A lot was happening in markets when Covid-19 shut down the world in March 2020. One of the most noted happenings was how the price of many fixed-income ETFs became unmoored from the value of the bonds they contained.
It seemed like vindication for people like Carl Icahn and Michael Burry, who had warned that ETFs had become so big that they were dangerous — especially in less traded markets like bonds. Finally, the illusory liquidity of the ETFs had collided with the harsh reality of the illiquid assets they held!
However, an interesting paper from Anna Helmke of the University of Pennsylvania’s Wharton School takes the other side, arguing that ETFs are actually a better fit for illiquid asset classes.
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