Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - In the US ETF market last week, new product issuance slowed during the year - end holiday, with 7 new products launched. International stock products had significant inflows compared to domestic ones, and developed - market stock products performed better than US stocks. In the US ordinary public - offering fund market, there was an outflow of domestic stock funds and an increase in the outflow of hybrid allocation products [2]. Summary by Relevant Catalogs 1. US ETF Innovation Products: Pacer Issues Export Leaders ETF - Last week, 7 new ETF products were issued in the US, with issuance slowing during the year - end holiday. Multiple thematic ETFs were issued, including a software platform ETF by AOT Invest, an export leaders ETF by Pacer, a growth opportunities ETF by Virtus, and a European market leaders ETF by Xtrackers [7] - The AOT Software Platform ETF selects stocks from software - driven companies using cost - to - revenue ratio, E/P, and ROIC, and weights them by quality factors. Its heavy - weight stocks include Nvidia and Meta, with individual stock weights between 0.5% and 7.5% [7] - The Pacer International Export Leaders ETF selects companies with high overseas revenue and outstanding free - cash - flow growth from the S&P 900 [8] 2. US ETF Dynamics 2.1 US ETF Funds: Cross - border Stock Products See Significant Inflows - In the past week, US ETF inflows slowed slightly, with international stock products having significantly more inflows than domestic ones. Vanguard's multiple products had large inflows, while its growth and value - style ETFs had more outflows, indicating continued optimism about overseas stocks in the new year [9][12] - Gold - related ETFs had large inflows as the gold price hit a new high, showing a positive correlation between funds and performance. S&P 500 ETFs had high - level recent fund fluctuations, and the Russell 2000 ETF had outflows [14] 2.2 US ETF Performance: Developed - market Stock Products Perform Well - This year, developed - market ETFs have generally outperformed US stocks. The S&P 500 has risen less than 20%, while most developed - market products have risen more than 30%, and the EAFE Value ETF has risen more than 40% [15] 3. Recent Fund Flows of US Ordinary Public - offering Funds - In October 2025, the total non - money public - offering funds in the US were $23.70 trillion, an increase of $0.22 trillion from September. The scale of US domestic stock products rose 0.9%, but the redemption pressure was still high [19] - From December 10th to December 17th, the outflow of US domestic stock funds expanded to $47.3 billion, and the outflow of domestic stock products this year has exceeded $700 billion. The outflow of hybrid - allocation products also increased [19]