NYSE CRTR Economy Event Watch the replay →
Nicholas Phillips
President, ETF Capital Markets Advisors LLC
Nicholas Phillips is the President of ETF Capital Markets Advisors LLC, a consulting firm focused on ETF capital markets, liquidity strategy, market structure, trading execution, and ecosystem coordination.
With more than 27 years of experience across ETF market making, trading, and issuer-side capital markets, Nicholas is recognized as a subject matter expert within the ETF industry. He began his career as a lead ETF market maker at Susquehanna International Group (SIG) and Goldman Sachs, where he spent a decade managing ETF liquidity, trading, and risk across a broad range of products and market environments.
Nicholas subsequently served as Director of ETF Capital Markets at VanEck, overseeing key operational and trading initiatives while deepening the firm’s engagement across the ETF ecosystem. He later led and expanded the ETF desk at MCAP LLC, developing pricing and risk models while strengthening relationships across issuers, market makers, and trading counterparties.
In 2025, Nicholas joined GQG Partners as Director of ETF Capital Markets, where he helped launch the firm’s first ETF before the company paused further ETF expansion efforts.
Today, through ETF Capital Markets Advisors LLC, Nicholas advises ETF issuers and industry participants on launch strategy, liquidity optimization, execution quality, AP and market maker engagement, exchange coordination, and broader ETF market structure dynamics, including current engagements supporting the ETF platforms of Westwood Holdings Group and WEBs ETFs.
Nicholas is also a regular contributor to ETF Central, where he writes extensively about ETF liquidity, market structure, trading mechanics, ecosystem evolution, and the operational realities behind ETF growth. His experience across trading, liquidity, and ETF market structure also positions him well for advisory and board-related roles within the asset management industry.
News by Nicholas Phillips
Do You Really Know How Diversified Your ETF Is?
Your ETF may own 500 stocks, but how many actually drive your returns?
Should ETF Issuers Publish Trading Guides?
Understanding what an ETF owns is important. Understanding how it trades can be just as critical.
Why ETF Spreads Often Mislead Investors
ETF spreads are often treated as a direct cost to investors. In reality, many of the same trading frictions exist throughout traditional asset management, they are simply less visible.
Why the ETF Ecosystem Is Changing Faster Than Most Realize
The ETF industry is becoming more modular, specialized, and accessible, but the fundamentals of ETF success remain as demanding as ever.
At What Point Does an ETF Become the Market?
As leveraged commodity ETFs evolve, understanding how they interact with the markets they track is becoming increasingly important.
From Tracking Error to Discretion: Where ETF Risk Now Lives
As ETFs move beyond tracking error, risk doesn’t disappear. It shifts into discretion, where it becomes harder to measure, monitor, and truly understand.
ETF Partnerships Have Changed. Most Issuers Haven’t
The rules of ETF liquidity have evolved, but many issuers are still building for a market that no longer exists
The ETF Launch Myth: Why Most Products Stall After Day One
Launching an ETF doesn’t create AUM. It creates the next phase of work.
24-Hour Trading Is Coming. Not Every ETF Is Ready
Markets can trade 24 hours a day, but liquidity only shows up when it can be hedged.
Rent or Build? The Capital Markets Decision Every New ETF Issuer Must Make
Before an ETF ever trades, one behind-the-scenes decision can shape its entire future.
Advantages of ETFs over Mutual Funds1/6
Lower Costs
In this guide, we'll explore the advantages of ETFs over mutual funds, giving you valuable insights into why ETFs have gained significant popularity among investors like yourself.
Leveraged ETFs: Unlocking the Potential for Amplified Returns1/6
Understanding Leveraged ETFs
Explore leveraged ETFs: potential for amplified returns & risks. 5 ETFs to consider across equities, commodities & fixed income.
What is a Leveraged ETF?1/6
Introducing Leveraged and Inverse ETFs
In this guide, we'll dive into the world of leveraged ETFs, exploring their definition, mechanics, potential risks, and rewards.
Recent educational content
Asset TV
The ETF Show - New Autism-Impact ETF Launched
Defiance ETFs has launched the first ETF, $ASD, focused on the autism ecosystem, investing in companies that provide services, products, and research related to autism and neurodivergence.
ETF Trends
ETF Industry KPIs June 1, 2026
The ETF Industry saw 22 New Launches, 1 Ticker Change and 1 closure last week.
ETF Trends
ETF Industry KPIs May 20, 2026
The ETF Industry saw 44 New Launches, 3 Mutual Fund Conversions and 9 closures last week.
Asset TV
The ETF Show - Politics Becomes Investable Trade through ETFs
Dan Weiskopf, Senior Portfolio Manager at Tidal Financial Group spoke with the ETF Show about Subversive ETFs that help investors trade like politicians.
Browse all educational columns
Build and Analyze Your ETF Portfolio Like a Pro
Create your own ETF portfolio in minutes and instantly see allocations, exposures, performance, and risk. Visualize diversification across asset classes, regions, and sectors. Stress-test ideas, compare benchmarks, and refine your strategy with professional-grade analytics.
