The Expanded ETF Ecosystem
White Paper

The ETF ecosystem consists of interlocking entities and relationships that facilitate smooth buying and selling of ETFs. Traditional ETFs are known for their transparency in disclosing daily holdings, but new structures and models are changing this. New entrants and approaches, including semi-transparent ETFs, have gained SEC approval. These funds selectively disclose portfolio holdings on a schedule similar to actively-managed mutual funds, while maintaining market and net asset value parity through alternative signaling methods.

In this white paper, we collaborated with Arro Financial Communications and ETF Trends to create a comprehensive companion to the expanded ETF ecosystem, encompassing both traditional passive ETFs as well as these new semi-transparent models that are beginning to see the light of day. Download here.