Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the US issued 22 new products, including 2 S&P 500-related strategy products. US equity and bond ETFs continued to see inflows, with cross-border stock products showing continuous inflows and international stock products performing well. In May 2025, the total amount of non-money public funds in the US increased, while from June 25 to July 2, domestic stock funds saw further outflows and bond products maintained inflows [2]. Summary by Directory 1. US ETF Innovation Products: BlackRock Issues S&P 500-Related Strategy Products - Last week, the US issued 22 new products, including 2 S&P 500-based differentiated strategy products. BlackRock's passive product invests in S&P 500 components excluding S&P 100 to avoid high market concentration risk, while Roundhill's product aims to replicate S&P 500 total return while minimizing dividends [2][7][11]. - Vanguard issued 3 bond ETFs last week, including an active treasury bond enhanced strategy product with a 0.1% fee and 2 passive products for treasury bonds and inflation-protected bonds with a 0.03% fee [7]. - Kurv issued a gold enhancement product last week, which can invest in gold, gold ETFs, and gold-related derivatives [8]. - Allspring issued 3 active products last week, investing in large-cap, small- and mid-cap stocks, and ultra-short municipal bonds respectively [9]. - Calamos issued 3 Bitcoin spot downside protection products last week, with one offering 100% downside protection and the other two protecting against losses beyond 10% and 20% [9]. - Horizon issued 2 products last week, including an active options strategy product linked to the Nasdaq and a frontier technology-themed ETF [11]. - Tradr issued 5 single-stock 2x leveraged products last week, mainly in the AI and energy sectors [11]. 2. US ETF Dynamics 2.1 US ETF Funds: Cross-Border Stock Products See Continuous Inflows - Last week, US equity and bond ETFs continued to see inflows both domestically and internationally, with cross-border stocks having more inflows than domestic stocks. Bitcoin products also saw significant continuous inflows. Some industry and style products were among the top outflows, while broad-based funds mainly saw inflows. BlackRock's Bitcoin and Ethereum ETFs were among the top ten in terms of inflows [2][12][16]. - The Nasdaq 100 ETF saw significant outflows last week, while Russell 2000 and emerging market products saw inflows [19]. 2.2 US ETF Performance: International Stock Products Perform Well - This year, US cross-border stock products have seen continuous inflows and have generally outperformed US stocks. Many overseas stock products have had a gain of over 20%, while the S&P 500 has had a gain of less than 7% [2][21]. 3. Recent Fund Flows of US Ordinary Public Funds - In May 2025, the total amount of non-money public funds in the US was $21.91 trillion, an increase of $0.85 trillion from April 2025. The scale of domestic stock products increased by 5.49%, slightly lower than the stock price increase [24]. - From June 25 to July 2, domestic stock funds in the US had a total outflow of approximately $23.2 billion, with outflows further expanding, while bond products maintained inflows [24].

① 比特币现货 ETF 的 2024 年成绩单：资产管理规模总计达到 1150 亿美元，目前持有比特币供 应量的 5.7%。但它仍仅占全球所有 ETF 总资产管理规模的约 1%，这表明，加密资产未来仍然 具备巨大的增长潜力。 划重点 ② 贝莱德旗下比特币 ETF 占据主导地位，随着投资者转向低成本选择，灰度曾经的重要地位有 所下降。整体而言，比特币现货 ETF 推动了机构采用，重新定义了市场结构并巩固了比特币作 为主流资产的地位。 ③ 特朗普承诺将美国打造为"加密之都"，并任命萨克斯为加密货币沙皇。随着 FIT 21 法案推 进、比特币储备计划提出，加上监管态度转向，2025 年，加密行业将迎来政策暖春。 RockFlow 本文共3283字， 阅读需约14分钟 2024 年是加密历史上令人振奋的一年。比特币价格创下历史新高，区块链基础设施得到显著改善，稳定币找到了产品市场契合点，比特币和以太坊 现货 ETF 获得批准。与此同时，美国立法和监管环境正在为该行业开辟一条积极的前进道路。所有这些，都为 2025 的持续爆发埋下伏笔。 对美股市场而言，比特币现货 ETF 的面世显然具有重大意义。它们扩大了散户和机构投 ...