The last few weeks have highlighted an underlying trend that merits broader public appreciation. More and more ETFs are becoming the true market, particularly when market sentiment shifts fast. ETFs are increasingly becoming the place where investors of all sizes can see the market price for a given investment exposure, and act on what’s really happening now in the markets.

What they failed to mention is that the reason they had to reconfirm that these APs were still committed to supporting their ETFs, is potentially because err.. most of them are not obliged to support their ETFs, especially if the consequences of doing so involve too much risk for their balance sheets.