We seeing an uptick in ETF closures as issuers trim fat and get rid of spaghetti that didn't stick. Notable that they getting MUCH less patient. The avg age of a liquidated ETF this year is 1yr 9mo, about half of what it was last year and way less than the 4yrs 7mo in 2024. This, and some other things, point to a poss consolidation phase in the industry, esp if stock mkt stops going up 20% every year. Nice note today from @SirYappityyapp(Eric Balchunas)