{"id":18790,"date":"2021-07-30T23:43:08","date_gmt":"2021-07-30T23:43:08","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=18790"},"modified":"2026-05-31T20:51:53","modified_gmt":"2026-05-31T20:51:53","slug":"describe-types-of-etf-risk","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/describe-types-of-etf-risk\/","title":{"rendered":"Types of ETF Risks"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What is the increase in notional swap exposure for a 300% leveraged ETF after a 6% index gain?\",\n    \"text\": \"Consider an ETF that offers 300% exposure to a benchmark index. The ETF has a net asset value (NAV) of $125 and a notional exposure of $140. If the benchmark index returns 6% in one day, the increase in the notional swap exposure is closest to: A. $442.50. B. $294.10. C. $295.90.\",\n    \"answerCount\": 3,\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A. $442.50.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"B. $294.10.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C. $295.90.\"\n      }\n    ],\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The ETF's notional exposure increases to $148.40 after the 6% index gain ($140 \u00d7 1.06). The ETF's NAV rises to $147.50 because it provides 300% exposure, so NAV becomes $125 \u00d7 (1 + 3 \u00d7 0.06). To maintain 300% exposure for the next day, the ETF requires a notional exposure of $442.50 ($147.50 \u00d7 3). Therefore, the increase in notional swap exposure is $442.50 \u2212 $148.40 = $294.10.\"\n    },\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    }\n  }\n}\n<\/script><\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/QyOCKuOJQJs\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Counterparty Risks<\/h2>\n<p>An investor&#8217;s principal can be put at risk by over-dependence on a counterparty. Moreover, the economic exposure of the fund can also be affected by counterparty failures. Therefore, investors are advised to evaluate the underlying counterparty risks when entering an ETF. Examples of counterparty risks are settlement risks and security lending.<\/p>\n<ul>\n<li><strong>Settlement risk<\/strong>: This is common in ETFs that use over-the-counter derivatives. It implies the losses incurred due to counterparty risks. Settlement risks can be managed by settling over-the-counter contracts frequently to minimize exposures to swap partners in case of bankruptcy.<\/li>\n<li><strong>Security lending<\/strong>: Sometimes, ETF managers lend their securities to borrowers (short-sellers), with that security being replaced later by a purchase. The fund is at risk if the borrower fails to meet the obligation. Therefore, to reduce this counterparty risk, over-collateralization of the lent securities must be done.<\/li>\n<\/ul>\n<div style=\"margin: 18px 0;\"><a style=\"display: block; text-align: center; padding: 14px 18px; border: 2px solid #2F5BFF; border-radius: 18px; color: #ffffff; font-weight: 600; font-size: 16px; text-decoration: none; background-color: #1a73e8;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\">Review CFA Level II ETF risk concepts with our Free Trial.<\/a><\/div>\n<h2>Fund Closures<\/h2>\n<p>ETFs, just like any other fund, may close. The underlying securities of the fund are sold, and then cash returns are made to the investors. Fund closures can be a result of regulations governing the funds, competition, corporate actions, creation of halts, and change in investment strategy.<\/p>\n<ul>\n<li><strong>Fund regulations<\/strong>: Changes in the standards governing ETFs might result in the failure of funds. For instance, a sudden increase in interest rates can jeopardize the fund&#8217;s operation, causing closure.<\/li>\n<li><strong>Competition<\/strong>: With the rapidly rising number of ETFs, competition has also increased. Although investors have profited from it, many funds with smaller trading volumes are closed due to their inadequate attractiveness.<\/li>\n<li><strong>Corporate actions<\/strong>: These closures result from merging and acquisitions from one ETF provider to another. In case ETFs are sold, their new owners may decide to seize the huge growth opportunities, thus shutting down the underperformers.