1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - Last week, 19 new products were issued in the US, with many ETFs related to stocks of interest to individual investors. Strategies are becoming more comprehensive, moving closer to hedge funds [5]. - In the past week, US domestic stock ETFs had outflows, while international stock products had inflows of over $15 billion. Emerging - market products had significant inflows, and the inflow levels were relatively dispersed [8]. - Since the beginning of this year, the precious - metal sector has continued to rise rapidly. Gold ETFs have risen by about 14%, silver ETFs have risen by over 35%, and other precious - metal varieties such as platinum have also had prominent increases [12]. - In November 2025, the total amount of non - money mutual funds in the US was $23.72 trillion, an increase of $0.03 trillion from October 2025. The redemption pressure eased that month. From January 7th to January 14th, the outflows of US domestic stock funds narrowed to $14.9 billion, the outflows of international stock products also slowed down, and the inflows of bond products dropped to $1.4 billion [14]. 3. Summary by Directory 3.1 US ETF Innovation Products: Issuance of Stock Products Related to Individual Investors - Last week, 19 new products were issued in the US, including 5 single - stock leveraged products, 1 digital - currency leveraged product, and multiple composite - strategy products. The comprehensiveness of strategies is increasing [5]. - Tuttle Capital issued a "Meme Stock" strategy product, investing in 15 - 30 stocks popular among individual investors on social media and using a put - option spread strategy to increase returns. Defiance's "Retail Kings" ETF focuses on stocks related to individual investors, actively managed, investing in stocks with high individual - investor participation, and involving technology fields such as AI, semiconductors, and aerospace, with a portfolio of 30 - 50 stocks and quarterly rebalancing [6]. - Amplify's cybersecurity Covered Call product aims to increase returns on high - volatility targets, but the return ceiling of the Covered Call strategy is relatively limited [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Inflows into International Stock Products - In the past week, US domestic stock ETFs had outflows, while international stock products had inflows of over $15 billion. Many emerging - market products had significant inflows, and the inflow levels were relatively dispersed. State Street's S&P 500 ETF had large outflows [8]. - Vanguard's S&P 500 ETF had the highest inflow, and the US total - market stock ETF also had obvious inflows. Among bond products, composite bonds had inflows, while credit - bond sub - products had outflows, and gold maintained inflows [11]. 3.2.2 US ETF Performance: Significant Rise in Precious - Metal ETFs - Since the beginning of this year, the precious - metal sector has continued to rise rapidly. Gold ETFs have risen by about 14%, silver ETFs have risen by over 35%, and other precious - metal varieties such as platinum have also had prominent increases [12]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In November 2025, the total amount of non - money mutual funds in the US was $23.72 trillion, an increase of $0.03 trillion from October 2025. In November, the S&P 500 rose by 0.13%, and the scale of US domestic stock products decreased by 0.15%, with the redemption pressure easing [14]. - From January 7th to January 14th, the outflows of US domestic stock funds narrowed to $14.9 billion, the outflows of international stock products also slowed down, and the inflows of bond products dropped to $1.4 billion [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, there were 21 new ETF products issued in the US, with multiple managers launching series of products. The inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding international stocks again. Gold ETFs had outflows, while biopharmaceutical products performed excellently. In November 2025, the total amount of non - money public funds in the US increased, and the redemption pressure eased. From December 17th to 23rd, the outflow of domestic stock funds narrowed, while hybrid allocation products continued to have outflows and bond products continued to have inflows [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Trump Media & Technology Group Issues ETF - Last week, 21 new products were issued in the US, with multiple managers launching series of products. Tuttle Capital issued an options strategy product based on Magnificent 7, Trump Media & Technology Group issued 5 Truth Social ETFs and plans to issue digital currency - related products in the future. Opal Capital issued a high - concentration ETF and a disciplined US equity