Question for HY credit traders

I’m taking a credit analysis class this semester and we were discussing credit etfs yesterday taking extreme volume on Monday. I have a couple questions:

1) can someone elaborate on the conscript on a break in trading in terms of a credit etf, how valid this concern is and why you think it didn’t happen.

2) who buys and sells the bonds for these etf’s, is it the buy side firms or do they just structure and manage the etf with sell side traders shifting positions.

3) with private placement and these etfs increasing the options to borrow do you think we will see a situation where no one can borrow like after the financial crisis if coronavirus takes a big hit on the economy.

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