Core Viewpoint - The State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is a significant player in the Large Cap Value segment of the US equity market, with over $7.32 billion in assets and a focus on high dividend-paying stocks [1][10]. Group 1: ETF Overview - SPYD is a passively managed ETF launched on October 21, 2015, sponsored by State Street Investment Management [1]. - The ETF aims to match the performance of the S&P 500 High Dividend Index, which includes the top 80 dividend-paying securities based on yield [7]. Group 2: Investment Characteristics - Large cap companies typically have market capitalizations above $10 billion, offering more stability and reliable cash flows compared to mid and small cap companies [2]. - Value stocks, which SPYD focuses on, generally have lower price-to-earnings and price-to-book ratios, and while they have lower sales and earnings growth rates, they have historically outperformed growth stocks in most markets [3]. Group 3: Costs and Performance - SPYD has an annual operating expense ratio of 0.07%, making it one of the least expensive ETFs in its category, with a 12-month trailing dividend yield of 4.48% [4]. - The ETF has added approximately 4.23% year-to-date and is down about 3.56% over the past year, with a trading range between $38.81 and $46.43 in the last 52 weeks [7]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Real Estate sector, comprising about 21.7% of the portfolio, followed by Consumer Staples and Financials [5]. - CVS Health Corp (CVS) represents about 1.66% of total assets, with the top 10 holdings accounting for approximately 14.58% of total assets under management [6]. Group 5: Risk and Alternatives - SPYD has a beta of 0.85 and a standard deviation of 15.23% over the trailing three-year period, indicating a medium risk profile [8]. - Alternatives to SPYD include the Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV), which have larger asset bases and slightly lower expense ratios [10].

If you're interested in broad exposure to the Mid Cap Growth segment of the US equity market, look no further than the State Street SPDR S&P 400 Mid Cap Growth ETF (MDYG) , a passively managed exchange traded fund launched on November 8, 2005.The fund is sponsored by State Street Investment Management. It has amassed assets over $2.44 billion, making it one of the average sized ETFs attempting to match the Mid Cap Growth segment of the US equity market.Why Mid Cap GrowthWith market capitalization between $2 ...

I hope you all had a wonderful holiday break with friends and family, and a chance to express gratitude. As a proud member of the ETF industry, I have a lot to be thankful for in 2025. ...

策略研究 /[Table_Date] 2025.11.28 2025-12-01 南向资金流入电商零售规模创 10 月以来 新高 ——11 月第 4 周全球外资周观察 本报告导读： ① 北向资金：最近一周可能小幅净流入，其中灵活型外资可能大幅净流入。②港 股：最近一周稳定型外资流出 122 亿港元，灵活型外资流出 75 亿港元，港股通 流入 415 亿港元。③亚太市场：外资本周流出日本，10 月流入印度。④美欧 市场：9 月资金流入欧洲，流入美国。 投资要点： 略 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 策 海 外 策 略 研 究 [Table_Summary] 北 向资金 ：最近 一周北向 资金可 能 小幅 净流入。 最近一周 （2025/11/24-2025/11/28，下同）交易日期间北向资金估算净流入 37 亿元，前一周（2025/11/17-2025/11/21，下同）估算净流出 183 亿元。最近一周交易日期间灵活型外资估算净流入 66 亿元，前一周 估算净流出 77 亿元。此外，我们汇总最近一周陆股通每日前十大活 跃个股，其中中际旭创（本周陆股通双向成交总金额为 205 ...

Core Insights - The Vanguard Dividend Appreciation ETF (VIG) and the iShares Core High Dividend ETF (HDV) cater to different investor preferences, with VIG focusing on growth and technology, while HDV emphasizes higher yields and defensive sectors [1][6]. Cost and Size Comparison - HDV has an expense ratio of 0.08% and AUM of $11.7 billion, while VIG has a lower expense ratio of 0.05% and AUM of $115.1 billion [3]. - As of November 30, 2025, HDV's 1-year return is 2.26% and dividend yield is 3.09%, compared to VIG's 1-year return of 8.79% and dividend yield of 1.64% [3]. Performance and Risk Analysis - Over five years, HDV has a max drawdown of -16.52% and a growth of $1,000 to $1,411, while VIG has a max drawdown of -20.40% and a growth of $1,000 to $1,605 [4]. Portfolio Composition - VIG holds 338 stocks with significant allocations in technology (29%), financial services (22%), and healthcare (16%), focusing on companies with a consistent record of dividend growth [5]. - HDV is more concentrated with 75 stocks, primarily in consumer staples (25%), healthcare (22%), and energy (21%), focusing on higher-yielding, established companies [6]. Investment Strategy Insights - HDV is more stable with a lower beta of 0.62 and less severe max drawdown, appealing to income-focused investors [7][8]. - VIG offers growth potential with a focus on technology-oriented stocks, which may lead to higher total returns over time [9][10].

