申万宏源金工·2025-07-02 06:41Group 1: Core Insights - The article highlights the significant increase in the issuance of new ETFs in the US, with 46 new products launched last week, indicating a growing trend in the ETF market [1][2] - Calamos launched a "Snowball" ETF that invests in the Autocallable notes market, which is valued at over $100 billion, diversifying its investment across more than 50 different contracts [3][5] - The performance of emerging market ETFs has outpaced the S&P 500, with several products showing gains exceeding 15% this year, while the S&P 500 has only increased by less than 5% [11] Group 2: ETF Dynamics - The article discusses the fluctuation in fund flows for major US ETFs, noting that the Vanguard S&P 500 ETF experienced significant outflows, while other products like iShares Core S&P 500 ETF saw substantial inflows [6][10] - The introduction of new Buffer products by ProShares and First Trust aims to provide daily protection against market downturns, differentiating them from existing products [2] - The article mentions that the total assets of non-money market mutual funds in the US reached $21.91 trillion as of May 2025, reflecting a slight increase from the previous month [12]