海外创新产品周报20260119：Pacer拓宽现金流质量策略-20260119

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - Pacer broadened its cash - flow product line by issuing S&P 500 cash - flow quality + dividend and cash - flow quality + R & D expenditure ETFs, compounding cash - flow factors with other factors [2][8]. - In the past week, commodity ETFs in the US had significant inflows, and oil and gas service ETFs had risen by over 10% this year [2][11][17]. - In the week from December 30 to January 7, US domestic stock funds saw an outflow of $26.4 billion, international stock products had an outflow of over $10 billion, while bond products had an inflow of over $10 billion [2][20]. 3. Summary by Directory 3.1 Innovation Product: Pacer US ETF Widens Cash - Flow Quality Strategy - Last week, there were 24 new products launched in the US, with more than half being single - stock leveraged ETFs. There were 15 single - stock 2x leveraged products issued, involving 4 managers and multiple key fields, and one 2x leveraged product linked to the Founder - Led index [7]. - Nomura launched 2 products in the US last week, one for disruptive technology and the other mainly investing in US tax - free municipal bonds [8]. - Pacer issued S&P 500 cash - flow quality + dividend and cash - flow quality + R & D expenditure ETFs. The cash - flow quality factor is calculated based on cash - flow/revenue and cash - flow/invested capital. The cash - flow quality + dividend product selects stocks according to cash - flow quality factor and dividend yield, and the cash - flow quality + R & D expenditure ETF selects stocks according to cash - flow quality factor and R & D expenditure ratio, with the final index's R & D expenditure ratio reaching 24% [8][9]. - Roundhill launched an active ETF for the autonomous taxi and self - driving field, Harbor launched a small - cap growth active ETF, and PIMCO launched a stock - bond hybrid strategy product aiming to outperform the S&P 500 [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Commodity ETFs Have Significant Inflows - In the past week, the inflows of US international stock ETFs were similar to those of US domestic stock products, with a total of over $30 billion. Bond ETFs continued to have an inflow of over $10 billion, and commodity ETFs had an inflow of over $4 billion. State Street's multiple products were among the top in terms of inflows, with gold ETFs having an inflow of over $3 billion. iShares' two emerging - market products had significant inflows, but its US stock products had more outflows [2][11][13]. - Among the products, Vanguard's S&P 500 ETF had the highest inflow, and the US total - market stock ETF also had obvious inflows, while many other stock products showed outflows in the two - week total [15]. 3.2.2 US ETF Performance: Oil and Gas Service ETFs Have Risen by Over 10% This Year - In a complex geopolitical environment, apart from the continuous rise of precious metals, the oil and gas service sector had significant gains, rising by over 10% in the first half - month of this year, while traditional energy ETFs like State Street's largest energy sector ETF had a gain of about 6.5% [17]. 3.3 Recent Capital Flows of US Ordinary Public Offering Funds - In November 2025, the total amount of US non - money public offering funds was $23.72 trillion, an increase of $0.03 trillion compared to October 2025. In November, the S&P 500 rose by 0.13%, and the scale of US domestic stock products decreased by 0.15%, with the redemption pressure easing [18]. - In the week from December 30 to January 7, US domestic stock funds' outflow expanded to $26.4 billion, international stock products had an outflow of over $10 billion, while bond products had an inflow of over $10 billion [20].