GM. I don't know about you but AI is super helpful to get you from zero to 1 on a completely new subject. For instance, how many ETPs fail? (Don't ask why I got curious this morning). Data from sources like ETFGI and Morningstar show a dynamic market where new launches regularly outnumber closures, though a significant portion of all ETPs will eventually shut down. First half of 2025 (Global): Launches: 1,308 Closures: 266 2024 (Global): Launches: 1,988 Closures: 622 2024 (US): Launches: 707 to 747 (records vary slightly) Closures: 179 to 189 2023 (Global): Closures: 865 2023 (US): Launches: 520 to 543 Closures: 244 to 246 Why ETPs close ETP closures are a normal part of the industry cycle and can happen for several reasons: Low assets under management (AUM): Many closed ETPs fail to attract enough investor capital to remain profitable for the issuing firm. Some analysts estimate that ETPs with less than $25 million in assets are at risk of being shut down. Underperformance: An ETP that consistently delivers poor returns will struggle to compete with more successful alternatives. ...