Group 1: Market Performance - The S&P 500 has achieved a gain of 17.33% in 2025, although the market has faced challenges such as ongoing tariff issues and a weaker dollar [1] - The First Trust STOXX European Select Dividend Index Fund has outperformed the S&P 500 with a gain of approximately 55% in 2025, transforming it into a standout performer [3] Group 2: Fund Overview - The First Trust STOXX European Select Dividend Index Fund focuses on high-dividend European stocks and tracks the STOXX Europe Select Dividend 30 Index using a smart beta approach [4] - The fund maintains a concentrated portfolio of 34 holdings, with the top 10 positions accounting for 42.12% of its assets [6] Group 3: Holdings and Sector Focus - The top holdings include ABN Amro Bank N (5.21%), Aker BP ASA (5.09%), and Legal & General G. (4.48%), indicating a focus on banks, energy, infrastructure, and materials [6][7] - The fund emphasizes consistency and income rather than rapid style shifts or short-term bets [5] Group 4: Financials - The fund manages approximately $667.75 million in assets and charges a management fee of 0.58%, which is typical for specialized international equity products [8]

Core Insights - The iShares Low Carbon Optimized MSCI ACWI ETF (CRBN) offers investors broad exposure to the World ETFs category and debuted on December 8, 2014 [1] - CRBN is managed by Blackrock and has accumulated over $994.85 million in assets, making it one of the larger ETFs in the World ETFs segment [5] - The ETF aims to match the performance of the MSCI ACWI Low Carbon Target Index, which focuses on carbon emissions and potential emissions from fossil fuel reserves [5] Fund Characteristics - CRBN has an annual operating expense ratio of 0.20%, making it one of the least expensive options in its category, with a 12-month trailing dividend yield of 1.71% [6] - The ETF's top holdings include Nvidia Corp (5.3%), Apple Inc, and Microsoft Corp, with the top 10 holdings accounting for approximately 25.95% of total assets [7][8] Performance Metrics - As of December 9, 2025, CRBN has increased by roughly 20.52% year-to-date and approximately 15.86% over the past year [9] - The ETF has traded between $170.20 and $233.46 in the last 52 weeks, with a beta of 0.92 and a standard deviation of 14.05% over the trailing three-year period, indicating a low-risk profile [9][10] Alternatives - Other ETFs in the space include Vanguard ESG U.S. Stock ETF (ESGV) and iShares ESG Aware MSCI USA ETF (ESGU), with assets of $11.82 billion and $15.25 billion respectively, and lower expense ratios [12]

Core Viewpoint - The State Street SPDR S&P Dividend ETF (SDY) is a significant player in the Style Box - Large Cap Value category, designed to provide broad market exposure and managed by State Street Investment Management [1][5]. Fund Overview - SDY was launched on November 8, 2005, and has accumulated over $20.02 billion in assets, making it one of the largest ETFs in its category [1][5]. - The ETF aims to match the performance of the S&P High Yield Dividend Aristocrats Index, which includes constituents that have consistently increased dividends for at least 20 consecutive years [6]. Cost and Performance - SDY has an annual operating expense ratio of 0.35%, which is competitive within its peer group [7]. - The ETF's 12-month trailing dividend yield stands at 2.60% [7]. - Year-to-date, SDY has returned approximately 8.04%, with a 1.6% increase over the past year [11]. Sector Exposure and Holdings - The ETF's largest sector allocation is in Industrials, comprising about 19.2% of the portfolio, followed by Consumer Staples and Utilities [8]. - Verizon Communications Inc (VZ) represents about 2.51% of the fund's total assets, with the top 10 holdings accounting for approximately 18.84% of total assets under management [9]. Risk Profile - SDY has a beta of 0.76 and a standard deviation of 12.80% over the trailing three-year period, indicating a medium risk profile [11]. - The fund consists of around 152 holdings, which helps to diversify company-specific risk [11]. Alternatives - Other ETFs in the same space include Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV), which have larger asset bases and lower expense ratios [12][13].

