Launched on 10/21/2015, the SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is a smart beta exchange traded fund offering broad exposure to the Style Box - Large Cap Value category of the market.What Are Smart Beta ETFs?Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.A good option for investors who believe in market efficiency, market cap weighted indexes offer a low- ...

Core Viewpoint - Cash flow ETFs have become popular in overseas markets, and domestic products are seeing a surge in applications. The domestic free cash flow products are still in their infancy, while overseas cash flow products have achieved significant development results. The combination of "large and medium market capitalization + central state-owned enterprises + abundant cash flow" is expected to be one of the main investment themes for the year [1][7]. Group 1: Market Trends - The investment activity cash flow out of small-cap stocks has significantly decreased quarter-on-quarter in Q1 2025, while the cash flow out of large-cap stocks has been steadily increasing since June 2021. Future policies aimed at market capitalization management are expected to enhance the profitability of central state-owned enterprises [1]. - The domestic free cash flow index is still emerging, with various indices showing different characteristics. The FTSE China A-Share Free Cash Flow Focus Index has a more detailed selection space compared to similar indices like the National Securities Cash Flow Index and the CSI Cash Flow Index [1]. Group 2: Index Performance - The FTSE cash flow component stocks show a prominent large and medium market capitalization style, with 18% of stocks having a total market capitalization exceeding 100 billion. This higher market capitalization level and the inclusion of central state-owned enterprises make the FTSE cash flow index relatively resilient during market corrections [2]. - Since the base date (December 31, 2013), the FTSE cash flow index has shown smaller declines during market corrections compared to similar cash flow indices and the CSI Dividend Index [2]. Group 3: Risk-Return Analysis - Among the three cash flow indices, the FTSE cash flow index has a lower correlation with traditional styles, achieving the highest risk-return ratio of 0.85 as of July 18, 2025, compared to 0.63 for the CSI Dividend Index and 0.68 for the low-volatility dividend index [4][5]. - The FTSE cash flow index can effectively diversify risk and provide differentiated allocation in the context of increased institutional investment in actively managed equity funds due to their high elasticity [5]. Group 4: Investment Strategy - The FTSE cash flow index focuses on large and medium-cap stocks, utilizing free cash flow yield as a selection factor to enhance returns. It also incorporates quality and low volatility factors to further filter high-quality cash flow companies, thereby improving the index's risk resistance and long-term holding value [6][7]. - The cash flow ETF (159399) closely tracks the FTSE China A-Share Free Cash Flow Focus Index, selecting a group of "cash cow" companies in the A-share market, laying a solid foundation for long-term investment returns [7].

Core Insights - The WisdomTree International Hedged Quality Dividend Growth ETF (IHDG) is designed to provide broad exposure to developed market companies while neutralizing currency fluctuations against the U.S. dollar [1][6] - The fund has amassed over $2.4 billion in assets, making it one of the larger ETFs in the Broad Developed World ETFs category [5] - The ETF has an annual operating expense ratio of 0.58% and a 12-month trailing dividend yield of 2.62% [7] Fund Management and Strategy - Managed by WisdomTree, IHDG seeks to match the performance of the WisdomTree International Hedged Quality Dividend Growth Index [5] - The ETF employs a smart beta strategy, focusing on stock selection based on fundamental characteristics to enhance risk-return performance [3][4] Performance Metrics - The ETF has a return of approximately 5.06% and has increased by about 5.36% year-to-date as of August 11, 2025 [10] - IHDG has a beta of 0.72 and a standard deviation of 14.06% over the trailing three-year period, indicating medium risk [11] Holdings and Sector Exposure - The fund's top 10 holdings account for approximately 123.65% of its total assets under management, with the U.S. dollar comprising about 87.4% of total assets [8][9] - The ETF's diversified nature helps minimize single stock risk, with around 300 holdings [11] Alternatives and Market Position - IHDG may not be suitable for investors seeking to outperform the Broad Developed World ETFs segment, with alternatives like iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG) available [12][13] - DGRO has $32.82 billion in assets and an expense ratio of 0.08%, while VIG has $93.56 billion and an expense ratio of 0.05% [13]

Core Insights - The John Hancock Multifactor Small Cap ETF (JHSC) offers investors exposure to the Style Box - Small Cap Blend category, having debuted on November 8, 2017 [1] - Smart beta ETFs, like JHSC, aim to outperform traditional market cap weighted indexes by selecting stocks based on specific fundamental characteristics [3][4] - JHSC is managed by John Hancock and has accumulated over $566.07 million in assets, positioning it as an average-sized ETF in its category [5] Fund Details - JHSC seeks to match the performance of the JOHN HANCOCK DIMENSIONAL SMALL CAP INDEX, which includes U.S. companies with market capitalizations smaller than the 750th largest, excluding the smallest 4% [6] - The fund has an annual operating expense ratio of 0.42% and a 12-month trailing dividend yield of 1.06% [7] - The fund's largest sector allocation is in Industrials at approximately 22.8%, followed by Financials and Consumer Discretionary [8] Holdings and Performance - JHSC's top holdings include Nextracker Inc Cl A (0.55% of total assets), Commvault Systems Inc, and Planet Fitness Inc Cl A, with the top 10 holdings accounting for about 5.11% of total assets [9] - As of August 11, 2025, JHSC has experienced a year-to-date loss of -0.01% and a one-year gain of 6.96%, with a trading range between $32.47 and $43.65 over the past 52 weeks [11] Alternatives - Other ETFs in the small-cap space include Vanguard Small-Cap ETF (VB) and iShares Core S&P Small-Cap ETF (IJR), which have significantly larger assets and lower expense ratios of 0.05% and 0.06%, respectively [13]

