1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past three weeks, the US issued nearly 100 new ETF products, with the product issuance speed further increasing [1][6]. - The capital inflow into US ETFs has remained at a high level. In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products [1][18]. - Aerospace and defense ETFs listed in the US have performed well, with the technology - related product SHLD and European - themed products seeing gains of over 80% [1][23]. - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The redemption pressure eased that month [1][24]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past three weeks, the US issued a total of 91 new products, including single - stock leveraged inverse products, leveraged inverse products in the Top5 series targeting popular sectors, and products related to digital currencies [6][10]. - ARK started issuing the DIET series of Buffer ETFs, which have different structures from traditional Buffer products [11]. - Federated Hermes issued a market - neutral ETF at the end of September, using an active quantitative combination method [16]. - Rayliant and ChinaAMC issued the ChinaAMC Transformative China Tech ETF on September 26, tracking an index composed of about 100 Chinese technology - related companies [1][16]. - New managers such as Liberty One and Raymond issued dividend - related strategy products [17]. - Global X and Wisdomtree issued semiconductor and quantum computing ETFs, and military - themed products have attracted high attention [17]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Capital Inflow Remains at a High Level - In the past month, nearly $180 billion flowed into US ETFs, with over $100 billion flowing into stock products. The iShares S&P 500 ETF IVV had an inflow of over $40 billion in the past month, surpassing SPY in scale [18][20]. - Bitcoin and gold products had obvious inflows, while many leveraged products had significant outflows [20]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. The technology - related product SHLD and European - themed products have seen gains of over 80% [23][24]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The scale of domestic stock products increased by 1.62%, and the redemption pressure eased [24]. - In the past four weeks, the outflow level of domestic stock funds in the US has been relatively stable, with outflows exceeding $20 billion in three weeks, while bond products have had stable inflows [25].