Core Insights - The article emphasizes the importance of selecting defensive and long-term growth potential U.S. stocks in the context of increasing market volatility and uncertainty due to factors like interest rate cuts and global trade wars [1][2]. Group 1: Market Performance - Over the past two decades, the U.S. stock market has experienced significant adjustments, including the 2008 financial crisis, the 2020 COVID-19 pandemic, and the 2022 Russia-Ukraine conflict, leading to heightened market volatility [2]. - The Nasdaq U.S. Dividend Growth Index has consistently outperformed the S&P 500 by approximately 1.1 to 1.4 percentage points in annualized returns, showcasing its stability and resilience during various market cycles [2][14]. Group 2: Index Characteristics - The Nasdaq U.S. Dividend Growth Index demonstrates superior downside protection during bear markets, with a win rate increasing from 32% in bull and correction phases to 66% in bear markets, achieving an excess return of 2.2% [4]. - The index employs a quality screening and dividend growth factor strategy, focusing on companies with stable revenue and dividend growth, making it suitable for investors seeking long-term stable returns amid market fluctuations [9][14]. Group 3: Asset Allocation Strategies - Investors can adopt differentiated risk and return management strategies based on their age, investment goals, and risk tolerance, with three asset allocation combinations corresponding to growth, balanced, and defensive styles [7]. - Increasing the allocation of the Nasdaq U.S. Dividend Growth Index from 25% in a growth style to 75% in a defensive style may slightly sacrifice returns but can reduce annualized volatility by 2%, thereby enhancing the Sharpe ratio of the investment portfolio [7]. Group 4: Fund Performance - As of July 31, 2025, the ETF tracking the Nasdaq U.S. Dividend Growth Index (code RDVY) has reached a total asset management scale of $15 billion, leading its peers in total return over five years and attracting the highest fund inflows in the same period [10]. - The index's sector weight distribution shows a significant allocation to the financial sector, approximately 30%, while maintaining a diversified exposure to the technology sector, which helps reduce volatility during economic downturns [12]. Group 5: Investment Logic - The index employs an equal-weight distribution for its top holdings, ensuring that no single tech giant dominates the portfolio, which has resulted in stable annualized returns exceeding those of the S&P 500 over the past two decades [12][14]. - The systematic factor strategy of the index is designed to achieve long-term stable performance without relying on individual strong stocks, highlighting its robust stock selection logic [12][14].

Group 1 - The core point of the article highlights that the Dachen Internet + Big Data A index fund has reached a historical high amidst generally pressured market sentiment, with a cumulative increase of 236% and an annualized return of 22.4% over the past six years, outperforming other popular funds [1][12][24] Group 2 - The driving force behind the Dachen Internet + Big Data A fund is not traditional fundamentals but rather a big data intelligence strategy based on internet search behavior, utilizing the 360 Internet + Big Data 100 index, which incorporates real-time search data into its compilation logic [3][15][24] - The 360 Internet + index is the first in China to integrate real-time search data, transforming user queries into quantifiable market attention indicators, which serve as key forward-looking signals in a multi-factor stock selection model [3][15][24] - The index is designed to capture emotional changes and shifts in market hotspots, maintaining an advantage in structural market conditions [3][15][24] Group 3 - The index employs a "data + quantitative" methodology, demonstrating strong elasticity and growth during technology cycles or favorable policy releases [4][16] - Currently, Dachen Internet + Big Data A is the only public fund tracking this index, having been stable since its establishment in 2016, providing a tool for investors to engage with this strategy [4][16] Group 4 - The fund's annual report indicates that in 2024, the fund significantly underperformed the index due to market volatility affecting subscription and redemption activities, leading to a deviation from the index [6][18] - The fund exhibits a small-cap investment style, with a majority of its heavy holdings being companies with market capitalizations below 10 billion [8][20] - In terms of industry allocation, while there is a relative focus on TMT (Technology, Media, and Telecommunications), over 20% of the portfolio is also allocated to home appliances and other sectors [9][21] Group 5 - The index's monthly rebalancing results in a relatively high turnover rate, placing it in the top 25% of its peers, with approximately 3-4 major rebalances each year [11][23]

Core Insights - The State Street SPDR NYSE Technology ETF (XNTK) is a smart beta ETF launched on September 25, 2000, providing broad exposure to the technology sector [1] - XNTK has accumulated over $1.48 billion in assets, making it one of the larger ETFs in the technology category [5] - The fund aims to match the performance of the NYSE Technology Index, which includes 35 leading U.S.-listed technology companies [5] Fund Management and Costs - XNTK is managed by State Street Investment Management and has an annual operating expense ratio of 0.35%, positioning it as one of the least expensive options in the market [6] - The fund has a 12-month trailing dividend yield of 0.24% [6] Sector Exposure and Holdings - The ETF has a significant allocation of approximately 74% in the Information Technology sector, with Consumer Discretionary and Telecom also being notable sectors [7] - Palantir Technologies Inc A (PLTR) constitutes about 5.23% of the fund's total assets, with the top 10 holdings accounting for approximately 39.83% of total assets under management [8] Performance Metrics - XNTK has experienced a gain of about 38.96% year-to-date and approximately 34.99% over the past year, with a trading range between $164.46 and $294.46 in the last 52 weeks [10] - The ETF has a beta of 1.31 and a standard deviation of 24.86% over the trailing three-year period, indicating more concentrated exposure compared to peers [10] Alternatives in the Market - Other ETFs in the technology space include the Technology Select Sector SPDR ETF (XLK) and the Vanguard Information Technology ETF (VGT), with XLK having $94.76 billion in assets and VGT at $114.19 billion [12] - XLK has a lower expense ratio of 0.08%, while VGT charges 0.09% [12]

