Report Industry Investment Rating No relevant information provided. Core View of the Report The report focuses on the latest developments in the US ETF and ordinary public - offering fund markets. It details new product launches, capital flows, and performance of different types of products. Specifically, Calamos issued a "Snowball" ETF, the inflow of S&P 500 ETFs is volatile, emerging - market products are performing well, and the outflow of US domestic stock funds remains high while the inflow of bond products has slightly narrowed [1]. Summary According to the Directory 1. US ETF Innovation Products: Calamos Issues "Snowball" ETF - Last week, 46 new products were issued in the US, with many managers issuing multiple products in batches. Newly - established manager Bluemonte launched its first batch of active ETFs, including 5 equity and 4 bond products, covering various styles and durations [5][7]. - Defiance and Tradr jointly issued 9 single - stock leveraged and inverse products, targeting companies in different fields such as chips and AI. Larry Benedict, a well - known options trader, issued an Opportunistic Trader ETF [8]. - First Trust and ProShares expanded their Buffer product lines. ProShares' Dynamic Buffer series uses a daily buffer approach, protecting against 1 - 5% daily declines and setting a return cap, with 3 products linked to the S&P 500, Nasdaq 100, and Russell 2000 respectively [8]. - Goldman Sachs, Capital Group, Horizon, and T. Rowe Price expanded their active ETF series, mainly with traditional equity and bond products. Capital Group and Horizon's products are mainly used as underlying assets for Model Portfolios [9]. - On Wednesday last week, Calamos issued a "Snowball" ETF, investing in the US Autocallable notes market worth over $100 billion. The product invests in over 50 different snowball contracts, mainly with Goldman Sachs as the counterparty. Its return structure is similar to that of domestic snowballs [9]. 2. US ETF Dynamics 2.1 US ETF Capital: Inflow of S&P 500 ETFs is Volatile - Recently, although the attention on cross - border equity ETFs has increased, the inflow of US domestic equity products has also been maintained. Last week, Vanguard's S&P 500 ETF had a large - scale outflow, and the funds returned to products of BlackRock and State Street, narrowing the gap. Cross - border products continued to see inflows [12][15]. - The inflow of each S&P 500 ETF has fluctuated greatly this year. Emerging - market products have had a good and continuous inflow this year, and corporate bond products had a slight return last week [17]. 2.2 US ETF Performance: Emerging - Market Products Perform Well - Since the beginning of this year, the S&P 500 has risen by less than 5%, while emerging - market related products have outperformed the S&P 500 by about 10%, with many products rising by over 15%. Emerging - market bonds have also performed well [18]. 3. Recent Capital Flows of US Ordinary Public - Offering Funds - In May 2025, the total amount of non - money public - offering funds in the US was $21.91 trillion, an increase of $0.85 trillion compared to April 2025. In May, the S&P 500 rose by 6.15%, and the scale of US domestic equity products increased by 5.49%, slightly lower than the stock increase [22]. - From June 11th to June 18th, US domestic equity funds had a total outflow of approximately $10.4 billion, which is still relatively high, and the inflow of bond products slightly narrowed [22].