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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
The Next ETF Battleground Isn't Just Fees. It's Strategy
ETFs won the battle to make investing cheaper. The next battle is over who can use the wrapper to build better portfolios.
ETF Creation Windows Matter More Than You Think
Why the timing of ETF creation and redemption cutoffs can affect execution quality on large orders.
Why the Time of Day Matters When Trading an ETF
An ETF may trade from 9:30 a.m. to 4:00 p.m., but that doesn’t mean every minute of the trading day is created equal.
The Leveraged ETF Question Nobody Is Asking
The real risk may not be leverage itself, but whether the underlying securities can absorb the hedging and rebalancing pressure during periods of stress.
You Picked the Right ETF. Did You Trade It the Right Way?
The difference between a good ETF investment and a bad one may come down to how you execute the trade.
Who Really Cares About ETF Average Daily Volume?
Most investors judge an ETF by its average daily volume. They may be looking at the wrong metric.
ETF Innovation Comes With a Risk Few Are Talking About
The ETF industry's tax efficiency has been a major advantage for decades. The question is whether aggressive innovation could put it at risk.
Before You File Your ETF, Read This First
Some of the most important ETF launch decisions happen before the first document is filed.
Before You Buy an ETF, Ask Yourself One Question
The most important question about an ETF isn't how it performed. It's what it was designed to accomplish.
ETF Innovation Has Accelerated. Can the Market Making Ecosystem Keep Pace?
Innovation doesn't end with product design. It depends on the market-making ecosystem that turns ideas into tradable ETFs.
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
What’sTheFund
What's the Fund | Ocean Park Diversified Income ETF (DUKZ)
James St Aubin, Chief Investment Officer at Ocean Park Asset Management, discuss the DUKZ ETF, exposing investors to the whole spectrum of asset classes in the fixed income markets, through their rules-based process.
ETF Takeaway
ETF Takeaway: Ocean Park Diversified Income ETF (DUKZ)
James St Aubin, Chief Investment Officer at Ocean Park Asset Management discusses the state of fixed income markets and how their DUKZ ETF, through their rules-based process, tactically allocates to 11 sectors of fixed income through underlying ETFs.
ETF Trends
ETF Industry KPIs August 17, 2026
This week’s KPI data overview highlights key metrics and trends shaping the ETF landscape:
First Look ETF
First Look ETF: Cycle Aware Investing & Next-Gen Nicotine Shifts
In this season 6 episode of First Look ETF, Stephanie Stanton examines the latest ETF marketplace trends with NYSE and guests.
Browse all educational columns
Active Trader Report: Use of Leveraged & Inverse ETFs Way Up
Direxion partnered with Compound Insights and Vanda to explore what’s driving the evolution of active trading — and how active traders are using leveraged and inverse funds across equities, single stocks, commodities, and volatility.
