# Block 035 — Credit ETF flows

**Status:** ○ queued
**Phase:** Phase 1 (Credit)

## Topic scope

HY ETF flow patterns. Creation/redemption mechanics. ETF arbitrage and basis. Flow-driven dislocation.

## Plan

_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_