Record-breaking streak: new ETF issuers have hit an all-time high for the third consecutive year running. The momentum is real—institutional capital flowing in attracts fresh issuers, who then innovate and expand offerings, which in turn pulls even more capital into the ecosystem. More money means more players wanting a piece of the action. It's a self-reinforcing cycle. Institutions bring legitimacy and scale, startups bring fresh ideas and competition, both fuel growth. The virtuous loop is spinning faster than ever.