Small-Cap Investing: Time for a Fundamental Approach?ETF Trends is now VettaFi. Read More -- Macroeconomic conditions for 2026 may seem a little bit shaky, but one area where advisors and investors might find great opportunities is actually within small-caps.Sure, this is likely not the first year that folks are hearing that small-caps might start threatening to outperform their large-cap counterparts. However, we're starting to see the pieces fall into place to help make that theory a reality.While the Fed ...

Core Insights - The journey for investors in international equities has been challenging, particularly illustrated by the price action of the iShares International Select Dividend ETF (IDV) since its peak shortly after its launch in 2007 [1] Group 1: Investment Performance - The iShares International Select Dividend ETF (IDV) has experienced significant fluctuations since its debut, indicating a volatile investment landscape for international equities [1] Group 2: Analyst Background - The article references a professional with a strong background in pharmaceuticals and biotechnology, highlighting the importance of expertise in analyzing market trends and investment opportunities [1]

Core Insights - The Invesco RAFI Developed Markets ex-U.S. ETF (PXF) has achieved a 22.4% return over the past year, outperforming both the iShares MSCI EAFE ETF (EFA) and the SPDR S&P 500 ETF Trust (SPY) [2][3][6] - PXF's fundamental weighting methodology has favored value sectors such as financials and energy, aligning with the market's shift away from expensive U.S. growth stocks [3][6] - A significant factor in the performance of international equities has been the weakness of the U.S. dollar, which enhances the value of foreign earnings when converted back to dollars [4][6] Performance Comparison - PXF's return of 22.4% surpasses EFA's 18.7% and SPY's 19.2% over the same period, indicating a notable shift in market leadership [3][6] - The maximum drawdown for PXF was only 8.3%, reflecting a stable performance amidst market fluctuations [2] Currency Dynamics - The decline of the U.S. dollar against major currencies has provided a favorable environment for international stocks, benefiting U.S. investors through currency translation [4][6] - Monitoring the DXY Dollar Index is crucial for confirming ongoing trends in international market performance [5]

Core Insights - The silver market is experiencing a historic surge, characterized by extreme price volatility and high retail investor participation, resembling the traits of Meme stocks [1][4] - Silver futures prices saw their largest single-day increase in nearly 40 years, leading to a significant influx of investors into related ETFs, surpassing trading volumes of all individual stocks in the U.S. market [1][5] - Since January 1, 2025, silver futures have risen by 230%, outpacing gold, platinum, and palladium, and driving ETF and options trading volumes to record highs [1][5] ETF Trading Volume - The trading volume of silver-related ETFs exploded on Monday, with major funds like iShares Silver Trust and ProShares UltraShort Silver seeing combined turnover exceeding 1.2 billion shares [5] - ProShares UltraShort Silver ETF topped the list of most actively traded securities in the U.S. with nearly 800 million shares traded, indicating significant short-selling activity [8] - The iShares Silver Trust followed with over 377 million shares traded, while options trading linked to it also reached historic levels, with over 3.6 million call options exchanged [8] Market Dynamics - Market strategists note that despite silver's industrial applications, the recent price volatility is driven more by momentum and public sentiment rather than fundamentals, likening it to the behavior seen in Meme stocks like GameStop [4][9] - Analysts emphasize that the current investment environment encourages rapid trend-following behavior, with little regard for underlying fundamentals [4][9] Retail Investor Interest - Retail investor interest in silver has surged, with social media activity related to silver reaching levels not seen since 2011, indicating a significant resurgence in public engagement [10][11] - The weekly page views for silver on the investment-focused social media platform Stocktwits have skyrocketed to 30 to 40 times the levels seen last summer, reflecting a renewed enthusiasm among retail investors [11]

Key Points VGIT and MUB both focus on high-quality U.S. government-backed bonds but differ in tax treatment and sector exposure MUB holds thousands of municipal bonds with a lower beta and slightly lighter drawdown than VGIT VGIT offers a higher yield, while both funds are highly liquid and low cost. These 10 stocks could mint the next wave of millionaires › Vanguard Intermediate-Term Treasury ETF (NASDAQ:VGIT) and iShares National Muni Bond ETF (NYSEMKT:MUB) both keep costs low and provide broad ...

