Someone who knows more can correct me, but...I'm quite sure creation/redemption of etf's is simple arbitrage (there's no significant time gap--and if ever, certainly not days). authorized participants like JPM are offered a profit in exchange for keeping the value of the ETF tracking closely to the underlying instrument/index. Also, if one thinks that ap's are potentially short the underlyer for as much as a couple days on a creation, then it must follow that they are long for as much as a couple days on a redemption. So the 'risk' would be symmetric. But it's not so, because they aren't taking risk. they are just clipping coupons.