shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 2026 年 01 月 26 日 个人投资者相关股票产品发行 ——海外创新产品周报 20260126 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - 证券分析师 沈思逸 A0230521070001 ⚫ 美国 ETF 创新产品：个人投资者相关股票产品发行。上周美国共 19 只新发产品，多只与 个人投资者关注的股票相关的 ETF 发行。Tuttle Capital 上周发行一只"Meme Stock" 策略产品，产品主要投资于社交媒体上受到个人投资者关注的 15-30 只股票，并通过看 跌期权价差策略增厚收益；Defiance 发行的"Retail Kings"ETF 同样关注个人投资者相 关股票，产品采用主动管理，投资于个人投资者参与度高、讨论较多、趋势强的股票，涉 及 A ...

Core Insights - The Invesco Food & Beverage ETF (PBJ) and iShares US Consumer Staples ETF (IYK) differ significantly in cost, yield, and sector coverage, with IYK being more affordable and offering a higher dividend yield [1][3] Cost and Size Comparison - PBJ has an expense ratio of 0.61% and a 1-year return of 0.7%, while IYK has a lower expense ratio of 0.38% and a 1-year return of 7.7% [3] - IYK's dividend yield is 2.6%, compared to PBJ's 1.8%, and IYK has assets under management (AUM) of $1.2 billion, significantly higher than PBJ's $95.7 million [3] Performance and Risk Comparison - Over the past five years, PBJ experienced a maximum drawdown of -15.84%, while IYK had a slightly lower drawdown of -15.04% [4] - An investment of $1,000 in PBJ would have grown to $1,239 over five years, compared to $1,162 for IYK [4] Sector Exposure - IYK holds 54 stocks, primarily large, household names, with 84% in consumer defensive and 12% in healthcare [6] - PBJ focuses almost entirely on food and beverage companies, with 89% in consumer defensive, 5% in basic materials, and 3% in consumer cyclicals [7] Investment Implications - IYK is recommended for investors seeking broad exposure to consumer staples, providing stability during market uncertainty, while PBJ may appeal to those with a strong belief in the food and beverage sector's performance [9][10]

Core Viewpoint - Share buybacks are a favored method for corporate America to return cash to shareholders, with the Invesco BuyBack Achievers ETF (PKW) focusing on companies that have reduced their share count by at least 5% over the past year, distinguishing itself in the value ETF landscape [1] Group 1: Fund Overview - PKW has $1.5 billion in assets and a 0.62% expense ratio, targeting firms that execute buybacks rather than merely announcing them [1] - The portfolio is heavily concentrated in financial services, with nearly one-third of holdings, including Goldman Sachs and Wells Fargo, which together account for over 11% [2] - The fund also includes energy and consumer discretionary sectors, with technology making up only 4% of the portfolio, contrasting sharply with the S&P 500 [2] Group 2: Performance Metrics - PKW has outperformed the S&P 500 by 1.3 percentage points over the past year, and this advantage increases over time, yielding an additional six percentage points of return over five years [3] - The fund's disciplined buyback strategy has attracted significant investor interest, leading to an influx of $407 million in early 2025 [4] Group 3: Dividend and Yield - In response to increased investment, PKW raised its dividend by 35%, resulting in a yield of 0.82%, positioning it as a total return play rather than primarily an income vehicle [4] Group 4: Risks and Considerations - The concentration in the financial sector poses risks; any downturn in banks or insurance companies could significantly impact PKW [5] - The underweighting in technology means potential missed opportunities during growth stock rallies, and the fund has experienced volatility, remaining flat over the past month [5][6]

Core Viewpoint - The S&P 500 has experienced significant gains over the past three years, raising concerns about market sustainability and the impact of the AI boom [1] Group 1: Investment Strategy - Investors can consider the Invesco S&P 500 Equal Weight ETF (RSP) as a way to stay invested in the S&P 500 while reducing risk [2] - RSP offers a different approach by equally weighting all companies, which mitigates the concentration risk associated with the standard S&P 500 [4] Group 2: Market Concentration - The standard S&P 500 is heavily concentrated in large tech companies, with the "Magnificent Seven" accounting for nearly 35% of the index [3] - The performance of the standard S&P 500 has been strong, with total returns of approximately 334% over the past decade, compared to RSP's 237% [5] Group 3: Sector Diversification - RSP provides better sector diversification, with tech stocks making up only about 13.5% of its portfolio, which can help cushion against market downturns [6] - Sectors like consumer staples and utilities, which are included more in RSP, tend to perform better during market crashes due to their essential nature [7]

