Report Industry Investment Rating No information provided in the report regarding industry investment rating. Core Viewpoints of the Report - The US ETF market has seen the issuance of multiple asset - allocation products. The inflow of gold ETFs is significant, and precious - metal stock ETFs have performed significantly better than precious - metal ETFs. - In the US ordinary public - offering fund market, the outflow of domestic stock funds remains around $20 billion, while the inflow of bond products is stable, slightly exceeding $10 billion [3]. Summary by Relevant Catalog 1. US ETF Innovation Products: Multiple Asset - Allocation Products Issued - Last week, 22 new products were issued in the US, including various types such as downside protection, leverage, theme, allocation, and rotation products [6]. - There were 7 new downside protection products, including Calamos' laddered downside protection products linked to Bitcoin. Arrow Funds also issued a Bitcoin strategy product [6]. - 4 single - stock leverage products were issued, linked to Figma, Futu, JD.com, and Lemonade [7]. - GMO issued a dynamic asset - allocation ETF, with 40 - 80% invested in stocks and the rest in fixed - income and liquid alternative assets, based on GMO's 7 - year asset return forecast [7]. - AlphaDroid issued two strategy products, a momentum strategy and an industry rotation product [8]. - American Century issued 2 fundamental active ETFs, for small - cap value and small - cap growth [8]. - Pictet issued 3 stock ETFs, entering the US ETF market, with one using an AI strategy and two being theme products [8]. 2. US ETF Dynamics 2.1 US ETF Funds: Significant Inflow into Gold ETFs - In the past week, US ETFs maintained a high - speed inflow of nearly $50 billion, with domestic stocks inflowing over $25 billion and commodity ETFs mainly composed of gold also having a large inflow [9]. - The inflow of US broad - based stock products was stable last week, and the gold ETF GLD ranked second in the inflow of all products. Among bond products, comprehensive products had relatively more inflows, while high - yield bonds and alternative bond products had outflows [9]. 2.2 US ETF Performance: Precious - Metal Stock ETFs Significantly Outperform Precious - Metal ETFs - Due to frequent global situation changes this year, precious - metal ETFs led by gold have continuously risen significantly, and precious - metal - related stock ETFs such as gold - mining stocks have had significantly higher increases, with many products rising around 150% [3]. 3. Recent Capital Flows of US Ordinary Public - Offering Funds - In August 2025, the total amount of non - money public - offering funds in the US was $22.98 trillion, an increase of $0.41 trillion compared to July 2025. The S&P 500 rose 1.91% in August, and the scale of domestic stock products increased by 1.62%, with the redemption pressure easing [14]. - According to weekly ICI statistics, the outflow of US domestic stock funds last week remained around $20 billion, while the inflow of bond products was stable, slightly exceeding $10 billion [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Multiple asset - allocation products were issued in the US last week, and gold ETFs had significant inflows. Precious - metal stock ETFs outperformed precious - metal ETFs, and in August 2025, the total amount of non - money public funds in the US increased [3]. 3. Summary by Related Catalogs 3.1 US ETF Innovation Products: Multiple Asset - Allocation Products Issued - Last week, 22 new products were issued in the US, including various types such as downside protection, leverage, theme, allocation, and rotation products [3][8]. - Seven new downside protection products were issued, including Calamos' laddered downside protection products linked to Bitcoin and Arrow Funds' Bitcoin strategy product [8]. - Four single - stock leverage products were issued, linked to Figma, Futu, JD, and Lemonade [9]. - GMO issued a dynamic asset - allocation ETF, with 40 - 80% invested in stocks and the rest in fixed - income and liquid alternative assets [9]. - AlphaDroid issued two strategy products: a momentum strategy and an industry rotation strategy [10]. - American Century issued 2 fundamental active ETFs for small - cap value and growth [10]. - Pictet issued 3 stock ETFs, entering the US ETF market [10]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: Significant Inflows into Gold ETFs - In the past week, US ETFs maintained a high - speed inflow of nearly $50 billion, with over $25 billion flowing into domestic stocks and significant inflows into commodity ETFs, especially gold ETFs. Small - cap and high - yield bond products had relatively high outflows [3][11]. - Gold ETFs had obvious inflows even during sharp price fluctuations last Thursday and Friday, indicating high market attention to gold assets [3][14]. 3.2.2 US ETF Performance: Precious - Metal Stock ETFs Significantly Outperformed Precious - Metal ETFs - Due to frequent global situation changes this year, precious - metal ETFs led by gold have continuously risen, and precious - metal - related stock ETFs such as those for gold mining have significantly higher gains, with many products rising around 150% [3][16]. 3.3 Recent Fund Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion from July 2025. The S&P 500 rose 1.91% in August, and the scale of US domestic stock products increased by 1.62%, with reduced redemption pressure [3][17]. - Last week, outflows from US domestic stock funds remained around $20 billion, while inflows into bond products were stable, slightly exceeding $10 billion [3][17].