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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
      • Modernizing Disclosure for a Digital World
      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
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    • Disclosure
    • DOL Fiduciary Duty Rule
    • ESG
    • Exchange-Traded Funds
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    • Fraud Prevention
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    • Individual Retirement Account
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  • Issues & Advocacy

    Issues & Advocacy

    Stay informed of the policy priorities ICI champions on behalf of individual investors and the asset management industry.

    • Key Policies
      • Ensuring Tax Fairness and Financial Security
      • Establishing Certainty in Financial Regulations
      • Expanding Access to Private Markets
      • Modernizing Disclosure for a Digital World
      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
    • Comment Letters
    • Amicus Briefs
    Latest Comment Letters:
    ICI Default BG
    Comment Letter

    ICI Response to the EC Consultation on the Shareholder Rights Directive

    May 6, 2026
    ICI Default BG
    Comment Letter

    ICI Comment Letter to the OCC on the Proposed Rules Implementing GENIUS Act

    May 4, 2026
    ICI Default BG
    Comment Letter

    Joint Comment Letter to the SEC on Recordkeeping Requirements for Investment Advisers

    May 1, 2026
  • Research

    Research

    Explore research from ICI’s experts on industry-related developments, trends, and policy issues.

    View all Research

    • Statistics
      • All Statistics
      • 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
        • 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
        • Quarterly Mutual Fund Assets in Retirement Accounts
        • Quarterly Mutual Fund Distributions
        • Annual Institutional Mutual Fund Shareholder Data
      • Exchange Traded Funds
        • Weekly Estimated ETF Net Issuance
        • Monthly Exchange-Traded Fund Data
      • Closed-End Funds
        • Quarterly Closed-End Fund Assets
      • UITs
        • Monthly Unit Investment Trust Deposits
      • More Statistics
        • 529 Plan Program Statistics
        • Quarterly Retirement Market Data
    • Investment Company Fact Book
    • Closed-End Funds
    • Defined Contribution Plans
      • 401(k)s
        • Employee Benefit Research Institute (EBRI) /ICI 401(k) Database
        • The ICI/ISS Defined Contribution Plan Profile
        • 401(k) Plan Services, Fees, and Expenses
      • Defined Contribution Plan Investors
      • Defined Contribution Plan Participant Activities
      • Households' Views on Retirement Savings
      • Income from Retirement Plans
      • Retirement Plan Coverage and Participation
    • Exchange-Traded Funds
      • ETF Owning Households
    • Fees and Expenses
    • IRAs
      • IRA Investors
      • The IRA Investor Database™
      • The Role of IRAs in US Households’ Saving for Retirement
    • Money Market Funds
    • Mutual Funds
      • Mutual Fund Ownership
    • Publications
      • ICI Research Perspective
    • Global
      • Global Industry Research
    Featured Publication
    Image
    ici-web-photo-2231144916.jpg
    Publication

    A Close Look at Exchange-Traded Funds and Their Investors (pdf)

    October 1, 2025
    Latest Research
    Milken Center
    ICI Viewpoints

    Leadership Summit Highlights Policy Momentum Shaping Asset Management

    May 7, 2026
    Retired couple reviewing their finances
    Perspective

    Who Participates in Retirement Plans, 2020 (pdf)

    May 6, 2026
    Eric Pan President and CEO in fireside chat with Kevin Hassatt
    ICI Viewpoints

    At ICI Summit, Hassett Details New Trump Executive Order Expanding Retirement Saving

    May 1, 2026
  • Resource Hubs

    Resource Hubs

     Explore expert resources, analysis, and opinions on key topics affecting the asset management industry.

    View all Resource Hubs

    • 401(k)
    • California Consumer Privacy Law
    • Closed-End Funds
    • Collective Investment Trusts
    • Commodity Investments
    • Common Ownership
    • Cybersecurity
    • Disclosure
    • DOL Fiduciary Duty Rule
    • ESG
    • Exchange-Traded Funds
    • Financial Services Regulatory
    • Financial Transaction Tax
    • Fraud Prevention
    • Global Retirement
    • Individual Retirement Account
    • Innovation
    • Liquidity Risk Management Program Rule
    • Money Market Fund
    • Processing Fees
    • Proxy Voting
    • Shortened Settlement Cycle
    • Target Retirement Date Funds
    • Treasury Clearing
  • News & Opinions

    News & Opinions

    Read ICI’s latest publications, press releases, statements, and blog posts.

