Core Viewpoint - The BNY Mellon US Mid Cap Core Equity ETF (BKMC) is a passively managed ETF launched on April 9, 2020, with assets exceeding $565.02 million, targeting the Mid Cap Blend segment of the US equity market [1][2]. Group 1: Mid Cap Blend Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are noted for higher growth prospects and lower volatility compared to large and small cap companies [2]. - Blend ETFs typically hold a mix of growth and value stocks, providing a balanced investment approach [2]. Group 2: Cost Structure - The annual operating expenses for BKMC are 0.04%, making it one of the least expensive ETFs in its category [3]. - The ETF has a 12-month trailing dividend yield of 1.46% [3]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Industrials sector, comprising approximately 22.6% of the portfolio, followed by Financials and Consumer Discretionary [4]. - Sofi Technologies Inc (SOFI) represents about 0.61% of total assets, with the top 10 holdings accounting for around 5.44% of total assets under management [5]. Group 4: Performance Metrics - BKMC aims to match the performance of the SOLACTIVE GBS UNITED STATES 400 INDEX, which tracks the largest 400 mid cap companies in the US [6]. - The ETF has gained approximately 4.51% year-to-date and 9.29% over the past year, with a trading range between $83.55 and $110.43 in the last 52 weeks [6]. Group 5: Risk Assessment - The ETF has a beta of 1.04 and a standard deviation of 18.87% over the trailing three-year period, indicating effective diversification of company-specific risk with about 403 holdings [7]. Group 6: Alternatives - BKMC carries a Zacks ETF Rank of 3 (Hold), suggesting it is a reasonable option for investors seeking exposure to the Mid Cap Blend market segment [8]. - Other comparable ETFs include the Vanguard Mid-Cap ETF (VO) and the iShares Core S&P Mid-Cap ETF (IJH), with assets of $85.74 billion and $98.36 billion respectively, and expense ratios of 0.04% and 0.05% [9]. Group 7: Investment Appeal - Passively managed ETFs like BKMC are favored by both institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency [10].

Core Viewpoint - The First Trust Small Cap Growth AlphaDEX ETF (FYC) is designed to provide broad exposure to the small-cap growth segment of the market, utilizing a smart beta strategy to potentially outperform traditional market-cap weighted indexes [1][5]. Fund Overview - FYC was launched on April 19, 2011, and is managed by First Trust Advisors, with total assets exceeding $457.6 million, categorizing it as an average-sized ETF in its segment [1][5]. - The ETF aims to match the performance of the Nasdaq AlphaDEX Small Cap Growth Index, which employs a stock selection methodology based on fundamental characteristics [5]. Cost Structure - The annual operating expenses for FYC are 0.71%, making it one of the more expensive options in the small-cap growth ETF space [6]. - The ETF has a 12-month trailing dividend yield of 0.61% [6]. Sector Exposure and Holdings - The ETF has a significant allocation in the Financials sector, comprising approximately 21.9% of the portfolio, followed by Industrials and Healthcare [7]. - Sezzle Inc. (SEZL) is the largest individual holding at about 2.86% of total assets, with the top 10 holdings accounting for around 12.34% of total assets under management [8]. Performance Metrics - Year-to-date, FYC has gained approximately 3.35%, and over the last 12 months, it has increased by about 13.91% as of July 30, 2025 [10]. - The ETF has a beta of 1.16 and a standard deviation of 22.33% over the trailing three-year period, indicating a higher risk profile [10]. Alternatives - Other ETFs in the small-cap growth space include the iShares Russell 2000 Growth ETF (IWO) and the Vanguard Small-Cap Growth ETF (VBK), which have significantly larger asset bases and lower expense ratios [12].

