Core Insights - The ProShares S&P Technology Dividend Aristocrats ETF (TDV) debuted on November 5, 2019, and offers broad exposure to the Technology ETFs category [1] - TDV is a smart beta ETF that aims to match the performance of the S&P Technology Dividend Aristocrats Index, focusing on companies in the technology sector [5] Fund Overview - TDV has accumulated over $265.55 million in assets, categorizing it as an average-sized ETF within the Technology ETFs [5] - The ETF has an annual operating expense of 0.45% and a 12-month trailing dividend yield of 0.99% [6] Sector Exposure and Holdings - Approximately 80.6% of TDV's portfolio is allocated to the Information Technology sector, with Industrials and Financials following [7] - The top three holdings include Lam Research Corp (3.62% of total assets), Monolithic Power Systems Inc, and Oracle Corp, with the top 10 holdings accounting for about 29.24% of total assets [8] Performance Metrics - As of November 4, 2025, TDV has gained about 17.35% year-to-date and approximately 17.6% over the past year [10] - The ETF has traded between $62.35 and $89.95 in the last 52 weeks, with a beta of 1.10 and a standard deviation of 19.65% over the trailing three-year period [10] Alternatives - Other ETFs in the market include iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG), with DGRO having $34.32 billion in assets and VIG at $97.88 billion [12] - DGRO has an expense ratio of 0.08% while VIG charges 0.05% [12]

