Assets under management in exchange-traded funds have grown at an incredible rate (22.6% annually) over the past five years, however, the evolution of the trading landscape has not kept pace with the growth in assets.

This is, in part, due to the trading infrastructure for ETFs remaining fragmented and systems continually operating below their potential efficiencies. In fact, the ETF industry has long been an advocate for market efficiency as a basic premise for investors to make better decisions.