Core Insights - The WisdomTree U.S. MidCap ETF (EZM) is designed to provide broad exposure to the Mid Cap Value category and was launched on February 23, 2007 [1] - The ETF industry has traditionally been dominated by market cap weighted indexes, but there is a growing interest in smart beta strategies that aim to outperform the market through stock selection [2][3] - Smart beta ETFs utilize non-cap weighted strategies based on fundamental characteristics to enhance risk-return performance [3][4] Fund Overview - The WisdomTree U.S. MidCap ETF is sponsored by WisdomTree and has assets exceeding $795.22 million, positioning it as an average-sized ETF in its category [5] - The ETF seeks to match the performance of the WisdomTree U.S. MidCap Earnings Index, which focuses on earnings-generating mid-cap companies [5] Cost Structure - The annual operating expense ratio for the ETF is 0.38%, which is competitive within its peer group [6] - The ETF has a 12-month trailing dividend yield of 1.29% [6] Holdings and Sector Exposure - The fund's total assets are primarily in U.S. dollars, with significant holdings in Fox Corp - Class A (FOXA) and Aptiv Holdings Ltd (APTV) [7] - The top 10 holdings account for approximately 107.03% of total assets under management, indicating a concentrated investment strategy [8] Performance Metrics - Year-to-date, the ETF has gained about 3.77%, and it has increased approximately 9.17% over the last 12 months as of August 21, 2025 [9] - The ETF has traded between $51.81 and $68.19 in the past 52 weeks [9] - With a beta of 1.07 and a standard deviation of 20.65% over the trailing three years, the fund is classified as a medium risk option [10] Alternatives - The WisdomTree U.S. MidCap ETF is a viable choice for investors looking to outperform the Mid Cap Value segment, but alternatives like iShares Russell Mid-Cap Value ETF (IWS) and Vanguard Mid-Cap Value ETF (VOE) are also available [11][12] - IWS has $13.76 billion in assets and an expense ratio of 0.23%, while VOE has $18.64 billion in assets with a 0.07% expense ratio [12]

