The exchange-traded fund (ETF) market has become the most important development of the financial markets over the last … decade. I show that the network of the ETF market — the linkages between ETFs based on portfolio weights — catalyzes the … effects with the Fed announcement of the Bond ETF purchase in March 2020. The findings suggest that arbitragers create …

holding ETF positions and AMMF performance, as well as indirect measures of performance, including market timing, flow … management, and cash holdings. We find that over one-third of AMMFs take an ETF position between 2004 and 2015. Our results … hold ETFs in small amounts have similar characteristics to non-user AMMFs. Therefore, the act of holding an ETF does not …

likely to invest in ETFs. Unexpected hedge fund inflows [outflows] cause a rise [reduction] in ETF investments, and the … hedge fund flows are statistically unrelated to ETF investments on average. When ETF investment is accompanied by an … increase in unexpected flow, hedge fund alphas are higher. When ETF investment is accompanied by an increase in expected flow …

likely to invest in ETFs. Unexpected hedge fund inflows cause a rise in ETF investments, and the economic significance of … unexpected flow is more than twice as large for transient than quasi-indexer hedge funds. ETF investment is in general associated … with lower hedge fund performance. But when ETF investment is accompanied by an increase in total flow and unexpected flow …

allocation is neutral at best. This is consistent with the hypothesis that static factor exposure rather systematic rule …