According to @business, Bloomberg reports that James Fishback’s ETFs SPXM and TSLV are being liquidated against his will, highlighting issuer-control and governance risk in ETF operations for traders. Source: Bloomberg (@business) tweet on Oct 17, 2025; Bloomberg News newsletter. During ETF closures, funds generally announce a final trading day, liquidate portfolio holdings, and return cash at net asset value, while creations typically stop, which can widen spreads and lead to price-to-NAV dislocations. Source: FINRA Investor Insights, What Happens When an ETF Shuts Down?; SEC Office of Investor Education and Advocacy, Exchange-Traded Funds Investor Bulletin. Traders holding SPXM or TSLV should monitor issuer and exchange notices for last trading dates, creation/redemption cutoffs, and distribution timelines to manage execution, settlement, and tax outcomes during the wind-down. Source: FINRA Investor Insights, What Happens When an ETF Shuts Down? For crypto markets, the same creation/redemption plumbing and market-making dynamics support U.S. spot Bitcoin ETFs (BTC) approved in January 2024, making ETF operational resilience a relevant risk lens for crypto ETF liquidity and spreads. Source: U.S. SEC approval orders for spot Bitcoin ETF listings dated Jan 10, 2024; SEC Office of Investor Education and Advocacy, Exchange-Traded Funds Investor Bulletin.