Morley Conn

the inventory, the portfolio basket view of various ETFs in the morning.

And then we will input those, update our models that our developers work on to price all of these different ETFs.

So there's a lot that goes into it.

There is a huge infrastructure.

It's a very challenging business because the margins are,

are tight, very competitive pricing, and yet there's a big capital outlay in both tech and people that's required.

It does happen from time to time, and there's a few ways that it can happen.

One, closing of an ETF does happen when an issuer just deems that a product, quite frankly, has been unsuccessful, and they just want to close it down.

The size of the Canadian ETF market's $850 billion right now.

We've got about almost 1,900 tickers.

The US market is 14.7 trillion with the T. They've got around 5,000 tickers.

Wow.

We have too many tickers in Canada.

Yes, we do.

So what issuers will do is they will close and cancel out products that don't get critical mass.

And it's unfortunately not done enough.

issuers will leave products outstanding, but to close them out, to your question, to close them out

It's a pretty straightforward process.

It's literally a few weeks time.

It'll be press released.