Core Insights - The ETF market experienced record net inflows of $166 billion in January 2026, surpassing the combined inflows of the previous three Januarys [1] - There is a significant shift from U.S. mega-cap stocks to international equities, with international equity ETFs attracting $68 billion in January, marking the first time they outpaced U.S. equity inflows since February 2023 [1] - The S&P 500 trades at approximately 22 times forward 2026 earnings, while international equities are closer to 13 times, indicating a potential for better returns from international markets [1] ETF Market Dynamics - International funds accounted for about one-third of net inflows despite representing only 17% of total ETF assets, with four of the top 10 most popular equity ETFs focusing on international markets [1] - Global ex-U.S. equity funds have seen their strongest inflow streak in four and a half years, driven by a rotation out of expensive U.S. tech stocks into more affordable international markets [1] Regional Performance - Emerging markets have shown strong performance, with three of the top 20 most popular ETFs being focused on these markets, including the iShares Core MSCI Emerging Markets ETF, which has attracted approximately $9 billion this year [1] - South Korean stocks have gained 28% year-to-date, with the iShares MSCI South Korea ETF seeing net inflows of around $1.7 billion [1] - European-focused ETFs have also seen strong demand, with inflows into both equity and bond funds surpassing those of U.S. counterparts [1] China and ADRs - Despite strong stock performance, China-focused ETFs have not seen significant inflows, although the KraneShares CSI China Internet ETF attracted over $2 billion last year [1] - The ADR market represents a $2 trillion opportunity, with U.S. institutions holding more than $800 billion, primarily in Chinese firms [1] - New ADR indexes have been developed to provide more precise access to international opportunities through U.S.-listed securities, allowing for better replication of returns from underlying indices [1]

Core Viewpoint - KraneShares has updated the portfolio of the KraneShares Artificial Intelligence & Technology ETF (AGIX) following the merger of SpaceX and xAI, which has resulted in the conversion of xAI shares into SpaceX shares, impacting the ETF's holdings [1][2]. Group 1: Portfolio Update - As of February 2, 2026, xAI shares constituted approximately 3.38% of AGIX's portfolio and have now been converted into shares of the merged SpaceX entity [1]. - Final share counts and portfolio weights may be adjusted as more information about the merger becomes available [2]. Group 2: Future Liquidity and Valuation - SpaceX is considering a potential initial public offering (IPO) later in 2026, which could provide liquidity for existing private shareholders, although this remains uncertain and dependent on market conditions [3]. - The valuation of SpaceX within AGIX will follow the established fair valuation procedures of the ETF [3]. Group 3: Investment Strategy - AGIX aims to provide exposure to select private AI opportunities within a liquid ETF structure, featuring holdings in both SpaceX and Anthropic, which are recognized as leading private AI innovators [4]. - Developments such as SpaceX's plans to operate AI data centers in orbit and updates from Anthropic's CoWork platform illustrate the dynamic nature of the AI investment landscape [4].

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX US) – Investment PropositionKraneShares MSCI Emerging Markets ex China Index ETF (KEMX) offers broad exposure to emerging-markets equities while intentionally excluding China, enabling allocators to manage China exposure separately and calibrate country risk more precisely. The strategy delivers diversified access across multiple regions and sectors, generally reflecting cap-weighted leadership where financials, technology-enabled consumer franchise ...

KraneShares MSCI All China Health Care Index ETF (KURE US) – Investment PropositionKraneShares MSCI All China Health Care Index ETF (KURE) offers broad, pure-play exposure to China’s health-care ecosystem across pharmaceuticals, biotechnology, medical devices, and health-care services spanning onshore and offshore listings. The opportunity set reflects structural tailwinds from demographics, rising household incomes, expanding insurance coverage, and domestic innovation, balanced by policy oversight and pri ...

Core Viewpoint - KraneShares CSI China Internet ETF (KWEB) provides targeted exposure to China's internet and platform-based businesses, focusing on sectors such as e-commerce, online entertainment, search, fintech, and cloud services, benefiting from network effects and asset-light business models [1] Group 1: Investment Proposition - The portfolio is rules-driven, emphasizing liquid names across multiple venues, and typically reflects a growth orientation with significant sensitivity to domestic consumption, advertising cycles, and regulatory policy [1] - The fund can experience pronounced upside during risk-on phases characterized by improving sentiment, easier financial conditions, and supportive reforms [1] - Conversely, the fund may face headwinds from policy tightening, slowing demand, or US-dollar strength [1] Group 2: Use Cases and Investor Suitability - KWEB can serve as a satellite growth sleeve within China or emerging markets equity, factor completion for innovation exposure, or a thematic mandate for digital adoption [1] - Suitable investors include high-conviction allocators seeking concentrated participation in China's consumer-tech ecosystem and barbell users pairing cyclical value or commodities with platform growth [1] Group 3: Risk Factors - Key risks to monitor include regulatory and business-model uncertainty, particularly regarding evolving data, fintech, and content standards that can materially affect constituent fundamentals and valuation multiples [1]

