You created a smart list, but did not define any filters, and are wondering if this will cause no leads to show up in the results.
If you create a smart list and you do not define any filters, this will cause all leads in your database or leads visible in the partition and workspace to appear in your results.
This can create problem if you have nested smart list. For example, if you have a smart list with the filter "Member of Smart List = Lead not in" with smart list A selected and smart list A has no filter, this logic will cause you exclude all leads in your database.
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