Athough I agree that the liquidity of ETFs stood up well to this test, I worry about the validity of their price discovery. When I looked at the disclosed holdings of one fund I am pretty sure I found .......

that the front-page yields were being calculted on the NAV (based on the frozen price). They were NOT the correct yield given the market price of the ETF. And investors look first and foremost at the %yield.

I am not a bond expert, so I could be wrong, but .......