Core Viewpoint - The article discusses the recent developments in the U.S. ETF market, highlighting the launch of innovative leveraged products and the flow of funds into various ETFs, particularly in the digital currency sector. Group 1: New ETF Products - A total of 13 new ETFs were launched in the U.S. last week, with a notable number of leveraged inverse products [1] - Leverage Shares introduced a new series of "accelerated" products that provide 2x returns on stock increases and 1x on decreases, with a monthly cap on returns, linked to companies like Tesla, Nvidia, MicroStrategy, Coinbase, and Palantir [2] - ProShares launched a 2x leveraged product linked to the top 30 stocks in the Nasdaq 100 index [2] - Harbor and Invesco collaborated to issue a stock enhancement product that combines 75% passive index investment with 75% trend-following futures strategies [2] Group 2: ETF Fund Flows - The inflow of funds into digital currency ETFs has increased significantly, with the Nasdaq 100 ETF seeing the highest inflow of $50.89 billion [3][5] - The top inflows included the iShares Ethereum Trust ETF with $23.17 billion and ARK Innovation ETF with $12.66 billion, while several leveraged ETFs experienced outflows [6] - Over the past two weeks, the overall fund flow in major U.S. ETFs showed a net inflow of $189.35 billion, despite some fluctuations in individual products [7] Group 3: ETF Performance - The ARK Innovation ETF (ARKK) outperformed other technology ETFs with a year-to-date return of over 35%, while the VanEck Semiconductor ETF gained over 20% [8] - The overall technology sector has shown a growth of more than 10% this year, with various ETFs reflecting this trend [8][9]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Last week, 13 new products were issued in the US, with more leveraged and inverse products. Leverage Shares issued a new series of "Accelerated" products, offering 2x the monthly upside return of stocks but only 1x the downside, with a monthly return cap. The first - batch products are linked to Tesla, Nvidia, MicroStrategy, CoinBase, and Palantir [2][10] - Digital currency ETFs had significant inflows last week. Stock and bond ETFs remained above $10 billion, and the inflow of digital currency ETFs increased again. The Nasdaq 100 ETF had the largest inflow, and BlackRock's Ethereum and Bitcoin ETFs were among the top ten in terms of inflow. Many leveraged ETFs had outflows, and several technology products had significant outflows [4][12] - ARKK outperformed other technology ETFs. Although the US stock style fluctuated at the beginning of this year, the technology sector has been performing well, with an overall increase of over 10%. The VanEck Semiconductor ETF has risen by over 20%, but the 3x semiconductor leveraged product has performed significantly weaker due to volatility losses at the beginning of the year. ARKK has risen by over 35%, leading other technology products [4][15] - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, up $0.78 trillion from May 2025. The S&P 500 rose 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 30 to August 6, US domestic equity funds had a net outflow of about $16.7 billion, basically the same as the previous week, and the inflow of bond products slightly narrowed [4][19] 3. Summary by Relevant Catalog 3.1 US ETF Innovation Products: Leverage Shares Issues "Accelerated" Products - Last week, 13 new ETFs were issued in the US, with more leveraged and inverse products. Leverage Shares issued a new series of "Accelerated" products, offering 2x the monthly upside return of stocks but only 1x the downside, with a monthly return cap. The first - batch products are linked to Tesla, Nvidia, MicroStrategy, CoinBase, and Palantir. Other issuers also had various new product launches, including single - stock leveraged ETFs, 2x leveraged products, and stock enhancement products [2][9][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Digital Currency ETFs Have More Inflows - Last week, stock and bond ETFs remained above $10 billion, and the inflow of digital currency ETFs increased again. The Nasdaq 100 ETF had the largest inflow, and BlackRock's Ethereum and Bitcoin ETFs were among the top ten in terms of inflow. ARKK also had an inflow of over $1 billion. Many leveraged ETFs had outflows, and several technology products had significant outflows [4][12] 3.2.2 US ETF Performance: ARKK Outperforms Other Technology ETFs - Although the US stock style fluctuated at the beginning of this year, the technology sector has been performing well, with an overall increase of over 10%. The VanEck Semiconductor ETF has risen by over 20%, but the 3x semiconductor leveraged product has performed significantly weaker due to volatility losses at the beginning of the year. ARKK has risen by over 35%, leading other technology products [4][15] 3.3 Recent US Ordinary Mutual Fund Fund Flows - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, up $0.78 trillion from May 2025. The S&P 500 rose 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 30 to August 6, US domestic equity funds had a net outflow of about $16.7 billion, basically the same as the previous week, and the inflow of bond products slightly narrowed [4][19]

On Wednesday, July 3, 2025, China's Central Committee for Financial and Economic Affairs, led by President Xi, announced plans to tackle “low-price and disorderly competition” and to “promote the orderly exit of backward production capacity.” Overcapacity, especially in the auto and solar panel industries, has been a pain pointAnalyst’s Disclosure:I/we have a beneficial long position in the shares of KWEB either through stock ownership, options, or other derivatives.Business relationship disclosure:I work f ...

Group 1: ETF Innovations and New Products - The US saw the launch of 15 new ETFs last week, including options strategies, thematic products, and hedge fund replication strategies [1] - JPMorgan issued a tiered options strategy product linked to the MSCI EAFE index, aiming to reduce volatility while capturing most of the returns [1] - Unlimited launched two hedge fund replication products, targeting futures and equity long-short strategies, with fees set at 0.95% and 1% [1] Group 2: ETF Fund Flows - US stock ETFs experienced inflows exceeding $15 billion last week, with domestic stocks attracting more capital than international stocks, while bond ETFs saw outflows [3][5] - The top inflowing products were primarily broad-based stock ETFs, with significant inflows into BlackRock's Bitcoin and Ethereum ETFs [6] - The SPDR S&P 500 ETF Trust (SPY) led inflows with $4.7 billion, while the Vanguard Long-Term Corporate Bond ETF (VCLT) saw outflows of $3 billion [6] Group 3: ETF Performance - Technology ETFs rebounded significantly in Q2, with year-to-date returns surpassing the S&P 500, and ARKK showing over 30% gains [8] - The Vanguard Information Technology ETF (VGT) and Technology Select Sector SPDR Fund (XLK) reported year-to-date returns of 10.51% and 12.58%, respectively [8] Group 4: Mutual Fund Flows - As of May 2025, the total assets of US non-money market mutual funds reached $21.91 trillion, reflecting a $0.85 trillion increase from April [9] - In the week of July 2-9, US domestic equity funds experienced outflows of approximately $7.5 billion, while bond products saw inflows of $7.58 billion [10]