ETF. Founder ETF issued another ETF investing in founder - led companies. Innovator issued 4 two - way Buffer products, and Gabelli issued an ETF investing in the sports and live - event industry [6][7][9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Have Outflows - In the past week, the inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding international stocks again. Vanguard S&P 500 ETF and State Street S&P 500 had certain inflows, and broad - based products of stocks and bonds were among the top in terms of inflow. Gold and silver ETFs had outflows. The recent fund fluctuations of S&P 500 ETFs remained at a high level, with Vanguard and State Street products having overall inflows and BlackRock's products having outflows [10][12][14]. 3.2.2 US ETF Performance: Biopharmaceutical Products Perform Excellently - In 2025, the US pharmaceutical sector performed well, especially in the biotech field, where many products had涨幅超过 25%, and State Street's products performed the best, with涨幅超过 35% [16]. 3.3 Recent Capital Flows of US General Public Funds - In November 2025, the total amount of non - money public funds in the US was $23.72 trillion, an increase of $0.03 trillion compared to October 2025. The S&P 500 rose 0.13% in November, and the scale of domestic stock products decreased by 0.15%, with the redemption pressure easing. From December 17th to 23rd, the outflow of domestic stock funds narrowed to around $20 billion, while hybrid allocation products continued to have outflows and bond products continued to have inflows [18].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the US ETF market, various asset classes had inflows last week, with Chinese products in Asia - Pacific emerging market ETFs performing outstandingly, while Indian products had relatively low returns. Horizon issued multiple active ETFs, and the overall number of new - issued products reached 23, including digital currency and single - stock products. In the US ordinary public fund market, there was an increase in the total amount of non - money public funds in October 2025, but the redemption pressure on domestic stock - type products was still high, and there were outflows in domestic stock funds and a small outflow in bond funds in the recent two weeks [3][12][18][20]. 3. Summary by Directory 3.1 US ETF Innovation Products: Horizon Issues Multiple Active ETFs - Last week, there were 23 new - issued products in the US, including digital currency and single - stock products. Horizon issued 3 products targeting international and US small - and mid - cap stocks, and a risk - controlled international stock product. These products use quantitative methods based on value, momentum, and quality, and the risk - controlled product can shift to currency to reduce risk according to the risk - control model. All 3 products will use option spread strategies to increase returns. There were also other issuers such as Dana issuing a bond ETF and KraneShares issuing a Vietnam product [8][9][11]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: All Asset Classes Have Inflows - In the past week, the inflow of US ETFs rebounded to over $40 billion, with stock products having an inflow of over $30 billion. State Street's S&P 500 ETF ranked first in inflows, while BlackRock's products ranked first in outflows. The Nasdaq ETF continued to have inflows, and small - cap ETFs started to have outflows again. Bond ETF funds were relatively stable recently, with high - yield bonds having continuous inflows, indicating a relatively high risk preference of funds [12][14][16]. 3.2.2 US ETF Performance: Chinese Products in Asia - Pacific Emerging Market Products Perform Outstandingly - The top - ranked Asia - Pacific emerging market ETFs in the US are mainly related to China and India. Besides broad - based indices, they also cover industries such as technology. Since the beginning of this year, Chinese products have performed well overall, with the top - ranked products having a gain of over 20%, while the returns of Indian products are below 5% [18][19]. 3.3 Recent US Ordinary Public Fund Capital Flows - In October 2025, the total amount of non - money public funds in the US was $23.7 trillion, an increase of $0.22 trillion compared to September 2025. In October, the S&P 500 rose 2.27%, the scale of US domestic stock - type products increased by 0.9%, but the redemption pressure was still high. In the recent two weeks, domestic stock funds had an outflow of around $18 billion, and bond funds shifted to a small outflow [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Multiple asset - allocation products were issued in the US last week, and gold ETFs had significant inflows. Precious - metal stock ETFs outperformed precious - metal ETFs, and in August 2025, the total amount of non - money public funds in the US increased [3]. 