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Investors in innovative ETF structures, such as private credit or catastrophe bonds, must account for wider bid-ask spreads caused by market maker risk and asset complexity. While the TER might be low, the total cost of ownership includes the spread, which is determined by the liquidity and complexity of the underlying assets.

Impact: Understanding the interplay between TER and spreads helps investors avoid underestimating costs in emerging ETF categories and making more informed liquidity assessments.

— from ETF Infrastructure Disruption: Seeding, Tech, and Reshoring Finance · Alles auf Aktien – Die täglichen Finanzen-News· Apr 25, 2026