An ETF entrepreneur in the midwest is hiring and pondering more product development.

Phil Bak, CEO of CSAT Investment Advisory (dba Exponential ETFs, and known as ACSI Funds until January), tells MFWire that he's considering launching "more of a hedge fund strategy" in ETF form in the fourth quarter of this year. Ann Arbor, Michigan-based Exponential currently offers two proprietary ETFs (with about $59 million in combined AUM), and they recently launched a subadvisory business (now with about $300 million in AUM).

In terms of personnel, two-year-old Exponential currently has a team of seven. That includes one sales specialist, and Bak says he "may or may not go to two, but that'll probably be it."

"We're nimble," Bak tells MFWire.

Bak adds that he's "actively searching right now for a research director."

"We're very focused on providing quality research," Bak says. 

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