Core Insights - The Invesco RAFI Emerging Markets ETF (PXH) is a smart beta ETF that debuted on September 27, 2007, providing broad exposure to the emerging markets category [1] - PXH is managed by Invesco and has accumulated over $1.54 billion in assets, making it one of the larger ETFs in the Broad Emerging Market ETFs segment [5] - The fund aims to match the performance of the FTSE RAFI Emerging Markets Index, which selects equities based on fundamental measures such as book value, cash flow, sales, and dividends [6] Fund Characteristics - The ETF has an annual operating expense ratio of 0.47%, which is competitive within its peer group, and a 12-month trailing dividend yield of 3.40% [7] - The top holdings include Taiwan Semiconductor Manufacturing Co Ltd (6.04% of total assets), Alibaba Group Holding Ltd, and China Construction Bank Corp, with the top 10 holdings accounting for approximately 29.85% of total assets [8][9] Performance Metrics - Year-to-date, PXH has increased by about 19.06%, and it was up approximately 25.26% over the last 12 months as of August 11, 2025 [10] - The ETF has a beta of 0.57 and a standard deviation of 17.81% over the trailing three-year period, indicating a medium risk profile [11] Alternatives in the Market - Other ETFs in the emerging markets space include Vanguard FTSE Emerging Markets ETF (VWO) with $94.77 billion in assets and iShares Core MSCI Emerging Markets ETF (IEMG) with $100.39 billion in assets, both of which have lower expense ratios of 0.07% and 0.09% respectively [13]

Core Insights - The Invesco S&P 500 Equal Weight Utilities ETF (RSPU) debuted on November 1, 2006, providing broad exposure to the Utilities/Infrastructure ETFs category [1] - RSPU is managed by Invesco and has amassed assets over $454.72 million, making it an average-sized ETF in its category [5] - The ETF seeks to match the performance of the S&P 500 Equal Weight Utilities Plus Index, which equally weights the common stocks of utilities sector companies in the S&P 500 [5] Fund Characteristics - RSPU has an annual operating expense ratio of 0.40% and a 12-month trailing dividend yield of 2.38% [6] - The ETF's heaviest allocation is in the Utilities sector, accounting for approximately 100% of the portfolio, with top holdings including Vistra Corp (3.67%), Constellation Energy Corp, and Nrg Energy Inc [7][8] - The top 10 holdings represent about 33.33% of RSPU's total assets under management [8] Performance Metrics - RSPU has gained approximately 16.35% year-to-date and is up about 23.84% over the last year as of August 11, 2025 [9] - The ETF has traded between $62.69 and $76.68 in the past 52 weeks [9] - RSPU has a beta of 0.56 and a standard deviation of 17.45% for the trailing three-year period, indicating more concentrated exposure than its peers [10] Alternatives - Investors seeking to outperform the Utilities/Infrastructure ETFs segment may consider alternatives such as the Vanguard Utilities ETF (VPU) and the Utilities Select Sector SPDR ETF (XLU), which have significantly larger assets of $7.4 billion and $21.27 billion respectively [12] - VPU has an expense ratio of 0.09% and XLU has an expense ratio of 0.08%, making them cheaper options compared to RSPU [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 15 new products were issued in the US, with a stable issuance and obvious diversification of strategies. BlackRock issued an international version of the factor rotation ETF, and Defiance issued a long - volatility product [1][6]. - In the US, the inflows of equity and bond ETFs increased last week, and gold ETFs re - entered the market following the upward trend. Some leveraged ETFs and Indian ETFs had outflows [1][10]. - Momentum continued to lead Smart Beta in the US. Since the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value, and BlackRock's factor rotation ETF had a better performance than most single - factor products and the S&P 500 [1][15]. - In June 2025, the total amount of non - money public funds in the US increased by $0.78 trillion compared to May. From July 23rd to July 30th, the outflows of domestic stock funds in the US expanded again, while the inflows of bond products further increased [1][16]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: BlackRock Issues International Version of Factor Rotation ETF - Last week, 15 new ETFs were issued in the US, with diversified strategies including AI infrastructure, global macro - hedge, digital currency - related bonds, single - stock leveraged reverse products, and more. BlackRock issued an international version of the factor rotation ETF, which focuses on five major types of factors and deviates from factors according to an optimized model [6][9]. - Defiance issued a long - volatility product composed of 0.75 - 1 times VIX index futures and 1.5 - 2 times S&P 500 shorts, providing a tool for investors to express views under extreme risks [1][7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Inflows of Equity and Bond ETFs Increase - Last week, the inflows of equity and bond ETFs in the US increased, and gold ETFs re - entered the market. Vanguard and BlackRock's S&P 500 ETFs had similar inflows, the Russell 2000 ETF had inflows after continuous outflows, and short - term and corporate bond ETFs also had inflows. Some leveraged ETFs and Indian ETFs entered the top ten of outflows [1][10]. - The top ten inflow and outflow ETFs in the US from August 1st to August 7th are listed, with Vanguard S&P 500 ETF having an inflow of $32.69 billion and Invesco NASDAQ 100 ETF having an outflow of $22.47 billion [12]. 3.2.2 US ETF Performance: Momentum Continues to Lead Smart Beta - Although low - volatility and small - cap stocks rebounded at the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value. Momentum has continued its strong performance since 2024, with the iShares MSCI USA Momentum Factor ETF having a year - to - date return of 19.27% [15]. - BlackRock's factor rotation ETF had a return of 11.29% during the same period, with a scale of over $20 billion, outperforming most single - factor products and the S&P 500 (8.6%) [15]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May. The scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From July 23rd to July 30th, the domestic stock funds in the US had a total outflow of about $18 billion, and the inflows of bond products further increased [16].

