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    • Key Policies
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      • Establishing Certainty in Financial Regulations
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      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
    • Comment Letters
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    ICI Default BG
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    ICI Comment Letter on FinCen Proposed Reforms to AML/CFT Program

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    ICI Comment Letter to the FASB Regarding Accounting Standards

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    ICI Default BG
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        • Monthly Active and Index Data
        • Monthly ESG Investing Data
        • Quarterly Worldwide Regulated Open-End Fund Market
      • Mutual Funds
        • Weekly Estimated Long-Term Mutual Fund Flows
        • Weekly Money Market Fund Assets
        • Monthly Money Market Fund Portfolio Data
        • Monthly Trends in Mutual Fund Investing
        • Monthly Mutual Fund Complex Assets
        • Quarterly Long-Term Mutual Fund Asset Composition
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        • Annual Institutional Mutual Fund Shareholder Data
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    Fact Book

    Simplified Chinese Translation – 2026 Investment Company Fact Book: Quick Facts Guide (pdf)

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    Latest Research
    A couple sitting on their sofa with their dog looking at a laptop
    ICI Viewpoints

    ETF Tax Treatment Supports Fairness, Efficiency, and Long-Term Investing

    June 9, 2026
    ICI Default BG
    Fact Book

    Simplified Chinese Translation – 2026 Investment Company Fact Book: Quick Facts Guide (pdf)

    June 8, 2026
    ICI Default BG
    Fact Book

    Japanese Translation – 2026 Investment Company Fact Book: Quick Facts Guide (pdf)

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  • Resource Hubs

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    ICI Viewpoints

    ETF Tax Treatment Supports Fairness, Efficiency, and Long-Term Investing

    June 9, 2026
    Joshua Weinberg standing at the podium at the 2025 ICI ETF Conference
    ICI Viewpoints

    What’s Next for ETFs: Innovation, Distribution, and the Investor Experience

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    A couple looking at a device
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    Stay informed of the policy priorities ICI champions on behalf of individual investors and the asset management industry.

    • Key Policies
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      • Ensuring Tax Fairness and Financial Security
      • Establishing Certainty in Financial Regulations
      • Expanding Access to Private Markets
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      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
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    Explore research from ICI’s experts on industry-related developments, trends, and policy issues.

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    • Statistics
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      • All Statistics
      • Combined ETF and Mutual Funds
        Combined ETF and Mutual Funds
        • Weekly Combined Estimated ETF and Long-Term Flows
        • Monthly Active and Index Data
        • Monthly ESG Investing Data
        • Quarterly Worldwide Regulated Open-End Fund Market
      • Mutual Funds
        Mutual Funds
        • Weekly Estimated Long-Term Mutual Fund Flows
        • Weekly Money Market Fund Assets
        • Monthly Money Market Fund Portfolio Data
        • Monthly Trends in Mutual Fund Investing
        • Monthly Mutual Fund Complex Assets
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        • Quarterly Mutual Fund Assets in Retirement Accounts
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      • 401(k)s
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        • Employee Benefit Research Institute (EBRI) /ICI 401(k) Database
        • The ICI/ISS Defined Contribution Plan Profile
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      • Defined Contribution Plan Investors
      • Defined Contribution Plan Participant Activities
      • Households' Views on Retirement Savings
      • Income from Retirement Plans
      • Retirement Plan Coverage and Participation
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Lei Li
Author

Lei Li
Senior Economist

Areas of Expertise:

Common Ownership Theory
Fees and Expenses
Money Market Funds

Lei Li is a Senior Economist at ICI.

Viewpoints by this Author

The Repo Market Has Vulnerabilities. Mutual Funds Aren’t One of Them
Time to Move on from Prime Money Market Fund Alarmism
GAO Analysis Misrepresents Case for DOL Fiduciary Rule
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