- Model Name: RuiLian Market Cap Weighted Index ETF - Model Construction Idea: The index still uses market cap weighting but selects stocks based on four fundamental indicators: sales, cash flow, dividends and buybacks, and book value including intangible assets, focusing on the economic efficiency of enterprises[11] - Model Construction Process: The model involves screening stocks using the four fundamental indicators mentioned above, and then applying market cap weighting to the selected stocks[11] - Model Evaluation: The model aims to achieve better returns with relatively small tracking errors compared to broad-based indices[11] - Factor Name: Sales - Factor Construction Idea: Select stocks based on their sales performance[11] - Factor Construction Process: The factor is constructed by evaluating the sales figures of companies and selecting those with strong sales performance[11] - Factor Name: Cash Flow - Factor Construction Idea: Select stocks based on their cash flow performance[11] - Factor Construction Process: The factor is constructed by evaluating the cash flow figures of companies and selecting those with strong cash flow performance[11] - Factor Name: Dividends and Buybacks - Factor Construction Idea: Select stocks based on their dividends and buybacks performance[11] - Factor Construction Process: The factor is constructed by evaluating the dividends and buybacks figures of companies and selecting those with strong performance in these areas[11] - Factor Name: Book Value Including Intangible Assets - Factor Construction Idea: Select stocks based on their book value including intangible assets[11] - Factor Construction Process: The factor is constructed by evaluating the book value including intangible assets of companies and selecting those with strong performance in this area[11] Model Backtest Results - RuiLian Market Cap Weighted Index ETF, tracking error: relatively small[11] Factor Backtest Results - Sales factor, performance: strong[11] - Cash Flow factor, performance: strong[11] - Dividends and Buybacks factor, performance: strong[11] - Book Value Including Intangible Assets factor, performance: strong[11]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Last week, 13 new products were issued in the US, with more leveraged and inverse products. Leverage Shares issued a new series of "Accelerated" products, offering 2x the monthly upside return of stocks but only 1x the downside, with a monthly return cap. The first - batch products are linked to Tesla, Nvidia, MicroStrategy, CoinBase, and Palantir [2][10] - Digital currency ETFs had significant inflows last week. Stock and bond ETFs remained above $10 billion, and the inflow of digital currency ETFs increased again. The Nasdaq 100 ETF had the largest inflow, and BlackRock's Ethereum and Bitcoin ETFs were among the top ten in terms of inflow. Many leveraged ETFs had outflows, and several technology products had significant outflows [4][12] - ARKK outperformed other technology ETFs. Although the US stock style fluctuated at the beginning of this year, the technology sector has been performing well, with an overall increase of over 10%. The VanEck Semiconductor ETF has risen by over 20%, but the 3x semiconductor leveraged product has performed significantly weaker due to volatility losses at the beginning of the year. ARKK has risen by over 35%, leading other technology products [4][15] - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, up $0.78 trillion from May 2025. The S&P 500 rose 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 30 to August 6, US domestic equity funds had a net outflow of about $16.7 billion, basically the same as the previous week, and the inflow of bond products slightly narrowed [4][19] 3. Summary by Relevant Catalog 3.1 US ETF Innovation Products: Leverage Shares Issues "Accelerated" Products - Last week, 13 new ETFs were issued in the US, with more leveraged and inverse products. Leverage Shares issued a new series of "Accelerated" products, offering 2x the monthly upside return of stocks but only 1x the downside, with a monthly return cap. The first - batch products are linked to Tesla, Nvidia, MicroStrategy, CoinBase, and Palantir. Other issuers also had various new product launches, including single - stock leveraged ETFs, 2x leveraged products, and stock enhancement products [2][9][10] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Digital Currency ETFs Have More Inflows - Last week, stock and bond ETFs remained above $10 billion, and the inflow of digital currency ETFs increased again. The Nasdaq 100 ETF had the largest inflow, and BlackRock's Ethereum and Bitcoin ETFs were among the top ten in terms of inflow. ARKK also had an inflow of over $1 billion. Many leveraged ETFs had outflows, and several technology products had significant outflows [4][12] 3.2.2 US ETF Performance: ARKK Outperforms Other Technology ETFs - Although the US stock style fluctuated at the beginning of this year, the technology sector has been performing well, with an overall increase of over 10%. The VanEck Semiconductor ETF has risen by over 20%, but the 3x semiconductor leveraged product has performed significantly weaker due to volatility losses at the beginning of the year. ARKK has risen by over 35%, leading other technology products [4][15] 3.3 Recent US Ordinary Mutual Fund Fund Flows - In June 2025, the total amount of non - money mutual funds in the US was $22.69 trillion, up $0.78 trillion from May 2025. The S&P 500 rose 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 30 to August 6, US domestic equity funds had a net outflow of about $16.7 billion, basically the same as the previous week, and the inflow of bond products slightly narrowed [4][19]

