Dimensional said the SEC intends to grant the fund manager the ability to offer ETFs as share classes of mutual funds, opening the door for widespread use of a tax-saving structure previously exclusive to Vanguard https://t.co/E5xVqDmAjK ...

Macro Liquidity - The US dollar index continued to rise, and the degree of "inversion" in the China-US interest rate spread deepened, with inflation expectations declining [1][12] - Offshore dollar liquidity tightened overall, while the domestic interbank funding situation remained balanced [1][17] Market Trading Activity - Overall market trading activity has decreased, with major indices' volatility also declining [2][31] - Trading heat in sectors such as electronics, automotive, consumer services, real estate, textiles, and communications remains above the 80th percentile [2][24] - The volatility of the communication sector remains above the 80th historical percentile [2][31] Institutional Research - Research activity is high in sectors such as electronics, pharmaceuticals, communications, non-ferrous metals, and food and beverages, with mechanical, transportation, banking, and consumer services sectors seeing a month-on-month increase in research heat [3][42] Analyst Forecasts - Analysts have adjusted net profit forecasts for the entire A-share market for 2025 and 2026, with increases in sectors such as non-ferrous metals, consumer services, chemicals, machinery, and automotive [4][49] - The proportion of stocks with upward revisions in net profit forecasts for 2025 and 2026 has increased [4][49] - The net profit forecasts for the Shanghai Stock Exchange 50 and CSI 300 indices for 2025 and 2026 have been raised, while the CSI 500 index has seen downward adjustments [4][49] Northbound Trading Activity - Northbound trading activity has decreased, continuing to show net selling but at a slower pace [5][31] - In the top 10 active stocks, the ratio of buy/sell totals in sectors like electronics, electric vehicles, and automotive has increased, while it has decreased in non-bank, pharmaceuticals, and non-ferrous sectors [5][31] Margin Financing Activity - Margin financing activity is approaching the highest point since July 2020, with a net purchase of 26.48 billion yuan last week [6][35] - The main net purchases in margin financing were in electronics, communications, and electric vehicle sectors, while net sales were seen in non-ferrous metals, pharmaceuticals, and non-bank sectors [6][35] Active Equity Fund Positions - Active equity funds have reduced their positions, primarily increasing allocations in media, computing, and machinery sectors while decreasing in communications, non-ferrous metals, and food and beverages [8][45] - The correlation between active equity funds and mid/small-cap growth and small-cap value has increased [8][45] - New fund establishment sizes have decreased, with active funds seeing a rebound while passive funds have declined [8][50]

Market Trends & Cryptocurrency Performance - Crypto majors experienced a rally over the weekend, with BTC up 3% at $112,100, ETH up 3% at $4,100, XRP up 3% at $2.85, and SOL up 4% at $207 [1] - ZEC (+19%), PUMP (+11%), and MYX (+11%) led the top movers in cryptocurrency [1] - Memecoin leaders are generally green on the day but red on the week, with varying percentage changes [1] - AI x Crypto overall market cap increased by 2% to $16.9 billion [2] ETF & Investment Flows - BTC ETFs experienced net outflows of $897 million last week, while ETH ETFs saw $795 million in outflows [1] - Short liquidations in crypto reached $260 million on Sunday [1] - Vanguard is reportedly considering offering access to third-party crypto ETFs to its U S brokerage clients [1] Corporate & Regulatory Developments - Tether is reportedly raising capital at a $500 billion valuation [1] - Kraken is valued at $15 billion after a recent $500 million raise [1] - The SEC and FINRA are investigating DATs for potential insider trading [1] - Bitcoin miner TeraWulf is seeking to raise another $3 billion to fuel its expansion plans [1] NFT Market - Hypurr NFTs opened at a $65,000 floor with over $60 million in trading volume on their first day [1][2] - ETH NFT leaders were slightly red on the week, with Punks down 3% at 47.6 ETH, Pudgy down 2% at 10.23 ETH, and BAYC down 3% at 9.13 ETH [2]

RT BSCN (@BSCNews)🚨 LITECOIN ETFS EXPECTED "VERY SOON" - @litecoin's creator has offered his insight on the prospects of an $LTC ETF in the US... Here's what you need to know ⬇️ https://t.co/yeuDLAvM5g ...

