1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - Simplify issued a China Commodity ETF, which mainly invests in futures listed on Chinese commodity exchanges, using a quantitative long - short model for variety selection [1][4]. - In the past week, US equity products had an inflow of over $30 billion, while silver ETFs had an outflow of over $2 billion, and gold ETFs had a relatively stable inflow [1][8]. - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have seen significant gains, especially aerospace and defense ETFs, with some products rising nearly 18% [1][10]. - In December 2025, the total non - money mutual funds in the US decreased by $0.09 trillion compared to November. From January 14th to 21st, the outflow of domestic equity funds narrowed, international equity products had an outflow, and bond products had an increased inflow [1][14]. 3. Summary by Directory 3.1 US ETF Innovation Products: Simplify Issues China Commodity ETF - Last week, there were 15 new ETFs issued in the US, including Simplify's China Commodity ETF, which invests in Chinese commodity exchange futures and uses a quantitative model for variety selection [1][4]. - First Eagle issued two active US equity ETFs, T. Rowe Price issued an innovation ETF, Harrison Street issued an infrastructure active ETF, and TrueShares issued a stock hedge ETF [5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Silver ETFs Lead Outflows - In the past week, US equity products had an inflow of over $30 billion, with significant inflows into Nasdaq ETFs and emerging market ETFs. Commodity and alternative products had a slight outflow after increased volatility, and silver ETFs had an outflow of over $2 billion [1][8]. - Vanguard's S&P 500 ETF's two - week inflow was close to zero, Nasdaq ETFs had the largest two - week inflow, and gold ETFs had a relatively stable inflow last week [9]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Show Significant Gains - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have had significant gains. State Street's industrial ETF rose nearly 7%, and aerospace and defense ETFs generally rose over 10%, with Global X's product rising nearly 18% [10][11]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November. The S&P 500 declined by 0.05% in December, and the scale of domestic equity products decreased by 1.03% [14]. - From January 14th to 21st, the outflow of domestic equity funds further narrowed to $1.11 billion, international equity products had an outflow of $2.69 billion, and bond products had an inflow that expanded to $8.47 billion [14].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - Simplify issued a Chinese commodities ETF, which mainly invests in futures listed on Chinese commodity exchanges and selects products through a quantitative long - short model [1][6]. - In the past week, US equity products had an inflow of over $30 billion, while silver ETFs had an outflow of over $2 billion, and leveraged products also had outflows [1][9]. - Since the beginning of this year, except for the precious metals sector, US industrial ETFs have shown significant gains, especially aerospace and military - related ETFs [1][13]. - In December 2025, the total non - money mutual funds in the US decreased by $0.09 trillion compared to November. From January 14th to 21st, domestic equity funds' outflows narrowed, international equity products had outflows, and bond products' inflows increased [1][17]. Group 3: Summary by Directory 1. US ETF Innovation Products: Simplify Issues Chinese Commodities ETF - Last week, there were 15 new ETF products in the US, including Simplify's Chinese Commodities ETF, which invests in Chinese commodity futures and uses a quantitative model for product selection [1][6]. - First Eagle issued two active US equity ETFs, T. Rowe Price issued an innovation ETF, Harrison Street issued an infrastructure active ETF, and TrueShares issued a stock - hedging ETF [7]. 2. US ETF Dynamics 2.1 US ETF Fund Flows: Silver ETFs Lead Outflows - In the past week, US equity products had an inflow of over $30 billion, while commodity and alternative products had a small outflow after increased volatility. Silver ETFs had an outflow of over $2 billion, and many leveraged products also had outflows [1][9][11]. - The Nasdaq ETF had a significant inflow, and emerging - market ETFs remained among the top in terms of inflows. Vanguard's S&P 500 ETF's two - week inflow dropped close to zero, the Nasdaq ETF had the largest two - week inflow, and the gold ETF's inflow was relatively stable last week [11][12]. 2.2 US ETF Performance: Aerospace and Military ETFs Show Significant Gains - Since the beginning of this year, in addition to the precious metals sector, US industrial ETFs have had significant gains. The industrial ETF of State Street has a gain close to 7%, and aerospace and military - related ETFs generally have gains of over 10%, with Global X's product having a gain close to 18% [13][14]. 3. Recent Fund Flows of US Ordinary Mutual Funds - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November. The S&P 500 dropped 0.05% in December, and the scale of domestic equity products decreased by 1.03% [17]. - From January 14th to 21st, the outflows of domestic equity funds in the US further narrowed to $11.1 billion, international equity products had outflows of $2.69 billion, and bond products' inflows expanded to $8.47 billion [17].