Core Insights - The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is a smart beta ETF launched on October 9, 2013, providing exposure to the Large Cap Value category [1] - NOBL has accumulated over $11.6 billion in assets, making it one of the larger ETFs in its category [5] - The ETF aims to match the performance of the S&P 500 Dividend Aristocrats Index, which includes companies that have increased dividend payments for at least 25 consecutive years [5] Fund Characteristics - NOBL has an annual operating expense ratio of 0.35%, which is competitive within its peer group [6] - The ETF's 12-month trailing dividend yield is 2.07% [6] - The fund has a beta of 0.84 and a standard deviation of 14.52% over the trailing three-year period, indicating medium risk [10] Sector Exposure and Holdings - The ETF has a significant allocation in the Industrials sector, comprising approximately 23.5% of the portfolio, followed by Consumer Staples and Financials [7] - Emerson Electric Co (EMR) is the largest individual holding at about 1.79% of total assets, with the top 10 holdings accounting for approximately 14.94% of total assets [8] Performance - NOBL has experienced a year-to-date increase of about 10.3% and a total increase of roughly 4.3% [10] - The ETF has traded within a range of $90.85 to $108.47 over the past 52 weeks [10] Alternatives - Other ETFs in the same space include iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG), with assets of $32.43 billion and $93.11 billion respectively [12] - DGRO has a lower expense ratio of 0.08%, while VIG has an expense ratio of 0.05% [12]

Core Viewpoint - The iShares S&P Mid-Cap 400 Value ETF (IJJ) is a significant investment vehicle for exposure to the Mid Cap Value segment of the US equity market, with over $7.93 billion in assets under management, making it one of the larger ETFs in this category [1]. Group 1: Mid Cap Value Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are seen as having higher growth prospects compared to large cap companies while being less risky than small cap companies, providing a balance of stability and growth potential [2]. - Value stocks, characterized by lower price-to-earnings and price-to-book ratios, typically exhibit lower sales and earnings growth rates. Historically, value stocks have outperformed growth stocks in most markets, although they may underperform during strong bull markets [3]. Group 2: Costs and Performance - The iShares S&P Mid-Cap 400 Value ETF has an annual operating expense ratio of 0.18%, which is competitive within its peer group, and a 12-month trailing dividend yield of 1.84% [4]. - The ETF aims to match the performance of the S&P MidCap 400 Value Index, which measures the mid-capitalization value sector of the U.S. equity market. As of July 10, 2025, the ETF has returned approximately 2.87% year-to-date and 16.11% over the past year, with a trading range of $103.88 to $135.52 in the last 52 weeks [7][8]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 20.30% of the portfolio, followed by Industrials and Consumer Discretionary [5]. - Among individual holdings, Us Foods Holding Corp (USFD) represents about 1.28% of total assets, with the top 10 holdings accounting for approximately 7.77% of total assets under management [6]. Group 4: Alternatives and Market Position - The iShares S&P Mid-Cap 400 Value ETF holds a Zacks ETF Rank of 2 (Buy), indicating a favorable position based on expected returns, expense ratios, and momentum [10]. - Other alternatives in the mid-cap value ETF space include the iShares Russell Mid-Cap Value ETF (IWS) with $13.53 billion in assets and an expense ratio of 0.23%, and the Vanguard Mid-Cap Value ETF (VOE) with $18.11 billion in assets and a lower expense ratio of 0.07% [11]. Group 5: Investor Appeal - Passively managed ETFs like IJJ are increasingly favored by retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12].

Core Viewpoint - The iShares MSCI USA Min Vol Factor ETF (USMV) is a significant player in the Large Cap Blend segment of the US equity market, with over $23.81 billion in assets, making it one of the largest ETFs in this category [1]. Group 1: Fund Overview - USMV is a passively managed ETF launched on October 18, 2011, and is sponsored by Blackrock [1]. - The fund targets large cap companies, typically with market capitalizations above $10 billion, offering stability and reliable cash flows compared to mid and small cap companies [2]. Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.15%, positioning it as a cost-effective option in the market [3]. - It has a 12-month trailing dividend yield of 1.57% [3]. - USMV has increased by approximately 6.30% year-to-date and is up about 13.33% over the past year, with a trading range between $84.95 and $94.57 in the last 52 weeks [6]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation of about 27.30% to the Information Technology sector, followed by Financials and Healthcare [4]. - International Business Machines Co (IBM) constitutes around 1.60% of total assets, with the top 10 holdings making up about 15.26% of total assets under management [5]. Group 4: Risk Profile - USMV aims to match the performance of the MSCI USA Minimum Volatility Index, which includes U.S. equities with lower volatility characteristics [6]. - The ETF has a beta of 0.70 and a standard deviation of 12.27% over the trailing three-year period, indicating a medium risk profile [7]. Group 5: Alternatives - USMV holds a Zacks ETF Rank of 2 (Buy), indicating favorable expected returns and momentum [8]. - Other comparable ETFs include the SPDR S&P 500 ETF (SPY) and the Vanguard S&P 500 ETF (VOO), with assets of $641.52 billion and $688.84 billion respectively, and lower expense ratios of 0.09% for SPY and 0.03% for VOO [9]. Group 6: 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 [10].

