How do market makers (MMs) profit in both primary and secondary markets, particularly as market makers for ETFs in Malaysia? While I grasp the concept of MMs enhancing market liquidity, I'm curious about the practical aspects of bid and offer prices. Can someone provide a more hands-on explanation of this process?

If you mean by MM ETF in Malaysia how they access liquidity outside of Bursa as they have also incorporate Unit Trust money to buy the ETFs as Bursa Gold is one of the example where AHAM runs the UT portion and also distribute to sell it to Versa and Wahed for the gold portfolio