2025 年 12 月 22 日 对冲基金 Man Group 发行主动 ETF 海外创新产品周报 20251222 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denqhu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 载 9T 美国 ETF 创新产品：Man Group 发行主动 ETF。上周美国共 35 只新发产品，新发数量 ● 维持高位。知名对冲基金 Man Group 上周发行 2 只主动 ETF，1 只为新兴市场选股产 品,主要采用基本面量化结合的方式选择长期有价值的股票并采用量化模型优化组合,产 品可同时选择多头、空头方向；另１只为趋势跟踪+股票产品，产品在 100%投资于美国 股票的同时，另有 100%的头寸投资于量化驱动的趋势跟踪策略，该策略通过国内外股 票、债券、商品期货等的趋势信号来执行方向性投资，希望获得与股票多头低相关的收益。 美国 ETF 资金流向：国内股票产品大幅 ...

2025 年 12 月 22 日 对冲基金 Man Group 发行主动 ETF ——海外创新产品周报 20251222 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：Man Group 发行主动 ETF。上周美国共 35 只新发产品，新发数量 维持高位。知名对冲基金 Man Group 上周发行 2 只主动 ETF，1 只为新兴市场选股产 品，主要采用基本面量化结合的方式选择长期有价值的股票并采用量化模型优化组合，产 品可同时选择多头、空头方向；另 1 只为趋势跟踪+股票产品，产品在 100%投资于美国 股票的同时，另有 100%的头寸投资于量化驱动的趋势跟踪策略，该策略通过国内外股 票、债券 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the US, multiple quantitative enhancement products were issued last week, with an increasing issuance speed at the end of the year. Various asset classes in US ETFs maintained inflows, and alternative strategies such as long - short equity performed well. US domestic stock - type mutual funds still faced significant redemption pressure, while bond funds had a slight inflow [2]. 3. Summary by Directory 3.1 US ETF Innovation Products: Multiple Quantitative Enhancement Products Issued - Last week, 43 new products were issued in the US, including 6 individual stock leveraged products and 3 digital currency - related products. One product combined crude oil and Bitcoin with 2x leverage, and Simplify's US stocks + futures strategy also had a 1:1 investment ratio. Motley Fool issued 3 single - factor ETFs, each holding about 150 stocks [5][6]. - BlackRock's quantitative team issued an alternative product, and NEOS issued a long - short equity product. Hedgeye's 130/30 product also adopted a long - short strategy. Global X issued a gold miners ETF, Franklin Templeton issued a small - cap enhanced ETF, and Sterling Capital's stock option product used a quantitative stock - selection strategy [7]. - Columbia issued 6 ETFs, 3 bonds and 3 stocks. The stock products mainly used a quantitative enhancement strategy with semi - annual rebalancing [8]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: All Asset Classes Maintained Inflows - In the past week, US ETF inflows remained above $40 billion, and domestic stock products had inflows of over $30 billion. There was a significant difference in fund flows between BlackRock's S&P 500 ETF (outflow) and Vanguard's products (inflow). Russell 2000 and high - yield bond ETFs had inflows, indicating a relatively high risk appetite [2][9]. - S&P 500 ETFs had significant recent fund fluctuations, Russell 2000 ETFs had continuous inflows, and gold also returned to an inflow state [13]. 3.2.2 US ETF Performance: Alternative Strategies such as Long - Short Equity Performed Well - Many long - short equity products were issued last week. In the past two years, products replicating futures and combining multiple hedge fund strategies have been increasing. Among the top ten alternative strategy products in the US, State Street's multi - strategy product and Convergence's long - short equity product performed best [14]. 3.3 Recent Fund Flows of US Ordinary Public Offering Funds - In October 2025, the total amount of non - money public offering funds in the US was $23.7 trillion, an increase of $0.22 trillion from September. The S&P 500 rose 2.27% in October, and the scale of domestic stock - type products increased by 0.9%, but the redemption pressure was still high. - From November 25th to December 3rd, domestic stock funds in the US had outflows of over $15 billion. Hybrid products had continuous outflows, while bond funds had a slight inflow [15].

