海外创新产品周报：股债混合固定久期产品发行-20251117

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, 16 new products were issued in the US, with a relatively large number of single - stock products and digital currency products. The Defined Duration series ETFs issued by Discipline Funds use a stock - bond hybrid form to anchor the target duration [1][6]. - In the past week, the inflow of US ETFs continued to exceed $30 billion, with a large inflow into stock products. Bitcoin ETFs continued to experience outflows, while the capital flow of gold ETFs remained stable [1][10]. - This year, raw material - related products in US industry - themed products have led the gains, with many products rising by more than 60% [1][16]. - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. Last week, the outflow of US domestic stock funds returned to around $20 billion, and bond products returned to inflows [1][19]. Summary by Directory 1. US ETF Innovation Products - 16 new products were issued last week, including single - stock products (mostly 2 - times leveraged products covering semiconductor, supply - chain, fuel - cell and other companies), municipal bond - related ETFs, strategy ETFs, and digital currency index products [6][7]. - Discipline Funds issued the Defined Duration series ETFs, which use a stock - bond hybrid form to anchor the target duration and aim to obtain more stable returns within a given time frame by evaluating stock duration through valuation indicators and combining with matching bond portfolios [1][9]. 2. US ETF Dynamics 2.1 US ETF Fund Flows - In the past week, the inflow of US ETFs exceeded $30 billion, with a large inflow into stock products. Bitcoin ETFs continued to experience outflows. Vanguard's S&P 500 ETF ranked first in inflows, while State Street's products had the largest outflows. Each S&P 500 ETF has alternated in inflows in recent weeks. BlackRock's Bitcoin and Ethereum ETFs were among the top ten in outflows [1][10]. - The capital flow of gold ETFs remained stable last week, and the capital of the Nasdaq 100 ETF has fluctuated significantly recently [15]. 2.2 US ETF Performance - This year, raw material - related products in US industry - themed products have led the gains. In addition to gold and silver mining, copper mines, rare earths, and other metals have all performed well, with many products rising by more than 60% [1][16]. 3. Recent Fund Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. The S&P 500 rose 3.53% in September, and the scale of US domestic stock products increased by 2.13%, with an increase in redemption pressure that month. - According to weekly statistics, last week, the outflow of US domestic stock funds returned to around $20 billion, and bond products returned to inflows [19].