Core Insights - The Vanguard Small-Cap ETF (VB) is a significant player in the Small Cap Blend segment of the US equity market, with assets exceeding $64.97 billion, making it one of the largest ETFs in this category [1] Investment Potential - Small cap companies, defined as those with market capitalizations below $2 billion, present high potential but also come with increased risks [2] - Blend ETFs, like VB, typically hold a mix of growth and value stocks, showcasing characteristics of both types of equities [2] Cost Structure - The annual operating expenses for the Vanguard Small-Cap ETF are 0.05%, positioning it as one of the least expensive options in the market [3] - The ETF has a 12-month trailing dividend yield of 1.36% [3] Sector Allocation and Holdings - The ETF has a significant allocation to the Industrials sector, comprising approximately 20.90% of the portfolio, followed by Financials and Information Technology [4] - Individual holdings include Slcmt1142 at about 1% of total assets, along with Nrg Energy Inc (NRG) and Expand Energy Corp (EXE) [5] Performance Metrics - VB aims to replicate the performance of the CRSP US Small Cap Index, which includes U.S. companies in the bottom 2%-15% of investable market capitalization [6] - As of July 10, 2025, the ETF has gained about 2.09% year-to-date and approximately 14.26% over the past year, with a trading range between $193.73 and $261.58 in the last 52 weeks [7] - The ETF has a beta of 1.07 and a standard deviation of 20.67% over the trailing three-year period, indicating a medium risk profile [7] Competitive Landscape - The Vanguard Small-Cap ETF holds a Zacks ETF Rank of 2 (Buy), indicating strong expected performance based on various factors [8] - Alternatives in the market include the iShares Russell 2000 ETF (IWM) with $66.93 billion in assets and an expense ratio of 0.19%, and the iShares Core S&P Small-Cap ETF (IJR) with $81.70 billion in assets and an expense ratio of 0.06% [9] Conclusion - Passively managed ETFs like VB are increasingly favored by both retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The Vanguard Mega Cap ETF (MGC) is a passively managed ETF launched on December 17, 2007, with over $7.33 billion in assets, focusing on the Large Cap Blend segment of the US equity market [1] Group 1: Large Cap Blend Overview - Companies in the large cap category typically have a market capitalization above $10 billion, offering stability with less risk and more reliable cash flows compared to mid and small cap companies [2] - Blend ETFs hold a combination of growth and value stocks, exhibiting characteristics of both investment styles [2] Group 2: Cost Structure - MGC has an annual operating expense ratio of 0.07%, making it one of the least expensive ETFs in its category [3] - The ETF has a 12-month trailing dividend yield of 1.06% [3] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation of approximately 37.40% to the Information Technology sector, followed by Financials and Telecom [4] - Microsoft Corp (MSFT) constitutes about 8.17% of total assets, with Nvidia Corp (NVDA) and Apple Inc (AAPL) also among the top holdings; the top 10 holdings represent about 40.34% of total assets [5] Group 4: Performance Metrics - MGC aims to match the performance of the CRSP US Mega Cap Index, which includes the largest U.S. companies, targeting the top 70% of investable market capitalization [6] - The ETF has gained approximately 7.18% year-to-date and around 13.25% over the past year, with a trading range between $179.23 and $227.39 in the last 52 weeks [6] Group 5: Risk Assessment - MGC has a beta of 1.01 and a standard deviation of 17.37% over the trailing three-year period, categorizing it as a medium risk investment [7] - The ETF holds about 191 securities, effectively diversifying company-specific risk [7] Group 6: Alternatives and Market Position - MGC holds a Zacks ETF Rank of 2 (Buy), indicating strong expected returns based on various factors [8] - Other ETFs in the same space include the SPDR S&P 500 ETF (SPY) with $641.52 billion in assets and the Vanguard S&P 500 ETF (VOO) with $688.84 billion, with expense ratios of 0.09% and 0.03% respectively [9] Group 7: Investment 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 [10]