Group 1 - The cash flow ETF (159399) announced its sixth dividend distribution with a ratio of 0.25%, with the record date on August 13 and the payment date on August 18 [1] - The cash flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates [1] - The FTSE cash flow index has shown outstanding long-term performance, with a cumulative increase of 624.37% since the base date of December 31, 2013, significantly outperforming the CSI 300's 133.67% and the CSI Dividend's 624.37%, consistently beating the CSI Dividend index for nine consecutive years [1] Group 2 - The dividend distribution plan indicates that the benchmark date for this month's dividend of 0.25% corresponds to a distribution of 0.0026 yuan per share based on a net asset value of 1.0562 [2]

Group 1 - The core theme of the forum is the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, with participation from leading funds, wealth management, insurance, and private equity institutions [1] - Wang Qing, Chairman of Chongyang Investment, emphasized the importance of accurate pricing in a mature asset management market, which can release potential demand [3][9] - The investment strategy of Chongyang Investment focuses on achieving stable Alpha returns, moving away from subjective long positions towards a more balanced approach [3][8] Group 2 - Chongyang Investment's "multi-fund manager co-management model" under the decision-making committee aims to enhance investment performance by leveraging the strengths of multiple fund managers [8] - The investment return hierarchy is structured as a pyramid, with Pure Beta at the bottom and Pure Alpha at the top, indicating varying levels of risk and management complexity [6][7] - The firm recognizes the need for accurate pricing in the market, where management fees should correspond to the level of risk and return, with lower fees for Pure Beta and higher for Pure Alpha [9] Group 3 - Chongyang Investment has a long-standing partnership with China Merchants Bank, which has supported the issuance of their first private fund product, enhancing their growth and market presence [10] - The firm aims to contribute to the financial development of the Greater Bay Area by strengthening its services and collaboration with China Merchants Bank [10]

Core Insights - The WisdomTree Japan Hedged Equity ETF (DXJ) debuted on June 16, 2006, and offers broad exposure to the Asia-Pacific (Developed) ETFs category [1] - The ETF industry has been traditionally dominated by market capitalization weighted indexes, but smart beta strategies are gaining traction among investors seeking to outperform the market [2][3] - The WisdomTree Japan Hedged Equity ETF has amassed over $3.65 billion in assets, making it one of the larger ETFs in its category [5] Fund Details - The fund is sponsored by WisdomTree and aims to match the performance of the WisdomTree Japan Hedged Equity Index, which provides exposure to Japanese equity markets while neutralizing currency fluctuations [5] - The ETF has an annual operating expense ratio of 0.48% and a 12-month trailing dividend yield of 3.61% [6] - The fund's holdings are primarily in U.S. dollars, accounting for approximately 99.07% of total assets, with top holdings including Mitsubishi Ufj Financial Group and Toyota Motor Corp [7] Performance Metrics - Year-to-date, the WisdomTree Japan Hedged Equity ETF has increased by approximately 10.64%, and it has risen about 35.91% over the last 12 months as of August 7, 2025 [8] - The ETF has a beta of 0.43 and a standard deviation of 19.49% over the trailing three-year period, indicating a medium risk profile [9] Alternatives - Other ETFs in the space include JPMorgan BetaBuilders Japan ETF (BBJP) with $13.44 billion in assets and iShares MSCI Japan ETF (EWJ) with $15.62 billion in assets, offering lower expense ratios [11] - Investors may consider traditional market cap weighted ETFs for potentially cheaper and lower-risk options [11]