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 relevant content provided. 2. Core Viewpoints of the Report - Last week, 30 new products were issued in the US, with an increasing number of leveraged inverse products [1][7]. - Stock ETF inflows in the US remained stable last week, with digital currency ETFs experiencing a slight outflow [2][10]. - In the past three months, US raw material - related ETFs have performed well, but there is significant differentiation among sub - industries, with gold and silver mining ETFs outperforming others [2][16]. - In June 2025, the total amount of non - money public funds in the US increased by $0.78 trillion compared to May. From August 6th to August 13th, US domestic stock funds had an outflow of about $15.4 billion, and the inflow of bond products continued to narrow to around $1 billion [2][18]. 3. Summary According to the Catalog 3.1 US ETF Innovation Products: Intensive Issuance of Leveraged Inverse Products - Last week, 30 new products were issued in the US, with a large number of leveraged inverse products. Defiance, Tradr, and Leverage Shares issued 9 single - stock leveraged inverse ETFs. Defiance's Leveraged Long + Income series offers 150 - 200% leveraged returns on stocks and thickens returns through option strategies [7]. - Northern Trust issued 11 products in three 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 [9]. - JPMorgan issued a stock income product, Amplify issued a Covered Call product, Tidal issued 2 active ETFs, Janus Henderson issued a global AI product, and VanEck issued two industry products [9]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stable Inflows into Stock ETFs - Last week, stock ETF inflows in the US remained above $10 billion, while digital currency ETFs had a slight outflow. Vanguard's S&P 500 ETF had the largest inflow, and the Russell 2000 ETF also had an obvious inflow. ARKK had an outflow again, and gold, Bitcoin, and long - term bond ETFs all had outflows [2][10]. - The report lists the top ten ETFs in terms of inflow and outflow from August 15th to August 21st, and the daily fund flows of major US ETFs in the past two weeks. ARKK has been experiencing outflows since August 14th, and SPY has had a large outflow in the past two weeks [12][13][15]. 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 performed outstandingly, with some products having a year - to - date increase of over 70%, while building and building material - related products have performed weakly [2][16]. - The report lists the scale, year - to - date return, and other information of several large - scale US material products [17]. 3.3 Recent Capital Flows of US Ordinary Public Funds - 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. The S&P 500 rose 6.15% in June, and the scale of US domestic stock products increased by 4.26%, slightly lower than the stock increase [2][18]. - From August 6th to August 13th, US domestic stock funds had an outflow of about $15.4 billion, which was basically the same as the previous week, and the inflow of bond products continued to narrow to around $1 billion [18].