Core Insights - The A-share hard technology sector is set to receive significant capital inflow with the launch of the first batch of seven China Securities Innovation and Entrepreneurship Artificial Intelligence ETFs, expected to raise over 30 billion yuan [2][6] - The ETFs are managed by various fund companies, each with different fundraising periods, indicating strong market interest [2][6] - The underlying index for these ETFs, the China Securities Innovation and Entrepreneurship Artificial Intelligence Index, is the first to span both the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing its appeal [4][5] Fundraising and Market Response - The seven ETFs have a combined fundraising target that could exceed 30 billion yuan, with some products already nearing their upper limits on the first day of sales [2][6] - The ETFs are designed to track a diverse selection of 50 companies involved in artificial intelligence across various sectors, reflecting a comprehensive view of the industry [5][8] - The market has shown high interest, with some ETFs expected to complete their fundraising ahead of schedule due to strong demand [6][8] Competitive Landscape - The new ETFs are positioned to compete with existing AI-themed ETFs, which have seen significant growth, with some exceeding 20 billion yuan in size [7] - The dual focus on both the Sci-Tech Innovation Board and the Growth Enterprise Market allows for a broader investment strategy compared to other AI ETFs that focus on a single board [8][9] Industry Trends - There is a noticeable acceleration in the approval and launch of technology-focused ETFs, indicating a growing interest from fund companies in hard technology sectors [12][13] - The introduction of these ETFs is expected to enhance market liquidity and trading activity in the technology sector, providing a standardized investment tool for investors [14] - Despite recent market volatility, industry experts remain optimistic about the long-term potential of the technology sector, particularly in AI and semiconductor industries [17]

Economic Overview - Warning signs are evident across the economy, influenced by the Trump administration's tariff policies, persistent high inflation, and concerns regarding the affordability of daily life [1] Market Sentiment - The CBOE Volatility index (VIX) has risen above 20, indicating increased market fear, as it had spent most of the year in the teens [2] - CNN's Fear and Greed index currently stands at 14 on a scale of 1 to 100, reflecting "extreme fear" in the market [3] Investment Strategy - In light of potential economic corrections, international markets may present more attractive investment opportunities, especially when the dollar weakens, as international profits can increase when converted back to U.S. dollars [4] - The FTSE All-World ex-US ETF (NYSEMKT: VEU) is highlighted as a low-cost investment option to diversify away from U.S. companies and capitalize on international growth [5] ETF Details - The VEU ETF is highly diversified, holding over 3,800 stocks, with financial services making up 23.9% of its portfolio, alongside significant positions in industrials, technology, and consumer cyclical sectors [6] - The VEU ETF has outperformed the S&P 500 this year, offering a 2.7% dividend yield and a low expense ratio [7] - The fund tracks the FTSE All-World ex-US index, including mid-cap and large-cap stocks from both developed and emerging markets, with only one stock exceeding a 3% weighting [8] Top Holdings Performance - Key stocks in the VEU ETF include: - Taiwan Semiconductor: 3.33% weight, 49.8% return - Tencent Holdings: 1.43% weight, 57.6% return - ASML: 1.18% weight, 46.7% return - Alibaba Group: 1.08% weight, 84.3% return - Samsung Electronics: 1.00% weight, 60.6% return - Other notable stocks include SAP, AstraZeneca, HSBC Holdings, Nestle, and Novartis AG with varying returns [9]

Group 1 - The ETF market experienced a significant capital migration in November, with strong rebounds in the biotechnology sector, as evidenced by the S&P Biotechnology ETF rising by 14.03% and the Nasdaq Biotechnology ETF increasing by 12.83% [1] - Commodity-related ETFs also performed well, with the S&P Oil & Gas ETF up by 4.30%, the Agriculture ETF rising by 3.63%, and the Soybean Meal ETF increasing by 3.37%, reflecting ongoing concerns about geopolitical risks and inflation pressures [1] - The gold sector began a new upward trend after a period of adjustment, with multiple gold-related ETFs, including the Shanghai Gold ETF and Gold ETF, showing gains exceeding 3.2%, highlighting their safe-haven attributes as year-end approaches [2] Group 2 - The November performance of ETFs revealed a cautious investor sentiment, with significant inflows into safer assets such as the Hua Bao Tian Yi ETF, which saw a net inflow of 11.4 billion yuan, and the Short-term Bond ETF with a net inflow of 7 billion yuan [2] - The Hang Seng Technology ETFs attracted substantial capital, with net inflows of 5.168 billion yuan for the Hang Seng Technology Index ETF and 4.651 billion yuan for the Hang Seng Technology ETF, indicating recognition of the valuation advantages in the Hong Kong tech sector [3] - Conversely, there were notable outflows from several ETFs, including the CSI 300 ETF with a net outflow of 2.839 billion yuan, the Coal ETF with a net outflow of 2.522 billion yuan, and the SSE 50 ETF with a net outflow of 2.181 billion yuan [4]

