I have a few friends in usa that have bought Poetf stock several diffrent times in the last year. It would seem that the trades end up on the canadian exchange, even if the trade is placed on the US market. The buy never shows up on the poetf volume.

This has happened to my own trades as well. As we have seen TD Ameritrade is among the traders Belpat and others show on their L2 reports. I have a TD account and I have bought POETF shares and neither volume nor last trade pricing were reflected in the US exchange immediately after. Obviously these were routed through the TSX; I'm sure there was even a little currency arbitrage layered on to my broker's benefit, even though the price frequently executed below my limit price.