Core Insights - The State Street SPDR S&P Insurance ETF (KIE) is a smart beta ETF that debuted on November 8, 2005, providing broad exposure to the Financials ETFs category [1] - KIE aims to match the performance of the S&P Insurance Select Industry Index, which represents the insurance segment of the S&P Total Market Index [5] Fund Overview - KIE is managed by State Street Investment Management and has accumulated assets exceeding $635.06 million, categorizing it as an average-sized ETF in the Financials sector [5] - The ETF has an annual operating expense ratio of 0.35%, making it one of the least expensive options in its category, with a 12-month trailing dividend yield of 1.56% [6] Sector Exposure and Holdings - KIE's portfolio is entirely allocated to the Financials sector, minimizing single stock risk through diversified exposure [7] - The top holding, Kinsale Capital Group Inc (KNSL), constitutes approximately 2.08% of the fund's total assets, with the top 10 holdings accounting for about 20.11% of total assets [8] Performance Metrics - Year-to-date, KIE has increased by approximately 6.55%, but it has decreased by about -2.35% over the last 12 months as of December 2, 2025 [10] - The fund has a beta of 0.75 and a standard deviation of 17.14% over the trailing three-year period, indicating a medium risk profile [10] Alternatives - Other ETFs in the insurance space include Invesco KBW Property & Casualty Insurance ETF (KBWP) and iShares U.S. Insurance ETF (IAK), with assets of $410.32 million and $508.98 million respectively [12] - KBWP and IAK have expense ratios of 0.35% and 0.38%, respectively, providing investors with additional options [12]

[Table_Title] 基金研究报告 证券研究报告 2025 年 12 月 1 日 通过跨境 ETF，参与全球市场投资 报告要点： 近年来，跨境 ETF 迎来快速发展期，规模已逼近万亿元大关。据 Wind 数 据显示，目前跨境 ETF 数量达 198 只，合计规模 9274 亿元，展现出强劲的扩 容势头。在全球流动性宽松预期的推动下，近年来全球风险资产整体表现亮 眼，吸引越来越多投资者借助跨境 ETF 这一便捷工具，参与到港股、美股、 日股等全球市场的投资中，通过分散配置分享全球经济增长的红利。 参与跨境 ETF 投资，重点关注跟踪指数、流动性和溢价率。一是跟踪指 数的差异，跟踪指数是影响 ETF 长期投资收益的关键变量，例如在港股科技 指数家族中，指数成分股的行业分布、集中度都会直接影响 ETF 的风险收益 特征，如目前规模最大的跨境 ETF 是港股通互联网 ETF（159792.SZ），其持 股相对集中，小米、腾讯、阿里、美团的占比都超过了 10%，因此 ETF 的弹 性也会更大；二是流动性的充裕度，日均成交额与规模是重要的观测指标， 流动性不足可能导致交易价格失真，盘中成交稀疏价格可能会横盘不动，出 ...

Core Insights - Investors have been leveraging S&P 500 ETFs, such as the Vanguard S&P 500 ETF (NYSE: VOO), for substantial wealth accumulation [1] - There are thousands of companies in emerging markets that play a crucial role in the performance of leading US S&P 500 stocks [1] Group 1 - The Vanguard S&P 500 ETF is a popular choice among investors for building wealth [1] - Emerging market companies are essential to the success of top US S&P 500 stocks [1]

Core Insights - The State Street SPDR S&P Pharmaceuticals ETF (XPH) debuted on June 19, 2006, and provides broad exposure to the Health Care ETFs category [1] - The fund is designed to match the performance of the S&P Pharmaceuticals Select Industry Index, which represents the pharmaceuticals sub-industry of the S&P Total Markets Index [5][6] Fund Overview - The fund is sponsored by State Street Investment Management and has accumulated over $211.21 million in assets, categorizing it as an average-sized ETF in the Health Care sector [5] - The ETF has annual operating expenses of 0.35% and a 12-month trailing dividend yield of 0.92% [7] Sector Exposure and Holdings - The fund has a significant allocation to the Healthcare sector, representing 99.9% of the portfolio [8] - Crinetics Pharmaceuticals Inc (CRNX) constitutes approximately 3.31% of the fund's total assets, with the top 10 holdings accounting for about 29.03% of total assets under management [9] Performance Metrics - Year-to-date, the ETF has increased by approximately 28.24% and is up about 20.74% over the last 12 months as of November 27, 2025 [11] - The fund has a beta of 0.61 and a standard deviation of 18.96% over the trailing three-year period, indicating a higher risk profile [11] Alternatives - Other ETFs in the pharmaceuticals space include iShares U.S. Pharmaceuticals ETF (IHE) and VanEck Pharmaceutical ETF (PPH), with assets of $723.74 million and $1.2 billion respectively [13] - IHE has an expense ratio of 0.38% while PPH charges 0.36%, presenting alternatives for investors seeking lower-cost options [13]