Core Insights - The SPDR S&P 400 Mid Cap Growth ETF (MDYG) is designed to provide exposure to the Mid Cap Growth segment of the US equity market, with assets over $2.37 billion, making it an average-sized ETF in this category [1] - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are noted for having higher growth prospects and lower volatility compared to large and small cap companies [2] - Growth stocks typically exhibit higher sales and earnings growth rates but come with higher valuations and volatility, performing better in strong bull markets [3] Costs - The annual operating expenses for MDYG are 0.15%, positioning it as one of the cheaper options in the ETF space, with a 12-month trailing dividend yield of 0.83% [4] Sector Exposure and Top Holdings - The ETF has a significant allocation to the Industrials sector, comprising about 28.7% of the portfolio, followed by Financials and Consumer Discretionary [5] - Individual holdings include Interactive Brokers Group Cl A (IBKR) at approximately 1.67% of total assets, with the top 10 holdings accounting for about 12.48% of total assets under management [6] Performance and Risk - MDYG aims to match the performance of the S&P MidCap 400 Growth Index, having gained about 4.07% year-to-date and approximately 4.47% over the past year, with a trading range between $70.44 and $94.90 in the last 52 weeks [7] - The ETF has a beta of 1.06 and a standard deviation of 19.96% over the trailing three-year period, indicating a medium risk profile with effective diversification across 245 holdings [7] Alternatives - MDYG holds a Zacks ETF Rank of 2 (Buy), indicating it is a strong option for investors seeking exposure to the Mid Cap Growth segment [9] - Other comparable ETFs include the Vanguard Mid-Cap Growth ETF (VOT) with $17.67 billion in assets and an expense ratio of 0.07%, and the iShares Russell Mid-Cap Growth ETF (IWP) with $20.22 billion in assets and an expense ratio of 0.23% [10] Bottom-Line - Passively managed ETFs like MDYG are increasingly favored by retail and institutional investors for their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11]

Core Insights - The SPDR MSCI EAFE StrategicFactors ETF (QEFA) is a smart beta ETF launched on June 4, 2014, designed to provide broad exposure to the Broad Developed World ETFs category [1] - The fund is managed by State Street Global Advisors and has accumulated over $918.29 million in assets, making it an average-sized ETF in its category [5] - The ETF aims to match the performance of the MSCI EAFE Factor Mix A-Series Index, which includes large and mid-cap stocks from 22 developed markets focusing on value, low volatility, and quality factors [6] Fund Characteristics - The expense ratio for QEFA is 0.30%, positioning it as one of the cheaper options in the ETF space, with a 12-month trailing dividend yield of 2.99% [7] - The ETF has a beta of 0.74 and a standard deviation of 14.62% over the trailing three-year period, indicating a medium risk profile [10] Performance Metrics - As of July 30, 2025, QEFA has returned approximately 18.94% and increased by about 14.77% year-to-date [9] - The ETF has traded between $71.47 and $86.96 over the past 52 weeks [9] Holdings and Sector Exposure - The top holdings include Novartis Ag Reg (1.96% of total assets), ASML Holding Nv, and Nestle Sa Reg, with the top 10 holdings accounting for approximately 14.92% of total assets [8] Alternatives - Other ETFs in the same space include iShares MSCI EAFE ETF (EFA) with $64.24 billion in assets and iShares Core MSCI EAFE ETF (IEFA) with $143.92 billion, offering different expense ratios and risk profiles [12]

Core Insights - The Vident U.S. Equity Strategy ETF (VUSE) offers broad exposure to the Style Box - All Cap Value category and debuted on January 22, 2014 [1] - VUSE is managed by Vident Financial and aims to match the performance of the Vident Core U.S. Equity Fund Index [5] Fund Characteristics - VUSE has accumulated over $624.16 million in assets, making it one of the larger ETFs in its category [5] - The fund has an annual operating expense ratio of 0.50% and a 12-month trailing dividend yield of 0.63% [6] - The ETF's heaviest sector allocation is in Information Technology at approximately 28.4% [7] Holdings and Performance - Top holdings include Oracle Corp (3.29%), Broadcom Inc, and Nvidia Corp, with the top 10 holdings accounting for about 24.35% of total assets [8] - VUSE has gained about 8.8% year-to-date and approximately 16.94% over the last year, with a trading range between $50.72 and $63.86 in the past 52 weeks [10] Risk Profile - The fund has a beta of 0.98 and a standard deviation of 16.53% over the trailing three-year period, indicating a medium risk profile [10] Alternatives - Other ETFs in the same space include Fidelity High Dividend ETF (FDVV) and iShares Core S&P U.S. Value ETF (IUSV), which have lower expense ratios and larger asset bases [12]