Group 1: ETF Innovations and Trends - Goldman Sachs launched a new global private equity tracking ETF that aims to reflect the performance of the MSCI World Private Equity Return Tracker index using publicly listed stocks, which may provide a closer alignment to private equity trends compared to traditional stock indices [1][2] - The focus on single-stock ETFs has increased, with 19 new products incorporating various strategies such as leverage and options, indicating a trend towards more specialized investment vehicles [2] Group 2: ETF Fund Flows - Over the past week, U.S. ETFs saw inflows exceeding $30 billion, with the Vanguard S&P 500 ETF leading the inflows, while gold ETFs experienced a slight outflow of approximately $400 million [3][5] - The top inflow products included the Vanguard S&P 500 ETF with $5.659 billion, while the SPDR S&P 500 ETF Trust saw an outflow of $7.380 billion [5] Group 3: Performance Analysis - Leveraged ETFs have shown significant volatility decay, with the ProShares UltraPro QQQ (3x) only achieving a cumulative gain of 40.65% this year, which is less than half of the Invesco QQQ Trust's 21.16% gain [10] - The correlation between gold ETF inflows and performance has been noted, with a correlation coefficient of approximately 0.2 since 2020, indicating that inflows tend to occur during price increases and outflows during price declines [7]

Core Insights - Emerging market ETFs rose by 2.91%, indicating a positive sentiment in the market [1] - The Russell 2000 Index ETF increased by 2.78%, reflecting strong performance among small-cap stocks [1] - Gold ETFs saw a gain of 2.43%, suggesting increased interest in safe-haven assets [1] Performance Summary - Barclays US Convertible Bond ETF increased by 2.20%, showing investor confidence in convertible securities [1] - Nasdaq 100 ETF rose by 2.12%, indicating robust performance in technology stocks [1] - S&P 500 ETF and US Brent Oil Fund saw gains of up to 1.53%, reflecting a mixed performance in broader markets [1] - US Real Estate ETF, long US Dollar Index, agricultural funds, and soybean funds had gains of up to 0.64%, indicating stability in these sectors [1] Market Movements - US Treasury 20+ Year ETF declined by 0.06%, suggesting a slight pullback in long-term bonds [1] - Long Euro and Long Yen ETFs fell by 0.41% and 0.46% respectively, indicating a weaker outlook for these currencies [1] - The Volatility Index (VIX) saw a significant drop of 7.61%, reflecting reduced market uncertainty [1]

Group 1 - The Brent crude oil price fund decreased by 3.78% on October 10 [1] - Emerging market ETFs fell by 3.69% [1] - The Nasdaq 100 ETF dropped by 3.47% [1] - The Russell 2000 index ETF declined by 2.99% [1] - The S&P 500 ETF decreased by 2.70% [1] - The Dow Jones ETF fell by 1.86% [1]

Group 1 - Gold ETFs rose by 1.06% on Friday, September 19 [1] - Nasdaq 100 ETFs increased by 0.68% [1] - S&P 500 ETFs gained 0.50% [1] Group 2 - Dow Jones ETFs saw a rise of 0.35% [1] - Long positions in the US Dollar Index increased by 0.29% [1] - US Treasury 20+ Year ETFs declined by 0.19% [1] Group 3 - Emerging Market ETFs fell by 0.23% [1] - Euro long positions decreased by 0.30% [1] - Agricultural funds dropped by 0.41% [1] Group 4 - US Real Estate ETFs declined by 0.65% [1] - Russell 2000 Index ETFs fell by 0.76% [1] - Soybean funds decreased by 0.95% [1] Group 5 - US Brent Oil price funds dropped by 1.45% [1]