Core Insights - Global stocks have shown strong gains in early 2026, with the iShares MSCI ACWI ex US ETF (ACWX) up 3.6% and the iShares MSCI Emerging Markets ETF (EEM) up 5% year-to-date as of January 23, 2026 [1] Country ETF Winners Norway - Norway iShares MSCI ETF (ENOR) reached a 52-week high of $30.82, slightly down from $30.86, while Global X MSCI Norway ETF (NORW) was at $31.93, down from $31.97 [2] - Norges Bank maintained a policy rate of 4.00%, with expectations for a rate cut in mid-2026, which could benefit stocks [2] - High oil prices around $65 and strong commodity demand have supported energy sector stocks [2] Turkey - Turkey iShares MSCI ETF (TUR) was at $39.40, slightly down from a 52-week high of $39.44 [3] - Turkey's annual inflation rate decreased to 30.89% in December 2025, down from 31.07%, marking the lowest since November 2021, which has bolstered investor confidence [3] South Korea - South Korea iShares MSCI ETF (EWY) was at $117.99, slightly down from a 52-week high of $118.41, and Franklin FTSE South Korea ETF (FLKR) was at $38.66, down from $38.75 [4] - The KOSPI index has reached record highs, driven by a strong rally in the chip sector, fueled by AI chip demand and December export surges [4] Japan - iShares MSCI Japan Small-Cap ETF (SCJ) was at $96.66, slightly down from a 52-week high of $96.78 [5] - Japanese stocks have surged to record highs amid expectations of snap elections by Prime Minister Sanae Takaichi, who aims to leverage her approval ratings for a parliamentary majority [5][6] - The Bank of Japan has raised its economic growth forecast for the fiscal year ending March 2026 to 0.9% from 0.7%, and for fiscal 2026 to 1.0% from 0.7% [7]

Core Insights - The ETF industry continues to thrive, with $1.5 trillion in 2025 and $103 billion in new money gathered by January 21, 2026 [1] Actively Managed ETFs - Actively managed ETFs, despite being over 10% of ETF assets, captured nearly one-third of all ETF inflows in 2025 and 37% of new money in 2026 [2] - Active fixed income ETFs were particularly popular, with the PIMCO Multisector Bond Active ETF (PYLD) leading with $1.0 billion in new money [3] Thematic ETFs - Thematic ETFs saw a resurgence with $23 billion in inflows after three years of outflows, primarily driven by robotics and AI [4] - The Global X Defense Tech ETF (SHLD) attracted $685 million in early 2026, reflecting ongoing geopolitical tensions [4] - The REX Drones ETF (DRNZ) launched in late 2025, quickly reaching $55 million in assets and gaining 28% [5] Diversification Trends - The Invesco S&P 500 Equal Weight ETF (RSP) emerged as a leader in 2026, gathering $4.5 billion and outperforming mega-cap ETFs [7] - RSP had significant net outflows in 2025 but benefited from a shift towards moderately sized large-caps in 2026 [8] Sector Performance - The State Street Financial Select Sector SPDR ETF (XLF) regained favor in 2026, gathering $3.2 billion, driven by strong quarterly results from major US banks [9]

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 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 由万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 载 9T3 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 AI、半导体、航空航天等科技领域，持仓 30-50 只股票、季度调仓。 美国 ET ...

Group 1 - Biotech stocks have shown significant recovery and are now among the top performers in the market over the past few quarters [1] - The iShares Biotechnology ETF (IBB) experienced a substantial decline from Q4 2024 to April 2025, underperforming compared to the S&P [1]

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 ...