The final metric we explored was average and weighted expense ratio per exchange. Here, BATS had the lowest average expense ratio while NYSE had the highest. That said, when weighted for assets, NYSE had the lowest at 0.21 versus Nasdaq at 0.28.

While BlackRock (BLK), State Street Corp (STT), and other issuers get most of the headlines, the Exchanges are an integral part of the ETF ecosystem that provide infrastructure, data, and indexing services. The liquidity that is provided through these exchanges is at the core of why ETFs are successful. It would seem logical that first mover advantage plays to the NYSE strength, but again since technology and price competition continues to drive market share gains, the investor should expect to win across the ETF ecosystem.

This article was written by Toroso Asset Management, a participant in the ETF Strategist Channel.

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