1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - In the US ETF market, bond products are continuously being issued, international equity products have more inflows than domestic equity products, and cross - border products have excellent performance. In the US ordinary public fund market, the total amount of non - monetary public funds increased in January 2026, and bond products maintained inflows of over $10 billion in the week of February 11 - 18, 2026 [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Continuous Issuance of Bond Products - Last week, there were 22 new products issued in the US, with a relatively large number of bond products. State Street issued a series of high - yield bond target - maturity products, Chesapeake issued a bond product based on a trend - following strategy, and Invesco issued a series of 4 products covering MBS, treasury duration rotation strategy, hybrid corporate bonds, and a more flexible comprehensive fixed - income product [1][6][7]. - Innovator issued the Managed Buffer series of products, managed by sub - manager Parametric, with no upper limit on returns, an upside participation rate of 80 - 90%, and a target quarterly downside protection range of 10% (actual range 10 - 14%) [6]. - Exchange Traded Concepts and II Technology jointly issued a product based on industry allocation and volatility control strategies, dynamically under - or over - weighting 11 GICS industry classifications and adjusting the overall equity asset position according to market risk levels [7]. - Pictet issued an AI - strategy product last week, mainly using machine - learning methods to enhance the US stock pool [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Equity Products Have More Inflows than Domestic Equity Products - In the past week, the inflows of US domestic equity and bond products were stable. International equity products had higher inflows than domestic equity products, and commodity ETFs had significant inflows. Vanguard's S&P 500 ETF had the highest inflow, cross - border products in developed and emerging markets had obvious inflows, and gold and silver ETFs also had significant inflows. State Street's S&P 500 ETF, Nasdaq 100 ETF, and financial products had the largest outflows [1][9][12]. - Vanguard's products had relatively stable fund inflows, and State Street's gold ETF returned to stable inflows last week [13]. 3.2.2 US ETF Performance: Cross - border Products Perform Well - From January to February 2026, the S&P 500 rose less than 1%, but cross - border products generally performed well. Vanguard's largest developed - market ETF rose more than 12%, and BlackRock's emerging - market product rose 14% [1][14]. 3.3 Recent US Ordinary Public Fund Fund Flows - In January 2026, the total amount of non - monetary public funds in the US was $24.07 trillion, an increase of $0.43 trillion compared to December 2025. In January, the S&P 500 rose 1.37%, and the scale of US domestic equity products increased by 1.23%, with a relatively small impact from redemptions [1][18]. - In the week of February 11 - 18, 2026, US domestic equity funds had an outflow of $80.74 billion, which was slightly narrowed. The outflow of international equity products also decreased to around $3 billion, while bond products maintained inflows of over $10 billion [1][18].

Group 1: Report Summary - The report is titled "Overseas Innovation Product Weekly Report 20260224", focusing on the US ETF innovation products, ETF dynamics, and recent US ordinary public - offering fund capital flows [1][2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The US ETF innovation products feature a large number of commodity - related product issuances, with stable capital inflows and leading performance of the energy sector. The US ordinary public - offering funds show different capital flow trends among different asset classes [2] Group 4: Summary by Catalog 1. US ETF Innovation Products: Commodity - Related Products Issued in Large Numbers - In the past two weeks, there were 45 new US products, including 16 single - stock leveraged reverse products and intensive CLO product issuances [2][5] - 16 single - stock leveraged products from institutions like Leverage Shares, Direxion, etc., cover energy, rare metals, and other fields [6] - Fidelity, Reckoner, and Janus Henderson issued CLO ETFs with different investment grades and dividend frequencies [7] - Commodity - related ETFs are a recent issuance focus, such as Global X's commodity ETF and Simplify's CTA commodity futures index ETF [7] - Global X issued Income Edge series products with weekly dividends through the Covered Call strategy [8] - State Street and ProShares issued money ETFs, and there were 3 industry - themed ETFs issued [8] 2. US ETF Dynamics 2.1 US ETF Capital: Stable Capital Inflows - In the past week, US domestic stocks and bonds had stable inflows, international stocks had slightly higher inflows than domestic stocks, and commodity ETFs had outflows [9] - Vanguard's S&P 500 ETF had stable inflows, Japanese ETFs in cross - border products had the most inflows, while some S&P 500 ETFs from State Street and BlackRock, as well as BlackRock's small - cap and silver ETFs, had outflows [2][12] 2.2 US ETF Performance: Leading Performance