Market Overview - The technology sector has experienced strong returns this year, with the Nasdaq Composite gaining over 20% since January, but it has recently faced volatility, dipping approximately 3% in the last month [1] - Rising skepticism regarding artificial intelligence (AI) is identified as a fundamental cause of this volatility [1] AI Market Sentiment - Concerns about a potential bubble are not directed at generative AI itself, but rather at the significant capital inflows into companies associated with automation and digital intelligence [2] - Experts warn that excessive enthusiasm in the market could lead to a corrective phase, reminiscent of previous market cycles [2] Concentration of Capital - Anxiety is growing regarding the "Magnificent Seven," a group of top-performing stocks, which now account for over half of the S&P 500's total market value [3] - The market capitalization of the Magnificent Seven has surpassed $22 trillion, with Nvidia alone exceeding Japan's entire economy [4] Analyst Perspectives - Wedbush analyst Dan Ives asserts that the AI market is not in a bubble and emphasizes that digital intelligence is still in its early growth stages [5] - Despite some experts rejecting AI bubble fears, the prevalence of such concerns indicates deep-rooted anxieties among investors [6] Options Market Dynamics - During periods of heightened anxiety, option premiums for both puts and calls increase due to rising implied volatility [7] - Option writers benefit from receiving premiums upfront, but they face significant risks if the market moves against their positions [9] ProShares Nasdaq-100 High Income ETF (IQQQ) - The IQQQ ETF has gained nearly 5% since the start of the year and almost 16% over the past six months, although it has recently slipped nearly 4% in the last month [16] - The fund employs a derivatives-based framework to convert market volatility into recurring cash flow, differentiating itself from traditional dividend vehicles [10][12] - IQQQ's daily covered-call strategy allows it to capture short-lived volatility bursts, enhancing its income generation potential [13][14] - Monthly payouts are appealing for investors seeking steady cash flow, but the fund still tracks the Nasdaq-100 and carries counterparty exposure [15] Investment Considerations - The IQQQ ETF may appeal to investors looking for income while maintaining exposure to leading tech names, but careful consideration of its structure and risk profile is advised [18]

Core Viewpoint - The State Street SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is a passively managed ETF aimed at providing broad exposure to the Mid Cap Blend segment of the US equity market, with assets exceeding $15.07 billion, making it one of the larger ETFs in this category [1] Group 1: Fund Overview - Launched on November 8, 2005, SPMD is designed to track the Mid Cap Blend segment of the US equity market [1] - The fund is sponsored by State Street Investment Management [1] Group 2: Investment Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are generally seen as having higher growth prospects compared to large cap companies and are less risky than small cap companies [2] - Blend ETFs typically hold a mix of growth and value stocks, providing a stable and growth-oriented investment [2] Group 3: Cost Structure - SPMD has an annual operating expense ratio of 0.03%, making it one of the least expensive options in the ETF space [3] - The ETF offers a 12-month trailing dividend yield of 1.37% [3] Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Industrials sector, comprising about 23.7% of the portfolio, followed by Financials and Information Technology [4] - Comfort Systems USA Inc (FIX) represents approximately 0.94% of total assets, with the top 10 holdings accounting for about 7.21% of total assets under management [5] Group 5: Performance Metrics - SPMD aims to match the performance of the S&P 1000 Index, with a year-to-date increase of roughly 6.83% and a decline of about 0.72% over the past year as of November 28, 2025 [6] - The ETF has traded between $44.89 and $59.14 in the past 52 weeks [6] - It has a beta of 1.08 and a standard deviation of 18.24% over the trailing three-year period, indicating effective diversification of company-specific risk with about 405 holdings [7] Group 6: Alternatives - SPMD carries a Zacks ETF Rank of 3 (Hold), indicating a reasonable option for investors seeking exposure to the Mid Cap Blend area [8] - Other comparable ETFs include the Vanguard Mid-Cap ETF (VO) with $89.06 billion in assets and an expense ratio of 0.04%, and the iShares Core S&P Mid-Cap ETF (IJH) with $101.32 billion in assets and an expense ratio of 0.05% [9] Group 7: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]