Why Virus Woes Have Put Bond ETFs Under a Microscope

Exchange-traded funds were invented for small investors. Like index funds, which they resemble, ETFs weren’t meant to produce world-beating returns but provide a low-fee, tax-efficient way for small investors to reduce risk by diversifying portfolios. Another selling point is that they’re generally more liquid — easier to buy or sell quickly — than mutual funds or index funds. As the sector boomed to as much as $4.6 trillion in the U.S., some worries were raised about whether the fund’s struct