Market Overview - Last Friday, the market experienced a mixed performance with the three major indices showing varied results, as the Shanghai Composite Index briefly rose over 1% approaching 3500 points [1] - Sectors that performed well included stablecoins, gaming, banking, and electricity, while sectors such as solid-state batteries, beauty care, rare earth permanent magnets, and non-ferrous metals saw declines [1] ETF Market Activity - On July 4, the non-monetary ETF market saw significant inflows, with notable increases in fund shares and net inflows for several ETFs: - Hai Fu Tong Zhong Zheng Short Bond ETF saw an increase of 0.07 million shares with a net inflow of 0.825 billion yuan - Hua Xia Hang Seng Technology ETF had an increase of 9.7 million shares with a net inflow of 0.682 billion yuan - Guotai Shangzheng 10-Year Treasury ETF increased by 0.05 million shares with a net inflow of 0.634 billion yuan [1][2] Top Performing ETFs - The top ETFs by net inflow on July 4 included: - Hai Fu Tong Zhong Zheng Short Bond ETF with a net inflow of 1.637 billion yuan for the month - Fu Guo Zhong Zheng Hong Kong Stock Connect Internet ETF with a net inflow of 1.51 billion yuan - Yi Fang Da Shang Zheng Benchmark Market Maker Corporate Bond ETF with a net inflow of 1.455 billion yuan [3] Fund Performance - The overall ETF market as of July 4 had a total of 27,411.52 million shares and a total scale of 43,178.96 billion yuan - The financial sector saw the largest increase in fund shares, with 23 funds tracking this theme, while the index tracking Zhong Zheng Bank saw a 51.61% increase in shares [3]