Core Insights - The KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) offers a 5% dividend yield, but this figure conceals significant instability and disappointing total returns [1][4]. Income Generation Mechanism - KMLM employs a trend-following managed futures strategy, investing in 22 futures contracts across various markets, with distributions arising from trading gains rather than traditional stock dividends [2]. - The fund's income is highly dependent on capturing price trends; when trends reverse or markets are range-bound, distributions can significantly decline [2][3]. Dividend History and Stability - The fund's dividend history shows extreme volatility, with recent distributions surging compared to the previous year but still falling short of the 2022 peak due to reliance on strong commodity trends [3]. - The instability in distributions undermines KMLM's attractiveness as a reliable income investment [3]. Total Return Analysis - KMLM's total return over the past year was only 2.5%, combining dividends and price changes, indicating weak performance due to inconsistent futures market trends [4]. - Traditional equity investments, such as the S&P 500, have significantly outperformed KMLM, highlighting the opportunity cost of choosing managed futures for income [5]. Investment Strategy and Market Conditions - KMLM's managed futures approach is intended for portfolio diversification and crisis hedging rather than stable income generation, performing well during market volatility but struggling in calmer conditions [6]. - Investors seeking the 5% yield may be misaligned, as they are effectively purchasing a volatility hedge rather than a consistent income vehicle [6]. Alternative Investment Options - The iMGP DBi Managed Futures Strategy ETF (DBMF) is presented as a more consistent alternative, with better liquidity and less extreme distribution volatility compared to KMLM [7]. - DBMF offers a current yield near 4% and simpler tax reporting, making it a more practical choice for investors interested in managed futures exposure [8].

2026 年 01 月 12 日 逆向策略 ETF 发行 -海外创新产品周报 20260112 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 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 美国 ETF 创新产品：逆向策略 ETF 发行。 上周美国共 11 只新发产品，Global X 发行零 ○ 息债券目标到期日系列产品; Tidal 和 LOGIQ 上周发行一只 "逆向策略" ETF, 通过和市 场反向的观点寻找股票、债券中的低估机会，产品可以通过期权等工具来增厚收益。 美国 ETF 资金流向：国际股票产品流入再次超过美国股票。过去一周中，美国国际股票 O ETF 流入再次超过美国国内股票产品，债券 ETF 有 100 亿美元以上流入；Vanquard 标 普 500ETF 继续为流入第一产品，股票、债券的宽基产品都在流入前列，贝莱德的国际股 ...

2026 年 01 月 12 日 逆向策略 ETF 发行 ——海外创新产品周报 20260112 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 ETP 研 究 - ⚫ 美国 ETF 创新产品：逆向策略 ETF 发行。上周美国共 11 只新发产品，Global X 发行零 息债券目标到期日系列产品；Tidal 和 LOGIQ 上周发行一只"逆向策略"ETF，通过和市 场反向的观点寻找股票、债券中的低估机会，产品可以通过期权等工具来增厚收益。 ⚫ 美国 ETF 资金流向：国际股票产品流入再次超过美国股票。过去一周中，美国国际股票 ETF 流入再次超过美国国内股票产品，债券 ETF 有 100 亿美元以上流入；Vanguard 标 普 500ETF 继续为流入第一产品，股票、债券的宽基产品都在流入前列，贝莱德的国际股 票产品流入较多，而美股风格产品、高收益债产品有所流出。 ⚫ 美国 E ...

Core Insights - KraneShares has announced that its KraneShares Hedgeye Hedged Equity Index ETF (KSPY) has been added to LPL Financial's No-Transaction-Fee platform, enhancing accessibility for over 22,000 financial advisors and their clients [1][2] Group 1: Product Features - KSPY utilizes Hedgeye's Risk Range™ Signals to manage downside risk and upside participation, with the S&P 500 closing within its daily published Risk Range™ 83% of the time since 2015 [3][9] - The ETF employs a dynamic options strategy that adjusts based on the S&P 500's position relative to the Risk Range™ Signals, allowing for daily adjustments to portfolio delta [4][9] - KSPY aims to maximize equity exposure in favorable market conditions while reducing exposure during adverse conditions, providing a systematic approach to risk management [5][4] Group 2: Strategic Partnerships and Distribution - The addition of KSPY to the NTF platform aligns with KraneShares' strategic partnership with InspereX, further enhancing distribution within LPL's advisor network [6] - KraneShares has expanded its offerings on the NTF platform to 16 ETFs, covering various themes including emerging technologies, carbon markets, and income solutions [5][6] Group 3: Company Overview - KraneShares is recognized as a specialist investment manager focused on innovative strategies, particularly in China-focused and climate-focused ETFs, as well as disruptive technologies [7] - The firm aims to provide global investors with access to transformative growth opportunities through research-driven products and educational resources [7]

Core Insights - The AI bubble debate is a significant topic in the tech industry, with opinions varying on whether the current excitement around AI represents a bubble or a transformative wave [2] - KOID, a humanoid robot from Unitree, emphasizes that AI and humanoids are likely to remain integral to society and will continue to evolve [2] Company Insights - Unitree is a leading Chinese tech company known for its humanoid robots, including KOID, which features 23 degrees of freedom, allowing for diverse movements [3] - KOID is available for purchase in the U.S. through RoboStore, with prices ranging from $8,990 to $128,900 [3] - Unitree is preparing for an initial public offering (IPO) that could value the company at up to $7 billion, showcasing its growth potential in the robotics market [6] Industry Trends - The humanoid robotics sector is becoming increasingly competitive, with companies like Boston Dynamics and Agility Robotics emerging alongside Tesla's Optimus robots, which are expected to significantly contribute to Tesla's valuation [5] - The industry is still in a "prototyping" phase, as companies explore the various roles robots can play in daily life, from household assistance to industrial applications [4]