1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The complexity of alternative strategies in the US ETF innovation products is increasing. Gold ETFs have seen a resurgence in inflows, and gold mining ETFs have risen by about 50% this year. US domestic stock funds have experienced outflows, while bond products have maintained high - level inflows [1]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Increasing Complexity of Alternative Strategies - Last week, 8 new products were launched in the US, with the complexity of alternative strategies rising. For example, First Trust issued a configuration product with about 60% in covered - call strategy stock products, 35% in bonds, and 5% in commodities. Tidal expanded its Return Stacked series by mixing US stocks with gold/bitcoin strategies [1][6][7]. - Rex issued a NVIDIA options strategy product, providing 105 - 150% exposure and weekly dividends through the covered - call strategy [6]. - Simplify and Kayne Anderson co - issued a credit - bond ETF in the energy and infrastructure sectors, using swaps to control downside risks [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Re - enter Inflows - Last week, US stock ETFs had a large - scale re - inflow of over $10 billion, and other asset ETFs also had small inflows. The Nasdaq 100 ETF had the largest inflow. Gold ETFs re - entered inflows during the gold rebound, and short - term bond ETFs had more outflows than long - term bond ETFs [1][8][11]. - Last week, the risk appetite of funds increased, with inflows into broad - based stocks and credit - bond products. Among S&P 500 ETFs, the iShares product had the most outflows [13]. 3.2.2 US ETF Performance: Gold Mining ETFs Up about 50% This Year - Since the beginning of this year, gold has risen by nearly 30%, and gold - related stocks are more elastic. Gold mining ETFs have risen by about 50%, making material - related ETFs the highest - rising sector. Uranium ETFs have also risen by about 20% [1][14]. 3.3 Recent US Ordinary Public Fund Fund Flows - In April 2025, the total amount of non - money public funds in the US was $21.06 trillion, a decrease of $0.12 trillion from March 2025. The scale of US domestic stock products declined by 0.88%, slightly more than the 0.76% decline of the S&P 500 [1][18]. - From May 14th to May 21st, US domestic stock funds had a total outflow of $1.13 billion, with a relatively stable outflow, while bond products maintained a high - level inflow [1][18].