——海外创新产品周报20251229：Pacer发行出口龙头ETF-20251230

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, 7 new products were issued in the US, with a slowdown in new issuances during the year - end holiday period. Multiple thematic ETFs were issued, including a software platform ETF by AOT Invest and an export leaders ETF by Pacer [2][5]. - In the past week, the inflow of US ETFs slowed slightly, with international equity products seeing significantly more inflows than domestic equity products. This may indicate continued optimism about overseas stocks in the new year. Gold - related ETFs had significant inflows as the gold price hit a new high [2][7]. - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen by less than 20%, while most developed - market products have risen by more than 30%, and the EAFE Value ETF has risen by more than 40% [2][12]. - In October 2025, the total non - money mutual funds in the US reached $23.70 trillion, an increase of $0.22 trillion from September. The redemption pressure on domestic equity products was still high. From December 10th to 17th, the outflow of domestic equity funds expanded to $47.3 billion, and the annual outflow of domestic equity products has exceeded $700 billion [2][16]. Summary by Directory 1. US ETF Innovation Products: Pacer Issues Export Leaders ETF - Last week, 7 new ETF products were issued in the US, including Pacer International Export Leaders ETF, Amplify Stablecoin Technology ETF, etc. [5]. - AOT Invest issued a software platform ETF, selecting stocks from software - driven companies based on cost - to - revenue ratio, E/P, and ROIC, and using quality factors instead of market - cap weighting. The top - weighted stocks include Nvidia, Meta, etc., with individual stock weights ranging from 0.5% to 7.5% [2][5]. - Pacer's export leaders ETF selects companies with high overseas revenue ratios and prominent free - cash - flow growth from the S&P 900 [6]. - Virtus assisted its sub - manager Silvant in issuing a growth opportunities ETF, which is a stock all - weather product using a bottom - up fundamental stock - selection method [6]. - Xtrackers issued a European market leaders ETF, tracking a Stoxx - related index that selects 40 leading companies in each sector of European enterprises [6]. 2. US ETF Dynamics 2.1 US ETF Funds: Cross - Border Equity Products See Significant Inflows - In the past week, the inflow of US ETFs slowed slightly, with international equity products having significantly more inflows than domestic equity products. Vanguard's multiple products had large inflows, while its growth and value - style ETFs had more outflows [7][10]. - The inflow and outflow rankings of the top 10 US ETFs from December 22nd to 26th are presented, with Vanguard S&P 500 ETF having the largest inflow and iShares Core S&P 500 ETF having the largest outflow [10]. - The daily fund flows of major US ETFs in the past 2 weeks are tracked. The recent fund fluctuations of S&P 500 ETFs remain at a high level, the Russell 2000 ETF has outflows, and gold - related ETFs have significant inflows as the gold price hits a new high [11]. 2.2 US ETF Performance: Developed - Market Equity Products Perform Well - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen by less than 20%, while most developed - market products have risen by more than 30%, and the EAFE Value ETF has risen by more than 40% [12]. - The scale and year - to - date returns of the top 10 US developed - market ETFs are listed, with Vanguard FTSE Developed Markets ETF having a scale of $193.09 billion and a year - to - date return of 35.61% [13]. 3. Recent Fund Flows of US Ordinary Mutual Funds - In October 2025, the total non - money mutual funds in the US reached $23.70 trillion, an increase of $0.22 trillion from September. The S&P 500 rose by 2.27% in October, and the scale of domestic equity products increased by 0.9%, but the redemption pressure was still high [16]. - From December 10th to 17th, the outflow of US domestic equity funds expanded to $47.3 billion, and the annual outflow of domestic equity products has exceeded $700 billion. The outflow of hybrid - allocation products has also increased [16].