<\/li>\n<li><strong>Creation halts<\/strong>: There are cases where a fund suspends selling from its inventory hence freezing further creation and redemption of shares. In such cases, as the hedging mechanism collapses, the fund will trade at a premium against the fair price. This situation is very common for exchange-traded notes (ETNs).<\/li>\n<li><strong>Change in investment strategy<\/strong>: Sometimes, rather than closing a fund and opening another one, ETF managers can change that underlying index of the fund. Although this might seem easier, it can cause virtual closures.<\/li>\n<\/ul>\n<h2>Investor-related Risk<\/h2>\n<p>Investors who do not understand the ETF&#8217;s inherent exposures and performance are likely to be at risk. Therefore, investors must evaluate the fund&#8217;s index methodology, as well as its portfolio construction approach. Investors who are most susceptible to this risk are the leveraged and inverse exchange-traded funds.<\/p>\n<p>The leveraged products must reset their exposures daily to attain the expected return multiple for each day.<\/p>\n<h4>Example: Levered 3 times ETF Exposure<\/h4>\n<p>An ETF offers a 300% exposure to the S&amp;P 500 Index with a net asset value of $150 and a notional exposure of $200. The one-day S&amp;P 500 Index return is 10%. The ETF&#8217;s exposure and end-of-day net asset value are <em>closest to<\/em>:<\/p>\n<h4>Solution<\/h4>\n<p>Exposure to index = 3 times<\/p>\n<p>Index return = 10%<\/p>\n<p>$$ \\text{Exposure} = $200+\\left($200\\times10\\%\\right)=$220 $$<\/p>\n<p>$$ \\text{End-of-day NAV}= ($150\\times\\left(1+3\\times10\\%\\right)=$195 $$<\/p>\n<p>Therefore, attaining 300% of the index&#8217;s daily performance for the next day requires a notional value exposure of \\(($195\\times3)\\). The ETF must reset its exposure since there is only $220 in exposure. Therefore, the notional swap exposure is increased by \\($585-$220=$365\\).<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Consider an ETF that offers a 300% exposure to the benchmark index with a net asset value of $125 and a notional exposure of $140. The one-day S&amp;P 500 Index return is 6%. The increase in the notional swap exposure is closest to:<\/p>\n<ol type=\"A\">\n<li>$442.50.<\/li>\n<li>$294.10.<\/li>\n<li>$295.90.<\/li>\n<\/ol>\n<h4>Solution<\/h4>\n<p><strong>The correct answer is B.<\/strong><\/p>\n<p>Exposure to index= 3 times<\/p>\n<p>Index return = 6%<\/p>\n<p>$$ \\text{Exposure} = $140+\\left($140\\times6\\%\\right)=$148.40 $$<\/p>\n<p>$$ \\text{End-of-day NAV}= ($125\\times\\left(1+3\\times6\\%\\right)=$147.50 $$<\/p>\n<p>The required notional value to attain 300% exposure for the next day is \\(\\left($147.50\\times3\\right)=$442.50\\).<\/p>\n<p>The notional swap exposure is thus increased by \\($442.50-$148.40=$294.10\\).<\/p>\n<\/blockquote>\n<p>Reading 39: Exchange Traded-Funds, Mechanics and Applications<\/p>\n<p><em>LOS 39 (g) Describe types of ETF risk.<\/em><\/p>\n<div style=\"text-align: center; margin: 30px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a><\/p>\n<p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">Access CFA Level II study notes, practice questions, mock exams, and video lessons to strengthen your understanding of ETF risk types and portfolio implications.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Counterparty Risks An investor&#8217;s principal can be put at risk by over-dependence on a counterparty. Moreover, the economic exposure of the fund can also be affected by counterparty failures. Therefore, investors are advised to evaluate the underlying counterparty risks when&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,473],"tags":[216,564],"class_list":["post-18790","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-portfolio-management","tag-cfa-level-2","tag-portfolio-management","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Types of ETF Risks | AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn about ETF risks, including counterparty risk, fund closure risk, liquidity concerns, and broader market exposures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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