Core Insights - Small-cap U.S. stocks are showing signs of a potential comeback after a prolonged period of underperformance, although it remains uncertain if this is the beginning of a sustained rally or a temporary rise [1] Performance Overview - The iShares Russell 2000 index has increased by 11% over the past three months as of September 25, 2025, compared to a 7.6% gain in the S&P 500. However, year-to-date performance shows the iShares Russell 2000 ETF (IWM) up 8.2%, lagging behind the SPDR S&P 500 ETF Trust (SPY) which is up 12.6% [2] - The early-year weakness in small-cap stocks was largely attributed to President Trump's announcement of higher tariffs in April, which adversely affected smaller companies [2] Economic Factors - The Federal Reserve's decision to cut interest rates by 25 basis points in September and the indication of two more cuts this year could benefit small-cap stocks, with an 87.7% probability of another 25-bp cut in October [3] - The U.S. economy experienced a robust growth rate of 3.8% in Q2 of 2025, driven by stronger consumer spending, marking an upward revision from a previous estimate of 3.3% [4] - The positive economic growth is favorable for small-cap stocks, which are closely tied to the domestic economy [5] Valuation Metrics - As of September 19, 2025, the Russell 2000 is trading at a P/E ratio of 34.65, significantly higher than the year-ago level of 25.12, indicating that small caps may be overvalued [6] - In comparison, the Nasdaq 100 is trading at a P/E ratio of 32.65, and the S&P 500 at 25.30, suggesting that small-cap stocks are not cheap relative to other indices [7] ETF Performance - Notable small-cap U.S. ETFs that have performed well in Q3 include: - Fidelity Enhanced Small Cap ETF (FESM) – up 15.5% - Invesco S&P SmallCap 600 Pure Value ETF (RZV) – up 14% - Vanguard Russell 2000 Value ETF (VTWV) – up 13.6% - First Trust Small Cap Core AlphaDEX ETF (FYX) – up 13.5% - Janus Henderson Small Cap Growth Alpha ETF (JSML) – up 13.4% - iShares Russell 2000 Growth ETF (IWO) – up 13% [8] Market Concerns - President Trump's announcement on September 25, 2025, regarding new tariffs on various imports starting October 1 may introduce volatility in small-cap stocks in the short term [9]

ETF Flow - ETH ETFs 上周净流出 79580 万美元 [1] - 行业面临资金流出压力 [1]

🚨 CMC News: $SOL ETF Approvals Expected Within Weeks After Filing Updates.🔗 https://t.co/1FzbBd5Up4 https://t.co/4oGamOvR57 ...

Group 1 - The article discusses the significant growth of ETFs (Exchange-Traded Funds), highlighting that for the first time in 29 years, they have surpassed mutual funds in terms of inflows [2] - It emphasizes the increasing popularity of ETFs among investors, driven by their lower fees and tax efficiency compared to traditional mutual funds [2] - The article notes that in the past year, ETF inflows reached a record high, indicating a shift in investor preferences towards these investment vehicles [2] Group 2 - The article provides statistics showing that ETF assets under management have grown to over $10 trillion, reflecting a substantial increase in market acceptance [2] - It mentions that the average expense ratio for ETFs is significantly lower than that of mutual funds, which is a key factor contributing to their growth [2] - The article also highlights the diversification benefits of ETFs, allowing investors to gain exposure to a wide range of assets with relatively low investment amounts [2]

