Fixed-income exchange traded funds can suck the liquidity out of corporate bonds during times of market stress, potentially worsening price dislocations during crises, academics have claimed.
Bond ETFs are generally perceived as innovations that have enhanced liquidity and aided price discovery during market ruptures, offering a superior option than attempting to trade in the underlying bonds.
During the Covid-driven market sell-off in March-April 2020, scores of fixed-income ETFs plunged to unprecedented discounts to their net asset value.
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