent issuance. For example, Calamos expanded its 100% downside - protection product line, and REX issued Growth & Income series products linked to CoinBase, MicroStrategy, and Tesla [6]. - Three industry - theme ETFs were issued, focusing on energy, AI, and embodied intelligence. The AI ETF by Wedbush invests in 30 leading companies in key AI fields, with a relatively balanced weight of leading stocks like Microsoft and Nvidia. The embodied intelligence ETF by KraneShares invests in humanoid - robot - related fields [7][8]. - GMO issued a quantitative credit - bond ETF aiming to outperform the Bloomberg US corporate - bond index. Multiple single - stock leveraged and inverse ETFs were issued, and Fidelity launched a futures - strategy product [8]. 2. US ETF Dynamics 2.1 US ETF Capital: Cross - border Products Have Continuous Inflows - Last week, US stock ETFs had outflows, but cross - border products had stable inflows. International stock and bond ETFs each had inflows of over $2 billion. The top - ten inflow and outflow ETFs in the US market from May 30 to June 5 are listed, and the daily capital flow of major US ETFs in the past two weeks is also presented [9][13]. - Despite the rise in the US stock market last week, the risk preference of funds declined. Stock broad - based and credit - bond products had outflows, while comprehensive bond ETFs had more inflows, and gold ETFs maintained inflows [16]. 2.2 US ETF Performance: International Interest - rate Bonds Perform Well - Since this year, due to high global macro uncertainty, most cross - border bond ETFs listed in the US have performed better than US bonds, especially Asia - Pacific bonds, which have high product increases under the background of falling interest rates and currency appreciation. The top - five cross - border bond ETFs in the US by scale and their year - to - date returns are provided [18]. 3. Recent Capital Flow of US Ordinary Public - offering Funds - In April 2025, the total amount of non - money public - offering funds in the US was $21.06 trillion, a decrease of $0.12 trillion compared to March 2025. The scale of US domestic stock products declined by 0.88%, slightly more than the decline of stocks. From May 21 to May 28, US domestic stock funds had outflows of about $8 billion, with stable outflows, and bond products had narrowing but continuous inflows for four weeks [19].