Hari Krishnan does not like ETFs. In this piece, the author and Doherty Advisors portfolio manager argues that products like the HYG give investors a false sense of security. In an adverse market environment, such products could see outsized declines, as the lack of liquidity in the underlying assets finally begins to matter. Krishnan also touches on the best way to hedge against a potential liquidity crisis. Filmed on August 7, 2019 in London.