1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - The report focuses on the latest developments in the US ETF and mutual fund markets, including new product launches, fund flows, and performance. Specifically, it highlights the issuance of reverse - strategy ETFs, the flow of funds into international stock ETFs exceeding domestic ones, the significant rise in commodity ETFs, and the changes in the flow of US ordinary mutual funds [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Reverse - Strategy ETF Issuance - Last week, 11 new products were issued in the US. Global X issued 6 zero - coupon bond target - maturity products from 2030 to 2035, which can reduce interest rate fluctuation risks. TappAlpha issued 1.3 - times leveraged products of its TSPY and TDAQ products. Tidal and LOGIQ issued a "reverse - strategy" ETF to find undervalued opportunities in stocks and bonds and can use options to increase returns. KraneShares issued a dynamic Buffer product based on the Nasdaq [4][5]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Stock Products' Inflows Exceed US Stocks Again - In the past week, international stock ETFs in the US had more inflows than domestic stock products, and bond ETFs had inflows of over $10 billion. Vanguard S&P 500 ETF was the top product in terms of inflows. Broad - based stock and bond products were at the forefront of inflows, while US stock style products and high - yield bond products had outflows [6][9]. 3.2.2 US ETF Performance: Commodity ETFs Rose Significantly - In the first week of 2026, precious metal assets had obvious increases. Silver ETFs rose by over 8%, platinum ETFs by nearly 10%, and comprehensive commodity ETFs also increased. The largest gold ETF's scale exceeded $150 billion [11]. 3.3 Recent US Ordinary Mutual Fund Fund Flows - In November 2025, the total non - money mutual funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, while the scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 23 to December 30, 2025, the outflows of domestic stock funds narrowed to less than $10 billion, and the outflows of mixed - allocation products also slowed down [15].

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The report focuses on the latest developments in the US ETF market and the recent capital flow of US ordinary public - offering funds. It includes the issuance of new ETF products, capital flow trends, and performance of ETFs, as well as the capital flow of public - offering funds [1]. 3. Summary According to the Catalog 3.1 US ETF Innovation Products: Reverse Strategy ETF Issuance - Last week, 11 new products were issued in the US. Global X issued 6 zero - coupon bond target - maturity products from 2030 to 2035, investing in US zero - coupon Treasury bonds to reduce interest - rate fluctuation risks [6]. - TappAlpha issued 1.3 - times leveraged products of its TSPY and TDAQ products, with the original products using a spot + option strategy, linked to the S&P 500 ETF SPY and the Nasdaq 100 ETF QQQ respectively [7]. - Tidal and LOGIQ issued a "reverse strategy" ETF, looking for undervalued opportunities in stocks and bonds through a view opposite to the market, and the product can use tools such as options to increase returns [7]. - KraneShares issued a dynamic Buffer product based on the Nasdaq index, which is similar to a collar strategy, buying put options (actually replicated through futures shorts) and selling call options to maintain a certain long - position exposure while obtaining option premium income [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: International Stock Products' Inflows Exceed US Stocks Again - In the past week, the inflows of US international stock ETFs exceeded those of US domestic stock products again, and bond ETFs had inflows of over $10 billion [8]. - Vanguard S&P 500 ETF continued to be the product with the largest inflow last week. Broad - based stock and bond products were at the forefront of inflows. BlackRock's international stock products had relatively large inflows, while US stock style products and high - yield bond products had outflows [11]. 3.2.2 US ETF Performance: Commodity ETFs Rose Significantly - In the first week of 2026, precious metal assets had obvious increases. The silver ETF rose by more than 8%, the platinum ETF rose by nearly 10%, and the comprehensive commodity ETF also increased. The scale of the largest gold ETF has exceeded $150 billion [14]. 3.3 Recent Capital Flow of US Ordinary Public - Offering Funds - In November 2025, the total amount of non - monetary public - offering funds in the US was $23.72 trillion, an increase of $0.03 trillion compared with October 2025. In November, the S&P 500 rose by 0.13%, and the scale of US domestic stock products decreased by 0.15%, with the redemption pressure easing [18]. - From December 23 to December 30, 2025, the outflows of US domestic stock funds narrowed to less than $10 billion. In the whole year of 2025, the outflows of domestic stock funds were close to $750 billion, and the outflows of mixed - allocation products also slowed down [18].

