Core Viewpoint - U.S. brokerage firms and custodians may start charging distribution fees from ETF managers, indicating a significant shift in the $13.5 trillion ETF market due to the rise of commission-free trading and the migration of assets from mutual funds to ETFs [1][3]. Group 1: Market Dynamics - The U.S. ETF market has been disrupted by fintech firms like Robinhood, which attracted retail investors with zero trading fees and user-friendly mobile applications, leading to a decline in traditional brokerage trading volumes [2]. - Legacy brokerages such as Fidelity and Charles Schwab have responded by reducing trade commissions to zero for ETFs in an effort to retain clients [2]. Group 2: Financial Implications - The transition from mutual funds to ETFs has negatively impacted revenue for brokers, prompting them to consider charging distribution fees to recover losses from zero-commission trading [3]. - J.P. Morgan estimates the U.S. ETF management fee pool at $21 billion, with brokers potentially targeting 10% to 20% of total expense ratios, which could result in $2 billion to $4 billion in new distribution costs annually [3]. Group 3: Competitive Landscape - The shift towards charging distribution fees is seen as crucial for financial intermediaries, especially as the SEC may implement rule changes that facilitate the tax-free transition from mutual funds to ETFs [4]. - Larger ETF managers like BlackRock and Vanguard may have a better position to negotiate these fees, while mid-sized managers such as Invesco could face more challenges [5].

Core Viewpoint - Bank of America highlights the "permanent portfolio" as a strong alternative to the traditional 60/40 investment strategy, noting its impressive performance over the past decade and particularly in 2025 [1] Group 1: Portfolio Performance - The permanent portfolio, consisting of 25% stocks, 25% bonds, 25% gold, and 25% cash, has achieved an average annual return of 8.7% over the last ten years [1] - The year 2025 marked the best single-year performance for the portfolio since 1979, with gains of 23% [1] - In the previous year, the S&P 500 rose by 15%, while gold prices surged by 65%, contributing to the portfolio's success [2] Group 2: Recent Market Trends - Despite a recent 12% drop in gold prices, the metal remains positive year-to-date, and stock prices have also seen slight increases [3] - Cash-equivalent investments, such as short-term Treasury notes, yielded between 3.8% and 4.3% [2] Group 3: Investment Options - Investors can gain exposure to the permanent portfolio through various exchange-traded funds (ETFs), including the SPDR S&P 500 ETF Trust, BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN), SPDR Gold Trust (GLD), and iShares 0-3 Month Treasury Bond ETF (SGOV) [4] Group 4: Alternative Strategies - Other investment firms, like Vanguard, have also proposed alternatives to the traditional 60/40 portfolio, suggesting a 60% allocation to bonds and 40% to stocks, reflecting a bullish stance on fixed income [5] - Vanguard has recommended that investors consider allocating up to 70% to bonds due to expectations of subdued stock returns in the coming years [5]

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - Simplify issued a China Commodity ETF, which mainly invests in futures listed on Chinese commodity exchanges, using a quantitative long - short model for variety selection [1][4]. - In the past week, US equity products had an inflow of over $30 billion, while silver ETFs had an outflow of over $2 billion, and gold ETFs had a relatively stable inflow [1][8]. - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have seen significant gains, especially aerospace and defense ETFs, with some products rising nearly 18% [1][10]. - In December 2025, the total non - money mutual funds in the US decreased by $0.09 trillion compared to November. From January 14th to 21st, the outflow of domestic equity funds narrowed, international equity products had an outflow, and bond products had an increased inflow [1][14]. 3. Summary by Directory 3.1 US ETF Innovation Products: Simplify Issues China Commodity ETF - Last week, there were 15 new ETFs issued in the US, including Simplify's China Commodity ETF, which invests in Chinese commodity exchange futures and uses a quantitative model for variety selection [1][4]. - First Eagle issued two active US equity ETFs, T. Rowe Price issued an innovation ETF, Harrison Street issued an infrastructure active ETF, and TrueShares issued a stock hedge ETF [5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Silver ETFs Lead Outflows - In the past week, US equity products had an inflow of over $30 billion, with significant inflows into Nasdaq ETFs and emerging market ETFs. Commodity and alternative products had a slight outflow after increased volatility, and silver ETFs had an outflow of over $2 billion [1][8]. - Vanguard's S&P 500 ETF's two - week inflow was close to zero, Nasdaq ETFs had the largest two - week inflow, and gold ETFs had a relatively stable inflow last week [9]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Show Significant Gains - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have had significant gains. State Street's industrial ETF rose nearly 7%, and aerospace and defense ETFs generally rose over 10%, with Global X's product rising nearly 18% [10][11]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November. The S&P 500 declined by 0.05% in December, and the scale of domestic equity products decreased by 1.03% [14]. - From January 14th to 21st, the outflow of domestic equity funds further narrowed to $1.11 billion, international equity products had an outflow of $2.69 billion, and bond products had an inflow that expanded to $8.47 billion [14].