Core Viewpoint - The Vanguard Russell 2000 Value ETF (VTWV) is a passively managed fund that aims to provide broad exposure to the Small Cap Value segment of the US equity market, with assets exceeding $795.50 million since its launch in 2010 [1]. Group 1: Small Cap Value Overview - Small cap companies are defined as those with a market capitalization below $2 billion, typically presenting higher potential but also higher risk compared to larger companies [2]. - Value stocks are characterized by lower than average price-to-earnings and price-to-book ratios, as well as lower sales and earnings growth rates. Historically, value stocks have outperformed growth stocks in long-term performance, although growth stocks may excel in strong bull markets [3]. Group 2: Costs and Performance - The annual operating expenses for VTWV are 0.1%, making it one of the least expensive ETFs in its category. It also has a 12-month trailing dividend yield of 1.86% [4]. - VTWV seeks to match the performance of the Russell 2000 Value Index, having added approximately 0.89% year-to-date and down about 1.11% over the past year as of July 30, 2025. The ETF has traded between $116.09 and $159.92 in the past 52 weeks [7]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 27.1% of the portfolio, followed by Industrials and Consumer Discretionary [5]. - Among individual holdings, Mktliq accounts for approximately 2.56% of total assets, with Slbbh1142 and Fluor Corp (FLR) also being notable [6]. Group 4: Risk and Alternatives - VTWV has a beta of 1.07 and a standard deviation of 22.07% over the trailing three-year period, categorizing it as a medium risk option. It holds about 1456 assets, effectively diversifying company-specific risk [8]. - The ETF holds a Zacks ETF Rank of 2 (Buy), indicating it is a strong option for investors interested in the Small Cap Value segment. Other alternatives include the iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value ETF (VBR), which have larger asset bases and different expense ratios [9][10]. Group 5: Market Trends - There is a growing trend among retail and institutional investors towards passively managed ETFs due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11].

Group 1 - The Hong Kong stock automotive ETF (159210.SZ) closed up by 0.19% on July 29, 2025, with a significant block trade executed at a price of 1.05 yuan, reflecting a discount of 0.28% compared to the closing price of the day [1][3] - The total transaction amount for the block trade was 15.795 million yuan, making it the highest in the market for that day [1][3] - The block trade details indicate that the fund was sold at a discount by an institutional special seat, amounting to 15.795 million yuan [1]

Core Viewpoint - The Invesco S&P MidCap 400 Pure Value ETF (RFV) is a smart beta ETF that aims to provide broad exposure to the Mid Cap Value category, with a focus on stocks exhibiting strong value characteristics [1][5]. Fund Overview - RFV was launched on March 1, 2006, and has accumulated over $267.03 million in assets, categorizing it as an average-sized ETF in its segment [1][5]. - The fund is managed by Invesco and seeks to match the performance of the S&P MidCap 400 Pure Value Index, which measures securities with strong value characteristics within the S&P MidCap 400 Index [5]. Cost Structure - RFV has an annual operating expense ratio of 0.35%, which is competitive within its peer group [6]. - The fund's 12-month trailing dividend yield is 1.16% [6]. Sector Exposure and Holdings - The ETF's largest allocation is in the Consumer Discretionary sector, comprising approximately 26.3% of the portfolio, followed by Industrials and Financials [7]. - Concentrix Corp (CNXC) is the top holding at about 4.55% of total assets, with the top 10 holdings accounting for approximately 30.93% of RFV's total assets [8]. Performance Metrics - Year-to-date, RFV has increased by roughly 6.6%, and it has risen approximately 10.52% over the last 12 months as of July 29, 2025 [10]. - The fund has a beta of 1.17 and a standard deviation of 22.28% over the trailing three-year period, indicating a higher risk profile [10]. Alternatives - While RFV is a viable option for investors looking to outperform the Mid Cap Value segment, alternatives such as the iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value ETF (VOE) are also available [11][12]. - IWS has $13.61 billion in assets and an expense ratio of 0.23%, while VOE has $18.38 billion in assets with a lower expense ratio of 0.07% [12].

