BlackRock(US:BLK) 彭博Bloomberg·2025-06-24 03:26Core Viewpoint - The article discusses the potential shift in ETF liquidity leadership from State Street to BlackRock, highlighting the concentration of liquidity in the ETF market and the competitive dynamics at play [2][3]. Group 1: ETF Liquidity Landscape - The top ten ETFs account for 44% of total trading volume, indicating a highly concentrated liquidity environment [2][6]. - BlackRock currently holds approximately 25% of ETF trading volume, trailing State Street's 31%, while Vanguard accounts for only 7% [3][6]. - The trading volume of key products like the iShares Core S&P 500 ETF (IVV) has increased, bolstering BlackRock's position [3]. Group 2: Market Dynamics - The market share of the top ten ETFs has decreased from a peak of 51% to 44%, suggesting slow liquidity expansion and intensified competition [6][7]. - The increase in popularity of leveraged ETFs and products aimed at traders has contributed to the competitive landscape [7]. Group 3: Geographic Distribution of ETF Trading - Global ETF trading volume has significantly increased, averaging around $13 trillion per quarter, with the U.S. accounting for over 80% of this volume [9]. - The dominance of the U.S. market is attributed to its scale and depth, as well as international investors' preference for U.S.-listed ETFs due to their stronger liquidity and narrower spreads [9]. Group 4: Active ETFs and Market Sentiment - The list of the most actively traded ETFs has seen more volatility, with leveraged ETFs linked to high-volatility stocks like Tesla and semiconductors gaining prominence [10].