It’s a widely held myth that thinly traded ETFs lack liquidity. But the structure of the funds means liquidity is more a matter of underlying securities.

HighMark announced a big shift away from the mutual fund business today, selling many of its funds to Nationwide Financial and New York-based Reich & Tang.

Some managers are rolling out long/short bond funds meant to hedge against rising interest rates. But the success of their strategy rests on a market call, and no one can predict when rates will rise.