在 Bloomberg 于 2026-02-14 出刊的 ETF IQ 电子报中，价值 $19 trillion 的全球 ETF 产业被描述为，透过可为潜在发行人提供更多可近性的「white-label」公司而日益容易进入；这些公司负责法律、监管与营运层面的建置，而次顾问（sub-advisor）则专注于投资组合。文中引用 Tidal Financial Group 作为重要例子，称其在前一年推出 162 档 ETF，并且总计服务超过 360 档基金，反映 white-label 发行的快速成长，因为产业新进者寻求比建立完整的内部 ETF 团队更快、更便宜的途径。

Tidal 的产品开发主管 Aga Kuplinska 表示，第一个门槛是某个想法是否真正具备差异化，并指出像是以衍生品为基础、以收益为导向的 ETF 等热门类别已经非常拥挤。在成本方面，她给出的起始点是每档 ETF $250,000「或更高」，而复杂度（尤其是使用衍生品）会使成本维持在相对较高水准；相对地，较简单的 long-only 股票投资组合，若赞助方已具备持续管理所需的关键资源与基础设施，成本就可能出现压缩。

另一项发展凸显了将 ETF 扩展至美国退休金通路的努力：管理规模 $18 billion 的 F/m Investments，正为其规模 $6.4 billion 的美国国债 3-Month Bill ETF（TBIL）新增共同基金（mutual-fund）份额类别，且共同基金份额将在 Thursday 以代号 TBFMX 开始交易；该公司表示，自 Vanguard 的专利在近乎 3 years 前到期以来，这是首次采用双份额类别（dual-share class）结构。此举紧接在 SEC 于 mid-December 允许数十家资产管理公司使用多份额类别（multi-share class）结构之后，并被定位为在不改变 ETF 的投资组合、绩效纪录（track record）或团队的情况下，触及通常由共同基金主导的 401(k) 资金流；该电子报也提到主动型（active）ETF 约占美国 ETF 资产的 12%，并在其测验单元指出 QQQ 是与 Nasdaq 连动且 year-to-date 净流出最多的 ETF，而新推出的运动主题 ETF GOLS 自 early January 上市以来的总报酬下跌不到 1%。

In Bloomberg’s ETF IQ newsletter dated 2026-02-14, the $19 trillion global ETF industry is described as increasingly accessible to would-be issuers via “white-label” firms that handle legal, regulatory, and operational setup while a sub-advisor focuses on the portfolio. Tidal Financial Group is cited as a major example, reporting 162 ETF launches in the prior year and servicing more than 360 funds in total, reflecting rapid growth in white-label issuance as industry newcomers look for a faster, cheaper path than building a full in-house ETF team.

Tidal’s product development executive Aga Kuplinska says the first hurdle is whether an idea is truly differentiated, noting popular categories like derivatives-based, income-oriented ETFs are already crowded. On cost, she gives a starting point of $250,000 per ETF “or up,” with complexity (notably derivatives usage) keeping costs relatively high, while simpler long-only equity portfolios can see cost compression when sponsors already have key resources and infrastructure in place for ongoing management.

A separate development highlights efforts to expand ETFs into US retirement channels: F/m Investments, an $18 billion manager, is adding mutual-fund share classes to its $6.4 billion US Treasury 3-Month Bill ETF (TBIL), with mutual-fund shares under ticker TBFMX starting on Thursday; it says it is the first to use the dual-share class structure since Vanguard’s patent expired nearly 3 years earlier. The move follows the SEC allowing dozens of asset managers in mid-December to use multi-share class structures, and is positioned as a way to reach 401(k) flows that are typically mutual-fund dominated without changing the ETF’s portfolio, track record, or team; the newsletter also notes active ETFs are about 12% of US ETF assets, and in its quiz segment identifies QQQ as the Nasdaq-linked ETF with the largest year-to-date outflows, while the newly launched GOLS sports-themed ETF is down less than 1% in total return since its early January debut.