一家分析师警告说，投资企业债券的交易所交易资金交易股票交易股票股票上涨对金融体系构成了风险。
据Tabb Group分析师亨利·赫恩称，ETF被越来越多地用于信用违约掉期作为对冲或推测公司信誉的手段。在他的报告中，题为“公司债券和ETF：奇数套利，“考皮说，这可以放大市场衰退。
他解释说，交易所交易所的易于交易可能导致需要块大小的流动性，这是他解释的“一个已经挑战的”债券市场。“任何”强迫销售“可能会导致消极的反馈周期，也可以传播到其他市场，”据说说。
作为企业债券ETF交易加速，所以考虑到“ETF的独特流动性动态和信息流量将越来越多地影响底层债券市场的价格和交易行为。”
他说，在ETF的组成债券的定价中，影响已经显而易见，特别是在高屈服空间中。And Chien attributed the rise in use of bond ETFs to recent regulatory changes ranging from TRACE, a system that brings real-time pricing to the corporate bond market, to new limits on banks’ participation in the markets under Basel III and the so-called Volcker Rule, which he said served to “dismantle the dealer-driven, principal-based market structure.” Regulation, Chien said, “is simply accelerating a redesign of today’s credit market structure.” He added, “The nuances and subtleties of market making in corporate bond ETFs will lead toward an electronic, exchange-like market structure just at a time when regulation has broken up the old party.”
The report, based on interviews with brokers, market makers, dealers, exchange-traded fund issuers, alternative trading systems, exchanges, multi-dealer trading platforms and data providers in the ETF universe, found that trading in U.S. corporate bond ETFs accelerated during the first half of 2012, accounting for average daily bond volumes of $262 million, $146 million in par value in the investment grade and $116 million in the high-yield markets.