{"id":140265,"date":"2026-05-19T16:34:16","date_gmt":"2026-05-19T20:34:16","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/inside-the-etf-primary-markets-structure-scale-and-the-need-for-smarter-workflows\/"},"modified":"2026-05-19T17:04:43","modified_gmt":"2026-05-19T21:04:43","slug":"inside-the-etf-primary-markets-structure-scale-and-the-need-for-smarter-workflows","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/inside-the-etf-primary-markets-structure-scale-and-the-need-for-smarter-workflows\/","title":{"rendered":"Inside the ETF primary markets: Structure, scale and the need for smarter workflows"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417b55c3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Inside the ETF primary markets: Structure, scale and the need for smarter workflows<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/408970031resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"office building view\" title=\"office building view\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417c7a3f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 19, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417cb2de'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">ETF\u00a0growth and product innovation are\u00a0accelerating, increasing structural complexity\u00a0across global markets.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Bloomberg provides an integrated, global set of\u00a0ETF trading\u00a0tools,\u00a0including primary market mechanisms like\u00a0creation and redemption,\u00a0which are\u00a0critical to liquidity,\u00a0pricing\u00a0and scalability.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Navigating regional differences and operational workflows is essential for efficient\u00a0ETF\u00a0trading\u00a0at scale.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417cf72b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">As exchange-traded funds (ETFs) become one of\u00a0the\u00a0most widely used tools in modern investing,\u00a0the\u00a0ETF\u00a0ecosystem is undergoing significant transformation.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Rising volumes,\u00a0increasing\u00a0complexity of strategies being wrapped inside\u00a0ETFs\u00a0and broader adoption are increasing\u00a0the\u00a0demands on trading desks. Execution efficiency, risk\u00a0management\u00a0and\u00a0the\u00a0ability to\u00a0operate\u00a0across fragmented global markets are becoming important considerations.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417d1cf7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_7836680716716732889\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-launches-portfolio-trading-basket-builder-incorporating-bval\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Portfolio Trading Basket Builder\"\n        >\n                      Portfolio Trading Basket Builder\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_1443468851303418446\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/trade-analytics\/btca\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"BTCA\"\n        >\n                      BTCA\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_7468322588856109003\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/bloomberg-terminal\/portfolio-analytics\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"PORT\"\n        >\n                      PORT\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW262184837 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW262184837 BCX0\"><span class=\"TextRun SCXW201765474 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW201765474 BCX0\">In this environment, understanding ETF market structure, particularly\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">role of\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">primary market<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">s<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">, is essential. As liquidity dynamics evolve<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">,\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">driven by expanding investment strategies being formed within\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">ETF wrapper<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">,<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">ability to\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">ac<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">c<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">e<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">ss<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">create and redeem mechanisms is becoming\u00a0<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">an important component<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">\u00a0of trading strategies<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">\u00a0for sell-side firms dealing with ETF secondary market trading<\/span><span class=\"NormalTextRun SCXW201765474 BCX0\">.<\/span><\/span><\/span><\/span><\/p>\n<p>Bloomberg\u2019s <span class=\"NormalTextRun SCXW262184837 BCX0\">ETF<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">solutions<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">ac<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">ross\u00a0<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">the\u00a0<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">primary and secondary markets<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">\u00a0are designed to support this shift<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">\u00a0and many others<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">, helping clients standardize workflows, improve\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW262184837 BCX0\">execution<\/span><span class=\"NormalTextRun SCXW262184837 BCX0\">\u00a0and navigate a complex global landscape.<\/span><span class=\"EOP SCXW262184837 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417d6d7d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">What matters most in markets today?<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Get the latest insights, outlooks, webinars and more with Bloomberg newsletters.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2455283080752337883\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0d4417dc359'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW52552638 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW52552638 BCX0\" data-ccp-parastyle=\"heading 2\">ETF<\/span><span class=\"NormalTextRun SCXW52552638 BCX0\" data-ccp-parastyle=\"heading 2\">s continue to reshape\u00a0<\/span><span class=\"NormalTextRun SCXW52552638 BCX0\" data-ccp-parastyle=\"heading 2\">the\u00a0<\/span><span class=\"NormalTextRun SCXW52552638 BCX0\" data-ccp-parastyle=\"heading 2\">investment landscape<\/span><\/span><span class=\"EOP SCXW52552638 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">ETFs continue to expand at an elevated pace, driven by sustained inflows, product innovation and increased participation from both institutional and retail investors. The growth of crypto-linked ETFs and other structures is democratizing investing for the public, widening access to asset classes that were previously less accessible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, the market is shifting toward active strategies. As of March 2026, active ETFs in the U.S. surpassed 1.51T in AUM, seeing half a trillion in asset growth from prior year balances.