Core Viewpoint - The Vanguard Mid-Cap Value ETF (VOE) is a leading option for investors seeking exposure to the Mid Cap Value segment of the US equity market, with significant assets and low expense ratios [1][4]. Group 1: Fund Overview - The Vanguard Mid-Cap Value ETF was launched on August 17, 2006, and has accumulated over $18.38 billion in assets, making it the largest ETF in its category [1]. - The ETF is passively managed and aims to replicate the performance of the CRSP U.S. Mid Cap Value Index, which focuses on mid-capitalization value stocks [7]. Group 2: Investment Characteristics - Mid-cap companies, with market capitalizations between $2 billion and $10 billion, are perceived to have higher growth potential than large-cap companies while being less risky than small-cap firms, providing a balance of growth and stability [2]. - Value stocks, characterized by lower price-to-earnings and price-to-book ratios, have historically outperformed growth stocks in long-term performance, although growth stocks may excel in strong bull markets [3]. Group 3: Cost and Performance - The ETF has an annual operating expense ratio of 0.07%, making it one of the least expensive options available, and it offers a 12-month trailing dividend yield of 2.19% [4]. - As of July 29, 2025, the ETF has gained approximately 5.91% year-to-date and 9.57% over the past year, with a trading range between $141.87 and $176.18 in the last 52 weeks [7]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 17.40% of the portfolio, followed by Industrials and Utilities [5]. - The top holding, Arthur J Gallagher & Co (AJG), represents approximately 1.69% of total assets, with the top 10 holdings accounting for about 5.53% of total assets under management [6]. Group 5: Risk Profile - The ETF has a beta of 0.92 and a standard deviation of 15.98% over the trailing three-year period, indicating a medium risk profile with effective diversification across 191 holdings [8]. Group 6: Alternatives - Other ETFs in the Mid Cap Value space include the First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) and the iShares Russell Mid-Cap Value ETF (IWS), with respective assets of $8.46 billion and $13.61 billion [10].

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - Last week in the US, 37 new ETF products were issued, with an acceleration in issuance, including products that both increase and decrease concentration. The factor rotation ETF had inflows of over $1 billion, and Bitcoin products outperformed Ethereum products. In May 2025, the total non - money public funds in the US increased, and from July 2nd to 9th, domestic stock funds had outflows while bond products had inflows [2]. Summary According to the Table of Contents 1. US ETF Innovation Products: Products with Increased and Decreased Concentration Issued Simultaneously - 37 new products were issued last week, involving series products from multiple companies. Direxion, Leverage Shares, etc. expanded single - stock leveraged and inverse products. WEBs issued the Defined Volatility series products. Invesco and Janus Henderson issued bond products. Crossmark issued large - cap growth and value ETFs, and Defiance issued an AI and power infrastructure ETF. Roundhill expanded its weekly leveraged + dividend ETFs [5][6][7]. - Xtrackers issued an industry - diversified product, SPXD, which tracks the S&P 500 Diversified Sector Weight Index and distributes weights based on sub - industry revenues. Its first - largest weighted stock is Berkshire Hathaway, with a weight of about 3.7%, and the weights of other stocks are below 2%. Global X issued the PureCap series products to address US regulatory restrictions on ETF shareholding ratios [8][11][12]. 2. US ETF Dynamics 2.1 US ETF Funds: Factor Rotation ETF Inflows Exceeded $1 Billion - Last week, stock ETFs had inflows of over $16 billion, with similar inflows for domestic and international stocks. Bond ETFs had more domestic inflows than international ones, and Bitcoin and commodity ETFs continued to have inflows. The factor rotation products had single - week inflows of over $1 billion and their current scale has exceeded $20 billion. The top out - flowing products were mainly S&P 500 ETFs from State Street and BlackRock [13][14]. 2.2 US ETF Performance: Bitcoin Products Outperformed Ethereum - Since the beginning of this year, the cryptocurrency market has attracted attention. The total scale of relevant US ETFs has exceeded $150 billion. The BlackRock Bitcoin ETF is close to $90 billion, and the BlackRock Ethereum ETF exceeds $10 billion. Bitcoin has a year - to - date increase of about 25%, while Ethereum products have an increase of less than 10%, and BlackRock's products have relatively good performance [17]. 3. Recent Capital Flows of US Ordinary Public Funds - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic US equity products increased by 5.49%, slightly lower than the stock increase. From July 2nd to 9th, domestic US stock funds had total outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [21].