of the Energy Sector - Except for precious metals, affected by the global situation, energy - sector ETFs have performed excellently this year, with many new and old energy products having returns over 20%, and VanEck's oil and gas services ETF rising over 35% [2][14] 3. Recent US Ordinary Public - Offering Fund Capital Flows - In December 2025, the total non - monetary public - offering funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November 2025. The S&P 500 fell 0.05% in December, and the scale of US domestic equity products decreased by 1.03% [2] - From January 28 to February 11, US domestic equity funds had a total outflow of over $24 billion, international equity products had an average weekly outflow of over $5 billion, and bond products maintained an inflow of over $10 billion [2][18]

1. Report's Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The US ETF market has witnessed continuous and rapid growth in scale, with an increasing proportion of alternative products. Newly issued products show characteristics such as a focus on single - stock products, a higher number of active products than passive ones, and a significant increase in strategy complexity and comprehensiveness. - The US ETF market presents trend - like features, including intense competition among core broad - based products, significant differences in fees based on strategy complexity and scarcity, large differences in institutional ownership among different product types, and managers' forward - looking layout of potential market concerns. - For the domestic ETF business, it is necessary to focus on management details for highly crowded broad - based products, make forward - looking layouts for industry - themed products, and strengthen the "timely promotion" of different products [2]. 3. Summary According to the Directory 3.1 US ETF Scale Continues to Break Through Rapidly, and the Proportion of Alternative Products Increases - In 2025, the total scale of US ETFs reached $13.45 trillion, with a scale increase of 30%. The number of newly issued ETFs reached 1,078, and the total number of all US ETFs reached 4,814, a net increase of 950 compared to the end of 2024. The proportion of alternative products in the newly issued products increased significantly, driving the proportion of alternative products in the entire market to reach 30%. Newly issued bond and money - market funds also had good scales [2][8][10]. - **Single - stock products become the focus of issuance**: Single - stock products were first issued in 2022, and the number of newly issued products in 2025 was the highest. Leveraged products had the largest scale and number, followed by option products. These products are more and more widely distributed, covering different sectors, and the market capitalization of the underlying stocks is also decreasing. The issuance is related to market attention. The single - stock Covered Call products are mainly for high - volatility stocks, aiming to achieve more certain returns through stable high - option premium dividends [18][19]. - **The number of active products exceeds that of passive products**: As of the end of 2025, the number of active ETF products in the US reached 2,682, exceeding the 2,132 passive products, with a total scale of $1.5 trillion. Alternative products are the category with the highest proportion in terms of both quantity and scale. The scale of option - strategy products exceeds $200 billion, making it the most important type of active ETF. The scale of active ETFs has grown rapidly in the past two years, with a compound annual growth rate of 57% from 2019 to 2025 [24][29]. - **The complexity and comprehensiveness of strategies are significantly improved**: As of the end of 2025, there were 697 option - strategy products in the US, with a scale of $224.727 billion, and 221 new products were issued in 2025. Option strategies are increasingly used as an "add - on" to traditional strategies to increase returns. Other types of products also have more complex strategies, and the standardization of ETF strategies is decreasing [34][38][40]. 3.2 Trendy Features of US ETFs - **Intense competition among core broad - based products, and returns have a certain impact on scale**: In 2025, the scale ranking of S&P 500 ETFs changed significantly. The long - time leader, SPY, was continuously surpassed by VOO and IVV, and the gap widened rapidly. Over the past 10 years, VOO has been the best - performing product in 7 years. In 2025, the total inflow of US ETFs was $1.4753 trillion, with significant inflows into broad - based stock and bond ETFs, and the inflow proportion of alternative products mainly based on option strategies significantly exceeded their scale proportion [43][49]. - **Fees vary greatly based on strategy complexity and scarcity**: As of 2025, the scale - weighted average fee of US ETFs was about 0.17%, with the lowest fee as low as 0.01% and the highest exceeding 5%. Most types of active products have an average fee more than 20 basis points higher than passive products, and alternative products have the same average fee. Different asset types also have different fee levels, with broad - based stock and bond products having the lowest fees, and more focused industry - themed products