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The scale of passive index funds remained stable in Q3 2025, with the proportion of ETFs increasing. The scale of non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter [1]. - The gap between the top two index fund managers narrowed. The top ten managers accounted for 69.65% of the index fund scale, with a slight increase in concentration compared to the previous quarter [1]. - The institutional holding ratio of industry - themed products in ETFs increased, while that of Smart Beta decreased. The institutional holding ratio of all ETFs in China after penetrating the linked funds was 62.47% as of mid - 2025, an increase from the end of 2024 [1]. - The number and scale of newly - issued index funds increased in Q3 2025. A total of 292 index funds were newly established, raising 242.407 billion yuan, with an increase in both the number and scale compared to Q2 [1]. - The application for industry - themed products was stable. In Q3 2025, 222 index funds were approved, slightly more than the previous quarter, and industry - themed index funds were the most approved type [1]. - ETFs that performed well in Q3 were mainly concentrated in growth - related products, and Hong Kong - themed products had high trading activity [1]. 3. Summary According to the Table of Contents 3.1 2025 Q3 Index Fund Market Scale Changes - The total asset scale of 2,823 non - monetary index funds reached 6.72 trillion yuan, an increase of 1.11 trillion yuan from the previous quarter. The scale of ETFs increased by about 1.24 trillion yuan, and the proportion of ETFs increased by more than 6 percentage points [1][4]. - The proportion of domestic stock broad - based in ETFs declined to 47%, while the proportion of industry - themed products rebounded to about 20% [7]. - The top ten target indexes with the largest index fund scale accounted for 41.34% of the total scale, slightly lower than the previous quarter. The top three target indexes were the CSI 300 Index, CSI A500, and SSE 50 Index [14]. - The top ten index fund managers accounted for 69.65% of the index fund scale, with a slight increase in concentration. The top three were Huaxia Fund, E Fund, and Huatai - Peregrine Fund, and the gap between E Fund and Huaxia Fund narrowed to less than 20 billion yuan [15]. - The top ten index funds in scale were all ETFs, mostly broad - based. Among industry - themed products, Cathay Securities ETF ranked first, and the scale of Fuling CSI Hong Kong Stock Connect Internet ETF nearly doubled [17][19]. 3.2 ETF Holder Changes - As of mid - 2025, the institutional holding ratio of all ETFs in China after penetrating the linked funds was 62.47%, an increase from the end of 2024. The institutional holding ratio of industry - themed and cross - border products increased significantly, while that of Smart Beta decreased [24]. - By index, the institutional holding ratio of broad - based indexes increased, the institutional holding ratio of the Sci - tech Innovation 50 Index increased to 34%, and the institutional holding ratio of the securities company index increased significantly, while that of dividend - related products decreased significantly [28]. - According to the top ten holders of ETFs in the 2025 semi - annual report, Central Huijin's holding amount continued to rise, and insurance funds maintained a high position. China Life's holding ratio of industry - themed products in stock ETFs continued to increase, while that of Smart Beta decreased [30][33]. 3.3 Q3 Index Fund Raising and Application Situation - In Q3 2025, 292 index funds were newly established, raising 242.407 billion yuan, an increase in both the number and scale compared to Q2. The main source was domestic stock index funds [36]. - Among stock index funds, the fund with the largest raising scale was Huaxia SSE Sci - tech Innovation Artificial Intelligence ETF Linked A, with a combined raising scale of 3.957 billion yuan. The number of enhanced index funds increased, with 54 funds established, raising 36.996 billion yuan [39]. - For bond index funds, 31 funds raised 96.191 billion yuan, a significant increase from the previous quarter. The newly established bond index funds mainly tracked the AAA sci - tech innovation bond index [39]. - In terms of product form, ETFs raised 117 funds, with a total scale of 119.657 billion yuan; ordinary index funds had 103 funds, raising 89.175 billion yuan; and ETF linkages raised 72 funds, with a scale of 33.576 billion yuan [41]. - By target index type, industry - themed funds, bonds, and Smart Beta were the three product types with the fastest - growing issuance numbers this quarter, and the raising scales of industry - themed and bond products increased rapidly [41]. 3.4 Q3 ETF Market Performance - In domestic stock broad - based ETFs, the top five products in terms of Q3 yield all tracked the Sci - tech Innovation and Entrepreneurship 50 Index. In cross - border broad - based ETFs, the best - performing product was E Fund Hang Seng Hong Kong Stock Connect New Economy ETF, with a quarterly yield of 22.39%. In industry - themed ETFs, the product with the highest quarterly yield was Cathay CSI All - Share Communication Equipment ETF, with an interval yield of 84.04%. In Smart Beta ETFs, the products with top - ranked quarterly yields were mainly related to ChiNext growth and Sci - tech Innovation Board growth [46]. - In terms of daily average trading volume in Q3, among domestic broad - based index funds, the top five were Huaxia SSE Sci - tech Innovation 50 ETF, Huaxia CSI A500 ETF, E Fund ChiNext ETF, Huatai - Peregrine CSI 300 ETF, and Southern CSI A500 ETF, with daily average trading volumes all above 3 billion yuan. Among cross - border broad - based ETFs, the ones with high daily average trading volumes were mainly NASDAQ ETFs. Among industry - themed ETFs, the top five in daily average trading volume were all Hong Kong - themed products, and the product with the largest daily average trading volume was E Fund CSI Hong Kong Securities Investment Theme ETF, with a trading volume of over 17 billion yuan. Among Smart Beta ETFs, 3 of the top 5 products in daily average trading volume were dividend - strategy ETFs, and 2 were free - cash - flow ETFs [48][49].

Core Insights - WisdomTree, Inc. is a significant player in the financial services industry, primarily recognized for its role as an ETF sponsor and asset manager, offering a diverse range of ETFs and investment advisory services [1] Price Target Adjustments - The consensus price target for WisdomTree has been adjusted downwards over the past year, with the current average at $13.50, down from $14.75 a quarter and a year ago, indicating a more conservative outlook from analysts [2][6] - This downward adjustment in price target may be influenced by a recent stock price decline of 12.4% over the past four weeks [2] Stock Performance and Analyst Sentiment - Despite the recent stock price decline, WisdomTree's stock is now considered to be in oversold territory, suggesting that selling pressure may have eased [3][6] - Wall Street analysts are revising their earnings estimates for WisdomTree upwards, indicating potential for a trend reversal [3] Earnings Expectations - WisdomTree is anticipated to report earnings growth in its upcoming release, with analysts expecting favorable conditions for an earnings beat [4] - The upcoming earnings report could significantly impact the stock's performance, highlighting the importance of understanding the broader economic environment [4] ETF Performance - WisdomTree's U.S. LargeCap ETF (EPS) offers broad exposure to the Large Cap Value category, with Morgan Stanley setting a price target of $6 for this ETF, reflecting their analysis and expectations for its future performance [5]