Group 1: Market Trends - The stock market has experienced unusual volatility, with Opendoor Technologies' stock price soaring approximately 377% over the past month despite a stagnant U.S. real estate market [1] - Kohl's, a department store, has seen significant stock movement as investors speculate on the potential sale of its real estate assets, with the stock down over 70% since early 2022 [2] - The rise of meme stocks and speculative trading has been reminiscent of the 2021 market frenzy, with companies like GameStop previously reaching a valuation of $24 billion [2] Group 2: Speculative Investments - Many high-risk assets, including meme stocks and cryptocurrencies, have attracted substantial investment, with a notable increase in stocks that have not reported profits [2][3] - The ARK Innovation ETF, which includes several unprofitable speculative companies, has risen over 36% this year, indicating a strong appetite for speculative trading [3] Group 3: Cryptocurrency Market - The prices of cryptocurrencies like Ethereum and Bitcoin have surged recently, driven by favorable policies and increased acceptance from mainstream financial institutions [3] - Companies, including Trump Media Technology Group, have accumulated significant amounts of Bitcoin, raising concerns about the potential risks in the cryptocurrency market [3] Group 4: Stock Valuation Concerns - Despite a broad market rally, stock valuations remain high, with the equity risk premium nearing zero, suggesting minimal additional returns for holding stocks compared to low-risk bonds [4] - The KBW Nasdaq Bank Index and other sectors have seen substantial gains, but analysts warn that the current valuation levels may not be sustainable [4] Group 5: Employment Market Insights - Signs of weakness in the employment market have emerged, with private sector job growth at an eight-month low and a slowdown in hiring [5] - Economic indicators suggest a potential slowdown in growth for the second half of the year, raising concerns about consumer spending and overall economic health [5]

Core Viewpoint - The "Irrational Exuberance Index" developed by Barclays has surpassed the warning threshold of 10.7%, indicating a resurgence of speculative trading in the U.S. stock market, reminiscent of past market bubbles [1][2]. Group 1: Market Indicators - The "Irrational Exuberance Index" has reached a monthly average of 10.7%, the first time it has crossed the double-digit threshold since February, with a historical average of around 7% [1]. - The index is based on derivatives market data, volatility indicators, and options market sentiment signals, and has previously peaked during the late 1990s internet bubble and the 2021 retail trading frenzy [1]. - The market is currently characterized by speculative trading, with significant increases in popular concept stocks and traditional fundamental analysis becoming less effective [2]. Group 2: Market Sentiment and Performance - Optimism in the market is driven by expectations of trade agreements between the U.S. and major partners, as well as speculation that the Trump administration may delay tariff implementation [2]. - The SPAC issuance has rebounded significantly, with the number of new SPACs in 2025 already exceeding the total for the previous two years [2]. - The ARK Innovation ETF has recorded one of its highest annual gains, with specific sectors showing extreme performance: Bitcoin-related stocks surged by 78%, quantum computing stocks rose by 69%, and meme stocks averaged a 44% increase [2]. Group 3: Risk and Recommendations - The index readings indicate overly exuberant investor sentiment, which poses a risk of increased market volatility [2]. - There is a strong correlation between the index and net borrowing positions in margin accounts, reflecting high retail participation [2]. - Despite the presence of bubble signals, timing the market remains challenging, and historical trends suggest bubbles can last longer than expected [2].

Group 1: Circle and Stablecoin Market - Circle, the issuer of the second-largest stablecoin USDC, has seen its stock price surge from an initial offering price of $31 to a high of $263.45, representing a cumulative increase of nearly 750% since its market debut on June 5 [1][2] - Following this significant price increase, well-known investor Cathie Wood executed a large-scale cash-out operation, selling approximately 1.5 million shares of Circle stock across three ETFs, generating around $333 million in cash [2][3] - The stock price of Circle experienced a notable decline of 26.28% over two trading days (June 24 and 25) after the news of the sell-off, prompting investors to reassess the company's investment value [2] Group 2: Nvidia Investment Strategy - Cathie Wood's investment firm, Ark Invest, initially purchased Nvidia shares at approximately $4 per share in 2014 but sold all holdings in early 2023 due to concerns over semiconductor industry valuation bubbles [3] - Nvidia's stock demonstrated strong growth, with increases of 239% and 171.25% in 2023 and 2024, respectively, leading Wood to acknowledge her misjudgment regarding the stock's potential [3] - In response to Nvidia's performance, Ark Invest began to rebuild its position in the company, purchasing 188,980 shares on April 8 and an additional 34,543 shares before Nvidia's earnings report on May 27, reflecting a cautiously optimistic outlook on Nvidia's future [3]

Group 1 - ARK Invest's Cathie Wood significantly increased holdings in Nvidia by purchasing 34,543 shares ahead of the company's earnings report [1][2] - The flagship ARK Innovation ETF (ARKK) added 21,504 shares, while the ARK Next Generation Internet ETF (ARKW) bought 13,039 shares, raising Nvidia's ranking in ARKK to 29th and in ARKW to 24th [1] - This buying activity contrasts sharply with ARK's previous trading pattern, where 8 out of 10 transactions since November 2022 were sell-offs, with only two purchases occurring recently [1] Group 2 - Nvidia is positioned as a core stock for the 2024 AI market, with its earnings report expected to be released shortly [2] - Cathie Wood's unusual buying decision coincides with a critical moment for Nvidia's performance guidance, indicating a potential shift in ARK Invest's strategy towards AI leaders [2] - Despite not being in ARKK's top ten holdings, Nvidia's weight has significantly increased since the end of Q1, reflecting the growing demand for AI computing power [2]

凯西.伍德的旗舰ETF——ARK创新ETF在经历了此前抛售英伟达股票后，再次买入该公司的股票。伍德 一直看好人工智能，认为它是历史上最具颠覆性的技术，并且曾在英伟达默默无闻时就投资了该公司。 然而，ARK创新ETF过早地清仓了英伟达的股票，错过了2023年中至2024年由人工智能驱动的股价飙 升。4月8日，ARK创新ETF买入了151,979股英伟达股票，价值约1480万美元，使其成为该ETF的第32大 持仓股，权重为0.33%。相比之下，特斯拉仍然是ARK创新ETF的最大持仓股，权重为11.94%。 ...