Regulatory Approval

For a deal to win approval, the FDIC would expect the resulting firm to “better meet the convenience and needs of the community to be served than would occur absent the merger."

Even these bigger firms will need to overcome technical and regulatory hurdles before they can squeeze the likes of real estate and pre-public companies into the ETF wrapper.

Adobe has argued the deal isn’t anticompetitive because the startup isn’t a rival of products like Photoshop or Premiere, which is used for cutting video.