ETF Industry News - The three major indices collectively rose, with the non-ferrous metal sector ETFs showing significant gains, particularly the Rare Metals ETF (561800.SH) which increased by 4.12%, Rare Metals ETF (159608.SZ) by 3.98%, and the Rare Earth ETF (159715.SZ) by 3.97. The electric equipment sector saw declines in multiple ETFs, with the Photovoltaic ETF Index Fund (159618.SZ) down by 0.87% [1] - According to CICC, limited marginal supply growth, along with improved export and domestic demand expectations, may drive a rebound in domestic rare earth prices. The global rare earth supply landscape is undergoing profound restructuring due to de-globalization, which may lead to a revaluation of domestic rare earth and magnetic material companies, as well as related overseas companies [1] Bond ETF Market - The scale of domestic bond ETFs has surpassed 481 billion yuan, reaching a record high of 481.057 billion yuan as of July 17. Year-to-date, bond ETFs have attracted a net inflow of 244.574 billion yuan, marking a 176.7% increase. The rapid growth of benchmark credit bonds has been followed by the recent launch of 10 science and technology innovation bond ETFs, resulting in a single-day net inflow of 49.4 billion yuan, setting a new record for bond ETFs [2] Market Overview - On July 18, the three major indices rose collectively, with the Shanghai Composite Index up by 0.5% to close at 3534.48 points, the Shenzhen Component Index up by 0.37% to 10913.84 points, and the ChiNext Index up by 0.34% to 2277.15 points. The Hang Seng Index, CSI 300, and CSI 800 also performed well, with daily increases of 1.33%, 0.6%, and 0.51% respectively [3] Sector Performance - In the performance of various sectors, non-ferrous metals, basic chemicals, and steel ranked highest with daily increases of 2.1%, 1.36%, and 1.34% respectively. Conversely, media, electronics, and light manufacturing sectors lagged behind with declines of -0.98%, -0.49%, and -0.41% respectively. Over the past five trading days, communication, pharmaceutical biology, and automotive sectors led with increases of 7.56%, 4.0%, and 3.28% respectively [6] ETF Market Performance - The overall performance of ETFs showed that cross-border ETFs had the best average daily increase of 0.70%, while money market ETFs had the worst performance with an average daily change of 0.00% [8] - The top-performing ETFs today included the Rare Metals ETF (561800.SH), Rare Metals ETF (159608.SZ), and Rare Earth ETF (159715.SZ), with daily returns of 4.12%, 3.98%, and 3.97% respectively [10] Trading Volume of Different ETF Categories - The top three ETFs by trading volume in the stock category were the A500 ETF Fund (512050.SH) with a trading volume of 3.628 billion yuan, the Sci-Tech 50 ETF (588000.SH) with 3.052 billion yuan, and the CSI 300 ETF (510300.SH) with 2.941 billion yuan [13]

Group 1 - Biotechnology ETF increased by 2.29% on July 9 [1] - Utility ETF, Internet stock index ETF, and global technology stock index ETF all rose over 0.8% [1] - Semiconductor ETF, technology sector ETF, and consumer discretionary ETF all gained over 0.5% [1] Group 2 - Financial sector ETF increased by over 0.3% [1] - Consumer staples ETF and energy sector ETF both declined by over 0.5% [1]

