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Memorandum on the Asset Management Industry
2/2 checkable references clean · checked 2026-08-31
Every reference with a DOI in the deposited reference list resolved to a known work in Crossref or DataCite at the dated check, and none carried a retraction, withdrawal, or removal notice.
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no DOI — not checked?pagewanted=all (describing how beneficial owners of securities for whom JP Morgan served as custodian and lending agent wound up owing that bank more than $500 million to cover losses from the reinvestment of
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no DOI — not checkedHas Liquidity Risk in the Corporate Bond Market Increased?
no DOI — not checkedThe bid-ask spread is the difference between the price at which dealers are willing to buy (bid) and the price at which dealers are willing to sell (ask). The spread compensates dealers for the risk of holding a bond for some period of time, over which its price might fall
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no DOI — not checkedIndeed, the article that coined the phrase "self-fulfilling prophecy" opens with the story of a bank run
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no DOI — not checked2016: for a short period, a series of circuit breakers halted trading on certain shares held by ETFs, while trading in the ETF shares did not always halt at the same time. This led to a large discrepancy (for a very brief period) between the ETF share prices and the per-share NAV
no DOI — not checkedThese funds reset daily, so that a wide discrepancy may grow over a period of time between the index's returns and the fund's returns: How can this apparent breakdown between longer term index returns and ETF returns happen? Here's a hypothetical example: let's say that on Day 1, an index starts with a value of 100 and a leveraged ETF that seeks to double the return of the index starts at $100. If the index drops by 10 points on Day 1, it has a 10 percent loss and a resulting value of 90. Assuming it achieved its stated objective, the leveraged ETF would therefore drop 20 percent on that day and have an ending value of $80. On Day 2, if the index rises 10 percent, the index value increases to 99. For the ETF, its value for Day 2 would rise by 20 percent, which means the ETF would have a value of $96. On both days, the leveraged ETF did exactly what it was supposed to do -it produced daily returns that were two times the daily index returns. But let's look at the results over the 2 day period: the index lost 1 percent (it fell from 100 to 99) while the 2x leveraged ETF lost 4 percent (it fell from $100 to $96)
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no DOI — not checkedETFs typically make in-kind redemptions of creation units, which can mitigate liquidity concerns for ETFs compared to mutual funds, if the inkind redemptions are of a representative basket of the ETF's portfolio assets that do not alter the ETF's liquidity profile. However, transferring illiquid instruments to the redeeming authorized participants could result in a liquidity cost to the authorized participant or any of its clients
no DOI — not checkedTo be clear: it is easy to grasp how the arbitrage mechanism could break down, and to see how this could be bad for retail investors in ETFs, but it is hard to see how it would be worse for systemic stability
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