The HKEX executive details rapid growth in the Hong Kong ETF market, driven by retail demand for innovative yield-enhancing (covered call) and leveraged/single-stock products. He states the market has more than doubled in five years and expects it to surpass $100B soon. Structural growth in a diversified product set attracts new investor segments (retail) and capital flows (including via Connect), benefiting the entire financial ecosystem in Hong Kong (exchanges, issuers, brokers). The sector is a growth area with momentum, fueled by product innovation and rising investor adoption, making it a key trend to watch. A market downturn could expose risks in leveraged products and dampen retail enthusiasm.