The Securities and Exchange Commission is conducting a broad review of exchange traded funds, the SEC’s director of the division of investment management said Wednesday.

The SEC is “currently engaged in a general review of exchange traded products, which includes gathering and analyzing detailed information about specific products,” Eileen Rominger said at a Senate subcommittee hearing Wednesday on ETFs.

The regulator is examining “adequacy of investor disclosure, liquidity levels and transparency of underlying instruments in which ETPs invest, fair valuations, efficiency in the arbitrage process and the relationship between market volatility and ETPs.”

At the hearing, some market experts refuted claims that ETFs are contributing to market volatility and rising correlations. [Nasdaq Exec Says ETFs ‘Tempting Target’ for Market Volatility]