since an ETF is a stock, it must have an IPO, who gets the money for the IPO and what do they do with it? Who determines as to who gets to make up an ETF?
ETF's can be structured in several ways. One way to structure them is to use the Unit Trust format. This can be a rather complicated subject, and so I suggest you look into the following resources. Using search function, look up Deron Wagner who runs Morpheus Trading. They specialize in ETF trading. and of course Google under ETF and exchange traded funds. Hope this is of help. Best Regards, Steve46