美国ETF投资生态全景（一）：市场发展趋势与产品体系梳理-20260112

Group 1 - The report highlights the rapid growth of the US ETF market, with total assets surpassing $13 trillion by October 2025, reflecting a year-on-year increase of over 30% [5][12][14] - The net inflow of funds into ETFs reached a historical high of $1.2 trillion in 2025, nearly doubling from the previous year [18][19] - The regulatory environment has improved significantly, particularly with the implementation of the "ETF Rule" in 2019, which has facilitated the growth of actively managed ETFs [13][25] Group 2 - The US ETF product matrix is comprehensive, covering various asset classes and investment strategies, including innovative products like leveraged, inverse, and cryptocurrency ETFs [5][34] - As of December 2025, there are 3,294 equity ETFs in the US, accounting for nearly 70% of the total ETF market, with a combined asset size of approximately $10.52 trillion [35][36] - Large-cap equity ETFs dominate the market, with 1,603 funds and a total asset size of about $7.44 trillion, indicating a strong preference for large-cap investments [36][38] Group 3 - The report identifies a significant increase in the number of US households holding ETFs, rising from 1 million in 2005 to 16.9 million by 2024, highlighting the growing acceptance of ETFs among retail investors [27][32] - The average expense ratio for equity ETFs has decreased significantly, from 0.28% in 2005 to 0.16% in 2024, driven by increased competition and economies of scale [30][31] - The materials sector has shown exceptional performance, with year-to-date returns reaching +76.68%, driven by rising prices of commodities like gold and silver [44][48]