How Much Human Resources Goes Into Launching an ETF?

How much assets does an ETF have to attract before you're confident, hey, this is at least a break even? In our case, roughly speaking, the break even point is anywhere between $50 to $100 million in AUM. I wouldn't underestimate the amount of resources that you need to bring a thematicETF to market. Right now we have over 30 research analysts located all over the world.