南方财经 21世纪经济报道记者 张伟泽 香港报道 9月15日，摩根资产管理ETF业务亚太总监司马非在香港投资基金公会ETF市场研讨会上表示，今年全 球ETF行业资金净流入已接近1万亿美元，这标志着该行业连续第15年实现资金净流入。他预测，未来 五年主动ETF和亚太地区将成为驱动全球ETF市场规模增长的核心动力。 司马非指出，主动ETF已成为全球ETF市场中最显著的增长动力。目前，其管理规模虽仅占全球ETF总 规模的8%，约1.5万亿美元，却吸引了今年近30%的全球净流入资金，流入金额高达3000亿美元。 司马非指出，相较于美国市场的快速发展，亚太地区主动ETF仍处于起步阶段。在亚太地区2万亿美元 的ETF总规模中，主动ETF仅占5%。这一差距主要源于亚太市场在主动ETF的监管审批流程上相对缓 慢。 贝莱德iShares股票产品策略亚太区主管吴宇熙补充道，除主动ETF外，固定收益类ETF的发展亦受到更 多投资者关注。投资者正日益认识到这类产品在透明度与资产可配置性方面的优势。同时，数字资产 ETF也将成为推动ETF增长的关键动力之一，市场上相关投资选择越来越丰富。 作为国际金融中心，香港的ETF市场同样展现出巨 ...

1. Report Industry Investment Rating No relevant content provided 2. Core Views of the Report - Last week, 30 new ETF products were issued in the US, with an increase in the number of issuances and a relatively large number of leveraged inverse products [6]. - Stock ETF inflows remained above $10 billion last week, while cryptocurrency ETFs had a slight outflow. Gold, Bitcoin ETFs, and long - term bond ETFs all had outflows [3][8]. - In the past three months, US raw material - related ETFs have performed well, but there is significant differentiation among sub - industries. Gold and silver mining ETFs have been outstanding, with some products rising more than 70% this year, while building materials - related products have performed weakly [3][14]. - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, an increase of $0.78 trillion from May. From August 6th to 13th, domestic stock funds in the US had a net outflow of about $15.4 billion, and the inflow of bond products continued to narrow to around $1 billion [3][16]. 3. Summary by Directory 3.1 US ETF Innovation Products: Intensive Issuance of Leveraged Inverse Products - Defiance, Tradr, and Leverage Shares issued 9 single - stock leveraged inverse ETFs last week. Defiance's Leveraged Long + Income series offers 150 - 200% leveraged returns on stocks and thickens returns through option strategies [6]. - Northern Trust issued 11 products last week, covering 3 series, including two ladder - strategy series investing in municipal bonds and inflation - protected bonds, and another series mainly investing in short - term, medium - term, and comprehensive tax - exempt municipal bonds [7]. - JPMorgan issued a stock income product last week, which will flexibly use coupons, option premiums, etc. to thicken returns. Amplify's Covered Call product issued last week is linked to ProShares' silver mining ETF and thickens returns by selling monthly call options [7]. - Tidal issued 2 active ETFs last week, managed by SMART. They adopt trend and growth strategies respectively. The manager first selects 800 - 850 stocks based on market value and liquidity, then further screens them according to momentum and growth indicators, and finally actively selects 25 - 30 stocks expected to outperform the S&P 500 [1][7]. - Janus Henderson issued a global AI product last week, actively selecting stocks related to or benefiting from the AI industry. VanEck issued two industry products, targeting technology and consumer discretionary companies [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stable Inflows into Stock ETFs - Stock ETF inflows remained above $10 billion last week, while cryptocurrency ETFs had a slight outflow. Vanguard's S&P 500 ETF had the largest inflow, the Russell 2000 ETF had an obvious return flow, and DSPY also entered the top ten in terms of inflows. ARKK started to have outflows again, and gold, Bitcoin ETFs, and long - term bond ETFs all had outflows [3][8]. - ARKK has been experiencing continuous outflows since August 14th, and SPY has had relatively large outflows in the past two weeks [13]. 3.2.2 US ETF Performance: Gold and Silver Mining Outperforms Other Material Products - In the past three months, US raw material - related ETFs have performed well, but there is significant differentiation among sub - industries. Gold and silver mining ETFs have been outstanding, with some products rising more than 70% this year, while building materials - related products have performed weakly [14]. 3.3 Recent Capital Flows of US Ordinary Public Mutual Funds - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, an increase of $0.78 trillion from May. The S&P 500 rose 6.15% in June, and the scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From August 6th to 13th, domestic stock funds in the US had a net outflow of about $15.4 billion, basically the same as the previous week, and the inflow of bond products continued to narrow to around $1 billion [3][16].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

Group 1: Core Insights - The complexity of alternative strategies in newly launched ETFs in the US is increasing, with products like Rex's Nvidia options strategy offering 105-150% exposure while providing weekly dividends through a covered call strategy [1] - First Trust has launched a diversified product that combines stocks, bonds, and commodities, with 60% in covered call strategies, 35% in bonds, and 5% in commodities [1] - The recent inflow of over $10 billion into US stock ETFs indicates a renewed interest in equities, particularly in the Nasdaq 100 and gold ETFs [2][4][7] Group 2: ETF Performance and Trends - Gold-related ETFs have seen significant performance, with gold mining ETFs rising approximately 50% this year, driven by a nearly 30% increase in gold prices [8][9] - The top inflowing ETFs include QQQ (Invesco Nasdaq 100 ETF) with $39.52 billion, while SPDR S&P 500 ETF Trust (SPY) saw an inflow of $12.92 billion [5] - Conversely, short-term bond ETFs experienced outflows, indicating a shift in investor preference towards equities and commodities [4][7] Group 3: Fund Flow Dynamics - The total assets of US non-money market mutual funds stood at $21.06 trillion as of April 2025, reflecting a slight decrease from March [10] - During the week of May 14-21, US domestic equity funds experienced an outflow of $11.3 billion, while bond products continued to see inflows, maintaining a high level of interest [10]