The Premier Exchange for Innovation and Market Quality
Semi-Transparent ETFs Thrive on Cboe.
Primary Listings Average National Best Bid & Offer Spreads
Volume Market Share by Exchange Group
Cboe Internal Data over January 2022.
What are Semi-Transparent ETFs?
Semi-Transparent ETFs bring investors the best parts of a mutual fund in the accessible vehicle of an ETF.
Though similar to a standard ETF in terms of affordability, tax advantages and liquidity, Semi-Transparent ETFs are only required to disclose holdings quarterly, like mutual funds. This disclosure method enables asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their proprietary strategy hidden to protect shareholders.
*The above chart briefly exemplifies some of the advantages of the Semi-Transparent ETFs. It is not intended to be a full explanation.
Cboe Semi-Transparent ETF Partners
Industry Leading Technology
Cboe's best-in-class exchange technology supports the listing and trading of all Semi-Transparent ETF Structures.
Fees That Reflect Your Success
Our fee structure was developed with partnership top of mind.
As issuers' products mature and increase in volume, issuers' listing fees decrease.
Annual Listing Fees
YEAR ONE
BEYOND THE FIRST YEAR (CADV)
1,000,001+
(shares/day)
$5,000
100,001+
(shares/day)
$5,500
10,001+
(shares/day)
$6,000
Less than 10,000
(shares/day)
$7,000
Other Pricing
Transfer Pricing
Issuers that transfer to Cboe will pay a flat annual listing fee.
19b-4 Pricing
Products that require a 19b-4 filing will be charged a one-time fee of $7,500 per product, which caps out at $22,500 per year. If products do not require a 19b-4 filing, then the Annual Listing Fees are the only applicable fees.
Focus on the Entire ETP Lifecycle
Cboe offers issuers support throughout the entire Semi-Transparent ETF lifecycle.
Holistic support for your products long past launch from Cboe's legal, marketing and listing specialists, all with decades of ETP-specific expertise.
Additional Resources
Growth in Semi-Transparent ETFs over the years
How markets are made with Semi-Transparent ETFs
A new era of investing