⚡️ TODAY: Bitwise’s spot XRP ETF is launching under the ticker $XRP. https://t.co/Ppt0jpFapr ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View On November 20, 2025, the A-share market generally declined, with the Shanghai Composite Index down 0.40%, the Shenzhen Component Index down 0.76%, and the ChiNext Index down 1.12%. Different sectors had varying performances, and various types of ETFs also showed different trends in price changes and discount rates [2][6]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index closed at 3931.05, down 0.40%; the Shenzhen Component Index closed at 12980.82, down 0.76%; the ChiNext Index closed at 3042.34, down 1.12%. The total trading volume of A-shares in the two markets was 1722.8 billion yuan. The top-performing sectors were building materials (1.40%), comprehensive (0.87%), and banks (0.86%), while the worst-performing sectors were beauty care (-2.39%), coal (-2.10%), and power equipment (-1.96%) [2][6]. Stock ETF - The top trading volume stock ETFs included Huaxia CSI A500 ETF (down 0.61%, discount rate -0.65%), Guotai CSI All - Securities Company ETF (down 0.33%, discount rate -0.23%), and Huatai - Berie CSI A500 ETF (down 0.57%, discount rate -0.56%) [3][7]. Bond ETF - The top trading volume bond ETFs were Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF (down 0.05%, discount rate 0.03%), Haifutong CSI Short - Term Financing ETF (up 0.01%, discount rate 0.01%), and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF (unchanged, discount rate 0.00%) [4][9]. Gold ETF - Gold AU9999 was down 0.58% and Shanghai Gold was down 0.55%. The top trading volume gold ETFs were Huaan Gold ETF (down 0.57%, discount rate -0.46%), E Fund Gold ETF (down 0.62%, discount rate -0.49%), and Bosera Gold ETF (down 0.60%, discount rate -0.47%) [12]. Commodity Futures ETF - Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF was down 0.33%, discount rate -0.38%; Dacheng Non - Ferrous Metals Futures ETF was down 0.22%, discount rate 0.02%; Huaxia Feed Soybean Meal Futures ETF was down 0.10%, discount rate 1.75% [13]. Cross - Border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.10%, the Nasdaq rose 0.59%, the S&P 500 rose 0.38%, and the German DAX fell 0.04%. On this day, the Hang Seng Index rose 0.02%, and the Hang Seng China Enterprises Index fell 0.08%. The top trading volume cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.19%, discount rate 0.45%), Huatai - Berie Hang Seng Technology ETF (down 1.21%, discount rate -0.89%), and Huaxia Hang Seng Technology ETF (down 1.19%, discount rate -0.80%) [15]. Money ETF - The top trading volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF [17].

🇦🇪 LATEST: The Abu Dhabi Investment Council ADIC nearly tripled its holdings in the IBIT spot-BTC ETF in Q3. https://t.co/MCztVQpskt ...

🚨JUST IN: BITCOIN SPOT ETFS RECORDED $75.47M IN INFLOWS ON NOV. 19, ETHEREUM SPOT ETFS BLED $37.35M, WHILE SOLANA ETFS SAW A STRONG $55.61M NET INFLOW ...

Institutional Ownership - Nine Wall Street ETF issuers hold over $18 billion in ETH [1] - Corporate treasuries hold a similar amount in ETH [1] - Institutional ownership could approach or exceed 10% of ETH supply in the near term [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process by eliminating the requirement for a no-objection letter from the stock exchange during the ETF registration phase [1] - To manage the influx of ETF applications, the CSRC will implement measures such as batch registration and guiding fund managers to set reasonable initial issuance scales, ensuring orderly fundraising and listing of ETF products [1] - Several funds, including the Hengsheng Biotechnology ETF and the Photovoltaic ETF, announced the effectiveness of their fund contracts, with all funds established on November 19 [1] Group 2 - On November 20, the People's Bank of China released the latest Loan Prime Rates (LPR) for one-year and over five-year terms [1] - The Ministry of Commerce held a press conference to introduce key recent work in the business sector [1]

