Xinhua News Agency, May 31, Dacheng Fund issued a notice a few days ago, saying that the net asset value of Dacheng Shanghai Gold ETF has been less than 50 million yuan for 50 consecutive working days, and trading has been suspended from May 30 until the listing is terminated. In addition, a number of Shanghai Gold ETF products also announced recently that the fund may face termination of listing due to the fund's net asset value or the number of holders hitting the liquidation line for many days in a row. Why does Shanghai Gold ETF, as an "innovative product", frequently touch liquidation only one year after its establishment, and why do a number of Shanghai Gold ETF products come to an end in the midst of the sharp rise in gold prices? Public offerings interviewed by reporters said that Shanghai Gold ETF products are relatively small, the investment group is limited, and the ETF products tracking the same index are more homogeneous, so the first entrants are often able to seize the first-mover advantage and form the "Matthew effect". If the late-issued products do not have enough customers, even if the gold price soars, it is difficult to reverse the liquidation situation and develop characteristic ETF products or the way to win in the white-hot competitive environment of the industry. (China Securities News)