Core Insights - Active management is a significant growth driver in the ETF market, with nearly 1,000 active ETFs launched in 2025, surpassing the previous record of 584 in 2024 [2] - Despite the launch of 146 active ETFs shutting down, asset managers remain optimistic about continued investor demand and advisor adoption of active products [2] - Active ETFs accounted for approximately one-third of new money invested in ETFs last year, indicating a shift in advisor preferences [3] ETF Market Dynamics - Active ETFs attracted around $475 billion in inflows in 2025, with six firms—JPMorgan, Capital Group, Dimensional, iShares, American Century, and Fidelity—receiving about half of these inflows [3] - The trend of increasing inflows suggests that advisors are becoming more comfortable recommending active ETFs to clients [4] - The most active issuers in the market included GraniteShares, Themes ETF Trust, and Defiance, launching 71, 63, and 59 active ETFs respectively [5] Product Trends - Short-term, trading-oriented funds were the most popular, with over 340 launches last year, focusing on buffer strategies and niche areas [5] - In contrast, only 150 passive ETFs were launched in the same period, highlighting a shift towards active management strategies [5] - Some active ETFs experienced short lifespans, folding shortly after launch, indicating a trial-and-error approach among some issuers [4]

Core Viewpoint - Tidal Financial Group has announced the closure and liquidation of the Azoria TSLA Convexity ETF (TSLV) and the Azoria 500 Meritocracy ETF (SPXM), determining it to be in the best interest of the funds and their shareholders [1]. Fund Closure Details - The TSLV and SPXM will cease trading on the Cboe BZX Exchange at the close of regular trading on December 8, 2025, and will no longer accept creation orders from that date [2]. - Shareholders can sell their holdings prior to the Closing Date through standard brokerage transactions, which may incur customary brokerage fees [3]. Liquidation Process - Between December 8, 2025, and December 15, 2025, the funds will begin liquidating their holdings and increasing cash positions in preparation for final distribution, which will lead to a departure from their stated investment strategies [4]. - On or around December 15, 2025, the funds will distribute remaining net assets to shareholders of record who have not sold their shares prior to liquidation, with this final distribution treated as a taxable event [5]. - After the distribution of net assets is complete, the funds will be officially terminated [6]. Company Background - Tidal Financial Group, formed by ETF industry pioneers, aims to revolutionize the development, launch, marketing, and sale of ETFs, focusing on growing assets under management (AUM) and providing a comprehensive suite of services and tools for ETF innovation [7].