商品相关产品发行较多 -海外创新产品周报 20260224 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 2026 年 02 月 24 日 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:商品相关产品发行较多。上两周美国共 45 只新发产品,共 16 只单 ● 股票杠杆反向产品，CLO 产品也密集发行。商品类 ETF 也是近期发行的重点，Global X 2 月 10 日发行商品 ETF，产品通过 Wealthspot 的模型，使用宏观、趋势等量化数据来 构建组合: Simplify 的 CTA 商品期货指数 ETF . 是 iMGP DBi Managed Futures Strategy ETF 的低费率版本,希望通过互换协议复制对冲基金中 CTA 策略的表现。 美国 ETF 资金流向：资金流入较为平稳。过去一周中,美国 ...

2026 年 02 月 24 日 商品相关产品发行较多 ——海外创新产品周报 20260224 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 - | 目录 | | | | | --- | --- | --- | --- | | 1. | 美国 | ETF | 创新产品：商品相关产品发行较多 4 | | 2. 美国 | | ETF | 动态 5 | | 2.1 | 美国 ETF | | 资金：资金流入较为平稳 5 | | 2.2 | 美国 ETF | | 表现：能源板块表现领先 7 | | | | 3．近期美国普通公募基金资金流向 | 8 | | | | ...

Market Overview - Latin American equity markets are experiencing significant inflows, marking the strongest start to the year since 1991, with the MSCI EM Latin America Index reaching an eleven-year high and increasing over 20% in 2026 [1][17] - Investors are recalibrating their focus on Latin America ahead of presidential elections in Brazil and Colombia, anticipating potential local policy shifts and lower interest rates [1][17] Investment Trends - The buying spree is evident in US-listed exchange-traded funds (ETFs), with BlackRock's iShares Latin America 40 ETF attracting over $1 billion in January, raising total assets to approximately $4.3 billion [6][17] - The iShares MSCI Brazil ETF (EWZ) saw its strongest monthly inflows in over a decade in January, becoming a preferred tool for exposure to Brazilian equities [7][17] Political Landscape - In Brazil, the potential for a political shift in the upcoming October election is influencing investment decisions, with some investors betting on the opposition's victory over President Luiz Inacio Lula da Silva [8][17] - In Colombia, political divisions among candidates are creating uncertainty ahead of the May presidential election, with the leading leftist contender raising concerns about asset price stability [12][17] Foreign vs. Local Investment - Foreign investors are increasingly purchasing directly in local markets, with January seeing the highest foreign buying in at least four years across Brazilian, Mexican, and Colombian markets [13][17] - Local investors remain cautious due to political uncertainties, contrasting with foreign investors who are more focused on potential returns [14][17] Central Bank Policies - Expectations are building for Brazil's central bank to lower the benchmark Selic rate from 15%, its highest in nearly two decades, starting in March [15][17] - In Mexico, the central bank maintained its benchmark interest rate at 7%, pausing an easing cycle that began nearly two years ago [15][17] Overall Sentiment - The overall sentiment towards Latin America remains positive, driven by potential rate cuts, favorable political changes, and commodity tailwinds [16][17]

At the CEF/ETF Income Laboratory , we manage ~8%-yielding closed-end fund ( CEF ) and exchange-traded fund (ETF) portfolios to make income investing easy for you. Check out what our members have to say about our service.The VanEck AA-BB CLO ETF ( CLOB ) is exactly what it says on the tin: an AA-BB CLO ETF. CLOB's portfolio is a bit more diversified than those of its CLO peers, with a solid 6.5% dividend yieldJuan de la Hoz has worked as a fixed income trader, financial analyst, operations analyst, and as an ...

Throughout the bull market for tech and artificial intelligence (AI) of the past few years, semiconductor stocks have been the leaders. That narrative has changed in 2026 as investors grow more concerned about how much money is being spent on AI development and whether valuations have become stretched too far. Semiconductor ETFs still aren't too far off all-time highs, but it looks like momentum has clearly shifted away from tech and growth stocks. That doesn't mean this group can't keep moving higher, bu ...

The VanEck BDC Income ETF (BIZD) is currently living out the tension of an anthem from the popular rock band Queen. And it is overdue, owing to what I call the process of “pulling returns forward.” That’s where a good concept in an exchange-traded fund (ETF) is the target of a rush of demand for the theme it invests in — to the point where it cannot possibly keep up with expectations. That leaves a lot of proverbial bag-holders. While the ETF provides a massive yield, it is operating in the shadow of the ...