Core Insights - The US ETF market is experiencing significant inflows, with a total of $97.8 billion in net inflows in June and $556.4 billion year-to-date [1][2] - Vanguard's VOO has surpassed State Street's SPY to become the largest ETF globally, with assets under management of approximately $683.5 billion compared to SPY's $632.8 billion [4] - BlackRock's Bitcoin ETF, IBIT, has gained substantial traction, accumulating $15.147 billion in inflows since its launch, making it the largest Bitcoin ETF globally [5][6] US ETF Market Performance - In June, US stock ETFs attracted $26.7 billion in net inflows, while fixed income ETFs saw $22.6 billion, and global stock ETFs recorded $28.6 billion [3] - The top three single funds by net inflows in June were iShares Core S&P 500 ETF (IVV) with $7.9 billion, SPDR S&P 500 ETF Trust (SPY) with $4.5 billion, and JPMorgan Mortgage-Backed Securities ETF (JMTG) with $3.7 billion [3] Vanguard's VOO Dominance - VOO's management fee is significantly lower at 0.03% compared to SPY's 0.09%, contributing to its popularity among cost-conscious investors [4] - Despite losing its title as the largest ETF, SPY remains favored by institutional investors due to its liquidity and trading volume [4] BlackRock's Bitcoin ETF Success - IBIT has quickly grown to $73.58 billion in assets under management, making it the fastest-growing ETF in history [5] - The success of IBIT is attributed to its ease of access for investors, high liquidity, low trading costs, and strong technological support from BlackRock and Coinbase Prime [5][6] Emerging Markets ETF Interest - The largest emerging markets ETF, IEMG, has seen net inflows of $6.744 billion this year, reaching an asset size of $96.47 billion [7] - Global investors are increasingly interested in emerging markets, particularly as the US dollar weakens, which could further benefit IEMG [7]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The median weekly return of stock - type ETFs last week was 1.36%. Among broad - based ETFs, the CSI 300ETF had the highest return; among sector ETFs, the consumer ETF had the highest return; among hot - topic ETFs, the photovoltaic ETF had the highest return. Stock - type ETFs had a net redemption of 22.396 billion yuan last week. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the most net subscriptions; among sector ETFs, the technology ETF had the most net subscriptions; among theme ETFs, the chip ETF had the most net subscriptions. As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs. 17 ETFs will be issued this week [1][2][56]. 3. Summary by Related Catalogs ETF Performance - From June 30, 2025, to July 4, 2025, the median weekly return of stock - type ETFs was 1.36%. Among broad - based ETFs, the CSI 300, GEM - type, A500, SSE 50, CSI 500, CSI 1000, and Science and Technology Innovation Board ETFs had median returns of 1.64%, 1.52%, 1.41%, 1.39%, 0.87%, 0.60%, and 0.48% respectively. The median returns of commodity - type, cross - border, bond - type, and money - type ETFs were 1.12%, 0.69%, 0.16%, and 0.02% respectively. By sector, consumer, cyclical, large - finance, and technology sector ETFs had median returns of 1.66%, 1.27%, - 0.05%, and - 0.22% respectively. By hot - topic, photovoltaic, bank, and pharmaceutical ETFs had median returns of 4.41%, 3.79%, and 2.97% respectively, showing relatively strong performance, while robot, chip, and AI ETFs had median returns of - 0.96%, - 0.90%, and - 0.66% respectively, showing relatively weak performance [13][17]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of stock - type, cross - border, and bond - type ETFs were 300.9 billion yuan, 59.2 billion yuan, and 38.93 billion yuan respectively, while the scales of money - type and commodity - type ETFs were relatively small, at 16.38 billion yuan and 15.97 billion yuan respectively. By broad - based ETFs, the CSI 300 and Science and Technology Innovation Board ETFs had relatively large scales of 105.61 billion yuan and 20.9 billion yuan respectively. By sector, the technology sector ETF had a scale of 24.94 billion yuan, and the consumer sector ETF had a scale of 14.52 billion yuan. By hot - topic, the chip, pharmaceutical, and securities ETFs had the highest scales of 1.122 billion yuan, 918 million yuan, and 773 million yuan respectively. Last week, stock - type ETFs had a net redemption of 22.396 billion yuan, with a total scale increase of 13.011 billion yuan; money - type ETFs had a net subscription of 335.6 million yuan, with a total scale increase of 337.1 million yuan. Among broad - based ETFs, the Science and Technology Innovation Board ETF had the most net subscriptions at 610 million yuan, and the CSI 300ETF had the most net redemptions at 1.0954 billion yuan. By sector, the technology ETF had the most net subscriptions at 479.6 million yuan, and the consumer ETF had the most net redemptions at 423 million yuan. By hot - topic, the chip ETF had the most net subscriptions at 299.3 million yuan, and the dividend ETF had the most net redemptions at 155.7 million yuan [19][25][27]. ETF Benchmark Index Valuation - As of last Friday, in broad - based ETFs, the GEM - type ETF had a relatively low valuation quantile; by sector, the consumer ETF had a relatively moderate valuation quantile; by sub - theme, the wine and photovoltaic ETFs had relatively low valuation quantiles [41]. ETF Margin Trading - From last Monday to Thursday, the margin trading balance of stock - type ETFs increased from 4.1031 billion yuan in the previous week to 4.1038 billion yuan, and the short - selling volume increased from 2.098 billion shares in the previous week to 2.236 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes, the Science and Technology Innovation Board ETF and the chip ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the CSI 500ETF had relatively high average daily short - selling volumes [43][49]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, with high management scales in multiple sub - fields such as scale - index ETFs, industry - index ETFs, and theme, style, and strategy - index ETFs. E Fund ranked second, with high management scales in scale - index ETFs and cross - border ETFs. Huatai - Peregrine Fund ranked third, with high management scales in scale - index ETFs and theme, style, and strategy - index ETFs. Last week, 3 new ETFs were established, and 17 ETFs will be issued this week [50][53].