Core Insights - The Counterpoint High Yield Trend ETF (HYTR) launched on January 21, 2020, offers broad exposure to the High-Yield/Junk Bond ETFs category, with a focus on smart beta strategies [1] Fund Overview - Managed by Counterpoint, HYTR has accumulated over $202.48 million in assets, positioning it as an average-sized ETF in its category [5] - The fund aims to replicate the performance of the CP HIGH YIELD TREND INDEX, which targets the US high yield corporate bond market while mitigating risks during market volatility [5] Cost Structure - HYTR has an annual operating expense ratio of 0.79%, making it one of the more expensive options in the high-yield ETF space [6] - The fund offers a 12-month trailing dividend yield of 5.58% [6] Holdings and Sector Exposure - The ETF's top holding, Ishares Broad Us (USHY), constitutes approximately 39.64% of total assets, followed by Ishares Iboxx Hi (HYG) and Spdr Bloomberg H (JNK) [7] - The top 10 holdings account for about 100.01% of total assets under management, indicating a concentrated investment strategy [8] Performance Metrics - As of October 29, 2025, HYTR has gained approximately 5.12% year-to-date and 5.51% over the past year, with trading values ranging between $20.95 and $22.18 during the last 52 weeks [9] - The fund has a beta of 0.25 and a standard deviation of 6.05% over the trailing three-year period, reflecting its lower volatility compared to peers [10] Alternatives in the Market - Other ETFs in the high-yield space include iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares Broad USD High Yield Corporate Bond ETF (USHY), with assets of $19.05 billion and $26.13 billion respectively [12] - HYG has an expense ratio of 0.49%, while USHY charges 0.08%, presenting potentially lower-cost alternatives for investors [12]

Core Insights - The ALPS O'Shares U.S. Small-Cap Quality Dividend ETF (OUSM) debuted on December 30, 2016, and offers broad exposure to the Style Box - Small Cap Blend category [1] - OUSM is designed to match the performance of the FTSE Russell US Qual / Vol / Yield Factor 3% Capped Index before fees and expenses [5] - The fund has accumulated over $940.53 million in assets, positioning it as an average-sized ETF in its category [5] Fund Characteristics - OUSM has an annual operating expense ratio of 0.48%, which is competitive within its peer group [7] - The ETF's 12-month trailing dividend yield stands at 1.30% [7] - The fund's top sector allocation is in Industrials, comprising about 22% of the portfolio, followed by Financials and Consumer Discretionary [8] Holdings and Performance - Td Synnex Corp. (SNX) is the largest holding at approximately 2.12% of total assets, with the top 10 holdings accounting for about 20.69% of total assets [9] - As of October 29, 2025, OUSM has returned roughly 2.36% and is up approximately 0.28% year-to-date [11] - The ETF has a beta of 0.96 and a standard deviation of 15.65% over the trailing three-year period, indicating effective diversification of company-specific risk with about 113 holdings [11] Alternatives - Other ETFs in the small-cap space include iShares Russell 2000 ETF (IWM) and iShares Core S&P Small-Cap ETF (IJR), which have significantly larger asset bases of $70.2 billion and $86.9 billion, respectively [13] - IWM has a lower expense ratio of 0.19%, while IJR has an even lower expense ratio of 0.06%, making them potentially more attractive options for cost-conscious investors [13]

Core Insights - The Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) launched on June 28, 2022, offers broad exposure to the Style Box - All Cap Blend category [1] - The fund is sponsored by Deutsche Bank Ag and has accumulated assets over $285.39 million, positioning it as an average-sized ETF in its category [5] - USNZ aims to match the performance of the SOLACTIVE ISS ESG US NT ZR PATHWY ENH ID index, which includes large and mid-cap companies meeting specific environmental, social, and governance criteria [5] Fund Characteristics - USNZ has an annual operating expense ratio of 0.10%, making it one of the least expensive options in the market [6] - The ETF has a 12-month trailing dividend yield of 1.02% [6] - The top three holdings are Microsoft Corp (8.67%), Apple Inc, and Nvidia Corp, with the top 10 holdings accounting for approximately 43.54% of total assets [7][8] Performance Metrics - The ETF has gained about 18.86% year-to-date and 18.14% over the past year as of October 29, 2025 [9] - USNZ has traded between $31.29 and $43.88 in the last 52 weeks [9] - The fund has a beta of 1.00 and a standard deviation of 15.86% over the trailing three-year period, indicating effective diversification of company-specific risk with around 318 holdings [10] Alternatives and Comparisons - Other ETFs in the space include Vanguard ESG U.S. Stock ETF (ESGV) and iShares ESG Aware MSCI USA ETF (ESGU), with assets of $11.95 billion and $15.27 billion respectively [12] - ESGV has an expense ratio of 0.09% while ESGU has a ratio of 0.15%, suggesting potential alternatives for cost-conscious investors [12]