Core Viewpoint - Coinbase CEO Brian Armstrong has sold $545.7 million worth of stock over nine months, indicating a significant liquidation of his holdings without any purchases during this period [1]. Group 1: Armstrong's Selling Activity - Armstrong liquidated over 1.5 million shares between April 2025 and January 2026, with the largest single-day sale occurring on June 25, 2025, when he sold 336,265 shares at $355.37 each [2]. - The most recent sale on January 5 involved 40,000 shares sold at $254.92, netting approximately $101.6 million [2]. Group 2: Armstrong's Net Worth and Other Investors - Armstrong's net worth has dropped over $10 billion from a peak of $17.7 billion in July 2025, with his remaining fortune of $7.5 billion tied to a 14% stake in Coinbase [3]. - Other significant investors, such as Cathie Wood's Ark Invest, have also been selling Coinbase shares, liquidating $17.4 million on February 5 while investing $17.8 million into a competing digital asset exchange [3]. Group 3: Analyst Ratings and Market Sentiment - Goldman Sachs upgraded Coinbase (COIN) to a "buy" rating on January 5, setting a price target of $303, citing non-trading revenue growth as a buffer against market cycles [4]. - Conversely, JPMorgan reduced its price target by 27%, attributing this to lower trading volumes, softness in crypto prices, and decelerating stablecoin growth [4]. Group 4: Price Movement and Technical Analysis - COIN closed 6% down after breaking critical support at the $230-$240 level, which had previously held multiple times [7]. - The current technical indicators suggest bearish momentum, with a Supertrend at $189.46 and a Parabolic SAR at $168.59 confirming downside pressure [9]. - For recovery, COIN needs to reclaim the $168-$170 range and work towards the $190 Supertrend level, with significant resistance at $230-$240 [10].

Core Insights - The article discusses two ETFs, VanEck Short Muni ETF (SMB) and iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB), which provide exposure to fixed-income assets with different focuses [1] Group 1: ETF Overview - SMB tracks short-term tax-exempt municipal bonds, while IGSB focuses on investment-grade U.S. corporate bonds [1] - SMB has an expense ratio of 0.07% and a 1-year return of 1.93%, while IGSB has a lower expense ratio of 0.04% and a higher 1-year return of 2.65% [2] - IGSB has a significantly larger AUM of $22.37 billion compared to SMB's $303.14 million [2] Group 2: Performance Metrics - Over the past five years, SMB experienced a max drawdown of -7.44%, while IGSB had a max drawdown of -9.44% [3] - The growth of $1,000 over five years is nearly identical, with SMB growing to $958 and IGSB to $960 [3] Group 3: Portfolio Composition - IGSB holds 4,532 bonds, primarily A- and BBB-rated, with significant positions in companies like Goldman Sachs and Bank of America [4] - SMB has a more concentrated portfolio with 334 municipal bonds, predominantly in the AA class, with 22% A-rated and 17% AAA-rated bonds [5] Group 4: Investment Considerations - Investors must consider volatility preferences, as corporate bonds (IGSB) are generally more vulnerable to default and volatility compared to municipal bonds (SMB) [6] - Municipal bonds are less risky but typically offer slower returns, with SMB having a higher allocation towards higher-rated bonds, reducing default risk [7] - Despite slower price growth, the high dividend yields of these ETFs can make them attractive investments [8]

Core Insights - The VanEck Bitcoin ETF (HODL) and iShares Ethereum Trust ETF (ETHA) provide investors with direct exposure to Bitcoin and Ethereum respectively, while mitigating some risks associated with holding cryptocurrencies directly [2][5] Group 1: Cost and Size - Both HODL and ETHA have an expense ratio of 0.25% [3] - As of February 14, 2026, HODL has a one-year return of -29.18% and ETHA has a return of -23.90% [3] - HODL has assets under management (AUM) of $1.1 billion, while ETHA has AUM of $6.29 billion, indicating a significant difference in scale [3] Group 2: Performance and Risk Comparison - HODL experienced a maximum drawdown of -49.25% over one year, while ETHA had a higher drawdown of -61.57% [4] Group 3: Fund Composition and Market Context - HODL, launched on January 4, 2024, exclusively holds Bitcoin, while ETHA, launched six months later, exclusively holds Ether [5] - Both funds are characterized by high volatility and have faced negative returns in 2025, marking the first annual decline since 2022 [6] - HODL has increased nearly 40% since its inception, whereas ETHA has decreased by 41%, suggesting a potential advantage for HODL in the long term [8]

Core Insights - The Global X - Silver Miners ETF (SIL) and the VanEck Gold Miners ETF (GDX) provide targeted access to mining companies, differing in metal focus and portfolio construction [2][9] - SIL is silver-centric with a higher recent return and drawdown, while GDX is gold-focused, lower cost, and more diversified [1][4] Cost & Size Comparison - SIL has an expense ratio of 0.65% and AUM of $6.2 billion, while GDX has a lower expense ratio of 0.51% and AUM of $30.5 billion [3][4] - The one-year return for SIL is 167.2% compared to GDX's 136.8%, with SIL offering a higher dividend yield of 1.0% versus GDX's 0.6% [3][4] Performance & Risk Metrics - Over five years, SIL has a max drawdown of 55.63% while GDX has a max drawdown of 46.52% [5] - Growth of $1,000 over five years is $2,169 for SIL and $2,765 for GDX, indicating GDX's superior performance [5] Portfolio Composition - GDX tracks 55 companies in the gold mining industry, with top holdings including Agnico Eagle Mines Ltd (9.25%), Newmont Corp (8.88%), and Barrick Mining Corp (6.79%) [6] - SIL focuses on the silver mining sector with 39 holdings, heavily weighted towards Wheaton Precious Metals Corp (21.80%), indicating a more concentrated portfolio [7][12] Investment Implications - Both ETFs provide diversification and have a high correlation to the prices of their respective metals, with GDX having more holdings and a lower expense ratio [9][13] - SIL offers a higher dividend yield, and recent performance indicates that silver has outperformed gold [13][11]