The bond ETF industry is approaching $3.5 trillion in assets globally, and the fund managers running these exchange-traded funds would like you to know that bonds are back. Yields are higher than they’ve been in a decade. Liquidity is deep. Active fixed-income ETFs pulled in more than $200 billion last year alone. The pitch, increasingly, is that bond ETFs are no longer a satellite holding to balance equity risk — they are the foundation of a modern portfolio. There’s a lot of truth to this.