diff --git a/src/DynamicData.Tests/List/MergeManyFixture.cs b/src/DynamicData.Tests/List/MergeManyFixture.cs
index 03296d88a..bda676261 100644
--- a/src/DynamicData.Tests/List/MergeManyFixture.cs
+++ b/src/DynamicData.Tests/List/MergeManyFixture.cs
@@ -1,4 +1,5 @@
 using System;
+using System.Reactive.Linq;
 using System.Reactive.Subjects;
 
 using FluentAssertions;
@@ -72,6 +73,93 @@ public void RemovedItemWillNotCauseInvocation()
         stream.Dispose();
     }
 
+    /// <summary>
+    /// Merged stream does not complete if a child stream is still active.
+    /// </summary>
+    [Fact]
+    public void MergedStreamDoesNotCompleteWhileItemStreamActive()
+    {
+        var streamCompleted = false;
+        var sourceCompleted = false;
+
+        var item = new ObjectWithObservable(1);
+        _source.Add(item);
+
+        using var stream = _source.Connect().Do(_ => { }, () => sourceCompleted = true)
+                .MergeMany(o => o.Observable).Subscribe(_ => { }, () => streamCompleted = true);
+
+        _source.Dispose();
+
+        sourceCompleted.Should().BeTrue();
+        streamCompleted.Should().BeFalse();
+    }
+
+    /// <summary>
+    /// Stream completes only when source and all child are complete.
+    /// </summary>
+    [Fact]
+    public void MergedStreamCompletesWhenSourceAndItemsComplete()
+    {
+        var streamCompleted = false;
+        var sourceCompleted = false;
+
+        var item = new ObjectWithObservable(1);
+        _source.Add(item);
+
+        using var stream = _source.Connect().Do(_ => { }, () => sourceCompleted = true)
+                .MergeMany(o => o.Observable).Subscribe(_ => { }, () => streamCompleted = true);
+
+        _source.Dispose();
+        item.CompleteObservable();
+
+        sourceCompleted.Should().BeTrue();
+        streamCompleted.Should().BeTrue();
+    }
+
+    /// <summary>
+    /// Stream completes even if one of the children fails.
+    /// </summary>
+    [Fact]
+    public void MergedStreamCompletesIfLastItemFails()
+    {
+        var receivedError = default(Exception);
+        var streamCompleted = false;
+        var sourceCompleted = false;
+
+        var item = new ObjectWithObservable(1);
+        _source.Add(item);
+
+        using var stream = _source.Connect().Do(_ => { }, () => sourceCompleted = true)
+                .MergeMany(o => o.Observable).Subscribe(_ => { }, err => receivedError = err, () => streamCompleted = true);
+
+        _source.Dispose();
+        item.FailObservable(new Exception("Test exception"));
+
+        receivedError.Should().Be(default);
+        sourceCompleted.Should().BeTrue();
+        streamCompleted.Should().BeTrue();
+    }
+
+    /// <summary>
+    /// If the source stream has an error, the merged steam should also.
+    /// </summary>
+    [Fact]
+    public void MergedStreamFailsWhenSourceFails()
+    {
+        var receivedError = default(Exception);
+        var expectedError = new Exception("Test exception");
+        var throwObservable = Observable.Throw<IChangeSet<ObjectWithObservable>>(expectedError);
+        var stream = _source.Connect().Concat(throwObservable)
+                .MergeMany(o => o.Observable).Subscribe(_ => { }, err => receivedError = err);
+
+        var item = new ObjectWithObservable(1);
+        _source.Add(item);
+
+        _source.Dispose();
+
+        receivedError.Should().Be(expectedError);
+    }
+
     private class ObjectWithObservable
     {
         private readonly ISubject<bool> _changed = new Subject<bool>();
@@ -87,6 +175,16 @@ public ObjectWithObservable(int id)
 
         public IObservable<bool> Observable => _changed;
 
+        public void CompleteObservable()
+        {
+            _changed.OnCompleted();
+        }
+
+        public void FailObservable(Exception ex)
+        {
+            _changed.OnError(ex);
+        }
+
         public void InvokeObservable(bool value)
         {
             _value = value;
diff --git a/src/DynamicData/List/Internal/MergeMany.cs b/src/DynamicData/List/Internal/MergeMany.cs
index 157713577..2232b9c49 100644
--- a/src/DynamicData/List/Internal/MergeMany.cs
+++ b/src/DynamicData/List/Internal/MergeMany.cs
@@ -3,7 +3,9 @@
 // See the LICENSE file in the project root for full license information.
 
 using System;
+using System.Reactive.Disposables;
 using System.Reactive.Linq;
+using System.Reactive.Subjects;
 
 namespace DynamicData.List.Internal;
 
@@ -25,8 +27,43 @@ public IObservable<TDestination> Run()
         return Observable.Create<TDestination>(
             observer =>
             {
+                var counter = new SubscriptionCounter();
                 var locker = new object();
-                return _source.SubscribeMany(t => _observableSelector(t).Synchronize(locker).Subscribe(observer.OnNext)).Subscribe(_ => { }, observer.OnError);
+                var disposable = _source.Concat(counter.DeferCleanup)
+                                                .SubscribeMany(t =>
+                                                {
+                                                    counter.Added();
+                                                    return _observableSelector(t).Synchronize(locker).Finally(() => counter.Finally()).Subscribe(observer.OnNext, _ => { }, () => { });
+                                                })
+                                                .Subscribe(_ => { }, observer.OnError, observer.OnCompleted);
+
+                return new CompositeDisposable(disposable, counter);
             });
     }
+
+    private sealed class SubscriptionCounter : IDisposable
+    {
+        private readonly Subject<IChangeSet<T>> _subject = new();
+        private int _subscriptionCount = 1;
+
+        public IObservable<IChangeSet<T>> DeferCleanup => Observable.Defer(() =>
+        {
+            CheckCompleted();
+            return _subject.AsObservable();
+        });
+
+        public void Added() => _ = Interlocked.Increment(ref _subscriptionCount);
+
+        public void Finally() => CheckCompleted();
+
+        public void Dispose() => _subject.Dispose();
+
+        private void CheckCompleted()
+        {
+            if (Interlocked.Decrement(ref _subscriptionCount) == 0)
+            {
+                _subject.OnCompleted();
+            }
+        }
+    }
 }