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.