FIRST BORN ETFs: Here's a look at how for 60% issuers their first ETF is also their biggest, and about 48% of their assets typically sit in that inaugural fund. And since the median issuer runs only four ETFs, the first launch isn't just a starting point -- it's the franchise. Takeaway: given this data and the fact that their is more competition then ever it is imperative for new issuers (incl the MF share class ppl) to lead with best stuff.