The Premier Exchange for Innovation and Market Quality

Semi-Transparent ETFs Thrive on Cboe.

Primary Listings Average National Best Bid & Offer Spreads

Quoted Spread Chart
Market Share of Volume Chart

Volume Market Share by Exchange Group

ETFs Volume Market Share

Cboe Internal Data over January 2022.

What are Semi-Transparent ETFs?

Semi-Transparent ETFs bring investors the best parts of a mutual fund in the accessible vehicle of an ETF.

Though similar to a standard ETF in terms of affordability, tax advantages and liquidity, Semi-Transparent ETFs are only required to disclose holdings quarterly, like mutual funds. This disclosure method enables asset managers to take advantage of the liquidity and tax-advantage benefits of the ETF structure, while keeping their proprietary strategy hidden to protect shareholders.

Advantages of Semi-Transparent ETFs compared to standard ETFs and Mutual Funds

*The above chart briefly exemplifies some of the advantages of the Semi-Transparent ETFs. It is not intended to be a full explanation.

Cboe Semi-Transparent ETF Partners

Industry Leading Technology

Cboe's best-in-class exchange technology supports the listing and trading of all Semi-Transparent ETF Structures.

Fees That Reflect Your Success

Our fee structure was developed with partnership top of mind.

As issuers' products mature and increase in volume, issuers' listing fees decrease.

Annual Listing Fees


New Listing

The Annual Listing Fee is prorated based on the date of listing.


List on Cboe











Less than 10,000



Other Pricing

Transfer Pricing

Issuers that transfer to Cboe will pay a flat annual listing fee.

$4,000 (per product)

19b-4 Pricing

Products that require a 19b-4 filing will be charged a one-time fee of $7,500 per product, which caps out at $22,500 per year. If products do not require a 19b-4 filing, then the Annual Listing Fees are the only applicable fees.

$7,500 (if applicable)

Focus on the Entire ETP Lifecycle

Cboe offers issuers support throughout the entire Semi-Transparent ETF lifecycle.

Holistic support for your products long past launch from Cboe's legal, marketing and listing specialists, all with decades of ETP-specific expertise.

Pre-Launch, Launch, Post-Launch Semi-Transparent ETF Offerings
Pre-Launch, Launch, Post-Launch Semi-Transparent ETF Offerings

Additional Resources

Growth in Semi-Transparent ETFs over the years

How markets are made with Semi-Transparent ETFs

A new era of investing