Will,

You beat me to the punch. Asset managers pose different risks versus banks, but that doesn't mean those risks aren't systemic in nature.

I think a good starting point would be to agree that an asset manager's products should never be more liquid than high percentage of their underlying holdings (not sure what "high percentage" means, but it could be modeled).

In my opinion, markets could be in for a rude awakening when fixed income sectors fall under duress and holders of bond ETFs head for the door in droves. Could that be a replay of the subprime crisis? I don't know, but it is at least a theoretical possibility.