Core Insights - BlackRock has registered a new Delaware statutory trust, the iShares Staked Ethereum Trust ETF, indicating a strategic move into the Ethereum staking market [1] - The registration is part of a broader trend as Ethereum staking ETFs begin trading in the U.S., with other products like the REX Osprey ETH + Staking ETF already launched [3] - Staking in Ethereum involves locking up assets for network validation, which introduces unique risks and regulatory considerations for issuers [6] Group 1: BlackRock's New Trust - BlackRock's iShares Staked Ethereum Trust ETF was formed on November 19, with the registration being a common step for ETF issuers in the crypto space [1] - The next step typically involves filing a registration statement with the SEC, although this does not indicate an imminent filing [2] Group 2: Market Context - The launch of the REX Osprey ETH + Staking ETF in late September marked the first combined spot and staking-enabled Ethereum ETF in the U.S. [3] - Grayscale also became the first U.S. issuer to incorporate staking into an exchange-listed Ethereum product in October, following regulatory approvals [3] Group 3: Staking Dynamics - The REX-Osprey ETH + Staking ETF reported approximately $2.4 million in assets as of mid-November, indicating that dedicated staking-focused Ethereum ETFs are still relatively small [4] - BlackRock's proposed changes for its iShares Ethereum Trust (ETHA) would allow the trust to receive staking rewards, which may be treated as income [5] - Staking introduces operational and custody risks that differ from simple asset holding, requiring issuers to detail various aspects of validator selection and liquidity management [6]

Has the hotly anticipated, weeks-delayed flood of spot altcoin ETF listings finally begun? Analysts say more XRP and Dogecoin funds should begin trading imminently. https://t.co/mhZ12BlW6w ...

Core Insights - 21Shares has launched a spot Solana ETF, TSOL, on the Chicago Board Options Exchange, indicating a growing interest in Solana investment products [1] - TSOL opened with approximately $100 million in assets under management and charges a management fee of 0.21 percent, providing U.S. investors access to Solana without direct cryptocurrency ownership [2] - Solana's blockchain is favored for decentralized finance, stablecoins, gaming, and identity systems, attracting investors seeking alternatives to Bitcoin and Ethereum, with recent inflows showing $26.2 million in net new investment [3] Market Context - TSOL is the sixth U.S.-listed spot fund for Solana, entering a competitive market where Bitwise's BSOL fund has already attracted over $420 million in early inflows [4] - Fidelity's FSOL launched shortly before TSOL, featuring a 0.25 percent fee and staking rewards, highlighting the competitive landscape among Solana ETFs [5] Future Considerations - Key metrics to monitor include capital flows into Solana spot products, integration of tokenized SOL in portfolios, and performance differences between staking-enabled and non-staking funds [6] - The introduction of multiple Solana spot ETFs simplifies access for retail and institutional investors, enhancing the token's status and institutional legitimacy for network-specific token funds [7]

Group 1 - Shenzhen has ranked first in the country for three consecutive years in the number of newly recognized "little giant" enterprises, with the proportion increasing from 6.3% in 2022 to an estimated 9.9% in 2025 [1] Group 2 - The first phase of Metro Line 25 in Shenzhen is expected to be completed by 2029, serving as a major transportation link for northern Shenzhen [2] Group 3 - A significant merger in the Chinese securities industry has occurred, with Huijin Holdings' China International Capital Corporation, Dongxing Securities, and Xinda Securities combining to form a new "securities aircraft carrier," increasing total employee count to 19,985 [3] Group 4 - The China Securities Regulatory Commission has optimized the ETF registration process by removing the requirement for a no-objection letter from the stock exchange, aiming to promote high-quality development of ETFs [4] Group 5 - The National Intellectual Property Administration and two other departments have launched a special rectification campaign in the intellectual property agency sector to combat illegal activities and enhance compliance [5] Group 6 - The sales volume of crystal-related products in the jewelry industry has surged by 146% year-on-year from January to October this year, driven by both offline sales and e-commerce [6] Group 7 - A subsidiary of Golden Dragon Fish, Guangzhou Yihai, has been convicted of contract fraud, resulting in a fine of 1 million yuan and a significant financial liability of 1.881 billion yuan to the affected parties [8] Group 8 - Kuaishou expects its AI-related business, Keling AI, to generate approximately $140 million in revenue for the full year of 2025, significantly exceeding its initial target of $60 million [9] Group 9 - China has reportedly ordered at least ten ships of U.S. soybeans, with total purchases exceeding 2 million tons this season, as part of a commitment to buy at least 12 million tons of U.S. soybeans this year [10] Group 10 - The Federal Reserve's October meeting minutes indicate an upward adjustment in GDP growth expectations and a projected decline in unemployment rates, while inflation is expected to face short-term pressure [11] Group 11 - The competition for the Mopane oil field in Namibia is intensifying, with TotalEnergies and Chevron leading the bids for a 40% operating stake, as the field is estimated to contain at least 10 billion barrels of resources [12] Group 12 - Brookfield Asset Management, in collaboration with NVIDIA and the Kuwait Investment Authority, plans to raise $10 billion for a global AI infrastructure fund, aiming to leverage investments to acquire up to $100 billion in AI assets [14]