and alternative option - strategy products having higher fees [53]. - **Large differences in institutional ownership among different product types**: Active products generally have a higher institutional ownership than passive products. Different types of products target different customer groups. For example, leveraged products in alternative products are mainly for individual customers with high - risk preferences, while more complex option - strategy products are mainly for institutional customers [56][59]. - **Managers' forward - looking layout of potential market concerns**: US managers continue to actively layout, and the layout direction is often closely related to market concerns and future possible events. For example, in response to the possible concentration risk of the S&P 500, some managers have launched improved S&P 500 ETFs, which have received recognition from institutional customers [60][61]. 3.3 Thoughts on the Domestic ETF Business - **Focus on management details for highly crowded broad - based products**: As of December 2025, domestic non - monetary ETFs had a total scale of 5.8 trillion yuan and 1,369 products. Broad - based products account for 44% of the total scale, but the homogenization competition is fierce. In the competition of domestic broad - based products, after the fee reduction, the competition has entered a stage of "competing on tracking error" and "competing on excess returns". Lower tracking error and higher excess returns are more likely to attract capital inflows [64][71][72]. - **Continue to make forward - looking layouts for industry - themed products**: Although the number of products tracking the same target is relatively small compared to broad - based products, domestic industry - themed products are numerous, widely distributed, and highly segmented, with fierce competition. Some products that were initially unpopular may attract large - scale capital inflows when the market conditions arrive. Therefore, it is still valuable to make early layouts in long - term promising niche segments, but in - depth fundamental research is required before layout [75][80]. - **Strengthen the "timely promotion" of different products**: In addition to early layout, it is also crucial to promote products reasonably at appropriate times. Overseas institutions' Model Portfolio marketing model has had an important impact on ETFs. Domestic managers are also beginning to try ETF portfolio strategies and investment research services to improve investors' investment experience, and this area still has great development potential [81][82][84].

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - The issuance speed of US ETFs at the end of the year has increased again, with multiple quantitative enhancement products being issued [2][7]. - The capital inflow of US ETFs has remained above $40 billion, and the risk appetite of capital has remained at a high level [2][13]. - Stock long - short and other alternative strategies of US ETFs have performed well [2][19]. - The redemption pressure of US non - money mutual funds in October 2025 was still high, and domestic stock funds and hybrid products have continued to experience outflows recently, while bond funds have seen a slight inflow [2][20]. Summary by Relevant Catalogs 1. US ETF Innovation Products: Multiple Quantitative Enhancement Products Issued - Last week, 43 new products were issued in the US, including 6 individual stock leverage products and 3 digital currency - related products [2][7]. - Motley Fool issued 3 single - factor ETFs, each holding about 150 stocks [9]. - BlackRock's quantitative team, NEOS, Hedgeye, Global X, Franklin Templeton, Sterling Capital, and Columbia all issued different types of ETFs last week, with many using quantitative strategies [10][11]. 2. US ETF Dynamics 2.1 US ETF Capital: All Types of Assets Maintain Inflows - In the past week, the inflow of US ETFs has remained above $40 billion, and the inflow of domestic stock products has exceeded $30 billion [2][13]. - The S&P 500 ETF of BlackRock continued to have the largest outflow, while the products of Vanguard had a large - scale inflow of over $40 billion, with a capital flow difference of over $80 billion between the two. The Russell 2000 and high - yield bond ETFs had inflows [2][15]. 2.2 US ETF Performance: Stock Long - Short and Other Alternative Strategies Perform Well - Many stock long - short products were issued last week, and products combining futures replication and multiple hedge fund strategies have been increasing in the past two years. Among the top ten alternative strategy products in the US, the multi - strategy product of State Street and the stock long - short product of Convergence performed the best [2][19]. 3. Recent Capital Flows of US Ordinary Mutual Funds - In October 2025, the total amount of US non - money mutual funds was $23.7 trillion, an increase of $0.22 trillion compared to September. The scale of domestic stock products increased by 0.9%, but the redemption pressure was still high [2][20]. - From November 25th to December 3rd, the outflow of US domestic stock funds remained above $15 billion. Hybrid products have continued to experience outflows recently, while bond funds have seen a slight inflow [2][20].