On March 23rd, The Fed announced that its Secondary Market Corporate Credit Facility (SMCCF) would begin purchasing investment-grade corporate bonds in the secondary market, first through ETFs and directly in a later phase. 

In June, we charted the impact of this announcement on the credit spreads of various corporate bonds. This month we are charting its impact on ETF performance.

This month’s chart plots the price of ETFs relative to their price as of March 23rd 2020 (i.e., all ETF prices are set to 1.00 as of that date). Data runs from Feb 24th to Nov 16th 2020.