<div>With over $1 trillion in assets, Europe is the world’s second largest ETF market. However, ETFs represent only 6% of the total European fund market, compared to 20% in the US. The relatively untapped potential of the European ETF market makes it attractive to existing ETF providers looking to expand their global footprint and new entrants trying to avoid the stiff competition in the US market.</div><div>&nbsp;</div><div>Launching an ETF in Europe comes with unique nuances that can be challenging for even the most seasoned ETF manager. With over 20 exchanges and clearinghouses the market is extremely fragmented, compared to the straightforward nature of the US market. Further complicating things is the fact that approximately 70% of European ETF trading is done over-the-counter. All of this means that ETF managers have additional liquidity and settlement timing considerations to factor into their European models.</div><div>&nbsp;</div><div>This playbook will help you understand the dynamics of the European ETF market and the important considerations you should consider when establishing a European ETF.</div><div>&nbsp;</div><div>Learn more <a href="/rcs/citigpa/storage/public/icpublic/Citi-Securities-Services-European-ETF-Playbook.pdf" target="_blank">here</a>.</div><p>&nbsp;</p>

<p>This playbook will help you understand the dynamics of the European ETF market and the important considerations you should consider when establishing a European ETF.</p>

How to Launch a European Exchange-Traded Fund (ETF)

<p>Asset managers considering interval funds will want to ensure they understand the unique regulatory, operational, and servicing complexities around this structure.</p>

Understanding Interval Funds

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With nearly $35 trillion in lendable assets globally, the securities lending market is at near historic highs. As firms’ profit margins are being squeezed by changing customer preferences, rising costs, and increasing regulatory requirements, securities lending can help combat this pressure. In 2021, firms engaging in securities lending generated more than $11 billion revenue. This playbook will help you understand the key business, operational, and legal considerations that your firm can take into account as it looks to establish a securities lending program.

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<p style="box-sizing: border-box; margin: 0px 0px 29px; font-weight: 300; font-size: 18px;">With nearly $35 trillion in lendable assets globally, the securities lending market is at near historic highs. As firms&rsquo; profit margins are being squeezed by changing customer preferences, rising costs, and increasing regulatory requirements, securities lending can help combat this pressure. In 2021, firms engaging in securities lending generated more than $11 billion revenue.</p>
<p style="box-sizing: border-box; margin: 0px 0px 29px; font-weight: 300; font-size: 18px;">This playbook will help you understand the key business, operational, and legal considerations that your firm can take into account as it looks to establish a securities lending program.</p>
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As firms’ profit margins are under pressure from changing customer preferences, rising costs, and increasing regulatory requirements, securities lending can provide an additional source of revenue.

How to Establish a Securities Lending Program

Europe’s Undertakings for Collective Investment in Transferable Securities (UCITS) framework has evolved from a European fund product to become the preeminent global cross-border fund vehicle. With nearly €13 trillion in assets and distributed in over 80 countries, UCITS is now the go-to option for asset managers looking at global fund distribution and is a trusted brand with regulators and investors. The harmonized regulatory framework allows managers to create a cross-border platform to sell their funds to retail and institutional investors worldwide in a scalable and cost-efficient manner. This playbook will help you understand the key elements of the framework and important considerations you should think about when launching a UCITS fund.

<p style="box-sizing: border-box; margin: 0px 0px 29px; font-weight: 300; font-size: 18px;">Europe&rsquo;s Undertakings for Collective Investment in Transferable Securities (UCITS) framework has evolved from a European fund product to become the preeminent global cross-border fund vehicle. With nearly &euro;13 trillion in assets and distributed in over 80 countries, UCITS is now the go-to option for asset managers looking at global fund distribution and is a trusted brand with regulators and investors. The harmonized regulatory framework allows managers to create a cross-border platform to sell their funds to retail and institutional investors worldwide in a scalable and cost-efficient manner.</p>
<p style="box-sizing: border-box; margin: 0px; outline-width: 0px; font-weight: 300; font-size: 18px;">This playbook will help you understand the key elements of the framework and&nbsp;important considerations you should think about when launching a UCITS fund.</p>
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This playbook will help you understand the key elements of UCITS and the important considerations you’ll need to think about to establish a UCITS fund.

How to Launch a UCITS

<p>The global ETF market has grown dramatically over the last decade, with assets under management reaching $10 trillion at the end of 2021. The growth of the market is expected to continue and more asset managers are considering adding ETFs to their product offering. While much of the ETF operating model will be familiar to traditional asset managers, there are ETF-specific nuances and considerations that must be taken into account.</p><p><br>This guide highlights some of the unique aspects of the ETF market, along with the changes you may need to make to your operations in order to supports ETFs.</p><p>Learn more <a href="/rcs/citigpa/storage/public/icpublic/Citi-Securities-Services-Understanding-ETFs-Playbook.pdf" target="_blank">here</a>.</p>

<p>A guide to the unique aspects of the ETF market.</p>

Understanding Exchange-Traded Fund (ETF)s

Whether you’re considering a new market or launching a new product, our of series of playbooks provide you with the key information you should consider before starting the journey.

<p><span style="font-size: 18px; font-weight: 300; float: none; display: inline;">Whether you&rsquo;re considering a new market or launching a new product, our of series of playbooks provide you with the key information you should consider before starting the journey.</span></p>

Expanding your product offering often involves entering uncharted territory and it’s helpful to have a guide.

How to Launch

<div>The US ETF market has grown dramatically over the last decade, with an annual growth rate of over 19% and assets under management exceeding $7 trillion at the end of 2021. In addition to the expected continued growth of the market, the approval of several semi-transparent ETF models has more active asset managers considering adding ETFs to their product offering.</div><div>&nbsp;</div><div>A big challenge for managers entering the ETF market is building the scale necessary to be competitive. One way to achieve scale is to convert an existing mutual fund into an ETF, which can help firms get a leg up when entering the ETF race.</div><div>&nbsp;</div><div>This guide highlights some of the considerations when converting a mutual fund to an ETF, along with the changes you may need to make to your operations.</div><div>&nbsp;</div><div>Learn more <a href="/rcs/citigpa/storage/public/icpublic/Citi-Securities-Services-ETF-Conversion-Playbook.pdf" target="_blank">here</a>.</div>

<p>Understanding the key considerations for converting a mutual fund to an ETF.</p>

How to Convert a Mutual Fund to an Exchange-Traded Fund (ETF)

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