\u00a0 The influx of assets into the active ETF space has prompted investment management firms across the industry to get involved. In February 2026, 88% of newly launched ETFs were actively managed, reflecting a move away from traditional index-tracking products and toward more differentiated approaches.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETF activity is also becoming more geographically diverse. While the U.S. remains the largest market, Europe and Asia continue to grow, with asset managers expanding their footprint and adapting to regional market structures.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW68594594 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW68594594 BCX0\" data-ccp-parastyle=\"heading 2\">Navigating a more complex market<\/span><\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">As the ETF universe grows, so does the complexity of trading it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market participants must price a rapidly expanding range of instruments across time zones and asset classes, while specialist expertise remains limited. At the same time, regional differences, including T+1 versus T+2 settlement cycles, local clearing frameworks and custody requirements, directly influence how ETF trades are structured and executed. Not to be outdone, discussions continue on around what 24&#215;5 trading would mean for ETF markets, if implemented, further increasing complexity for market makers and authorized participants to support ETF liquidity.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With all these considerations for clients, Bloomberg is investing in enabling quicker and cleaner access to ETF data across holdings, secondary market quotes and fair value estimates. The aggregate of ETF holdings data across domiciles allows sell-side desks to access key holdings information with minimal friction and latency to support pricing throughout the trading day.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As ETFs hold underlying securities, the create and redeem mechanism relies on the delivery of a basket of securities in exchange for ETF shares. This often requires portfolio managers or market makers and authorized participants to source the underlying investments. Tools such as the Bloomberg Portfolio Trading Basket Builder (PTBB) allow users to access securities such as corporate bonds in a single trade, while also assessing how a proposed basket aligns with ETF holdings and referencing iNAV to indicate fair value prior to execution. This connectivity supports pricing and execution decisions when portfolio trading is used.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETF market structure varies across regions, and these differences can impact pricing, liquidity access and execution strategy. For global firms, the challenge is twofold: they must identify where workflows can be standardized and where local market structure requires tailored approaches.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The right data is essential to ensure appropriate trading strategies are applied to each trade and that pricing models are calibrated accurately. A clear understanding of how primary and secondary markets interact supports more consistent execution outcomes. This complexity shapes not only how firms access primary market liquidity, but also how they approach execution in the secondary markets.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW115916552 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">Building an effective\u00a0<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">ETF<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">t<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">r<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">ad<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">in<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">g<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0st<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">ac<\/span><span class=\"NormalTextRun SCXW115916552 BCX0\" data-ccp-parastyle=\"heading 2\">k<\/span><\/span><span class=\"EOP SCXW115916552 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Automation workflows are becoming more widely adopted and are becoming a baseline requirement for clients. Trading desks are implementing rules-based processes and integrated systems to manage complexity at scale. This includes automated create and redeem workflows, which are increasingly used as firms rely on primary market access to source liquidity, particularly for newer or less liquid ETFs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bloomberg Terminal is a multi-asset tool spanning fixed income, equities, crypto, derivatives (i.e. options) and more, enabling users across the buy and sell side to manage capital flows alongside a diverse set of dealers and market makers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Expanding front office tools into the primary market workflow is an area of focus, bringing capabilities historically used in secondary market trading into create and redeem processes. This includes portfolio optimization and analytics, speed of execution and data output through FIX and Bloomberg protocols such as BPIPE, as well as integration with order management systems for intraday portfolio analysis and execution through Bloomberg EMS solutions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bloomberg provides an integrated, global set of ETF trading tools, giving clients unified access to liquidity and workflows across the Americas, EMEA and Asia Pacific regions through a single-entry point. This approach supports scale, cost efficiency and consistency across regions.\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW123950816 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW123950816 BCX0\" data-ccp-parastyle=\"heading 2\">Enhanced basket functionality<\/span><\/span><span class=\"EOP SCXW123950816 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">As trading desks refine their execution strategies, the connection between secondary activity and primary market workflows becomes increasingly important. Access to data tailored specifically to ETF liquidity sourcing, from pre-trade analysis to execution and settlement, requires a streamlined and readily-accessible source of truth for data. Trades executed in the secondary markets can trigger create and redeem activity, particularly when available liquidity is limited.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BSKT is Bloomberg\u2019s primary market workflow tool designed to facilitate ETF creation and redemption. It enables authorized participants and market makers to negotiate, manage and exchange underlying security baskets for ETF shares in a standardized manner.