海外创新产品周报：期权、单股票杠杆产品持续扩充-20250923

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The innovation of US ETF products continues, with the expansion of options and single - stock leverage products; the inflow of US stock ETFs has increased significantly, and the performance of mixed - allocation products is somewhat differentiated; the US ordinary public funds have different trends, with stock funds facing redemption pressure and some inflows into bond products [1] Summary by Directory 1. US ETF Innovation Products: Continuous Expansion of Options and Single - Stock Leverage Products - Last week, 32 new products were issued in the US, an increase in quantity [1][6] - BlackRock converted two over - the - counter active funds into ETFs, with an original scale of over $3 billion. The dynamic stock ETF invests in global stocks, and the disciplined volatility stock ETF focuses on low - volatility strategies, both with qualitative and quantitative features and a fee rate of about 0.4% [1][8] - The GraniteShares YieldBOOST product line continued to expand, with new products linked to Amazon and AMD. Defiance issued leveraged + option strategies and a long + end - of - day option overlay strategy product based on the Nasdaq 100 [8] - 12 single - stock leverage products were issued, all 2x leveraged, linked to various companies such as Unity Software, Goldman Sachs, etc. [8] - Dana issued 2 active ETFs, one focusing on high - concentration dividend stocks and the other on disruptive innovation technology companies [9] - Some bond products were also expanded, including high - yield bond ETFs, target - maturity bond products, and active credit bond products [9] 2. US ETF Dynamics 2.1 US ETF Funds: Increased Inflow of US Stock ETFs - Last week, the inflow of US stock ETFs approached $40 billion, a significant increase, and asset - allocation products also had obvious inflows [1][10] - iShares' S&P 500 ETF had a return, and factor - rotation ETFs, AI products, etc. had more inflows. Semiconductor leverage products continued to outflow, and ARKK outflowed over $2 billion [1][12] - Gold ETFs continued to have inflows, Vanguard's S&P 500 ETF had the largest continuous inflow, and the Russell 2000 ETF also began to have obvious inflows [13] 2.2 US ETF Performance: Differentiated Performance of Mixed - Allocation Products - Among mixed - allocation products, Pacer's timing strategy has performed poorly this year, with PTLC based on the S&P 500 having a year - to - date increase of less than 2%. Fixed - ratio products performed relatively better. WisdomTree's 1.5x leveraged NTSX had a gain close to 16%, similar to BlackRock's aggressive products [1][15] 3. Recent Fund Flows of US Ordinary Public Funds - In July 2025, the total amount of non - money public funds in the US was $22.57 trillion, a decrease of $0.12 trillion compared to June. Although the S&P 500 rose 2.17% in July, the scale of US domestic equity products decreased by 0.95%, indicating high redemption pressure [16] - From September 3rd to September 10th, US domestic equity funds outflowed about $22 billion in a single week, and have outflowed over $400 billion since the beginning of the year, while bond products had an inflow of about $4.8 billion [16]