Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The US ETF market has new developments, with the issuance of a commodity long - short strategy product and continuous inflow of funds into stock products. Meanwhile, the performance of Korean - related ETF products is outstanding. The US non - money public funds have experienced changes in scale and redemption pressure, and recently, domestic stock funds have seen an expanded outflow [2]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Commodity Long - Short Strategy Product Issuance - Last week, 19 new products were issued in the US, more than half of which were single - stock products. These single - stock products involve 2x leveraged products and products combining options and leverage, targeting various companies such as those in the cryptocurrency, sports, health, and AI sectors [7]. - Stoneport Advisors issued a commodity long - short strategy product, which tracks an index using a quantitative method to construct a long - short strategy for US - listed commodity futures. The index determines the investable pool annually based on the S&P GSCI and Dow Jones Commodity Index, currently including 23 commodities from sectors like agriculture, precious metals, industrial metals, and energy. It decides long - short weights monthly according to the yield trend algorithm [8]. - First Trust issued a "critical metals" ETF, investing in companies mainly earning income from North America and involved in the mining of new - energy - related metals, new - energy vehicle metals, and other technology metals, ultimately selecting 50 stocks [8]. - iShares issued a large - cap core index enhancement product aiming for low tracking error against the Russell 1000 index and excess returns, managed by a quantitative team, and a European corporate bond product using euro - dollar foreign exchange hedging to reduce exchange - rate impact [10]. - KraneShares issued an options strategy product, using a Delta - neutral spread strategy by buying put options and selling call options while selecting stocks to obtain option premium differences [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Stock Products Continuously Inflow - In the past week, the inflow of US ETFs exceeded $30 billion, with significant inflow into stock products and outflow from Bitcoin ETFs. BlackRock's S&P 500 ETF ranked first in inflow, short - term bond ETFs had obvious inflows, while technology - related products and Bitcoin ETFs had outflows [2][11][14]. - Gold ETFs had relatively stable fund flows last week, and among broad - based ETFs, the S&P 500 had higher inflows than the Nasdaq 100 in the past two weeks [16]. 3.2.2 US ETF Performance: Korean - Related Products Lead in Gains - US - listed stock ETFs have performed excellently this year. Two passive products have gains of over 80%, and 3x leveraged products have gains of over 300%. However, except for the largest product with a scale close to $7 billion, other products have relatively small scales [17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In September 2025, the total amount of US non - money public funds was $23.47 trillion, an increase of $0.49 trillion compared to August 2025. In September, the S&P 500 rose 3.53%, the scale of US domestic equity products increased by 2.13%, and the redemption pressure increased [2][18]. - Last week, the outflow of US domestic equity funds expanded to $37 billion, and bond products also had a slight outflow [2][19].