Group 1 - The article discusses the growing availability of option ETFs that can generate significant income for investors, highlighting the GraniteShares YieldBOOST TSLA ETF (TSYY) as a notable example [1] - The author emphasizes a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Core Viewpoint - GraniteShares will execute a reverse share split for the GraniteShares 2x Short COIN ETF, with a ratio of 1-for-20, effective after market close on August 14, 2025, which will not affect the total market value of shares outstanding [1][2]. Fund Details - The reverse split will reduce the approximate total number of outstanding shares by 95% [1]. - The Fund's CUSIP will change from 38747R 728 to 38747R 363 following the reverse split [1]. - Shareholders of record as of August 14, 2025, will be affected, and trading on a reverse split-adjusted basis will commence on August 15, 2025 [1]. Hypothetical Impact - A hypothetical example illustrates that owning 1,000 shares at a NAV of $1.00 pre-split would result in 50 shares at a NAV of $20.00 post-split, maintaining the total market value at $1,000 [2]. Fractional Shares and Tax Implications - Shareholders may hold fractional shares post-split, which cannot trade on NASDAQ; these will be redeemed for cash at the split-adjusted NAV, potentially leading to tax implications [3]. - No transaction fee will be imposed on shareholders for the redemption of fractional shares [3]. Company Overview - GraniteShares is an independent ETF issuer based in New York City, offering a range of leveraged single stock ETFs [4].

Group 1: ETF Innovations and New Products - The US saw the launch of 15 new ETFs last week, including options strategies, thematic products, and hedge fund replication strategies [1] - JPMorgan issued a tiered options strategy product linked to the MSCI EAFE index, aiming to reduce volatility while capturing most of the returns [1] - Unlimited launched two hedge fund replication products, targeting futures and equity long-short strategies, with fees set at 0.95% and 1% [1] Group 2: ETF Fund Flows - US stock ETFs experienced inflows exceeding $15 billion last week, with domestic stocks attracting more capital than international stocks, while bond ETFs saw outflows [3][5] - The top inflowing products were primarily broad-based stock ETFs, with significant inflows into BlackRock's Bitcoin and Ethereum ETFs [6] - The SPDR S&P 500 ETF Trust (SPY) led inflows with $4.7 billion, while the Vanguard Long-Term Corporate Bond ETF (VCLT) saw outflows of $3 billion [6] Group 3: ETF Performance - Technology ETFs rebounded significantly in Q2, with year-to-date returns surpassing the S&P 500, and ARKK showing over 30% gains [8] - The Vanguard Information Technology ETF (VGT) and Technology Select Sector SPDR Fund (XLK) reported year-to-date returns of 10.51% and 12.58%, respectively [8] Group 4: Mutual Fund Flows - As of May 2025, the total assets of US non-money market mutual funds reached $21.91 trillion, reflecting a $0.85 trillion increase from April [9] - In the week of July 2-9, US domestic equity funds experienced outflows of approximately $7.5 billion, while bond products saw inflows of $7.58 billion [10]

Core Viewpoint - The article discusses the GraniteShares HIPS US High Income ETF, highlighting its high distribution rate of 10% and its focus on providing transparency and analytics in capital markets instruments and trades [1]. Group 1: ETF Overview - The GraniteShares HIPS US High Income ETF is characterized by a high distribution rate of 10% [1]. - The ETF is part of a broader strategy by Binary Tree Analytics to deliver high annualized returns with low volatility [1]. Group 2: Company Background - Binary Tree Analytics has over 20 years of investment experience and specializes in closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations [1]. - The company aims to provide transparency and analytics in respect to capital markets instruments and trades [1].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].

沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 2025 年 05 月 19 日 跨境产品表现出色，发行数量增加 ——海外创新产品周报 20250519 证券分析师 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 中庚基金 使用。1 ETP 研 究 ⚫ 美国 ETF 创新产品：跨境产品发行增加。上周美国共 17 只新发产品，跨境产品发行增加。 Lazard 上周一将其国际股票主动基金转为 ETF，产品的主要基准为 MSCI ACWI 除美国指 数，采用量化打分、风险因子优化的方式构建组合。今年除美国以外的投资机会关注度明 显提升，Horizon 发行一只日本 ETF，罗素、Harbor、Vontobel 上周都发行了跨境产品。 ⚫ 美国 ETF 资金流向：股票重新大幅流入。上周美国股票 ETF 重新恢复流入，国内股票单周 流入超过 ...

Core Viewpoint - Tesla's stock has experienced significant volatility in 2024, leading to a bearish technical indicator known as the Death Cross for its leveraged ETFs, raising questions about future performance and potential buying opportunities [1][2]. Group 1: Stock Performance - Tesla's stock is down over 30% year-to-date and has decreased by 7% in the past month, negatively impacting its leveraged ETFs [2]. - The Direxion Daily TSLA Bull 2X Shares (TSLL) is down nearly 60% year-to-date, while the GraniteShares 2x Long TSLA Daily ETF (TSLR) has declined by almost 59% [2]. Group 2: Technical Indicators - A Death Cross has occurred for both TSLL and TSLR, where the 50-day moving average has fallen below the 200-day moving average, typically indicating a prolonged downside [2]. - Despite the bearish signals, Tesla's stock is currently priced at $266.18, above its 20-day simple moving averages (SMAs), suggesting short-term buying pressure [3]. Group 3: Market Sentiment and Future Outlook - Traders face a dilemma between riding the bearish momentum or betting on a potential turnaround, as Tesla's trend is stagnating but not collapsing [4]. - If Tesla maintains strength above its shorter-term moving averages, a short squeeze in TSLL and TSLR could occur, but if the Death Cross remains valid, further declines may follow [4].

Core Insights - YieldBOOST is a new strategy by GraniteShares that aims to enhance income potential by selling options on leveraged ETFs while focusing on NAV preservation through "out of the money" options [1] - The strategy is designed to address the limitations of traditional covered call strategies, which often prioritize income over total return, leading to potential long-term investment issues [2][3] Company Overview - GraniteShares is a global investment firm based in New York City, recognized for its innovative ETF products and a leader in leveraged single-stock ETFs [5][6] - The firm has a diverse range of offerings, including commodity index funds and high-income pass-through securities, with $8.9 billion in assets under management as of January 24, 2025 [6] Product Details - TSYY is the first ETF in the YieldBOOST lineup, targeting current income and seeking exposure to leveraged investment results of 200% related to Tesla Inc. [4] - Additional YieldBOOST products are anticipated to be launched in the coming months, indicating a strategic expansion of GraniteShares' product offerings [4]