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]

Risk Considerations "We believe growth is a condition, not a category, and that any company, regardless of the sector, may present conditions for growth at some point in its lifecycle,†said Michael Sansoterra, chief investment officer of Silvant. "Any company can grow. Our team roots out the strongest prospects for growth, including often unexpected places.†"The introduction of VGRO reflects our commitment to delivering an ETF lineup, balanced across asset classes, with potential to improve investor outco ...