Large liquidation of synthetic ETFs in periods of higher counterparty risk could force to sell the collateral, often illiquid assets.

大清算合成etf的交易对手风险较高的时期，可以强制出售抵押品，往往是流动性不足的资产。

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It usually follows payment delays, debt defaults and a push for courts to force the company into liquidation to pay its debts.

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Such a downgrade, or future downgrades, could force a large scale liquidation of these holdings due to changes in the underlying credit quality.

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The only sure way to drive a closed-end fund closer to its net asset value is to attract a raider who tries to force management changes or a liquidation.

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