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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
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.
When ETF Liquidity Is Only an Illusion
In ETF trading, the difference between what you see and what you can execute is where liquidity risk begins.
ETF Spreads: The Signal Investors Misread
The tight number on your screen is not a promise of liquidity, it is a real time price for risk.
ETF Premiums & Discounts: When They Matter and When They Don’t
Most ETF premiums and discounts aren’t warning signs. They’re signals. The challenge is knowing which ones actually matter.
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
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.
First Look ETF
First Look ETF: Healthcare Inflation, Emerging Markets, and Bitcoin ETFs
In this season 6 episode of First Look ETF, Stephanie Stanton @etfguide examines the latest ETF marketplace trends with NYSE and guests.
Asset TV
The ETF Show - Upcoming SpaceX IPO Fuels Space Exploration ETF Boom
The anticipated SpaceX IPO has fueled a boom of space exploration ETFs and investors have poured hundreds of millions into these funds to gain access to the space economy.
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.
