Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The attention on thematic ETFs in the US has increased, with new products in sectors such as electricity, natural gas, and unmanned driving [7][8]. - US ETFs have seen continuous inflows into equity products, while gold ETFs have continued to experience outflows [10]. - Bond products among US ETFs have performed well this year, with broad - based composite bond products and 20 - year - plus Treasury bond ETFs achieving notable returns [14]. - In September 2025, the total amount of non - money public funds in the US increased, but the redemption pressure on domestic equity products rose. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16]. 3. Summary by Catalog 3.1 US ETF Innovation Products: Thematic ETF Attention Grows - Last week, there were 20 new ETF products issued in the US. Franklin Templeton issued 5 different municipal bond products [7]. - Arin Risk Advisors issued a tail - risk ETF, which aims to avoid risks during market downturns through active management and has a flexible portfolio structure [8]. - VistaShares issued an electricity ETF, Global X issued a natural gas ETF, and REX Shares issued an unmanned driving ETF, indicating increased attention to relevant themes [8]. - Roundhill expanded leveraged + option weekly dividend products, and Rex Shares issued an option product [9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Equity Products See Continuous Inflows - In the past week, US ETFs had inflows of over $30 billion, with significant inflows into equity products and continuous outflows from gold ETFs. The SPDR S&P 500 ETF had inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to experience outflows [10][12]. 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance [14]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August. The scale of domestic equity products increased by 2.13%, but the redemption pressure increased. Last week, domestic equity funds saw outflows approaching $20 billion, while bond products returned to inflows [4][16].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The attention to thematic ETFs in the US has increased, with various new ETF products launched last week, including municipal bond products, power ETFs, natural gas ETFs, and unmanned driving ETFs. [7][8] - US ETFs have seen continuous inflows into stock products, with significant inflows into the S&P 500 ETF and growth ETFs, while gold ETFs and leveraged ETFs have continued to experience outflows. [11] - US bond ETFs have performed well this year, with broad - based composite bond products yielding over 6% and 20 - year - plus Treasury bond ETFs yielding over 7%. [15] - In September 2025, the total amount of non - money public funds in the US increased, and last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17] 3. Summary by Directory 3.1 US ETF Innovation Products: Thematic ETFs Gain Attention - Last week, 20 new products were launched in the US, including 5 different municipal bond products from Franklin Templeton. [7] - Arin Risk Advisors issued a tail - risk ETF, aiming to avoid risks during market downturns through active management. The product's positions are divided into regular, tail - risk protection, and tactical positions. [8] - The attention to thematic ETFs has increased, with new power, natural gas, and unmanned driving ETFs launched. Roundhill and Rex Shares also issued leveraged + option weekly dividend products and option products respectively. [8][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products See Continuous Inflows - In the past week, US ETFs received inflows of over $30 billion, with significant inflows into stock products and continuous outflows from gold ETFs. The S&P 500 ETF from State Street received inflows of over $15 billion, leading other products. Growth ETFs had inflows, while leveraged ETFs continued to have outflows. [11] 3.2.2 US ETF Performance: Bond Products Perform Well - This year, US stocks have performed well, and bonds have also delivered good returns. Broad - based composite bond products have yields of over 6%, and 20 - year - plus Treasury bond ETFs have yields of over 7%. Short - term bonds and municipal bonds have relatively weaker performance. [15] 3.3 Recent Capital Flows of US Ordinary Public Funds - In September 2025, the total amount of non - money public funds in the US was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. The scale of domestic stock products increased, but the redemption pressure also rose. Last week, domestic stock funds in the US saw outflows approaching $20 billion, while bond products returned to inflows. [17]