The record pace of ETF launches is driven by collapsed launch costs, making it trivial to create funds and abandon failures without consequence.

0:38which we'll get [laughter] into. >> I don't know that this is uh I don't know that this is temporary. >> I don't Well, unless you get a really bad bare market. >> Well, yeah, sure. >> No, it's not temporary cuz it the cost of launching is is much lower, >> right? >> Yeah. Oh, yeah. It's like a It's like >> and the cost of maintaining a fund that

0:55doesn't catch on. ETFs have turned into Napster or just like, "Hey, come to my shed where I have a recording studio and we'll lay down the tracks and do it for you, everything else for you." >> It's like a mix track. >> Yeah. >> Like everyone, you just make one for your friends. You >> and you ship it out. >> I was involved in two ETF launches this

1:12year in in the same >> Oh, yes. >> In the same week. >> In the same week. >> In the same week? >> Yes. >> I didn't promote either one of them. >> You don't have to promote. I don't need to promote them. You can do whatever you want. >> No, no, no. But like ju just like as a as an anecdote of how much activity there is.

1:27>> There's a >> I've never been involved in an ETF before now in this US. >> Dude, Duncan's about to launch one. >> Photography. >> Photography. >> Photography. >> I have books for you, by the way. If we're doing Are we Are we live? >> Yeah. >> Yeah. We're always bring I usually bring you real books. These are my books. >> What? What do you mean your books

1:45happen? Oh, you wrote a book? >> Not I didn't I didn't write a book like >> Save it for the end. Okay. >> Save it for the end. They're ETF related though. >> Uh, let me show you a chart. Can we put a chart up yet? >> Uh, which one do you want? >> MSGS. >> MSGS. >> This is Madison Square Garden Sports. >> Wait, this is the Knicks.