Garrett Stevens

Garrett Stevens runs Exchange Traded Concepts (ETC), one of the major white-label ETF platforms with nearly $6 billion in assets under management and close to 60 funds. For anyone considering launching an ETF, this conversation is essentially a masterclass in what the process actually looks like , from cost and timing to post-launch services that most new issuers don't think about until they need them.

$90,000 and 75 Days: The Real Numbers

Garrett cuts through the ambiguity around launch costs and timing with specific numbers. "The $90,000 to get to market is typical , that's what it costs on our platform to get a fund to market." That's all-inclusive: custom website, legal filings, the prospectus, startup fees with service providers, CUSIP registration , "everything that's required."

The regulatory timeline is 75 days from filing with the SEC. "The SEC has 75 days to declare that fund effective. You're going to get comments from them at day 45 , they're going to ask why you're saying this, how you back up that, ask you to rearrange risk disclosures, make them alphabetical or rank them by importance." Some comments you accept, some you push back on.

The practical timeline is closer to 120 days from commitment to listing , "a couple of weeks to draft a prospectus, 75 days with the SEC, and then the launch preparation period." That final period is critical because during the 75-day SEC review, the fund is in a quiet period. "It is an unregistered security. If you talk about it during that time period, the SEC considers it gun-jumping and they can actually delay your launch by six months."

The Smart Launch Strategy

ETC advises clients to let the fund go effective at day 75 but delay the actual listing by a couple of weeks or a month. "Get the website live, start talking about it, let them talk to their clients, existing relationships, and build some momentum for the product." If the issuer has existing SMA assets to seed the fund, ETC provides guidance on how to transition them , "work it in, don't pop it all in day one. We talk through strategies for how best to do that and make it advantageous for their clients."

Active vs. Passive: The Blurry Line

One of the most valuable parts of the conversation is Garrett's explanation of the active vs. passive distinction. "Active or passive has nothing to do with the frequency of changes in a portfolio. It really has to do with how you arrive at your security selection." He shares a striking example: "We have an index-based product right now that turned over 80% in a week. It's still considered a passive product , the fund just tracks an index."

ETC spends significant time in pre-launch consultation helping issuers determine whether their strategy works better as an active fund or an index. "Right now you're running this and considering it active, but can we help you make this an index, follow some rules? Then you have an index you can talk about and market , it gives you different marketing opportunities."

Post-Launch: The Starting Line, Not the Finish Line

"The fund launch is the starting line, not the finish line," Garrett emphasizes. ETC's post-launch services include a full marketing suite: email campaigns, webinar hosting, website management, PR support, digital campaigns, and even running social media (Twitter and LinkedIn) for several clients. They also work on wirehouse approvals , "we teach them about the wirehouses and have funds at all the major wirehouses, LPLs, Raymond James."

With nearly six billion in assets and close to 60 funds, ETC has the scale to push for inclusion on recommended and approved lists across the distribution space. That institutional relationship network is something individual issuers would take years to build on their own.

What Brad Wished He Had

Brad's commentary throughout reveals the value of this kind of platform: "We did everything ourselves. It took us longer, cost us much more money, and we're learning along the way. It would have been very helpful to have a voice like yours." For new issuers weighing the build-vs-buy decision, Garrett's pitch is compelling: focus on what you know (your investment strategy) and let the platform handle the operational, legal, regulatory, marketing, and distribution infrastructure that has nothing to do with your investment edge. The $90,000 startup cost is a fraction of what most issuers spend going it alone.

One of Garrett's most impactful observations is about the quiet period: between SEC filing and effectiveness, the fund is an unregistered security. Talking about it publicly during those 75 days constitutes "gun-jumping" and can delay the launch by six months. Many first-time issuers don't understand this constraint and inadvertently promote their upcoming fund on social media or in client communications. ETC's pre-launch coaching helps clients manage this minefield , building excitement and lining up day-one capital without crossing regulatory lines. It's the kind of practical knowledge that separates experienced platforms from do-it-yourself launches.

Key Takeaways

• Garrett Stevens runs Exchange Traded Concepts (ETC), one of the major white-label ETF platforms with nearly $6 billion in assets under management and close to 60 funds.
• For anyone considering launching an ETF, this conversation is essentially a masterclass in what the process actually looks like , from cost and timing to post-launch services that most new issuers don't think about until they need them.
• "The SEC has 75 days to declare that fund effective.
• You're going to get comments from them at day 45 , they're going to ask why you're saying this, how you back up that, ask you to rearrange risk disclosures, make them alphabetical or rank them by importance." Some comments you accept, some you push back on.

Listen to the full conversation on Spotify, Apple Podcasts, or YouTube.