聚焦ETF市场 | 特朗普两个任期的ETF资金流比较：是涛声依旧，还是今非昔比？

Core Viewpoint - The ETF fund flow situation at the beginning of Trump's second term in 2025 is showing similarities to the first term, with significant inflows but a notable decline in investor preference for stocks compared to 2017 [2][5]. Group 1: ETF Fund Flow Trends - As of March 7, 2025, ETF fund inflows have reached $200 billion, marking a record high for the year [2]. - In 2017, the initial fund inflow was $101 billion, indicating a strong start for that year as well [2]. - Despite the overall market asset growth, the preference for stocks has decreased, with only 56% of investors favoring stocks in 2025 compared to 73% in 2017 [2]. Group 2: Performance of Top ETFs - The top 100 ETFs from 2017 are experiencing mixed results in 2025, with only half showing an increase [5]. - The ARK Innovation ETF (ARKK), which rose by 87% in 2017, has seen a decline of 15% in 2025 [5]. Group 3: Investor Risk Appetite - In early 2025, investors displayed a stronger risk appetite, with a record difference in fund flows between high Beta and low Beta ETFs [6]. - The S&P 500 index has experienced 14 days with declines exceeding 1% in the past 100 days, a significant increase compared to the previous year [6]. - In contrast to Trump's first term, where the S&P 500 did not experience any single-day declines over 1%, the current market shows a higher volatility [6].