1. Report's Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - FINQ issued two high - concentration AI ETFs last week, with unique investment strategies [2][6]. - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international stock and bond products had outflows. The Nasdaq ETF had an outflow again, the Vanguard S&P 500 ETF had a stable inflow, and BlackRock's small - cap products had an inflow. Among bond products, high - yield bonds had an outflow and investment - grade bonds had an inflow [2][7]. - This year, due to high volatility in the US market, long - volatility products related to the VIX index have performed well, with some products having gains of over 10% [2][10]. - As of December 2025, the total amount of non - money mutual funds in the US decreased compared to November. From January 21 to 28, 2026, domestic stock funds had an outflow, international stock product outflows expanded, and bond product inflows expanded [2][14]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: FINQ Issues High - Concentration AI ETFs - Last week, there were 18 new ETF products in the US, and new strategy types emerged in single - stock products. GraniteShares launched a new single - stock snowball product, with the annualized snowball return of the NVIDIA - linked product reaching 17.83%. NEOS issued a series of accelerated high - yield ETFs. Tuttle Capital issued a UFO - related product. FINQ issued two AI ETFs, one investing in the top 13 - 16 S&P 500 component stocks scored by an AI model, and the other being a market - neutral ETF holding about 10 stocks with the highest and lowest scores respectively [2][5][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Fund Flows: International Stock and Bond Products Have Outflows - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international products had an outflow. The Nasdaq ETF had an outflow again, the Vanguard S&P 500 ETF had a stable inflow, and BlackRock's small - cap products had an inflow. In the precious metals market, silver ETFs had an inflow and gold ETFs had an outflow. Among bond products, high - yield bonds had an outflow and investment - grade bonds had an inflow [2][7][9]. 3.2.2 US ETF Performance: VIX Index - Related Products Lead in Gains - This year, due to high volatility in the US market, long - volatility products have performed well. For example, the 2 - times long - term VIX index product had a gain of over 15%, and short - term VIX index products had gains of over 10% [2][10]. 3.3 Recent Fund Flows of US Ordinary Mutual Funds - In December 2025, the total amount of non - money mutual funds in the US was $23.64 trillion, a decrease of $0.09 trillion compared to November. According to Wind data, the S&P 500 fell 0.05% in December, and the scale of US domestic equity products decreased by 1.03%. From January 21 to 28, 2026, domestic stock funds had an outflow of $12.849 billion, international stock product outflows expanded to $5 billion, and bond product inflows expanded to $16.7 billion [2][14].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - FINQ issued two high - concentration AI ETFs last week in the US, with unique investment strategies [2][8]. - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international stock and bond products had outflows [2][10]. - This year, US market volatility has been high, and long - volatility products related to the VIX index have performed well [2][13]. - In December 2025, the total non - money mutual funds in the US decreased, and from January 21 to 28, domestic stock funds had outflows, international stock product outflows expanded, and bond product inflows increased [2][17]. 3. Summary by Directory 3.1 US ETF Innovation Products: FINQ Issues High - Concentration AI ETF - Last week, there were 18 new ETF products in the US, and single - stock products had a new strategy type. GraniteShares launched new single - stock snowball products, with a potential annualized snowball return of 17.83% for the NVIDIA - linked product. NEOS issued a series of accelerated high - yield ETFs, and Tuttle Capital launched a UFO - related product [7][8]. - FINQ issued two AI ETFs. The FINQ FIRST US Lg Cap AI - Mgd Equity ETF invests in 13 - 16 stocks with the highest scores from an AI model, and the market - neutral ETF holds about 10 stocks with the highest and lowest scores respectively [2][8]. 3.2 US ETF Dynamics - **US ETF Funds: International Stock and Bond Products Have Outflows** - In the past week, US domestic stock ETFs had an inflow of nearly $30 billion, while international products and international bond products had outflows. The Nasdaq ETF had outflows again, Vanguard's S&P 500 ETF had a stable inflow, and BlackRock's small - cap products had an inflow. In the precious metals market, silver ETFs had an inflow and gold ETFs had an outflow. High - yield bonds had outflows, and investment - grade bond products had inflows [2][10][12]. - **US ETF Performance: VIX Index - Related Products Have Top - Ranked Gains** - This year, due to high market volatility in the US, long - volatility products have performed well. For example, the 2x long - term VIX index product has a gain of over 15%, and short - term VIX index products have a gain of over 10% [2][13]. 