Core Insights - The First Trust Multi Cap Growth AlphaDEX ETF (FAD) aims to provide broad exposure to the Style Box - All Cap Growth category and utilizes a smart beta strategy [1][5] - FAD is managed by First Trust Advisors and has accumulated over $365.95 million in assets, positioning it as an average-sized ETF in its category [5] - The ETF seeks to match the performance of the Nasdaq AlphaDEX Multi Cap Growth Index, which employs a stock selection methodology based on fundamental characteristics [6] Fund Characteristics - FAD has an annual operating expense ratio of 0.62%, which is competitive within its peer group, and a 12-month trailing dividend yield of 0.27% [7] - The ETF's largest sector allocation is in Industrials at approximately 24.1%, followed by Information Technology and Consumer Discretionary [8] - The top three individual holdings include Rocket Lab Corporation (0.64% of total assets), Vertiv Holdings Co, and Advanced Micro Devices, Inc., with the top 10 holdings comprising about 5.04% of total assets [9] Performance Metrics - Year-to-date, FAD has increased by roughly 20.33% and is up about 23.59% over the last 12 months as of October 28, 2025 [10] - The ETF has a beta of 1.15 and a standard deviation of 18.57% over the trailing three-year period, indicating a medium risk profile [10] - FAD holds approximately 677 stocks, effectively diversifying company-specific risk [10] Alternatives - Other ETFs in the same space include iShares Morningstar Growth ETF (ILCG) with $3.14 billion in assets and iShares Core S&P U.S. Growth ETF (IUSG) with $26.1 billion, both having an expense ratio of 0.04% [12] - Investors may consider traditional market cap weighted ETFs for potentially lower-risk options that aim to match returns in the Style Box - All Cap Growth segment [12]

Core Insights - The First Trust NYSE Arca Biotechnology ETF (FBT) debuted on June 19, 2006, and offers broad exposure to the Health Care ETFs category [1] Fund Overview - FBT is sponsored by First Trust Advisors and has accumulated over $1.15 billion in assets, positioning it as one of the larger ETFs in the Health Care sector [5] - The ETF aims to match the performance of the NYSE Arca Biotechnology Index, which is an equal dollar weighted index focused on biotechnology companies [6] Cost Structure - The annual operating expenses for FBT are 0.54%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 0.62% [7] Sector Exposure and Holdings - FBT is fully allocated to the Healthcare sector, with Genmab A/s (adr) (GMAB) making up approximately 4.57% of total assets, followed by Alnylam Pharmaceuticals, Inc. (ALNY) and United Therapeutics Corporation (UTHR) [8][9] - The top 10 holdings constitute about 40.23% of the total assets under management [9] Performance Metrics - As of October 28, 2025, FBT has increased by approximately 14.7% year-to-date and 14.36% over the past year, with a trading range between $145.67 and $190.64 in the last 52 weeks [11] - The ETF has a beta of 0.65 and a standard deviation of 19.46% over the trailing three-year period, indicating a higher risk profile compared to peers [11] Alternatives - Other ETFs in the biotechnology space include iShares Biotechnology ETF (IBB) and SPDR S&P Biotech ETF (XBI), which have larger asset bases of $6.55 billion and $6.85 billion respectively, and lower expense ratios of 0.44% and 0.35% [13]

