RT Journal Article SR Electronic T1 ETN Closures: An Empirical Analysis JF The Journal of Beta Investment Strategies FD Institutional Investor Journals SP 6 OP 15 DO 10.3905/jbis.2022.1.003 VO 13 IS 3 A1 Nazli Sila Alan A1 John B. McDermott A1 Michael Puleo YR 2022 UL https://pm-research.com/content/13/3/6.abstract AB We investigate the determinants of exchange-traded-note (ETN) closures using the full sample of ETNs listed in the CRSP Database. Examining a total of 356 unique ETNs between 2006 and 2019, we document 172 ETN closures (a 48% aggregate failure rate). We find that credit quality of the issuing bank and assets under management most meaningfully explain ETN closures, both are significantly negatively related to the likelihood of closure. We also find that leveraged, inverse, actively managed, and newer ETNs each face higher failure rates. Counterintuitively, we find neither strong nor expected associations between prior ETN returns, volatility, and closure likelihood.