ETFs as a disciplinary device BIS Working Papers | No 1261 | 17 April 2025by Yuet Chau, Karamfil Todorov and Eyub YegenPDF full text (1,583kb) | 63 pages https://www.bis.org/publ/work1261.htm ETFs as a disciplinary deviceWe document a novel feature of active exchange-traded funds (AETFs): they serve as a disciplinary tool for investors to remove underperforming portfolio managers. Unlike m..