1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the past 3 weeks, nearly 100 new ETF products have been issued in the US, and the issuance speed has further increased. The richness of digital currency - related products has been enhanced, and new products with various strategies have emerged [3][6]. - The capital inflow of US ETFs has remained at a high level. In the past month, nearly $180 billion has flowed in, with over $100 billion into stock products. The iShares S&P 500 ETF IVV has seen significant inflows, and bitcoin and gold products have obvious inflows [3][15]. - Aerospace and defense ETFs in the US have performed well, with some technology - related and European - themed products having涨幅超过 80% [3][19]. - In August 2025, the total amount of non - money public funds in the US increased by $0.41 trillion compared to July. The redemption pressure of domestic stock - type products has eased, and the outflow of domestic stock funds in the past 4 weeks has been relatively stable, while the inflow of bond products has been steady [3][20]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past 3 weeks, 91 new products have been issued in the US. Single - stock leveraged reverse products, single - stock option + leverage strategy products, and digital currency - related products have been enriched. There are also new innovations in structured product strategies [6][8][9]. - For example, Rayliant and ChinaAMC issued the China Technology Innovation ETF, tracking an index composed of about 100 Chinese technology - related companies [13]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Capital Inflows Remain at a High Level - In the past month, the total inflow of US ETFs was nearly $180 billion, with over $100 billion into stock products. The iShares S&P 500 ETF IVV had inflows of over $40 billion in the past month, surpassing SPY in scale. Bitcoin and gold products had obvious inflows, while many leveraged products had large outflows [3][15][17]. - The daily capital flows of major US ETFs in the past 2 weeks are presented, and the capital flows of iShares products have tended to be stable, while those of State Street products have fluctuated greatly [18]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. Products such as SHLD related to technology and European - themed products have涨幅超过 80% [3][19][20]. 3.3 Recent Capital 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 compared to July. The scale of domestic stock - type products increased by 1.62%, and the redemption pressure eased [20]. - In the past 4 weeks, the outflow level of US domestic stock funds has been relatively stable, with outflows exceeding $20 billion in 3 weeks, while the inflow of bond products has been stable [20][21].