3. Summary by Related Catalogs 3.1 US ETF Innovation Products: Multiple Asset - Allocation Products Issued - Last week, 22 new products were issued in the US, including various types such as downside protection, leverage, theme, allocation, and rotation products [3][8]. - Seven new downside protection products were issued, including Calamos' laddered downside protection products linked to Bitcoin and Arrow Funds' Bitcoin strategy product [8]. - Four single - stock leverage products were issued, linked to Figma, Futu, JD, and Lemonade [9]. - GMO issued a dynamic asset - allocation ETF, with 40 - 80% invested in stocks and the rest in fixed - income and liquid alternative assets [9]. - AlphaDroid issued two strategy products: a momentum strategy and an industry rotation strategy [10]. - American Century issued 2 fundamental active ETFs for small - cap value and growth [10]. - Pictet issued 3 stock ETFs, entering the US ETF market [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: Significant Inflows into Gold ETFs - In the past week, US ETFs maintained a high - speed inflow of nearly $50 billion, with over $25 billion flowing into domestic stocks and significant inflows into commodity ETFs, especially gold ETFs. Small - cap and high - yield bond products had relatively high outflows [3][11]. - Gold ETFs had obvious inflows even during sharp price fluctuations last Thursday and Friday, indicating high market attention to gold assets [3][14]. 3.2.2 US ETF Performance: Precious - Metal Stock ETFs Significantly Outperformed Precious - Metal ETFs - Due to frequent global situation changes this year, precious - metal ETFs led by gold have continuously risen, and precious - metal - related stock ETFs such as those for gold mining have significantly higher gains, with many products rising around 150% [3][16]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The S&P 500 rose 1.91% in August, and the scale of US domestic stock products increased by 1.62%, with reduced redemption pressure [3][17]. - Last week, outflows from US domestic stock funds remained around $20 billion, while inflows into bond products were stable, slightly exceeding $10 billion [3][17].

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The issuance of cross - border products in the US ETF market has increased, and cross - border products have performed well. The inflow of US stock ETFs has resumed, and the risk preference of funds has increased. The scale of US domestic stock - type products in non - money mutual funds has declined, and the outflow of domestic stock funds has been relatively stable while bond products have returned to inflow [2]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Increased Issuance of Cross - border Products - Last week, there were 17 new products issued in the US, with an increase in cross - border product issuance. Lazard converted its international stock active fund into an ETF, and Horizon, Russell, Harbor, and Vontobel all issued cross - border products. Additionally, other companies issued various types of ETFs, such as "on - chain economy" ETFs, monopoly ETFs, and single - stock leveraged products [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stocks Re - enter with Large - scale Inflows - Last week, US stock ETFs resumed inflows, with domestic stocks having a single - week inflow of over $20 billion. Vanguard's S&P 500 ETF and Nasdaq ETF had significant inflows, indicating an increase in the risk preference of funds. In the bond products, short - term bonds continued to outflow while long - term bonds had inflows, also reflecting an increase in risk preference. Gold outflows increased during the decline, maintaining the same - direction relationship between fund flow and returns [11][14]. 3.2.2 US ETF Performance: Cross - border Products Perform Well - Since the beginning of this year, US stocks have shown weak performance, while cross - border products have generally performed well. Most developed - market products have had returns of over 10%, while the S&P 500 has had a return of less than 2% during the same period. Emerging - market products have performed slightly weaker but are close to 10% [20]. 3.3 Recent Capital Flows of US Ordinary Mutual Funds - In March 2025, the total amount of non - money mutual funds in the US was $21.17 trillion, a decrease of $0.88 trillion compared to February 2025. The S&P 500 fell 5.75% in March, and the scale of US domestic stock - type products declined by 6.55%, with the scale decline rate still higher than the stock decline rate. From April 30th to May 7th, US domestic stock funds had a total outflow of $8.5 billion, with a relatively stable outflow, and bond products returned to inflow [21].