Core Viewpoint - The article discusses the recent developments in the U.S. ETF market, highlighting new product launches, fund flows, and performance trends, particularly focusing on innovative strategies and the impact of market conditions on various ETFs [1][4][10]. Group 1: New ETF Products - A total of 15 new ETFs were launched in the U.S. last week, showcasing a diverse range of strategies [1]. - Tortoise launched an AI Infrastructure ETF, actively managed and targeting companies in energy, data centers, and technology, with a total management scale of approximately $9 billion [2]. - Virtus and AlphaSimplex collaborated to issue a global macro hedge ETF aimed at outperforming traditional long equity products [2]. - Direxion expanded its offerings with four leveraged inverse products linked to Shopify and Lockheed Martin, along with other innovative ETFs focusing on volatility and quantum computing [2][3]. Group 2: ETF Fund Flows - There was a notable increase in inflows for both equity and bond ETFs, with gold ETFs also seeing renewed inflows [4][9]. - Vanguard's S&P 500 ETF (VOO) and iShares' S&P 500 ETF (IVV) experienced significant inflows of $3.269 billion and $3.019 billion, respectively, while the Russell 2000 ETF saw a return of inflows after previous outflows [6][9]. - The article lists the top inflow and outflow ETFs, indicating a trend of significant outflows from leveraged ETFs and specific sector funds [6]. Group 3: ETF Performance - The article notes that momentum strategies continue to outperform in the Smart Beta category, with the iShares MSCI USA Momentum Factor ETF (MTUM) showing a year-to-date return of 19.27% [10]. - BlackRock's factor rotation ETF has also performed well, with a year-to-date increase of 11.29%, surpassing the S&P 500's return of 8.6% [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 15 new products were issued in the US, with a stable issuance and obvious diversification of strategies. BlackRock issued an international version of the factor rotation ETF, and Defiance issued a long - volatility product [1][6]. - In the US, the inflows of equity and bond ETFs increased last week, and gold ETFs re - entered the market following the upward trend. Some leveraged ETFs and Indian ETFs had outflows [1][10]. - Momentum continued to lead Smart Beta in the US. Since the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value, and BlackRock's factor rotation ETF had a better performance than most single - factor products and the S&P 500 [1][15]. - In June 2025, the total amount of non - money public funds in the US increased by $0.78 trillion compared to May. From July 23rd to July 30th, the outflows of domestic stock funds in the US expanded again, while the inflows of bond products further increased [1][16]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: BlackRock Issues International Version of Factor Rotation ETF - Last week, 15 new ETFs were issued in the US, with diversified strategies including AI infrastructure, global macro - hedge, digital currency - related bonds, single - stock leveraged reverse products, and more. BlackRock issued an international version of the factor rotation ETF, which focuses on five major types of factors and deviates from factors according to an optimized model [6][9]. - Defiance issued a long - volatility product composed of 0.75 - 1 times VIX index futures and 1.5 - 2 times S&P 500 shorts, providing a tool for investors to express views under extreme risks [1][7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Inflows of Equity and Bond ETFs Increase - Last week, the inflows of equity and bond ETFs in the US increased, and gold ETFs re - entered the market. Vanguard and BlackRock's S&P 500 ETFs had similar inflows, the Russell 2000 ETF had inflows after continuous outflows, and short - term and corporate bond ETFs also had inflows. Some leveraged ETFs and Indian ETFs entered the top ten of outflows [1][10]. - The top ten inflow and outflow ETFs in the US from August 1st to August 7th are listed, with Vanguard S&P 500 ETF having an inflow of $32.69 billion and Invesco NASDAQ 100 ETF having an outflow of $22.47 billion [12]. 3.2.2 US ETF Performance: Momentum Continues to Lead Smart Beta - Although low - volatility and small - cap stocks rebounded at the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value. Momentum has continued its strong performance since 2024, with the iShares MSCI USA Momentum Factor ETF having a year - to - date return of 19.27% [15]. - BlackRock's factor rotation ETF had a return of 11.29% during the same period, with a scale of over $20 billion, outperforming most single - factor products and the S&P 500 (8.6%) [15]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May. The scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From July 23rd to July 30th, the domestic stock funds in the US had a total outflow of about $18 billion, and the inflows of bond products further increased [16].