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Regulators turn their gaze on the Big Three in ETFs

FN’s US sister publication Barron’s takes an in-depth look at concentration in the ETF market

HQ of the US Securities and Exchange Commission
HQ of the US Securities and Exchange Commission Photo: Getty Images

The exchange-traded fund industry has a competition problem. The $4tn industry has been unevenly bifurcated for years: Just three firms have steadily held on to 80% of ETF assets in some 600 products.

That leaves another 1,600 ETFs and more than 100 firms competing like gunslingers in the Wild West. And there’s a new sheriff in town.

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