Specialist companies that help firms set up exchange-traded funds have become an increasing presence in an ETF industry that has been dominated by big brands. From just two main players three years ago, there are now more than half a dozen so-called white-labelling providers in the US, the most recent being ETF Issuer Solutions, which launched in November.

White-labelling providers help fund managers, advisers and firms launch their own private ETFs by securing regulatory approvals so a firm can set up and sell an ETF product without building the infrastructure of an ETF business itself. white labellers can also offer other services including, co-branding, marketing and distribution. Some, offer only simple fund administration; others full operations, back office, distribution, and trading services.