{"id":106265,"date":"2025-02-04T12:57:20","date_gmt":"2025-02-04T17:57:20","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/how-etfs-are-reshaping-fixed-income-market-structure-and-investment-opportunities\/"},"modified":"2025-02-04T12:57:20","modified_gmt":"2025-02-04T17:57:20","slug":"how-etfs-are-reshaping-fixed-income-market-structure-and-investment-opportunities","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/how-etfs-are-reshaping-fixed-income-market-structure-and-investment-opportunities\/","title":{"rendered":"How ETFs are reshaping fixed income market structure and investment opportunities"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f13a1064bb2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How ETFs are reshaping fixed income market structure and investment opportunities<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2667\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Wall Street\" title=\"Wall Street Sign\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 4000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/361685836.jpg 2048w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f13a10730b1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">February 4, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f13a1076b27'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Offering investors simplicity, cost efficiency, and liquidity, exchange-traded funds (ETFs) have long been heralded as a revolution in equity markets, leaving fixed-income investors envious. Yet, their impact on the fixed-income universe has been equally transformative in recent years. Aside from redefining how bonds are traded, ETFs are creating new investment opportunities for institutional and retail investors.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f13a1079736'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4098662045956630126\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f13a10814da'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Breaking down barriers in bond trading<\/h2>\n<p>Fixed-income markets have traditionally been fragmented and opaque due to their lack of homogeneity and unique features like covenants. Liquidity is often hard to gauge, and price discovery remains a challenge. In contrast, equity markets benefit from transparency and electronic trading\u2014a stark difference for bonds, which predominantly trade over-the-counter (OTC).<\/p>\n<p>ETFs address these inefficiencies by packaging bonds into single, tradable instruments that bring price visibility and aggregate liquidity. This gives investors a reliable and accessible entry point to fixed-income exposure. \u201cBy providing real-time pricing and tradability, ETFs have introduced equity-like attributes to fixed-income investments,\u201d says Tanuj Dora, Portfolio Manager \u2013 PIMCO.<\/p>\n<p>One of the most misunderstood aspects of fixed-income ETFs is liquidity. On-screen liquidity\u2014the trading volume visible on platforms\u2014is often mistaken as a limitation. For large-scale investors, however, true liquidity lies off-screen. Market makers tap into the ETF\u2019s underlying bonds, often executing trades at more favorable prices than those shown on screens. Concerns about liquidity mismatches\u2014where the ETF\u2019s liquidity exceeds that of its underlying bonds\u2014are tempered by the role of authorized participants (APs), which can keep prices aligned with net asset value (NAV) by creating or redeeming ETF shares.<\/p>\n<p>ETFs have also transformed price discovery in bond markets. As they trade on public exchanges, ETF prices reflect real-time supply and demand dynamics, often serving as barometers for the broader bond market. During periods of stress, when bond liquidity dries up, ETFs continue to trade, acting as proxies for the underlying bonds.<\/p>\n<p>Meanwhile, the rise of bond EFTs has enticed electronic trading platforms like Bloomberg\u2019s RFQe to enter the market. By allowing institutional investors to obtain competitive bids from multiple participants, RFQ processes ensure fair value execution while enabling large trades to clear efficiently, bypassing on-screen liquidity limitations while unlocking deeper liquidity pools.<\/p>\n<h2>Fixed-income for all: Expanding access and product diversity<\/h2>\n<p>Historically, fixed-income markets were the domain of institutional investors as high minimum investment thresholds and the complexity of trading individual bonds kept retail investors at bay. ETFs have dismantled these barriers, offering retail investors access to diverse exposures\u2014from high-yield corporate bonds to emerging market debt\u2014through a single, low-cost vehicle. \u201dThanks to their creation and redemption mechanism, ETFs promote smaller-sized trades, driving both market electronification and broader participation,&#8221; says Katie Stiner, ETF Sales Trading \u2013 Citadel Securities.<\/p>\n<p>This democratization of the market has been largely enabled by technology\u2019s ability not only to bridge gaps between issuers, market makers, and investors but to foster a collaborative ecosystem seamlessly linking them. As advanced analytics and trading platforms empower all participants to make informed decisions, issuers are increasingly willing to support investors by offering tailored execution strategies developed by their capital markets teams. Meanwhile, market makers ensure smooth ETF trading by leveraging their bond valuation expertise to offer competitive bids and maintain liquidity. Transparency between investors and market makers often results in superior pricing and more efficient trades. \u201cInvestors willing to disclose their trade size and objectives to market makers can get better pricing, as the information enables them to source liquidity from the underlying assets rather than offloading positions based on screen quotes\u201d, says Julie Abbett, Executive Director, JP Morgan.<\/p>\n<h2>Redefining portfolio management while enhancing market efficiency<\/h2>\n<p>Fixed-income ETFs are transforming portfolio construction as they evolve from tools of passive exposure to essential instruments for active management. Amid market volatility, these ETFs empower investors to swiftly recalibrate their fixed-income allocations without having to navigate the complexities of trading individual bonds.<\/p>\n<p>Transparency is a cornerstone of their appeal. ETFs allow investors to scrutinize the underlying portfolio\u2019s risk and return dynamics, while intraday trading capabilities enable precise execution of both strategic and tactical views. \u201cETFs are being used not only to equitize cash and access illiquid asset classes but also to source liquidity and enhance yields. And the uses cases keep growing,\u201d says Bruce Saltzman, Head of Capital Markets, State Street Global Advisors.<\/p>\n<p>The benefits of fixed-income ETFs go far beyond trading. For issuers, ETFs can streamline capital raising, making bond markets more accessible and transparent. For investors, they reduce operational hurdles like settlement and custody. Secondary market trading further streamlines processes by offering a channel that eliminates the need for cumbersome and costly direct bond transactions.<\/p>\n<p>These advancements have drawn in new players\u2014from central banks to pension funds\u2014 further broadening market depth. While critics argue that ETFs amplify market volatility, they frequently act as stabilizers, delivering crucial liquidity during periods of stress.<\/p>\n<h2>What\u2019s next for ETFs<\/h2>\n<p>The adoption of fixed-income ETFs is accelerating. Innovations like 635actively managed bond ETFs and ESG-focused products are expanding the market, while technological advances and regulatory reforms are making it easier for both retail and institutional investors to execute trades efficiently.<\/p>\n<p>As these trends converge, fixed-income ETFs are set to drive further innovation and growth. By delivering unmatched liquidity, transparency, and efficiency, across a rising number of fixed-income segments, ETFs are democratizing access to fixed-income investments, empowering a wider array of investors, and reshaping bond market structures for the future.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69f13a1084661]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-69f13a1084661'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 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