Assets in ETFs in the U.S. have grown to more than $3 trillion from $305 billion a decade ago, according to 2018 Fact Book of Investment Company Institute. In theory, return on a long-only equity fund portfolio should be greater than or equal to the worst return on any stocks held by the portfolio at any given point in time. However, a disruption occurred on August 24, 2015. At 9:42 a.m. in New York, BlackRock's iShares Select Dividend ETF tumbled 35% to $48, its lowest level of the day. At the time, the combined weighted values of the stocks the ETF held was $72.42, down just 2.7% for the day, according to FactSet. GE had the greatest decline among DVY components at 21%. BlackRock's iShares Select Dividend ETF trades under the ticker DVY and holds shares of U.S. companies that consistently pay dividends. Its largest holdings include Lockheed Martin Corp., Kimberly-Clark Corp. and McDonald's Corp. The disruption in the DVY case seemly contradicts the implication by the theory. How could you reconcile the contradiction? Provide at least two possible explanations why DVY dropped 35% while GE, the worst performing stock in the DVY portfolio, declined at 21% on August 24, 2015. Assets in ETFs in the U.S. have grown to more than $3 trillion from $305 billion a decade ago, according to 2018 Fact Book of Investment Company Institute. In theory, return on a long-only equity fund portfolio should be greater than or equal to the worst return on any stocks held by the portfolio at any given point in time. However, a disruption occurred on August 24, 2015. At 9:42 a.m. in New York, BlackRock's iShares Select Dividend ETF tumbled 35% to $48, its lowest level of the day. At the time, the combined weighted values of the stocks the ETF held was $72.42, down just 2.7% for the day, according to FactSet. GE had the greatest decline among DVY components at 21%. BlackRock's iShares Select Dividend ETF trades under the ticker DVY and holds shares of U.S. companies that consistently pay dividends. Its largest holdings include Lockheed Martin Corp., Kimberly-Clark Corp. and McDonald's Corp. The disruption in the DVY case seemly contradicts the implication by the theory. How could you reconcile the contradiction? Provide at least two possible explanations why DVY dropped 35% while GE, the worst performing stock in the DVY portfolio, declined at 21% on August 24, 2015