海外创新产品周报20260112：逆向策略ETF发行-20260112

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - The report focuses on the latest developments in the US ETF and mutual fund markets, including new product launches, fund flows, and performance. Specifically, it highlights the issuance of reverse - strategy ETFs, the flow of funds into international stock ETFs exceeding domestic ones, the significant rise in commodity ETFs, and the changes in the flow of US ordinary mutual funds [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Reverse - Strategy ETF Issuance - Last week, 11 new products were issued in the US. Global X issued 6 zero - coupon bond target - maturity products from 2030 to 2035, which can reduce interest rate fluctuation risks. TappAlpha issued 1.3 - times leveraged products of its TSPY and TDAQ products. Tidal and LOGIQ issued a "reverse - strategy" ETF to find undervalued opportunities in stocks and bonds and can use options to increase returns. KraneShares issued a dynamic Buffer product based on the Nasdaq [4][5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Stock Products' Inflows Exceed US Stocks Again - In the past week, international stock ETFs in the US had more inflows than domestic stock products, and bond ETFs had inflows of over $10 billion. Vanguard S&P 500 ETF was the top product in terms of inflows. Broad - based stock and bond products were at the forefront of inflows, while US stock style products and high - yield bond products had outflows [6][9]. 3.2.2 US ETF Performance: Commodity ETFs Rose Significantly - In the first week of 2026, precious metal assets had obvious increases. Silver ETFs rose by over 8%, platinum ETFs by nearly 10%, and comprehensive commodity ETFs also increased. The largest gold ETF's scale exceeded $150 billion [11]. 3.3 Recent US Ordinary Mutual Fund Fund Flows - In November 2025, the total non - money mutual funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, while the scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 23 to December 30, 2025, the outflows of domestic stock funds narrowed to less than $10 billion, and the outflows of mixed - allocation products also slowed down [15].