Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the US ETF market, various asset classes had inflows last week, with Chinese products in Asia - Pacific emerging market ETFs performing outstandingly, while Indian products had relatively low returns. Horizon issued multiple active ETFs, and the overall number of new - issued products reached 23, including digital currency and single - stock products. In the US ordinary public fund market, there was an increase in the total amount of non - money public funds in October 2025, but the redemption pressure on domestic stock - type products was still high, and there were outflows in domestic stock funds and a small outflow in bond funds in the recent two weeks [3][12][18][20]. 3. Summary by Directory 3.1 US ETF Innovation Products: Horizon Issues Multiple Active ETFs - Last week, there were 23 new - issued products in the US, including digital currency and single - stock products. Horizon issued 3 products targeting international and US small - and mid - cap stocks, and a risk - controlled international stock product. These products use quantitative methods based on value, momentum, and quality, and the risk - controlled product can shift to currency to reduce risk according to the risk - control model. All 3 products will use option spread strategies to increase returns. There were also other issuers such as Dana issuing a bond ETF and KraneShares issuing a Vietnam product [8][9][11]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: All Asset Classes Have Inflows - In the past week, the inflow of US ETFs rebounded to over $40 billion, with stock products having an inflow of over $30 billion. State Street's S&P 500 ETF ranked first in inflows, while BlackRock's products ranked first in outflows. The Nasdaq ETF continued to have inflows, and small - cap ETFs started to have outflows again. Bond ETF funds were relatively stable recently, with high - yield bonds having continuous inflows, indicating a relatively high risk preference of funds [12][14][16]. 3.2.2 US ETF Performance: Chinese Products in Asia - Pacific Emerging Market Products Perform Outstandingly - The top - ranked Asia - Pacific emerging market ETFs in the US are mainly related to China and India. Besides broad - based indices, they also cover industries such as technology. Since the beginning of this year, Chinese products have performed well overall, with the top - ranked products having a gain of over 20%, while the returns of Indian products are below 5% [18][19]. 3.3 Recent US Ordinary Public Fund Capital Flows - In October 2025, the total amount of non - money public funds in the US was $23.7 trillion, an increase of $0.22 trillion compared to September 2025. In October, the S&P 500 rose 2.27%, the scale of US domestic stock - type products increased by 0.9%, but the redemption pressure was still high. In the recent two weeks, domestic stock funds had an outflow of around $18 billion, and bond funds shifted to a small outflow [20].