I would note in this regard that last week the SEC issued a proposed rulemaking that would require open-ended funds to have liquidity risk management controls in place for shareholder redemptions, including during times of stress. 7 Likewise, to the degree that certain idiosyncratic risks might  6  Through the use of certain kinds of derivatives, some funds acquire synthetic leverage.
“Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates,” Journal of Monetary Economics, vol. 54 (April), pp. 728–52. Ajello, Andrea, Isabel Cairó, Vasco Cúrdia, Thomas A. Lubik, and Albert Queralto (2020). “Monetary Policy Tradeoffs and the FOMC’s Dual Mandate,” Finance and Economics Discussion Series 2020-066. Washington: Board of Governors of the Federal Reserve System, August, https://doi.org/10.17016/FEDS.2020.066.