海外创新产品周报：Simplify发行中国商品ETF，白银ETF流出靠前-20260203

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - Simplify issued a Chinese commodities ETF, which mainly invests in futures listed on Chinese commodity exchanges and selects products through a quantitative long - short model [1][6]. - In the past week, US equity products had an inflow of over $30 billion, while silver ETFs had an outflow of over $2 billion, and leveraged products also had outflows [1][9]. - Since the beginning of this year, except for the precious metals sector, US industrial ETFs have shown significant gains, especially aerospace and military - related ETFs [1][13]. - In December 2025, the total non - money mutual funds in the US decreased by $0.09 trillion compared to November. From January 14th to 21st, domestic equity funds' outflows narrowed, international equity products had outflows, and bond products' inflows increased [1][17]. Group 3: Summary by Directory 1. US ETF Innovation Products: Simplify Issues Chinese Commodities ETF - Last week, there were 15 new ETF products in the US, including Simplify's Chinese Commodities ETF, which invests in Chinese commodity futures and uses a quantitative model for product selection [1][6]. - First Eagle issued two active US equity ETFs, T. Rowe Price issued an innovation ETF, Harrison Street issued an infrastructure active ETF, and TrueShares issued a stock - hedging ETF [7]. 2. US ETF Dynamics 2.1 US ETF Fund Flows: Silver ETFs Lead Outflows - In the past week, US equity products had an inflow of over $30 billion, while commodity and alternative products had a small outflow after increased volatility. Silver ETFs had an outflow of over $2 billion, and many leveraged products also had outflows [1][9][11]. - The Nasdaq ETF had a significant inflow, and emerging - market ETFs remained among the top in terms of inflows. Vanguard's S&P 500 ETF's two - week inflow dropped close to zero, the Nasdaq ETF had the largest two - week inflow, and the gold ETF's inflow was relatively stable last week [11][12]. 2.2 US ETF Performance: Aerospace and Military ETFs Show Significant Gains - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have had significant gains. The industrial ETF of State Street has a gain close to 7%, and aerospace and military - related ETFs generally have gains of over 10%, with Global X's product having a gain close to 18% [13][14]. 3. Recent Fund Flows of US Ordinary Mutual Funds - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November. The S&P 500 dropped 0.05% in December, and the scale of domestic equity products decreased by 1.03% [17]. - From January 14th to 21st, the outflows of domestic equity funds in the US further narrowed to $11.1 billion, international equity products had outflows of $2.69 billion, and bond products' inflows expanded to $8.47 billion [17].