Group 1 - The main consumer index (000932) decreased by 0.23% as of July 10, 2025, with mixed performance among constituent stocks [3] - Hainan Rubber (601118) led the gains with an increase of 1.45%, while Guibao Pet (301498) experienced the largest decline at 9.92% [3] - The major consumer ETF (159672) fell by 0.13%, with a latest price of 0.76 yuan, but saw a cumulative increase of 0.80% over the past week [3] Group 2 - The Ministry of Culture and Tourism is hosting the 2025 National Summer Cultural and Tourism Consumption Season from July to August, featuring over 4,300 events and 39,000 activities, with more than 570 million yuan in subsidies [3] - Regions like Shaanxi, Sichuan, and Zhejiang have announced plans for cultural tourism activities and will issue consumption vouchers to stimulate summer spending [3] Group 3 - Kweichow Moutai's sales company completed its half-year operational tasks, showing stable demand and a shift towards a consumer-centric approach [4] - The price of Feitian Moutai stabilized around 1,940 yuan per bottle as of late June, indicating resilience among leading companies despite a slow industry recovery [4] - The major consumer ETF saw a significant growth of 123.98 million yuan in scale over the past week, ranking second among comparable funds [4] Group 4 - The major consumer ETF's net value increased by 5.47% over the past year, with a maximum monthly return of 24.35% since inception [6] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 18.83, indicating a valuation below 92.89% of the past year [6] Group 5 - As of June 30, 2025, the top ten weighted stocks in the major consumer index accounted for 67.93% of the total index weight, including companies like Yili (600887) and Kweichow Moutai (600519) [7]

- The report mentions the construction of an "industry crowding monitoring model" to track the crowding levels of Shenwan first-level industry indices on a daily basis. The model identifies industries with high crowding levels, such as utilities and building materials, and those with lower levels, like automobiles and food & beverage. It also highlights significant daily changes in crowding levels for industries like real estate and utilities[6] - Another model mentioned is the "premium rate Z-score model," which is used to screen ETF products for potential arbitrage opportunities. The model employs rolling calculations to identify ETFs with potential risks of price corrections[6] - The industry crowding monitoring model evaluates crowding levels based on daily fund flows and crowding metrics, providing insights into industry trends and fund allocation changes over recent trading days[6] - The premium rate Z-score model calculates Z-scores for ETF premium rates, identifying deviations from historical averages that may signal arbitrage opportunities or risks[6] - The industry crowding monitoring model is qualitatively assessed as effective for identifying industry trends and fund allocation shifts, aiding investors in decision-making[6] - The premium rate Z-score model is qualitatively evaluated as useful for detecting arbitrage opportunities and potential risks in ETF pricing[6] - The industry crowding monitoring model highlights utilities and building materials as having high crowding levels, while automobiles and food & beverage exhibit lower levels. Real estate and utilities show significant daily crowding level changes[6] - The premium rate Z-score model identifies ETFs with potential arbitrage opportunities based on deviations in premium rates, though specific Z-score values are not provided in the report[6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 14 new products were issued in the US. Innovator launched a "two - way" strategy product, which offers positive returns in both rising and falling markets, with certain return caps and losses beyond the buffer range in a downturn [2][6]. - US ETF funds are flowing from style - based products to broad - based ones, reflecting a shift towards neutrality in the face of high market uncertainty [2][11]. - Gold ETFs are leading the gains among commodity ETFs, with a year - to - date increase of over 25% and growing product sizes, while ordinary commodities have more moderate performance with gains of less than 10% [2][16]. - In May 2025, the total non - money public funds in the US increased by $0.85 trillion compared to April. From June 17th to 25th, domestic stock funds had an outflow of about $16.6 billion, and the outflow has been expanding, with nearly $250 billion flowing out in the first half of the year, while bond product inflows continued to narrow [2][20]. 3. Summary by Directory 3.1 US ETF Innovation Products: Innovator Issues "Two - Way" Strategy Product - Last week, 14 new products were issued in the US, with many Buffer - type products issued at the beginning of the month. First Trust issued a Bitcoin - linked product with a 15% annual loss cap and a 31.26% annual return cap. Allianz and PGIM issued S&P 500 - linked Buffer products [6]. - Innovator's "two - way" strategy product is linked to the S&P 500, with buffer ranges of 10% and 15%, providing positive returns in both rising and falling markets, each with a return cap and losses beyond the buffer range in a downturn [6][10]. - Anfield issued a S&P 500 index - enhanced product, using quantitative stock - picking and derivatives to obtain excess returns, with a focus on momentum indicators. Hedgeye issued a mixed - allocation ETF aiming to control the maximum drawdown within 15%, and its top five holdings are mainly in growth and technology stocks [10]. - REX issued the first US Solana staking ETF, and AOT Invest issued a 2x leveraged software platform index product [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Funds Flow from Style - Based Products to Broad - Based Ones - Last week, US stock and bond ETFs continued the trend of simultaneous inflows for domestic and overseas products, and alternative products mainly including Bitcoin had obvious inflows. All S&P 500 ETFs had inflows, with BlackRock's smallest - scale product having the most inflows, while style - based products mainly had outflows [11][13]. - Focusing on large - scale ETFs in the US stock, bond, and commodity markets, iShares' S&P 500 ETF had continuous inflows in the past two weeks, while gold ETFs started to have outflows [15]. 3.2.2 US ETF Performance: Gold ETFs Lead the Gains among Commodity ETFs - Gold ETFs have a year - to - date increase of over 25%, and their product sizes have grown. State Street's product has exceeded $100 billion, and iShares' gold ETF is close to $50 billion. In contrast, ordinary commodities have gains of less than 10% [16]. 3.3 Recent US Ordinary Public Fund Fund Flows - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion compared to April. The S&P 500 rose 6.15% in May, and the scale of domestic stock - type products increased by 5.49%, slightly lower than the stock increase [20]. - From June 17th to 25th, domestic stock funds in the US had an outflow of about $16.6 billion, and the outflow has been expanding, with nearly $250 billion flowing out in the first half of the year, while bond product inflows continued to narrow [20].