Core Insights - The Invesco S&P SmallCap Information Technology ETF (PSCT) has achieved a notable 23% gain over the past year, attracting significant investor interest [1] Company Performance - The ETF's performance indicates strong growth within the small-cap information technology sector, reflecting positive market sentiment and investment trends [1] Investor Sentiment - The impressive gain of 23% suggests that investors are increasingly confident in the potential of small-cap technology companies, which may lead to further investment opportunities in this segment [1]

Quick Read Invesco RAFI Small-Mid ETF (PRFZ) weights companies by cash flow and sales rather than market capitalization across 1,500 stocks. PRFZ gained 227% over ten years and significantly outperformed the Russell 2000 benchmark. The fund returned 14.4% over the past year but slightly trailed the Russell 2000 as momentum stocks dominated. Investors rethink ‘hands off’ investing and decide to start making real money When small-cap stocks underperform for years, investors often forget they exist ...

Market Performance - The S&P 500 started the shortened trading week with losses but recovered slightly, ending the week down by -0.4% and is currently 0.88% below its all-time high from January 12, 2026 [1] - The index has shown a history of reaching record highs, with a summary table provided for the number of record highs since 2013 [1] Historical Context - On October 9, 2007, the S&P 500 reached an all-time high of 1565.15, followed by a significant drop of approximately 57% to 676.53 by March 9, 2009, marking the Global Financial Crisis [2] - It took over five years for the index to recover and reach a new all-time high on March 28, 2013, closing at 1569.19 [2] Volatility Analysis - The S&P 500 has experienced notable intraday volatility, with the largest recorded intraday price change of 10.77% on April 9, 2023, since December 24, 2018 [4] - The average percent change from intraday low to high over the past 20 days is 0.70% [4] Index Comparison - The S&P 500 is a market cap-weighted index of approximately 500 of the largest U.S. stocks across 11 sectors, while the S&P Equal Weight Index includes the same stocks but gives each an equal weight [5] - Year-to-date performance shows the S&P 500 up by 1.02%, whereas the S&P Equal Weight Index has increased by 3.71% [5] ETFs Associated - Notable ETFs linked to the S&P 500 include iShares Core S&P 500 ETF (IVV), SPDR S&P 500 ETF Trust (SPY), Vanguard S&P 500 ETF (VOO), SPDR Portfolio S&P 500 ETF (SPYM), and Invesco S&P 500® Equal Weight ETF (RSP) [6]

Group 1 - The article discusses the reliability of exchange-traded funds (ETFs) as market trackers, particularly focusing on the Invesco DB US Dollar Index Bullish Fund (UUP) and its performance in relation to the U.S. Dollar Index (DXY) [1][2] - UUP has been a consistent tracking device for the U.S. Dollar Index since 2007, but its distribution payments can affect its charting accuracy, as evidenced by a recent price drop of 3.7% compared to a 0.33% drop in DXY [2][4] - The article highlights a structural shift in the U.S. dollar's dominance, with Morgan Stanley predicting a decline in the Dollar Index to around $94 by the second quarter of 2026, the lowest level since 2021 [6][7] Group 2 - Factors contributing to the dollar's potential decline include narrowing interest rate differentials, ongoing fiscal deficits, and a shift in global capital towards undervalued international markets [7] - The dollar is currently facing resistance around the $100 mark, and if it fails to maintain this level, a "sell dollars" trade could emerge as a significant macroeconomic theme [7] - For investors anticipating a structural decline in the dollar, moving into inverse ETFs like the Invesco DB US Dollar Index Bearish Fund (UDN) is suggested as a strategy to capitalize on the dollar's weakness [8]

Core Viewpoint - Shares of the Invesco QQQ Trust (NASDAQ: QQQ) are experiencing a positive trend, driven by a rise in retail investor sentiment on platforms like Reddit and X [1] Group 1 - The Invesco QQQ Trust has seen a surge in its stock performance this week [1] - Retail investor sentiment has notably increased, particularly on social media platforms [1]

Core Viewpoint - Investors in Invesco Emerging Markets Sovereign Debt ETF (NYSEARCA: PCY) have experienced a 14% increase in shares over the past year, although the fund's performance has stagnated since early December [1] Group 1 - The Invesco Emerging Markets Sovereign Debt ETF has seen a 14% rise in shares over the last year [1] - The fund's performance has flatlined since early December [1]