working with the SEC?

jokes aside, there's a lot of plumbing issues to get right. for example APs (authorized participants) are the ones that create and redeem ETF shares directly from the ETF itself and each of the entities (for us for example it's entities like goldman, jane street etc) you need to establish separate bi-lateral legal agreements etc. it's just a lot. and that's just one category of service provider you need for these to function.