Morley Conn

And the issuer, if there's any liabilities outstanding, those will need to be repaid.

Any lending, if there's leverage involved.

And then the net assets will all be returned to the ETF investors.

I can tell you that we are seeing some issuers cancel and close out products with a little bit more regularity these days, which is actually, I think, really positive.

I think that an ETF that fails is not a negative for the market, for the business, for the issuer.

I think it just proves and shows that we're going to innovate.

And innovation should not be deemed in a negative light.

It should be seen as positive because that's how we get new products.

We meet new needs of investors.

And I think it shouldn't be deemed in the negative light that it has in the past.

I show that as well, Cameron, that another reason why a ETF might get closed down is if the actual the issuer was to go into receivership.

There was one that occurred in the market in Canada in the last few years.

And when the ETF issuer unfortunately went into bankruptcy, it ended up taking eight to nine months before... Well, first off, the ETFs all halted, and it took eight to nine months before the ETF investors got back their funds, and they did not get back their full funds.

Obviously, in most situations, normal situations where it's not driven by a bankruptcy, you're going to get your full funds.

But in that situation, it was very unusual.

It rarely happens.

ETF investors certainly did not get 100 pennies on the dollar.

In Canada, it's about 65% retail trade.

65% to 70% is easily retail trade.

Retail drives the trade.