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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
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.
Are You Judging ETFs the Wrong Way?
The metrics that defined yesterday's ETFs may not be the ones that matter most today.
The SpaceX IPO May Have Revealed a New ETF Loophole
The SpaceX IPO may have revealed a new ETF trade, one that lets temporary capital capture scarce IPO allocations at the expense of long-term shareholders.
Should You Avoid a Small ETF?
Every successful ETF started small. So why do investors avoid them?
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.
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
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ETF Industry KPIs July 6, 2026
This week’s KPI data overview highlights key metrics and trends shaping the ETF landscape.
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The ETF Show - The Evolution of Leveraged & Inverse ETFs
Leveraged and inverse ETFs have exploded in popularity over the past decade capturing more assets as retail traders seek to capture volatility.
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The ETF Show - Investors Turn to Small Caps as Value Outperforms
After years of outflows, small caps have attracted interest as the Russell 2000 outperforms the broad market. Chris Parker, Senior Portfolio Manager from Thrivent Asset Management joins the ETF Show to discuss.
ETF Trends
ETF Industry KPIs 6/29/2026
This week’s KPI data overview highlights key metrics and trends shaping the ETF landscape:
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The ETF Industry Is Evolving Fast
From AI infrastructure to active strategies, the ETF landscape is shifting. Share your perspective in the 7th Annual Global ETF Survey and get exclusive early access to the final report.
