2025 年 08 月 25 日 载 9T 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈恩逸 (8621)23297818× shensy@swsresearch.com 美国 ETF 创新产品：杠杆反向产品密集发行。 上周美国共 30 只新发产品，发行数量有所 O 增加, 杠杆反向类产品仍然较多; Tidal 上周发行 2 只主动 ETF , 由子管理人 SMART 管理, 分别采用趋势和成长策略，管理人先根据市值、流动性筛选出 800、850 只股票构成大股 票池，再根据动量、成长指标进一步筛选，最后主动选择 25、30 只管理人认为能战胜标 普 500 的股票。 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 杠杆反向产品密集发行 海外创新产品周报 20250825 美国 ETF 资金流向：股票 ETF 流入平稳。 上周股票 ETF 流入维持在百亿美元以上，数字 ● 货币 ETF 小幅流出；上周先锋的标普 500 ETF 流入最多，罗 ...

Group 1: Core Insights - The article highlights a significant increase in the issuance of leveraged inverse ETFs in the US, with 22 new products launched last week, including 8 leveraged inverse products, primarily focused on single stocks [1][2] - Notable new products include leveraged ETFs linked to MicroStrategy, Upstart, Archer Aviation, Mercado Libre, Boeing, and a 2x leveraged inverse product tied to the Nasdaq 100 Mega Index [1] - FundX launched a future-themed fund targeting small to mid-cap companies expected to lead future trends, similar to ARK's disruptive innovation investment philosophy [2] Group 2: ETF Market Dynamics - The US ETF market saw continued inflows into Bitcoin and gold ETFs, while stock ETFs experienced slight outflows [3][5] - A notable migration of funds occurred from BlackRock's IVV to Vanguard's S&P 500 ETF, with IVV seeing outflows exceeding $20 billion [5][7] - The top inflow products included Vanguard's S&P 500 ETF (VOO) with $145.09 million, while iShares' IVV faced the largest outflow of $226.58 million [6] Group 3: Performance of Alternative Products - The performance of alternative ETFs has varied significantly this year due to global macro uncertainties, with long/short equity and futures products underperforming, while State Street's multi-asset products performed well [8] - The top three holdings of State Street's multi-asset product include commodities, global infrastructure, and global natural resources ETFs [8] Group 4: Fund Flow Trends - Recent data from the Investment Company Institute (ICI) indicates that US domestic equity funds experienced a significant outflow of approximately $16.9 billion, more than double the previous week, while bond products saw inflows nearing $10 billion [9]