The central bank said it “will generally not purchase shares of an ETF that are trading at a premium” of 1% above its net asset value.

Funds advised by Katie Koch, whose firm has about $1.8 trillion under supervision, are beating their benchmarks at an 80% rate in 2020.

It’s the latest example of how firms who spent the past decade battling low yields are now raising cash to seize on deep discounts from the coronavirus.

There’s a lot to complain about these days, from the effectiveness of the government’s $3 trillion stimulus package to unlimited quantitative easing.

With few corners of the fixed-income industry safe from harm, investors’ faith in managers appears to be intact — for now.

“These funds got an assist from the Fed when they were told they would backstop the higher end of the high-yield credit industry,” an expert says.

CEO Larry Fink has provided the federal government insight on coping with the fallout from the pandemic.

While the central bank’s support may help keep credit flowing amid the coronavirus, “it doesn’t necessarily improve the outlook for bankruptcies.”

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

Flagship funds at Ken Griffin's firm had been down 5.3% through March 20 before things turned around.