Core Insights - The VanEck Morningstar SMID Moat ETF (SMOT) debuted on October 4, 2022, providing broad exposure to the Style Box - All Cap Blend category of the market [1] Fund Overview - SMOT has accumulated over $372.58 million in assets, positioning it as an average-sized ETF within its category [5] - The fund is managed by Van Eck and aims to match the performance of the Morningstar US Small-Mid Cap Moat Focus Index, which tracks small and mid-cap companies with sustainable competitive advantages [5] Cost Structure - SMOT has an annual expense ratio of 0.49%, which is competitive with peer products [6] - The fund's 12-month trailing dividend yield is 1.11% [6] Sector Allocation and Holdings - The fund's largest sector allocation is to Industrials at 20.7%, followed by Consumer Discretionary and Information Technology [7] - Ionis Pharmaceuticals Inc (IONS) is the largest individual holding at approximately 1.99% of total assets, with the top 10 holdings comprising about 15.5% of total assets [8] Performance Metrics - As of October 28, 2025, SMOT has gained approximately 6.69% year-to-date and 6.55% over the past year [10] - The fund has traded between $28.40 and $37.49 in the past 52 weeks, with a beta of 1.24 and a standard deviation of 18.74% over the trailing three-year period [10] Alternatives - While SMOT is a viable option for investors seeking to outperform the Style Box - All Cap Blend segment, there are alternative ETFs available, such as iShares Core S&P Total U.S. Stock Market ETF (ITOT) and Vanguard Total Stock Market ETF (VTI) [11][12]

Core Insights - FTSE Russell announced significant revisions to its flagship index, the FTSE China Renminbi Onshore Bond Index, effective from November, which will enhance the global representation of Chinese bonds [1] - The revisions include lowering the minimum issuance amount from 3 billion to 1.5 billion yuan, removing the 30-year maturity limit for corporate bonds, and allowing callable/redeemable bonds and zero-coupon bonds to be included [1] - An estimated 3,482 securities with a total market value of 11.21 trillion yuan will be included, representing 12.5% of the index weight [1] Group 1: Market Dynamics - The acceleration of new bond indices reflects the expansion of market scale and plays a crucial role in activating market vitality, serving the real economy, and facilitating investor allocation [2] - The coverage of indices has extended to equity-linked and target maturity bonds, effectively attracting new capital and improving liquidity in the bond market [2] - The emergence of thematic indices such as green and technology innovation bonds aligns with national strategies, guiding social capital towards key areas like green development and high-end manufacturing [2] Group 2: Dual Development Trends - The bond index market in China is advancing in both "internationalization" and "localization," enhancing international processes while shifting domestic markets from scale expansion to quality improvement [3] - Domestic index providers are collaborating with international index firms to align with global standards, improving the recognition and adaptability of domestic bonds in the global market [3] - The recent revisions to the FTSE China Renminbi Onshore Bond Index will also be reflected in other indices, enhancing the overall index ecosystem [3] Group 3: Index Expansion - The number of bond indices in China has significantly increased, with 987 new indices launched this year, a 100.6% increase compared to the same period last year [4] - The structure of indices is optimizing to focus on national strategic directions, with thematic indices emerging to meet financing needs in green development and high-end manufacturing [4] - New indices such as the Shenzhen AAA State-Owned Enterprise Credit Bond Index and the Shenzhen AAA Private Enterprise Credit Bond Index reflect the market's demand for high-grade credit bonds [4] Group 4: Market Functionality - The acceleration of new bond indices enhances market functionality and overall efficiency, guiding funds towards popular targets and improving market liquidity [5] - The introduction of indices that reflect regional credit differences aids investors in identifying credit risks, thereby refining pricing mechanisms [5] - High-yield bond indices serve as key indicators of market sentiment, enhancing risk monitoring capabilities [5] Group 5: Driving Factors - The active performance of the bond index market is a result of policy guidance and sustained market demand [6] - Regulatory bodies view bond indices as essential tools for directing capital flows and improving market systems, creating a favorable policy environment for index development [7] - A significant portion of new indices (27.46%) focuses on technology innovation bonds, indicating a shift towards supporting the tech sector [7] Group 6: Future Outlook - Market demand is a core driver for the acceleration of new bond indices, with institutions like banks and insurance companies increasingly utilizing bond ETFs to access quality assets [8] - The bond ETF market has seen substantial growth, with assets reaching 684.29 billion yuan, a 293.32% increase since the beginning of the year [8] - Future developments may include implementing an "index registration system" and encouraging standardized thematic indices to reduce fragmentation [8]