2026 年 02 月 03 日 Simplify 发行中国商品 ETF，白银 ETF 流出靠前 ——海外创新产品周报 20260202 相关研究 证券分析师 沈思逸 A0230521070001 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 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 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：Simplify 发行中国商品 ETF。上周美国共 15 只新发产品，Simplify 发行中国商品 ETF，主要投资于在中国商品交易所上市的期货品种，产品主要通过 Altis Partners 基于估值、动量的量化多空模型进行品种选择，覆盖能源、谷物、工业投入品、 金属等品种。 ⚫ 美国 ETF 资金流向：白银 ETF 流出靠前。过去一周 ...

Core Viewpoint - The notion of "selling off America" is prevalent in Europe, but data from the ETF market indicates that a complete exit from U.S. assets is challenging. While there is a noticeable decline in inflows into U.S.-focused equity ETFs, investors are not fully divesting from U.S. assets but rather increasing their global ETF investments, with U.S. assets still holding a significant weight of 65%-70% in these ETFs [2][5]. Group 1 - The inflow of funds into U.S.-focused equity ETFs has significantly slowed, accounting for only about 10% of total inflows, marking one of the lowest levels in recent years [5]. - Approximately 40% of funds have flowed into global equity ETFs, which still maintain an average allocation of 65%-70% to U.S. stocks, indicating that investors are not entirely shifting away from U.S. equities [5][7]. - The European ETF market has a substantial exposure to U.S. assets, with nearly $1 trillion in assets directly linked to the U.S., making a complete exit difficult [7]. Group 2 - U.S. issuers dominate the European ETF market, controlling about 63% of the total ETF assets, which surpasses the total of European issuers, highlighting the deep involvement of U.S. asset management firms in European investment infrastructure [7]. - If funds were to genuinely withdraw from U.S. assets, European issuers like Amundi, DWS, UBS, and BNP Paribas would theoretically benefit, as their products have a higher allocation to local and regional markets. However, U.S. issuers continue to lead in the issuance of global and U.S. equity ETFs in Europe [7][8].

Core Insights - Investors added $165.4 billion to U.S.-listed ETFs in January 2026, a decrease from December's record but still significantly higher than January 2025's $107 billion [1] Group 1: ETF Inflows - International equity ETFs led the inflow rankings with $68.2 billion, surpassing the $42.7 billion that flowed into U.S. equity ETFs [2] - The iShares Core MSCI Emerging Markets ETF (IEMG) attracted $8.8 billion in January, with a year-to-date gain of 8.3%, compared to a 2.2% gain for the Vanguard S&P 500 ETF (VOO) [3] - VOO remains the most popular ETF overall, gathering $16.3 billion in January [3] Group 2: Fixed Income ETFs - U.S. fixed income ETFs saw inflows of $36.6 billion, while international fixed income ETFs attracted $15.6 billion [4] - Bond performance has been muted, with the Vanguard Total Bond Market ETF (BND) and the Vanguard Intermediate-Term Corporate Bond ETF (VCIT) both up about 0.2% year to date [4] Group 3: Commodity ETFs - Commodity ETFs pulled in $4.3 billion in January, primarily due to demand for gold, with the SPDR Gold Trust (GLD) gathering $2.6 billion in inflows [5] - In contrast, silver ETFs faced significant outflows, with the iShares Silver Trust (SLV) losing $2.9 billion in January [6] Group 4: Smaller Stocks - The Invesco S&P 500 Equal Weight ETF (RSP) gained $4.4 billion in January, benefiting from the outperformance of smaller stocks over large caps in 2026 [7] - RSP is up 3.8% year to date, nearly double the gain of the market-cap-weighted S&P 500 tracked by VOO [7]

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Hello and welcome to Market Domination. I'm Josh Lipton live from our New York headquarters. There's just an hour to go now till the closing bell and stocks are rallying to the close, kicking off February with a bang.Our very own Jared Blicker is standing by with all the headlines. Jared, thank you to Josh. New month, nice rally underway.Let's take a look at the Dow Jones transports here because we don't have a lot of records. I thought we'd start here because a number the index itself is at a record and we ...

Core Insights - A significant 80% of Americans express concern about a potential recession, highlighting the prevailing economic anxiety [1] - The Vanguard Total Stock Market ETF and the Vanguard Information Technology ETF are identified as key investment options during economic downturns [1][2] Group 1: Vanguard Total Stock Market ETF - The Vanguard Total Stock Market ETF (NYSEMKT: VTI) offers extensive diversification by including 3,512 stocks from various industries and company sizes [3] - This ETF is heavily weighted towards technology stocks but also includes established companies from recession-resistant sectors, which can mitigate volatility [3] - Historically, the ETF has shown resilience, delivering nearly 500% total returns since its inception in 2001, equating to a growth from $10,000 to nearly $60,000 despite market downturns [6] Group 2: Vanguard Information Technology ETF - The Vanguard Information Technology ETF (NYSEMKT: VGT) consists of 320 technology stocks, which are often the most affected during market downturns [7] - Despite the risks associated with tech stocks during recessions, their potential for steep discounts during downturns presents a buying opportunity [8]

The concept behind the Trump accounts, I think, is a fabulous concept because what it does is that it helps people invest early, in this case, right from when they're born. It does it in a lowcost way because the fees are capped um to a lowcost level. And the underlying ethos is a diversified broad-based set of indices.And as we look at the best ways in which to create long-term wealth for Americans, this has really been something that Vanguard's been talking about for a very long time. uh keep uh costs low ...