Group 1 - The article discusses the controversy surrounding ETF index constituent adjustments and the perception of ETFs acting as "market stabilizers" by passively buying newly included stocks, leading to investor skepticism [1] - Professional investors have been exploiting the rules of the Hong Kong Stock Connect and index adjustments to engage in arbitrage before companies are added to indices, which has further fueled the belief that ETFs are merely "taking over" positions [1][2] - The lack of innovation in index products and the increasing homogeneity in the ETF market have led to a proliferation of similar products, which does not meet the actual needs of institutions and investors [1][2] Group 2 - The current issuance model of ETFs is criticized for causing significant resource waste and potential losses for both investors and fund companies, as the oversupply of similar products complicates investor selection and may lead to fund liquidation risks [2] - There is a call for improved ETF ecosystem construction, requiring collaboration among regulators, index companies, fund companies, and sales institutions to transition the ETF market from rapid growth to high-quality development [2][3] - Fund companies are encouraged to enhance their research capabilities, service quality, and product innovation to differentiate themselves and avoid the pitfalls of homogeneous competition [3] Group 3 - Enhanced supervision of ETF constituents is necessary to ensure market fairness and transparency, along with improved information disclosure regarding ETF products and tracking indices [3] - A more robust risk rating system for complex ETF products is needed, with stricter entry requirements and investor suitability management to accurately reflect the true risks of these products [3] - Fund managers should take on the primary responsibility for investor education, helping them understand the risk-return characteristics of different ETF products and promoting long-term, value-oriented investment strategies [4]