Nontransparent ETFs are gaining traction and could mean big money for industry

"I think there's going to be a place for" these kinds of funds in the ETF market, Hempstead said. "It's going to come down to the $8 trillion mutual fund industry who hasn't really put these strategies into an ETF wrapper. How do they sell it? How do they distribute it? Who are they marketing to? The market will absorb it. The market makers and liquidity providers ... will be able to support these products.

"A wrapper's not going to change performance. It can change tax efficiency. It can also change cost," he said. "It's important to remember: a lot of times, active management, because it's in an expensive wrapper, [is] charging 50 or 60 basis points."

ETFEdgeCNBC Sounds more like the rise of big fraud.

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