Group 1: Core Insights - The article highlights a significant increase in the issuance of leveraged inverse ETFs in the US, with 22 new products launched last week, including 8 leveraged inverse products, primarily focused on single stocks [1][2] - Notable new products include leveraged ETFs linked to MicroStrategy, Upstart, Archer Aviation, Mercado Libre, Boeing, and a 2x leveraged inverse product tied to the Nasdaq 100 Mega Index [1] - FundX launched a future-themed fund targeting small to mid-cap companies expected to lead future trends, similar to ARK's disruptive innovation investment philosophy [2] Group 2: ETF Market Dynamics - The US ETF market saw continued inflows into Bitcoin and gold ETFs, while stock ETFs experienced slight outflows [3][5] - A notable migration of funds occurred from BlackRock's IVV to Vanguard's S&P 500 ETF, with IVV seeing outflows exceeding $20 billion [5][7] - The top inflow products included Vanguard's S&P 500 ETF (VOO) with $145.09 million, while iShares' IVV faced the largest outflow of $226.58 million [6] Group 3: Performance of Alternative Products - The performance of alternative ETFs has varied significantly this year due to global macro uncertainties, with long/short equity and futures products underperforming, while State Street's multi-asset products performed well [8] - The top three holdings of State Street's multi-asset product include commodities, global infrastructure, and global natural resources ETFs [8] Group 4: Fund Flow Trends - Recent data from the Investment Company Institute (ICI) indicates that US domestic equity funds experienced a significant outflow of approximately $16.9 billion, more than double the previous week, while bond products saw inflows nearing $10 billion [9]

Group 1 - The core viewpoint of the article highlights the recent approval of individual stock leveraged and inverse ETFs in Hong Kong, which is expected to boost retail investor engagement in the market [1][2][3] - The Hong Kong ETF market is projected to grow by 24% in 2024, but it lags behind the Asia-Pacific and global growth rates of 32% [2] - The introduction of new product types and inflows from mainland China are identified as key factors for the development of the Hong Kong ETF market by 2025 [2][3] Group 2 - The current market size of leveraged and inverse ETFs in Hong Kong is approximately $330 million, while the derivatives-based ETF market is still in its early stages with only $13 million in assets [2] - The first batch of individual stock leveraged and inverse ETFs will focus on overseas stocks, with U.S. stocks likely being a popular choice among investors [3] - Retail investors are crucial for the growth of the Hong Kong ETF market, as the U.S. ETF market has attracted significant institutional funds due to lower fees and higher liquidity [3][4] Group 3 - Alibaba's stock surged by 15% following its earnings report, reflecting strong growth in its cloud business and increasing capital expenditures, which are seen as indicators of the performance of the Chinese tech sector [5] - The MSCI China Index and the Korean Index are competing for leadership in the market, with investor sentiment remaining cautious towards the Taiwan market due to potential impacts from U.S. tariffs on semiconductors [4][5]

Core Viewpoint - The Harry Browne Permanent Portfolio has shown stable performance since 2008, outperforming the S&P 500 during the financial crisis but lagging in the subsequent bull market driven by major tech stocks [5][10]. Performance Comparison - The Harry Browne Permanent Portfolio achieved a total return of 4.18% year-to-date and 16.02% over the past year, while the SPDR S&P 500 ETF Trust had returns of -1.06% and 18.45% respectively [7]. - Over the past ten years, the Harry Browne Permanent Portfolio's annualized return was 6.53%, compared to the S&P 500's 14.40% [9]. Asset Allocation and Strategy - The portfolio consists of four ETFs, each weighted equally at 25%, and is rebalanced annually [4][13]. - The components include Vanguard Total Stock Market ETF, iShares 20+ Year Treasury Bond ETF, SPDR Blmbg 1-3 Mth T-Bill ETF, and SPDR Gold Shares [13]. Risk and Volatility - The Harry Browne Permanent Portfolio has a lower annualized standard deviation of 7.51% compared to the S&P 500's 15.51%, indicating less volatility [9]. - The maximum drawdown for the Harry Browne Portfolio was 15.92%, while the S&P 500 experienced a maximum drawdown of 23.93% [9]. Historical Context - The portfolio's performance was particularly strong during the 2008-2013 period, with a maximum drawdown of just over 10% compared to nearly 50% for the S&P 500 [14]. - Since 2020, the performance gap widened, primarily due to the decline in U.S. Treasury bonds and the underperformance of gold relative to the S&P 500 [11][10]. Future Considerations - The portfolio's design prioritizes stability over high returns, which may be beneficial if the U.S. stock market experiences a downturn [14]. - Current yields indicate that U.S. Treasury bonds and cash positions may contribute positively to the portfolio's performance in a future market correction [15].