Statement on Novel Exchange-Traded Funds (ETFs)

Exchange-traded funds have been - and remain - a major driver of innovation in the securities markets. ETFs have contributed to increased capital formation and investor choice, reflected in part by the tripling of ETF assets since 2019.

Novel products raise novel questions, and I appreciate the willingness fund sponsors have shown in delaying the effectiveness of a number of novel ETFs, including event contract ETFs, while we consider the implications. To ensure we do this in a transparent and thoughtful manner, I have instructed the staff to seek input from the public on how the Commission should respond to recent market changes.