1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - Last week, 19 new products were issued in the US, with many ETFs related to stocks of interest to individual investors. Strategies are becoming more comprehensive, moving closer to hedge funds [5]. - In the past week, US domestic stock ETFs had outflows, while international stock products had inflows of over $15 billion. Emerging - market products had significant inflows, and the inflow levels were relatively dispersed [8]. - Since the beginning of this year, the precious - metal sector has continued to rise rapidly. Gold ETFs have risen by about 14%, silver ETFs have risen by over 35%, and other precious - metal varieties such as platinum have also had prominent increases [12]. - In November 2025, the total amount of non - money mutual funds in the US was $23.72 trillion, an increase of $0.03 trillion from October 2025. The redemption pressure eased that month. From January 7th to January 14th, the outflows of US domestic stock funds narrowed to $14.9 billion, the outflows of international stock products also slowed down, and the inflows of bond products dropped to $1.4 billion [14]. 3. Summary by Directory 3.1 US ETF Innovation Products: Issuance of Stock Products Related to Individual Investors - Last week, 19 new products were issued in the US, including 5 single - stock leveraged products, 1 digital - currency leveraged product, and multiple composite - strategy products. The comprehensiveness of strategies is increasing [5]. - Tuttle Capital issued a "Meme Stock" strategy product, investing in 15 - 30 stocks popular among individual investors on social media and using a put - option spread strategy to increase returns. Defiance's "Retail Kings" ETF focuses on stocks related to individual investors, actively managed, investing in stocks with high individual - investor participation, and involving technology fields such as AI, semiconductors, and aerospace, with a portfolio of 30 - 50 stocks and quarterly rebalancing [6]. - Amplify's cybersecurity Covered Call product aims to increase returns on high - volatility targets, but the return ceiling of the Covered Call strategy is relatively limited [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Inflows into International Stock Products - In the past week, US domestic stock ETFs had outflows, while international stock products had inflows of over $15 billion. Many emerging - market products had significant inflows, and the inflow levels were relatively dispersed. State Street's S&P 500 ETF had large outflows [8]. - Vanguard's S&P 500 ETF had the highest inflow, and the US total - market stock ETF also had obvious inflows. Among bond products, composite bonds had inflows, while credit - bond sub - products had outflows, and gold maintained inflows [11]. 3.2.2 US ETF Performance: Significant Rise in Precious - Metal ETFs - Since the beginning of this year, the precious - metal sector has continued to rise rapidly. Gold ETFs have risen by about 14%, silver ETFs have risen by over 35%, and other precious - metal varieties such as platinum have also had prominent increases [12]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In November 2025, the total amount of non - money mutual funds in the US was $23.72 trillion, an increase of $0.03 trillion from October 2025. In November, the S&P 500 rose by 0.13%, and the scale of US domestic stock products decreased by 0.15%, with the redemption pressure easing [14]. - From January 7th to January 14th, the outflows of US domestic stock funds narrowed to $14.9 billion, the outflows of international stock products also slowed down, and the inflows of bond products dropped to $1.4 billion [14].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - Last week, 19 new products were issued in the US, with multiple ETFs related to stocks of personal investors' concern. The capital of international stock products in US ETFs flowed in significantly, while domestic stock ETFs had outflows. Precious metal ETFs rose significantly. In terms of US ordinary public - offering funds, the redemption pressure of domestic stock - type products eased in November 2025, and the outflows of domestic and international stock funds narrowed from January 7th to 14th, while the inflow of bond products decreased [2]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Issuance of Stock Products Related to Personal Investors - Last week, 19 new products were issued in the US, including 5 single - stock leveraged products, 1 digital currency leveraged product, and multiple composite - strategy products. The comprehensiveness of strategies is increasing, and ETF strategies are getting closer to hedge funds. Tuttle Capital issued a "Meme Stock" strategy product investing in 15 - 30 stocks concerned by personal investors on social media and using a put - option spread strategy to increase returns. Defiance issued the "Retail Kings" ETF, actively managed and investing in stocks with high personal - investor participation, covering AI, semiconductors, and aerospace, holding 30 - 50 stocks and rebalancing quarterly [7][8]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Obvious Inflow of International Stock Products - In the past week, US domestic stock ETFs had outflows, while international stock products had an inflow of over $15 billion. Many emerging - market products had top - ranked inflows, with a relatively dispersed inflow level. State Street's S&P 500 ETF had large outflows. Among the products, Vanguard's S&P 500 ETF had the highest inflow, and the US total - market stock ETF also had an obvious inflow. In bond products, composite bonds had inflows, while credit - bond sub - products had outflows, and gold maintained an inflow [11][14]. 3.2.2 US ETF Performance: Obvious Rise of Precious Metal ETFs - Since this year, the precious - metal sector has continued to rise rapidly. The year - to - date increase of gold ETFs is about 14%, that of silver ETFs exceeds 35%, and other precious - metal varieties such as platinum also had prominent increases [16]. 3.3 Recent Capital Flow of US Ordinary Public - Offering Funds - In November 2025, the total amount of non - money public - offering funds in the US was $23.72 trillion, an increase of $0.03 trillion compared to October. In November, the S&P 500 rose 0.13%, and the scale of US domestic stock - type products decreased by 0.15%, with the redemption pressure easing. From January 7th to 14th, the outflow of US domestic stock funds narrowed again to $14.9 billion, the outflow of international stock products also slowed down, and the inflow of bond products decreased to $1.4 billion [18].