Group 1: ETF Industry News - Major indices collectively rose, with the securities ETFs experiencing significant gains. The leading securities ETF (159993.SZ) increased by 5.61%, while the broker ETF (159842.SZ) rose by 5.19% and the securities ETF from Fuqu (515850.SH) increased by 5.07% [1][3] - The banking sector saw declines in several ETFs, with the banking ETF index fund (516210.SH) down by 0.52%, the Tianhong banking ETF (515290.SH) down by 0.42%, and the banking ETF (159887.SZ) down by 0.39% [1] Group 2: Public Fund Scale - The total scale of public funds in China surpassed 36 trillion yuan, marking a new historical high for the fifth time this year. The growth was primarily driven by active equity funds, with stock fund net value increasing by 12.76% month-on-month [2] Group 3: Market Overview - On September 29, the three major indices rose collectively, with the Shanghai Composite Index up by 0.9% to close at 3862.53 points, the Shenzhen Component Index up by 2.05% to 13479.43 points, and the ChiNext Index up by 2.74% to 3238.01 points [3] - Over the past five trading days, the STAR 50, ChiNext Index, and CSI A500 showed strong performance, with increases of 4.39%, 4.19%, and 2.23% respectively [3] Group 4: Sector Performance - In today's performance, the non-bank financial, non-ferrous metals, and power equipment sectors led the gains, with daily increases of 3.84%, 3.78%, and 3.07% respectively. Conversely, the coal, banking, and social services sectors lagged behind with declines of -0.84%, -0.46%, and -0.24% [4] - Over the past five trading days, power equipment, non-ferrous metals, and non-bank financial sectors also performed well, with increases of 6.77%, 6.4%, and 2.91% respectively [4] Group 5: ETF Market Performance - The average daily performance of various ETF categories showed that the thematic stock index ETFs performed the best with an average increase of 1.53%, while bond ETFs had the poorest performance with an average increase of only 0.01% [5] - The top three performing stock ETFs today were the securities ETF leader (159993.SZ) with a gain of 5.61%, the battery 50 ETF (159796.SZ) with a gain of 5.20%, and the broker ETF (159842.SZ) with a gain of 5.19% [7] - The top three ETFs by trading volume were the securities ETF (512880.SH) with a trading volume of 7.892 billion yuan, the A500 ETF from Southern (159352.SZ) with 6.056 billion yuan, and the A500 ETF fund (512050.SH) with 5.728 billion yuan [8]

Group 1: ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index increasing by 0.9%, the Shenzhen Component Index by 2.05%, and the ChiNext Index by 2.74. Notably, several non-bank financial sector ETFs surged, including the leading securities ETF (159993.SZ) which rose by 5.61% [1][4] - The total scale of public funds in China surpassed 36 trillion yuan, marking a new historical high for the fifth time this year. The growth was primarily driven by actively managed equity funds, with stock fund net value increasing by 12.76% month-on-month [1][4] Group 2: Market Performance Overview - On September 29, all three major indices in A-shares and overseas core indices rose, with the Shanghai Index closing at 3862.53 points, the Shenzhen Component at 13479.43 points, and the ChiNext Index at 3238.01 points. The highest intraday points were 3881.0, 13531.98, and 3259.42 respectively [1][4] - In the past five trading days, the top performers included the ChiNext 50, ChiNext Index, and CSI A500, with respective gains of 4.39%, 4.19%, and 2.23% [1][4] Group 3: ETF Market Performance - The average performance of different categories of ETFs showed that thematic stock ETFs performed the best with an average increase of 1.53%, while bond ETFs had the worst performance with an average increase of only 0.01% [7] - The top three performing stock ETFs today were the securities ETF (159993.SZ) with a gain of 5.61%, the battery 50 ETF (159796.SZ) with 5.20%, and the broker ETF (159842.SZ) with 5.19% [10] Group 4: ETF Trading Volume - The top three ETFs by trading volume were the securities ETF (512880.SH) with a trading volume of 7.892 billion yuan, the A500 ETF from Southern Fund (159352.SZ) with 6.056 billion yuan, and the A500 ETF fund (512050.SH) with 5.728 billion yuan [15]