    View all News and Opinions

    • News Releases
    • Opinions
      • ICI Viewpoints Blog
      • Op-Eds & Letters to the Editors
    Latest News:
    Image
    Milken Center
    ICI Viewpoints

    Leadership Summit Highlights Policy Momentum Shaping Asset Management

    May 7, 2026
    The front of the EU Parliment building
    News Release

    EU Securitisation Framework Needs Stronger Reforms

    May 5, 2026
    A lady giving a talk to her office team colleagues
    News Release

    SEC Proposes Shift to Optional Semiannual Reporting

    May 5, 2026
  • Events

    Events

    See ICI’s upcoming and past events.

    View all Events

    • ICI Events
    • Upcoming Events
    Featured Events
    Image
    Nashville skyline

    ETF Conference - Registration Now Open

    June 8 - 10

    Jun
    8-10

    ICI Conference

    ETF Conference

    Nashville, TN

    Sep
    15-17

    ICI Conference

    Compliance, Risk, and Legal Conference

    Nashville, TN
  • Sign Up
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  • About ICI
  • Related Sites
    • IDC
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Main navigation
  • Issues & Advocacy
    Issues & Advocacy

    Issues & Advocacy

    Stay informed of the policy priorities ICI champions on behalf of individual investors and the asset management industry.

    • Key Policies
      Key Policies
      • Ensuring Tax Fairness and Financial Security
      • Establishing Certainty in Financial Regulations
      • Expanding Access to Private Markets
      • Modernizing Disclosure for a Digital World
      • Retirement Fairness for Educators and Nonprofit Employees
      • Standing Up for Main Street Investors and Retirement Savers
    • Comment Letters
    • Amicus Briefs
  • Research
    Research

    Research

    Explore research from ICI’s experts on industry-related developments, trends, and policy issues.

    View all Research

    • Statistics
      Statistics
      • 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
        • Quarterly Long-Term Mutual Fund Asset Composition
        • Quarterly Mutual Fund Assets in Retirement Accounts
        • Quarterly Mutual Fund Distributions
        • Annual Institutional Mutual Fund Shareholder Data
      • Exchange Traded Funds
        Exchange Traded Funds
        • Weekly Estimated ETF Net Issuance
        • Monthly Exchange-Traded Fund Data
      • Closed-End Funds
        Closed-End Funds
        • Quarterly Closed-End Fund Assets
      • UITs
        UITs
        • Monthly Unit Investment Trust Deposits
      • More Statistics
        More Statistics
        • 529 Plan Program Statistics
        • Quarterly Retirement Market Data
    • Investment Company Fact Book
    • Closed-End Funds
    • Defined Contribution Plans
      Defined Contribution Plans
      • 401(k)s
        401(k)s
        • Employee Benefit Research Institute (EBRI) /ICI 401(k) Database
        • The ICI/ISS Defined Contribution Plan Profile
        • 401(k) Plan Services, Fees, and Expenses
      • Defined Contribution Plan Investors
      • Defined Contribution Plan Participant Activities
      • Households' Views on Retirement Savings
      • Income from Retirement Plans
      • Retirement Plan Coverage and Participation
    • Exchange-Traded Funds
      Exchange-Traded Funds
      • ETF Owning Households
    • Fees and Expenses
    • IRAs
      IRAs
      • IRA Investors
      • The IRA Investor Database™
      • The Role of IRAs in US Households’ Saving for Retirement
    • Money Market Funds
    • Mutual Funds
      Mutual Funds
      • Mutual Fund Ownership
    • Publications
      Publications
      • ICI Research Perspective
    • Global
      Global
      • Global Industry Research
  • Resource Hubs
    Resource Hubs

    Resource Hubs

     Explore expert resources, analysis, and opinions on key topics affecting the asset management industry.

    View all Resource Hubs

    • 401(k)
    • California Consumer Privacy Law
    • Closed-End Funds
    • Collective Investment Trusts
    • Commodity Investments
    • Common Ownership
    • Cybersecurity
    • Disclosure
    • DOL Fiduciary Duty Rule
    • ESG
    • Exchange-Traded Funds
    • Financial Services Regulatory
    • Financial Transaction Tax
    • Fraud Prevention
    • Global Retirement
    • Individual Retirement Account
    • Innovation
    • Liquidity Risk Management Program Rule
    • Money Market Fund
    • Processing Fees
    • Proxy Voting
    • Shortened Settlement Cycle
    • Target Retirement Date Funds
    • Treasury Clearing
  • News & Opinions
    News & Opinions

    News & Opinions

    Read ICI’s latest publications, press releases, statements, and blog posts.

    View all News and Opinions

    • News Releases
    • Opinions
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      • ICI Viewpoints Blog
      • Op-Eds & Letters to the Editors
      • Speeches & Testimony
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  2. MICHAEL HADLEY

Michael Hadley

Viewpoints by this Author

The Facts on Mutual Funds and Securities Lending
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