1. Report's Industry Investment Rating - No information provided regarding the report's industry investment rating 2. Core Viewpoints of the Report - Last week, 21 new ETF products were issued in the US, with multiple managers launching series of products, including Trump Media & Technology Group issuing 5 Truth Social ETFs and planning to issue digital - currency related products in the future [4][5] - In the past week, the inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding that of international stocks again, and gold ETFs experiencing outflows [7][9] - In 2025, the US pharmaceutical sector, especially the biotech field, performed well, with many products rising over 25% and State Street's products performing best, rising over 35% [12] - In November 2025, the total non - money public funds in the US increased by $0.03 trillion compared to October. The scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 17th to 23rd, the outflow of domestic stock funds narrowed to around $20 billion, while mixed - allocation products continued to see outflows and bond products continued to see inflows [14] 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Trump Media & Technology Group Issues ETF - 21 new US ETF products were issued last week. Tuttle Capital issued an option - strategy product based on Magnificent 7. Trump Media & Technology Group issued 5 Truth Social ETFs tracking indexes related to national interests and political party stances, and plans to issue digital - currency related products in the future [4][5] - Opal Capital issued a high - concentration ETF investing in 15 - 30 high - quality companies with long - term growth potential, and a disciplined US stock ETF selecting 60 - 170 stocks through a disciplined approach [5] - Founder ETF issued another ETF investing in founder - led companies, tracking the Founder - Led Index [5] - Innovator issued 4 two - way Buffer products, which provide positive returns in both rising and falling markets with certain return caps [6] - Gabelli issued an ETF investing in the sports and live - performance industries, whose companies have stable revenue and strong pricing power [6] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Experience Outflows - In the past week, US ETF inflows were relatively stable, with domestic stock products' inflow exceeding that of international stocks. Vanguard S&P 500 ETF and State Street S&P 500 had certain inflows, and broad - based stock and bond products were among the top in inflows, while gold and silver ETFs had outflows [7][9] 3.2.2 US ETF Performance: Biomedical Products Perform Excellent - In 2025, the US pharmaceutical sector, especially the biotech field, performed well. Many products in this field rose over 25%, and State Street's products performed best, rising over 35% [12] 3.3 Recent US Ordinary Public Fund Fund Flows - In November 2025, the total non - money public funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, and the scale of US domestic stock products decreased by 0.15%, with redemption pressure easing [14] - From December 17th to 23rd, the outflow of US domestic stock funds narrowed to around $20 billion, mixed - allocation products continued to see outflows, and bond products continued to see inflows [14]

Group 1: ETF Innovations in the US - The US saw the launch of 37 new ETF products last week, with a focus on both increasing and decreasing concentration in portfolios [1] - Direxion, Leverage Shares, Defiance, and Rex Shares expanded their single-stock leveraged inverse products, covering companies like UnitedHealth Group, JPMorgan, and Ford [1] - WEBs introduced a Defined Volatility series that targets a specific volatility level based on historical data, with leverage adjustments made according to the product's recent performance [1] Group 2: New ETF Products - Crossmark launched two ETFs focusing on large-cap growth and value, utilizing a combination of fundamental and quantitative methods [2] - Defiance released an ETF targeting AI and power infrastructure, tracking companies with over 50% revenue from AI-related sectors [2] - Roundhill expanded its weekly leveraged and dividend ETFs linked to major tech companies, providing 1.2x weekly returns [2] Group 3: ETF Market Dynamics - Stock ETFs experienced inflows exceeding $16 billion last week, with domestic and international stocks seeing similar levels of investment [5] - Factor rotation ETFs saw inflows surpassing $1 billion, with total assets exceeding $20 billion [7] - The top inflow products included Vanguard's broad-based ETFs and BlackRock's factor rotation ETF, while major outflows were seen in SPDR's S&P 500 ETFs [7] Group 4: Performance of Digital Currency ETFs - The total size of US digital currency ETFs has surpassed $150 billion, with BlackRock's Bitcoin ETF nearing $90 billion [10] - Bitcoin products have outperformed Ethereum, with Bitcoin ETFs showing a year-to-date increase of approximately 25% compared to Ethereum's less than 10% [10] Group 5: Fund Flow Trends - As of May 2025, the total amount of non-money market mutual funds in the US reached $21.91 trillion, reflecting a slight increase from April [11] - During the week of July 2-9, domestic equity funds experienced outflows of about $7.5 billion, while bond products saw inflows of $7.58 billion [11]

Group 1: Core Insights - The complexity of alternative strategies in newly launched ETFs in the US is increasing, with products like Rex's Nvidia options strategy offering 105-150% exposure while providing weekly dividends through a covered call strategy [1] - First Trust has launched a diversified product that combines stocks, bonds, and commodities, with 60% in covered call strategies, 35% in bonds, and 5% in commodities [1] - The recent inflow of over $10 billion into US stock ETFs indicates a renewed interest in equities, particularly in the Nasdaq 100 and gold ETFs [2][4][7] Group 2: ETF Performance and Trends - Gold-related ETFs have seen significant performance, with gold mining ETFs rising approximately 50% this year, driven by a nearly 30% increase in gold prices [8][9] - The top inflowing ETFs include QQQ (Invesco Nasdaq 100 ETF) with $39.52 billion, while SPDR S&P 500 ETF Trust (SPY) saw an inflow of $12.92 billion [5] - Conversely, short-term bond ETFs experienced outflows, indicating a shift in investor preference towards equities and commodities [4][7] Group 3: Fund Flow Dynamics - The total assets of US non-money market mutual funds stood at $21.06 trillion as of April 2025, reflecting a slight decrease from March [10] - During the week of May 14-21, US domestic equity funds experienced an outflow of $11.3 billion, while bond products continued to see inflows, maintaining a high level of interest [10]