00:00And before we let you go, I do want to bring up some research that Eric and Andre Yap just
00:04put
00:04out today, actually. And that's just talking about sort of the lifespan of freshly liquidated ETFs
00:10overall. I thought this was fascinating, that the average life of liquidated ETFs in 2026
00:15was about a year and nine months. For context, that's about half the time in 2025. That was
00:21three years and six months and roughly a third of the time in 2024. So basically, issuers are
00:28killing off ETFs faster than they have been, giving them less of a chance to sort of trade
00:33and gather assets. And I think that's a really interesting sign of the times. I would love to
00:38hear your thoughts on what you think that says about the current ETF environment. So they're also
00:43launching them faster than they ever did before. And we've seen more than a thousand ETFs that came
00:48to market last year. The rules have made it easier to launch an ETF. That's a good thing. But
00:54distribution remains king. We had a session at the exchange conference on Sunday that talked about
00:59how to get your ETF to grow fast enough. You don't want to just build an ETF, but you want
01:04to grow that
01:04ETF. And so distribution is a key differentiator. So I think asset managers need to take a closer look
01:10at how they gather the money that get to that first hundred million dollars, which is a key milestone
01:16for survival, instead of just bringing the product to market and hoping that it grows on its own.
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