In this scholarly commentary, the author examines the major reasons U.S. charter schools have closed since 1992. The commentary provides examples of charter school failures in high-frequency areas, such as financial and organizational mismanagement, and academic underperformance; it further identifies two subcategories of academic risk: high-school-only status, and independence from CMO affiliation. Finally, the author identifies two long-term risk factors for charter school failure: high teacher and leadership turnover, and unrepresentative student bodies.