Core Insights - The global financial market showed strong performance in June, with significant interest from investors across various asset classes, particularly in U.S. ETFs, which attracted a net inflow of $97.8 billion in June and a total of $556.4 billion year-to-date [1][2]. ETF Market Performance - U.S. stock ETFs saw a net inflow of $26.7 billion in June, while fixed income ETFs attracted $22.6 billion, and global stock ETFs recorded $28.6 billion in net inflows [4]. - The top individual funds included the iShares Core S&P 500 ETF (IVV) with $7.9 billion, the SPDR S&P 500 ETF Trust (SPY) with $4.5 billion, and the JPMorgan Mortgage-Backed Securities ETF (JMTG) with $3.7 billion in net inflows [4]. Leading ETFs - The Vanguard S&P 500 ETF (VOO) surpassed the SPDR S&P 500 ETF (SPY) to become the largest ETF globally, with assets under management of approximately $683.5 billion compared to SPY's $632.8 billion [6]. - VOO's success is attributed to its lower expense ratio of 0.03%, significantly lower than SPY's 0.09%, appealing to cost-conscious investors [6]. Bitcoin ETF Success - The BlackRock Bitcoin ETF (IBIT) has gained significant traction, attracting $15.1 billion in inflows since its launch in January 2024, making it the largest Bitcoin ETF globally with a current size of $73.58 billion [8]. - Factors contributing to IBIT's success include its ease of access for investors, high liquidity, low trading costs, and strong technological support from BlackRock and Coinbase Prime [9]. Emerging Markets ETFs - There is a growing interest in emerging market ETFs, with the largest emerging market ETF, IEMG, seeing a net inflow of $6.744 billion this year, bringing its total assets to $96.47 billion [11]. - The trend indicates a shift in investor sentiment towards diversifying investments beyond the U.S. market, while still maintaining existing U.S. stock positions [11].

科创债 ETF 及获批机构划重点 首批科创债 ETF 登场。7 月 2 日，华夏基金、南方基金、易方达基金、博时基金、广发基金、招商基金、鹏华基金、 嘉实基金、富国基金和景顺长城基金上报的首批科创债 ETF 获得证监会批文。7 月 3 日，10 只科创债 ETF 的招募说明 书、基金合同、发售公告全部于其基金公司官网披露完毕，并宣布将于 7 月 7 日进行发售。首批申报科创债 ETF 的基 金公司包括华夏基金、易方达基金、南方基金、嘉实基金、广发基金、富国基金、博时基金、鹏华基金、景顺长城基 金、招商基金等 10 家机构，主要可分为三类，一是早期布局 ETF 基金的华夏基金、易方达基金等，其 ETF 基金规模 均在 6000 亿元以上；二是需要填补债券型 ETF 发展空白的机构，如嘉实基金、景顺长城基金目前还未发行债券型 ETF 产品；三是进一步丰富 ETF 产品类型的机构，如博时基金、富国基金、广发基金等，在旗下 ETF 基金规模较大的前提 下，积极参与新类型产品的开发。 科创债 ETF 跟踪指数特征简析 首批上报的 10 只科创债 ETF，主要跟踪中证 AAA 科创债、沪 AAA 科创债、深 AAA 科创 ...

ETF Performance - BlackRock's Bitcoin ETF (IBIT) is the third highest revenue generating ETF for BlackRock out of almost 1200 funds [1] Market Catalyst - Growing awareness of Bitcoin's performance in traditional finance may act as a catalyst [1]

ETF进化论 上几张图，信息量很大 原创 阅读全文 ...

Market Trends - US spot bitcoin ETFs approach $50 billion in total net inflows [1] - Bitcoin ETFs experienced a $1 billion rebound over two days [1]

ETF Market Trend - Nicholas Wealth's BLOX ETF 正在获得关注，投资者正在寻找超越传统加密货币 ETF 的产品 [1] - 投资者关注提供定向风险敞口和期权收入的多策略基金 [1]

🇺🇸 ETF FLOWS: Around $601.8M of $BTC and $148.5M of $ETH were bought on July 3. https://t.co/myoYRxzLTU ...