Steering a Ship in Illiquid Waters: Active Management of Passive Funds
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Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally choose creation and redemption baskets that include
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美国国家经济研究局创建时间：
2022-05-01
