Group 1 - The market is potentially entering a new phase characterized by the reevaluation of crowded "non-traditional" strategies within exchange-traded funds (ETFs) [1] - Investors are currently more interested in real asset themes such as infrastructure and industrial reshoring rather than artificial intelligence [1] - The process of bringing ETFs to market has become mainstream, making it easier for investors to drive new themes based on market conditions [2] Group 2 - There is a tendency for performance chasing in the ETF space, which can lead to themes being played out by the time they reach the market [3] - Despite this, there is no indication that innovation within the ETF space will diminish [3]

Core Insights - The ETF market is experiencing rapid changes, making it challenging for participants to keep pace with developments [1] Group 1 - Intense product development and proliferation in the ETF sector has been noted in recent months [1]