Group 1 - Agricultural funds increased by 1.49% on Monday, September 15 [1] - Gold ETFs rose by 1.04% [1] - Brent crude oil price funds gained 0.96% [1] Group 2 - Nasdaq 100 ETFs saw an increase of 0.86% [1] - Emerging market ETFs rose by 0.73% [1] - S&P 500 ETFs increased by 0.53% [1] Group 3 - Russell 2000 index ETFs, Euro long positions, US Treasury 20+ year ETFs, Dow Jones ETFs, and Yen long positions all saw gains of up to 0.42% [1] - US real estate ETFs decreased by 0.16% [1] - Soybean funds and long US dollar index positions fell by up to 0.33% [1]

Group 1 - Nasdaq's proposal to the SEC marks a significant shift from the "electronic bookkeeping era" to the "on-chain settlement era" in global capital markets [3] - The proposal aims to allow stocks and ETFs to trade in both traditional digital and tokenized forms, potentially rewriting the rules of global capital flow and efficiency [3][4] - The core objectives of the proposal include enhancing efficiency with T+0 real-time settlement, expanding trading hours to 24/7, and lowering barriers for small investors through tokenization [4] Group 2 - The technical design of the proposal focuses on compatibility with traditional systems while embedding blockchain technology, ensuring that tokenized securities share the same rights as traditional securities [5] - The regulatory framework does not break existing rules but integrates blockchain tools within the traditional system, maintaining compliance with AML and KYC processes [5] Group 3 - Institutional investors have shown positive feedback towards the proposal, with major firms like Goldman Sachs and Morgan Stanley initiating tokenized securities trading simulations [6] - A survey indicated that 62% of U.S. retail investors are willing to try tokenized stock trading, attracted by real-time settlement and 24/7 trading capabilities [6] Group 4 - The SEC's historical approval logic has shifted from risk-averse prohibition to compliance-guided openness, as evidenced by the approval of Bitcoin ETFs after a lengthy denial period [9][10] - The SEC's 2025 policy shift under new leadership has created a favorable regulatory environment for Nasdaq's proposal, emphasizing support for tokenization as a natural evolution of financial innovation [11][12] Group 5 - The approval timeline for Nasdaq's proposal is projected to conclude by mid-2026, with a high probability of approval exceeding 80% based on current policy support and market demand [15][8] - The anticipated impact on global capital markets includes a significant increase in trading volume and liquidity, with estimates suggesting a potential daily trading volume exceeding $3 billion upon launch [16][17] Group 6 - The tokenization of securities is expected to reinforce the dominance of the U.S. dollar in global capital flows, with the use of dollar-pegged stablecoins facilitating cross-border transactions [19] - Global exchanges are likely to engage in a digitalization race, with Nasdaq's initiative prompting other markets, such as Hong Kong and the EU, to accelerate their own tokenization efforts [20] Group 7 - Emerging markets may face increased capital outflow pressures as tokenization lowers barriers for investors seeking to access U.S. markets, potentially exacerbating regulatory challenges [22] - Developed countries will experience competitive pressures in their capital markets, necessitating rapid advancements in their own tokenization processes to retain investor interest [23] Group 8 - The impact on China's capital markets includes potential capital outflow risks and intensified competition for technology company listings, as U.S. tokenization may attract Chinese firms seeking better financing opportunities [24][25] - Hong Kong's capital markets may face challenges in maintaining their status as an international financial hub, with the risk of capital diversion to tokenized U.S. securities [28][29]

Group 1 - The US real estate ETF declined by 1.66% on September 2 [1] - Agricultural funds fell by 1.15%, with soybean funds down by 1.03% [1] - The Nasdaq 100 ETF decreased by 0.84%, while the S&P 500 ETF and 20+ year US Treasury ETF both dropped by 0.74% [1] Group 2 - The Dow Jones ETF and Russell 2000 index ETF fell by 0.54% [1] - The Euro long position decreased by 0.47%, and emerging market ETFs were down by 0.08% [1] - The US dollar index rose by 0.66%, while gold ETFs increased by 2.36% [1] Group 3 - The US Brent oil price fund rose by 2.57%, and the fear index increased by 3.09% [1]