业绩是提升ETF流动性的最优解

Core Viewpoint - Several public funds have announced the addition of broker-dealers as market makers for their ETF products to enhance liquidity, although improving the performance of these ETFs is considered a more effective solution for liquidity enhancement [1][4] Group 1: Market Maker Implementation - The addition of broker-dealers as market makers is a method to improve the liquidity of ETF products, with recent announcements from multiple fund companies indicating this trend [1] - As of June 30, 2025, the Shanghai Stock Exchange has 20 main market makers and 12 general market makers providing liquidity services for 746 fund products, with 688 ETFs having market makers, representing 98% of all ETFs [2] - The Shenzhen Stock Exchange has 27 liquidity service providers for 491 ETF products, indicating a high coverage rate of market makers in the ETF market [2] Group 2: ETF Market Characteristics - The number of listed ETFs has exceeded 1,200, but there is significant product homogeneity, leading to investor confusion, particularly with 31 ETFs tracking the same index [2] - As of August 1, 2023, 20 ETFs have opted for liquidation, highlighting the potential for a wave of ETF closures despite their index-tracking nature [2] Group 3: Trading Activity Disparities - ETF trading shows a "two extremes" scenario, with some products having daily trading volumes exceeding 10 million shares, while others struggle with volumes below 100 shares [3] - The reliance on market makers alone is insufficient for enhancing liquidity; active investor participation is crucial for vibrant trading [3] - ETFs with strong performance tend to attract more investment, leading to better liquidity, similar to trends observed in the stock market [3] Group 4: Recommendations for Fund Companies - For public funds, focusing on improving the performance of ETF products through various means is deemed more effective for enhancing liquidity than merely relying on market makers [4]