Last year, global ETFs absorbed $1.5 trillion in funds, but small-cap stock ETFs experienced net outflows — this comparison is a bit painful. Large-cap ETFs have won for five consecutive years, while small-cap allocations have fallen to a ten-year low. New fund launches have almost come to a halt, and the entire market is filled with an atmosphere of "being abandoned."

Regarding this phenomenon, there are two main opinions in the market. One believes this is a long-term trend, and the advantages of large-cap stocks will continue. The other insists this is a cyclical adjustment, pointing out that small-cap stocks also once dominated the market in the 2000s. Who is right? To be honest, it's really hard to say right now. But based on the "vote with your feet" in the capital market, at least in the short term, small-cap stocks will continue to be out of favor.