Group 1 - The trading commission for ETF funds is not fixed, with some brokers offering a minimum fee of 0.05% for ETF transactions, which is currently the lowest standard in the market. Investors need to negotiate with their brokers beforehand [1] - The trading hours for ETFs align with A-shares: 9:30-11:30 and 13:00-15:00, with holidays resulting in market closures [1] - Some ETFs support after-hours fixed price trading from 15:05 to 15:30 [2] Group 2 - ETFs can be traded in two ways: on-exchange trading (mainstream) like stocks with real-time execution, and off-exchange subscription/redemption suitable for institutions using a basket of stocks or cash [3] - T+0 trading is available for bond ETFs, gold ETFs, cross-border ETFs, and currency ETFs, while T+1 applies to most stock ETFs [4] - The minimum trading unit is 1 lot, equivalent to 100 shares, although some Sci-Tech innovation ETFs allow for a minimum purchase of 1 share [5] Group 3 - The price fluctuation limits are ±10% for mainboard ETFs, ±20% for ChiNext and Sci-Tech board ETFs, and no limits for cross-border and commodity ETFs [6] - Institutional investors can subscribe or redeem ETFs using a basket of stocks, with minimum units typically set at 500,000 or 1,000,000 shares [7] Group 4 - The full commission structure includes various fees, with stock trading at 0.01%, and ETF trading at 0.005%. Bond ETFs do not incur fees [8]

Core Viewpoint - Retail investors have become a significant force in the market, driving demand for higher-risk investment strategies, particularly single-stock ETFs supported by leverage and options, with no signs of slowing down [2]. Group 1: Retail Investor Influence - In the first quarter, retail investor trading volume accounted for approximately 20.5% of total trading volume in the U.S. stock market, up from 17% in the same period last year, marking the highest percentage since the meme stock craze in Q1 2021 [7]. - Retail investors are showing sustained interest in the financial markets beyond just meme stocks, aided by zero-commission trading, which has kept participation levels above pre-pandemic norms [7]. Group 2: ETF Issuer Strategies - 16% of new ETFs issued this year employed some form of single-security strategy, either leveraging or using options, with over 15 issuers targeting "degenerate traders" who are willing to take on higher risks and pay higher fees [4]. - There are over 160 single-stock ETFs in the U.S. market, with around 80 stocks identified as the basis for these products, and the average volatility of stocks in the approval process is nearly double that of currently listed ETFs [9]. Group 3: Fee Structures and Profitability - The average fee rate for the ETF industry is approximately 59 basis points, while single-stock ETFs have a higher average fee of 91 basis points, with leveraged or derivative-based ETFs often exceeding 100 basis points [10]. - This fee structure reflects both the complexity of these strategies and the willingness of traders to pay for precise exposure and rapidly changing underlying assets, making single-stock ETFs one of the few areas in the ETF industry with pricing power [10].