3.3 Recent US Ordinary Mutual Fund Fund Flows - In December 2025, the total non - money mutual funds in the US were $23.64 trillion, a decrease of $0.09 trillion from November 2025. The S&P 500 fell 0.05% in December, and the scale of domestic stock products decreased by 1.03%. - From January 21 to 28, domestic stock funds had an outflow of $12.849 billion, international stock product outflows expanded to $5 billion, and bond product inflows expanded to $16.7 billion [2][17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 8 new products were issued in the US, with Pacer launching two new products to expand its cash - flow product line, including a strategy product combining cash - flow factors and quality, and a rotation strategy product between its cash - flow ETF COWZ and the Nasdaq 100 [1][6]. - US stock ETFs continued to have some outflows last week, while international stock and bond products still had significant inflows, and the inflow of bond ETFs increased, with the risk preference of bond ETF funds rising [1][9]. - Since May, US Treasury bonds, especially long - term bonds, have performed weakly, with the decline of Treasury bond ETFs over 20 years exceeding 2%. However, the sentiment of funds has improved, and recently, bond ETFs have seen continuous inflows, while short - term bond products with stable performance have seen outflows [1][12]. - In March 2025, the total amount of non - money public funds in the US was $21.17 trillion, a decrease of $0.88 trillion compared to February 2025. From April 23 to April 30, US domestic stock funds had a total outflow of $10.2 billion, and the outflow has enlarged again, while the outflow of bond products has slowed down [1][14]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Pacer Issues Cash - Flow Rotation Strategy Products - Last week, 8 new products were issued in the US. Pacer issued two new products. One is a strategy product combining the representative cash - flow factor and quality, selecting 100 S&P 500 component stocks with at least 10 consecutive years of positive free cash flow and the highest free - cash - flow quality scores. The other is a rotation strategy product between its cash - flow ETF COWZ and the Nasdaq 100, which rotates based on momentum [6][7]. - VistaShares issued an options strategy product last week, selecting 20 - 50 stocks through quality criteria and then enhancing returns by selling options, with an annualized return of 15% currently [6]. - Invesco issued 3 new products last week. QQHG mainly invests in Nasdaq 100 stocks and adds an options strategy to control drawdowns, CTSK looks for undervalued stocks, and IMF selects assets with low correlation to traditional markets [7]. - YieldMax continued to expand its single - stock Covered Call strategy products last week, linked to the online brokerage Robinhood [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Bond Product Inflows Increase - Last week, US stock ETFs continued to have some outflows, while international stock and bond products still had significant inflows, and the inflow of bond ETFs increased. Vanguard's S&P 500 ETF had significantly more inflows than the other two products, and Bitcoin ETFs also had inflows of over $1 billion. Credit - bond and long - bond ETFs had inflows, and CLO products have also attracted high attention recently [9]. - The inflow gap between the State Street's S&P 500 ETF and VOO in two weeks reached $12 billion. Corporate - bond ETFs had inflows and short - term bond ETFs had outflows, indicating an increase in the risk preference of bond ETF funds [11]. 3.2.2 US ETF Performance: Long - Term Bonds Continue to Decline - Since May, US Treasury bonds, especially long - term bonds, have performed weakly, with the decline of Treasury bond ETFs over 20 years exceeding 2%. However, the sentiment of funds has improved, and recently, bond ETFs have seen continuous inflows, while short - term bond products with stable performance have seen outflows [12]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In March 2025, the total amount of non - money public funds in the US was $21.17 trillion, a decrease of $0.88 trillion compared to February 2025. In March, the S&P 500 fell 5.75%, and the scale of US domestic stock products declined by 6.55%, with the scale decline rate still higher than the stock decline rate [14]. - From April 23 to April 30, US domestic stock funds had a total outflow of $10.2 billion, and the outflow has enlarged again, while the outflow of bond products has slowed down [14].