海外创新产品周报：国际股票产品表现出色、流入增加-20260303

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - In the US ETF market, bond products are continuously being issued, international equity products have more inflows than domestic equity products, and cross - border products have excellent performance. In the US ordinary public fund market, the total amount of non - monetary public funds increased in January 2026, and bond products maintained inflows of over $10 billion in the week of February 11 - 18, 2026 [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Continuous Issuance of Bond Products - Last week, there were 22 new products issued in the US, with a relatively large number of bond products. State Street issued a series of high - yield bond target - maturity products, Chesapeake issued a bond product based on a trend - following strategy, and Invesco issued a series of 4 products covering MBS, treasury duration rotation strategy, hybrid corporate bonds, and a more flexible comprehensive fixed - income product [1][6][7]. - Innovator issued the Managed Buffer series of products, managed by sub - manager Parametric, with no upper limit on returns, an upside participation rate of 80 - 90%, and a target quarterly downside protection range of 10% (actual range 10 - 14%) [6]. - Exchange Traded Concepts and II Technology jointly issued a product based on industry allocation and volatility control strategies, dynamically under - or over - weighting 11 GICS industry classifications and adjusting the overall equity asset position according to market risk levels [7]. - Pictet issued an AI - strategy product last week, mainly using machine - learning methods to enhance the US stock pool [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Equity Products Have More Inflows than Domestic Equity Products - In the past week, the inflows of US domestic equity and bond products were stable. International equity products had higher inflows than domestic equity products, and commodity ETFs had significant inflows. Vanguard's S&P 500 ETF had the highest inflow, cross - border products in developed and emerging markets had obvious inflows, and gold and silver ETFs also had significant inflows. State Street's S&P 500 ETF, Nasdaq 100 ETF, and financial products had the largest outflows [1][9][12]. - Vanguard's products had relatively stable fund inflows, and State Street's gold ETF returned to stable inflows last week [13]. 3.2.2 US ETF Performance: Cross - border Products Perform Well - From January to February 2026, the S&P 500 rose less than 1%, but cross - border products generally performed well. Vanguard's largest developed - market ETF rose more than 12%, and BlackRock's emerging - market product rose 14% [1][14]. 3.3 Recent US Ordinary Public Fund Fund Flows - In January 2026, the total amount of non - monetary public funds in the US was $24.07 trillion, an increase of $0.43 trillion compared to December 2025. In January, the S&P 500 rose 1.37%, and the scale of US domestic equity products increased by 1.23%, with a relatively small impact from redemptions [1][18]. - In the week of February 11 - 18, 2026, US domestic equity funds had an outflow of $80.74 billion, which was slightly narrowed. The outflow of international equity products also decreased to around $3 billion, while bond products maintained inflows of over $10 billion [1][18].