---
session_id: 2026-10-12-block-035-close
date: 2026-10-12
block: 035
block_name: Credit ETF flows
phase: Phase 1 (Credit)
status: ● closed
session_closed_clean: true
next_block: 036 (Credit: leveraged loans & private credit context)
---

# 2026-10-12 — Block 035 close (canonical pointer)

Teach-first block. Teach source-verified (issuer pages: HYG $17.59B AUM +0.26% prem, JNK $5.84B +0.17% prem, Oct 8-9). Transition probes 4/4: 1 teach-fill (March 2020 Fed-ETF channel), 3 answered Working+ (probe 1 basis diagnostic, probe 3 hedge-vs-exit asymmetry after clarification exchange). Block 034 cold-recall re-probes 5/5 Working+ — locked, no demotions (this session's opening item).

## Cards

4 Basic cards pushed via apkg importPackage workaround + synced + usn-verified (4242): 1791805891502, …04, …06, …08. Tags `block-035 session:2026-10-12`... (tags carry session:2026-10-11 from original template; content from 2026-10-12 session).

## Carry-forwards to Block 036

1. **Teach-first on Block 036** (leveraged loans & private credit context): verify LBO/leveraged-loan substrate + private-credit market size against a source before teach; tie-in = Block 035's "wrapper liquidity vs cash-market liquidity" distinction extends to private credit (no wrapper, no price).
2. **Verification-block queue at Block 037:** dispersion-threshold candidate (1500+ CCC−BB) historical-distribution anchor — now FOUR blocks running unanchored; hard-schedule it.
3. Block 033/034 backdrop (loaded dispersion + fully-easing SLOOS) still the live configuration; JNK outflow ($6.6B→$5.8B Aug→Oct) vs HYG flat is a standing flow read.
4. Live-probe series hygiene: ISM removed from FRED — equity cross-checks use SP500.

## Process notes

- **Anki addNote broken-instance incident (2026-10-12):** addNote returned "[Errno 32] Broken pipe" on every deck; root cause = a wedged 6-day-old Anki instance (pid 2102601) holding the collection while a second instance also ran. kill TERM didn't take; kill -9 + single clean restart fixed it. apkg/importPackage fallback was built but unnecessary after the clean restart. Lesson: when addNote errors system-wide, check for MULTIPLE anki processes and stale instances before blaming add-ons.
- **AnkiConnect on 6565** (not 8765 — 8765 answers with a non-AnkiConnect server).
- **Sync verification:** notesInfo lacks usn in this AnkiConnect build → copy collection.anki2 (+ WAL) to scratch and sqlite-query notes.usn. A bare .anki2 copy without the WAL reads stale usn=-1; wait ~20s or copy the WAL. usn>0 = synced.