1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The number of newly issued US ETF products increased significantly last week, with Calamos issuing a Nasdaq Snowball ETF. The US ETF market shows a decrease in investors' risk preference, and pharmaceutical products have performed well. The US general public - offering funds have seen large - scale outflows from domestic stock funds and small - scale inflows into bond products [1] 3. Summary According to the Directory 3.1 US ETF Innovation Products: Calamos Issues Nasdaq Snowball ETF - Last week, 43 new US ETF products were issued, including 13 individual - stock related products and 7 digital - currency related products. YieldMax's new Performance & Distribution Target 25 series aims for a 25% annual dividend, and GraniteShares' YieldBOOST series issued 2 industry - themed leveraged ETF products [6][8] - Vanguard issued 3 active equity ETFs in cooperation with Wellington, First Trust issued a stock - bond - commodity hybrid ETF, and T. Rowe Price issued 4 bond ETFs. Calamos issued a Nasdaq 100 - linked snowball ETF, which aims for a 35% volatility target and reduces knock - in risk through diversified investment [9] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Decrease in Risk Preference - In the past week, the inflow of US ETFs exceeded $30 billion. Despite the poor performance of many assets, stock products still had large inflows, while Bitcoin ETFs continued to see outflows. Vanguard's S&P 500 ETF ranked first in inflows, and Nasdaq ETFs and small - cap ETFs had large outflows, indicating a decrease in risk preference [10][13] 3.2.2 US ETF Performance: Pharmaceutical Products Perform Well - Recently, the pharmaceutical sector has been the second - highest - rising sector in the US (after raw materials). Biotech products have increased by over 20% this year, and broad - based pharmaceutical products generally have returns of over 10% [16] 3.3 Recent Capital Flows of US General Public - Offering Funds - In September 2025, the total amount of non - money public - offering funds in the US was $23.47 trillion, an increase of $0.49 trillion from August. The S&P 500 rose 3.53% in September, and the scale of domestic stock products increased by 2.13%, but the redemption pressure increased. Last week, domestic stock funds continued to see outflows of around $20 billion, with nearly $600 billion in outflows this year, while bond products had small - scale inflows [1][20]