Market Performance - On July 1, the Shanghai Composite Index rose by 0.39%, the Shenzhen Component increased by 0.11%, while the ChiNext Index fell by 0.24%[3] - The total trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan, slightly down from the previous trading day[1] - Over 2,600 stocks rose in the two markets, indicating a structural rotation of market hotspots[1] Sector Highlights - The pharmaceutical sector, particularly innovative drugs, immunotherapy, weight loss drugs, and vitamins, showed strong performance[1] - The semiconductor equipment industry within the technology sector also attracted significant market attention[2] Fund Flows - On July 1, net inflows into the Shanghai Stock Exchange were 5.69 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 290 million yuan[4] - The top three sectors for capital inflow were chemical pharmaceuticals, chemical products, and electricity[4] Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, enhancing information sharing among healthcare, insurance, and pharmaceuticals[5] - The measures aim to expedite the entry of innovative drugs into designated medical institutions and ensure timely adjustments to drug supplies[5] Economic Indicators - The Caixin China Manufacturing PMI for June rose to 50.4, indicating a return to the expansion zone, up by 2.1 percentage points from May[6] - The State-owned Assets Supervision and Administration Commission emphasized the development of the new energy vehicle industry and enhancing talent capabilities[7] Industry Trends - The GenAI IaaS market in China is projected to reach 8.74 billion yuan in the second half of 2024, marking a year-on-year increase of 165%[8] - The film box office for the first half of 2025 reached 29.231 billion yuan, with a year-on-year growth of 22.91%[9] - Heavy truck wholesale sales in June increased by approximately 29% year-on-year, with total sales around 92,000 units[11] Fund Management - Public REITs have surpassed a total market value of 200 billion yuan since their inception in 2020, following the implementation of new guidelines for registration and settlement[12] - Twelve public funds with over 100 billion yuan in management collectively manage 3.59 trillion yuan, accounting for 80% of the total ETF market[13]

Tom Lee, Fundstrat Capital’s CIO & Portfolio Manager and Dave Nadig, Independent ETF Expert, sit down with CNBC’s Dominic Chu to discuss how the idea of a “stock picker’s market” is now being placed by could be called a “theme picker’s market.” ...