Industry Investment Rating No information provided in the report. Core Viewpoints - Last week, the number of newly issued theme products in the US ETF market increased, and the capital flow showed that domestic stock products had outflows while international stock products had inflows of over $8 billion. Bond products saw inflows and commodity ETFs turned to outflows. Futures - based strategies performed prominently, while stock long - short products performed weakly. In the US ordinary public fund market, the total amount of non - money public funds increased in January 2026, but there were significant outflows from domestic and international stock funds in February [2]. Summary by Directory 1. US ETF Innovation Products: Theme Product Issuance Increases - Last week, there were 10 newly issued products in the US, with an increase in the number of theme products. Defiance issued a 2x leveraged product targeting drones and aerial autonomous driving. Nicholas issued two theme products targeting military, rare metals, and nuclear energy, which can partially hold commodity futures and enhance returns through options. Roundhill issued a space technology ETF. An active emerging - market ETF combining active and quantitative strategies was issued by MFS, and MD Sass issued a high - concentration value ETF [7][8]. 2. US ETF Dynamics 2.1 US ETF Fund Flow: Domestic Stock Products Have Outflows - In the past week, US domestic stock products had outflows, while international stock products had inflows of over $8 billion. Bond products had inflows and commodity ETFs turned to outflows. Short - term bond ETFs had obvious inflows, as did developed - market ETFs and cross - border products such as those from Europe and South Korea. The SPDR S&P 500 ETF Trust had outflows of over $10 billion, and gold and corporate - bond ETFs also had outflows. Vanguard's products had relatively stable capital inflows, while the SPDR S&P 500 ETF had obvious continuous outflows [9][11][12]. 2.2 US ETF Performance: Futures - Based Strategies Perform Prominently - With the excellent performance of commodity assets such as gold, commodity futures - based strategies performed well and attracted more attention. iMGP's CTA replication strategy product had a return close to 10% this year and a scale of over $3 billion, and the number of similar products began to increase. Stock long - short products performed weakly [13]. 3. Recent US Ordinary Public Fund Capital Flows - In January 2026, the total amount of US non - money public funds was $24.07 trillion, an increase of $0.43 trillion compared to December 2025. In January, the S&P 500 rose 1.37%, and the scale of US domestic stock products increased by 1.23%. From February 18th to February 25th, US domestic stock funds had outflows of $14 billion, and the outflows in the first two months exceeded $100 billion. The outflows from international stock products also expanded to over $5 billion, while the inflows into bond products narrowed to $4.9 billion [14].