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BSKT provides a single workflow that enables market makers, authorized participants and ETF portfolio managers to discuss and agree on the structure of a create or redeem ticket. The workflow connects Bloomberg liquidity data and analytics, including aggregated portfolio exposure metrics such as yield to worst, option-adjusted spread and duration, alongside bond cost estimates using pre-trade transaction cost analysis. Following agreement, tickets can be staged electronically to back-office providers for both buy-side and sell-side workflows.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The solution also allows ETF portfolio management teams to source underlying liquidity directly within the create and redeem process, supporting trading efficiency. Post-execution, integrated connectivity with back-office providers enables downstream reporting for both issuers and liquidity providers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miguel Alvarez, who oversees BSKT, explains how Bloomberg\u2019s tools support these workflows:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cToday, traders can access the secondary markets for ETFs directly through Bloomberg\u2019s toolset while also providing sell-side and buy-side participants the ability to tap into the primary markets when needed, creating or retiring ETF shares in response to secondary market activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We provide liquidity providers with the underlying data they need to price ETFs accurately and quote to clients. That same dataset can be published into BSKT, giving firms a channel for managing capital flows into and out of the ETF. Traders can also use Bloomberg to execute any underlying securities they may be short or missing in exchange for ETF shares.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As client workflows evolve, there is an increased need for efficient and scalable processes that support in-kind create and redeem activity. Active ETF managers are placing greater emphasis on discretion when sourcing liquidity, requiring control over how and when proposed baskets are shared with market makers. BSKT supports both blind and non-blind distribution of security lists, enabling portfolio managers to manage access to sensitive information, allowing for operational scale and consistency.\u00a0<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW57897444 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW57897444 BCX0\" data-ccp-parastyle=\"heading 2\">Positioning for\u00a0<\/span><span class=\"NormalTextRun SCXW57897444 BCX0\" data-ccp-parastyle=\"heading 2\">the n<\/span><span class=\"NormalTextRun SCXW57897444 BCX0\" data-ccp-parastyle=\"heading 2\">ext phase<\/span><\/span><span class=\"EOP SCXW57897444 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">The ETF landscape continues to evolve as product innovation, complexity of asset classes and regional market differences shape how trading desks operate. These changes are placing greater emphasis on infrastructure, data and workflows that support consistent access to liquidity and operational scale.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investment in accessibility of data remains a key area of focus for Bloomberg. To properly price and provide liquidity for sell-side participants, access to the latest holdings and baskets is central. Bloomberg data enables traders to access broad coverage of the ETF holdings data using real-time electronic protocols.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, services such as BSKT provide permissioned sell-side desks with access to ETF baskets in real-time in order to have the latest information. These services allow fund managers to make updates to their baskets in near real-time and distribute to traders efficiently.\u00a0 Investments do not just stop at holdings and baskets accessibility.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETF portfolio managers, broker\/dealers and market makers can now look at an ETF\u2019s iNAV as a reference for a basket of securities when using Bloomberg\u2019s portfolio trading tool , PTBB &lt;GO&gt;. Embedded in that tool, users have access to compare a proposed list against ETFs and see which ones most overlap on a holdings basis to their list. PTBB also leverages Bloomberg\u2019s dataset to provide an intraday view of an ETF\u2019s iNAV, offering a real-time indication of fair value ahead of the ETF\u2019s NAV publication.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Increasingly, due to the liquidity needs of sell-side desks, primary market workflows are becoming a bigger part of the sell-side and ETF issuers\u2019 toolkit. The ability to manage create and redeem activity in a structured and connected way supports how firms source liquidity, manage exposures and respond to changing market conditions.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As ETFs continue to push the boundaries of what underlying assets they hold, whether for active or passive management, BSKT remains at the forefront of helping ETF PMs to manage their capital flows with minimized costs. The increasing adoption by active management of ETFs as a vehicle of choice for deploying investment strategies has put increased focus on the primary market (i.e. create\/redeem) workflow.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Bloomberg, investment in development is focused on bringing more front-office tools into the ETF primary market workflow. Managers are requiring analytics such as portfolio cost analysis through Bloomberg\u2019s TCA capabilities, aggregated portfolio statistics powered by PORT\u2019s risk engine and distribution of the list to a select user list.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Portfolio managers in the active space increasingly want greater control over distribution of their preferred names list. This has required new features that put guardrails in place to ensure counterparties receive insights only upon agreement and verification by the portfolio manager that the market maker requesting the basket list is approved for access. Bloomberg provides the tools, data and connectivity to support these workflows, helping market participants navigate market structure and operate across regions with consistency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While primary market workflows are a critical component of ETF trading, much of the day-to-day execution activity takes place in the secondary markets.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In our next piece, we explore how trading desks are approaching secondary market execution, including RFQ workflows, dealer selection and tools designed to support pricing and liquidity access.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0d4417e1567]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section 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