ETFs

Apollo’s creed: Bond bears take on ETF buyers

Investment firm says ETF and other index investors are glossing over differences in corporate bonds, distorting their values

Leon Black, chairman and CEO of Apollo Global Management
Leon Black, chairman and CEO of Apollo Global Management Photo: Getty Images

A number of investors have argued that exchange-traded funds are creating new risks in the market. Apollo Global Management is putting money on it.

The New York asset-management firm is betting against some corporate bonds on the theory that their value is being inflated by index buyers who are glossing over differences between individual borrowers.

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