财富杂志 垃圾债券回归(2)

Junk Bond ETFs

垃圾债券交易型开放式指数基金

The bar to entry for junk bond ETFs is lower than typical bond-buying because investors¹ don't have to buy individual bonds,

进入垃圾债券ETFs的门槛低于典型的债券购买门槛，因为投资者不必购买单个债券，

and investments that comprise multiple underlying² assets are, broadly speaking, more stable

且一般来说，包含多种基础资产的投资更加稳定，

and require less research time than individual stocks or bonds.

且需要的调查时间比个股或单个债券少。

"High-yield ETFs are basically index products, so they're looking to capture the entire return of the entire high-yield market," Boyd says.

“高收益ETFs多为指数产品，所以他们希望获得整个高收益市场的全部回报，”Boyd说到。

"You get issuer diversification³, creditworthiness diversification. You also get the benefits of sector⁴ diversification,"

“你得到发行人多元化、信用可靠程度多样化。你还可以从行业多元化中获益，”

says Todd Rosenbluth, head of ETF and mutual-fund research at research firm CFRA.

研究公司CFRA 共同基金和ETF研究的负责人Todd Rosenbluth说到。

"There are hundreds upon hundreds of issuers. You spread that risk around, because defaults do happen."

“有成千上百为发行人，你分散了风险，因为违约确实会发生。”

But the experts are quick to point out that this benefit is only in comparison to holding individual junk bonds.

但专家很快指出，这种收益只是与持有个人垃圾债券相比较而言。

Don't lose sight of the fact that these assets offer higher yields because they are riskier⁵,

不要忽视了这样一个事实：这些资产提供更高的收益是因为它们风险更大，

even though ETFs supposedly spread that risk out more broadly, says David Trainer, chief executive of investment research firm New Constructs.

即便ETFs本应更广泛地分散风险，投资研究公司New Constructs的总裁David Trainer说到。

"Don't assume that just because it's an ETF, it's safe."

“不要仅仅因为是ETF，就认为它很安全。”

"People thought diversification would protect them in mortgage-backed securities," Trainer says.

“大家认为多元化应该在按揭证券中保护他们，”Trainer说到。

That didn't turn out well for investors in 2008, he points out, and in a recessionary environment awash in cheap money,

2008年的情况对投资者并不好，他指出，在充斥着低息贷款的衰退环境中，

troubled companies can collapse⁶ under the weight of their debts.

陷入困境的公司可能会在债务的重压下倒闭。

And using diversification as a hedge against default is limited by the way these funds are composed,

利用多元化作为避免违约的手段受制于这些基金的组成方式，

says Peter Essele, head of portfolio⁷ management for Commonwealth⁸ Financial Network.

Commonwealth Financial Network的投资组合管理主管Peter Essele说到。

Like stock ETFs, these funds are market-weighted, which means investors have the greatest exposure to the companies that are borrowing the most.

与股票ETFs一样，这些基金是市场加权的，这意味着投资者对借款最多的公司的接触最多。

"That's not generally a good thing, if you're more and more exposed to a company that's issuing more and more debt," he says.

“这通常不是一件好事，如果你跟一家发行债务越来越多的公司接触过于频繁的话，”他说。

If a company has to keep issuing debt just to meet ordinary financial obligations, that's a red flag.

如果一家公司为了履行普通的债务而不得不不断发行债券的话，那就是一个危险信号。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

3 diversification   

n.变化，多样化；多种经营

参考例句：

• The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
• Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并，厂商经营范围日益多样化。 来自辞典例句

4 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

5 riskier   

冒险的，危险的( risky的比较级 )

参考例句：

• Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
• The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来：RIM面临的业务风险正逐季增大。

6 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

7 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

8 commonwealth   

n.共和国，联邦，共同体

参考例句：

• He is the chairman of the commonwealth of artists.他是艺术家协会的主席。
• Most of the members of the Commonwealth are nonwhite.英联邦的许多成员国不是白人国家。