财富杂志 垃圾债券回归(3)

Trading Junk Bond ETFs

垃圾债券ETFs交易

Like stock funds, bond ETFs also are comprised of a basket of securities representative of a market index,

与股票基金一样，债券ETFs也由一篮子代表市场指数的证券组成，

but bonds don't trade as frequently as stocks do,

但债券不像股票交易那样频繁，

which means the value of bond ETF shares and the quoted value of the bond ETF's underlying¹ assets can sometimes diverge².

这意味着债券ETFs的价值以及债券ETF基础资产的市场通行价值有时会出现偏离。

"It's a mismatch in liquidity³. You have ETFs that are generally high frequency that are traded constantly,

“这是流动性中的匹配不当。ETFs通常是高频率且频繁交易的，

and high-yield bonds by nature are somewhat illiquid investments and shouldn't be traded that often,"

而且高收益债券本质上是缺乏流动性的投资，不应该被经常交易，”

Essele says, who calls this disconnect "the main structural⁴ pitfall⁵" of junk bond ETFs.

Essele说到，他将这种脱节称为垃圾债券ETFs的“主要结构性陷阱”。

Worry about a lack of liquidity is the primary reason the Federal Reserve has poured money into bond markets over the past few months.

担心缺乏流动性是美联储在过去几个月向债券市场注入资金的主要原因。

What's more, fees on junk bond ETFs range from roughly 0.15% to 1% of assets invested per year, with some creeping even higher.

此外，垃圾债券ETFs每年的管理费约占投资资产的0.15%至1%，有些甚至还在攀升。

"There are high transaction costs to trading high-yield bonds," Essele says, and those get passed along to investors⁶.

“交易高收益债券有很高的交易成本，”Essele说，而这些成本会转嫁给投资者。

"In the range of 30 to 60 basis points is fair, I would say, for a high-yield ETF.

“我认为，30至60个基点的区间对高收益ETF来说是公平的。

Above that, you're starting to get into expensive territory." (One 1% is equal to 100 basis points.)

超过这个区间，就贵了。”（一个百分点相当于100个基点。）

If you want to include junk bond ETFs in your portfolio⁷, experts say it's wise to keep only a small fraction of your money in this asset class.

如果想在投资组合中加上垃圾债券ETFs，专家说，明智的做法是将一小部分钱投入该资产类别中。

Rosenbluth says it should comprise no more than 10% of total assets in a portfolio with a 60/40 stock/bond split.

Rosenbluth表示，在股票/债券比例为60/40的投资组合中，该类资产占投资组合总资产比例不应超过10%。

Boyd says it might benefit you to think of junk bonds as an add-on to your equities⁸ holdings.

Boyd表示，把垃圾债券看作是对你所持股票的附加投资可能会对你有好处。

The stock and bond markets tend to move inversely⁹ to one another, in general,

通常，股票和债券市场往往背向而驰，

but junk bonds track stocks more closely than they do their "safer" brethren.

但垃圾债券比“安全”债券更贴近股票。

"When you think about high-yield bonds, they're in a different risk category than most other bonds out there.

“当你考虑该收益债券，你会发现它们与大多数其他债券属于不同的风险类别。

It really should be closer to your equity¹⁰ allocation," Boyd says, adding that it should make up no more than 20% of your equity allocation.

它其实应该更贴近你的股权配置，”Boyd说到，并补充道，它在你的股权配置中所占比例不应超过20%。

1 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。

2 diverge   

v.分叉，分歧，离题，使...岔开，使转向

参考例句：

• This is where our opinions diverge from each other.这就是我们意见产生分歧之处。
• Don't diverge in your speech.发言不要离题。

3 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

4 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

5 pitfall   

n.隐患，易犯的错误；陷阱，圈套

参考例句：

• The wolf was caught in a pitfall.那只狼是利用陷阱捉到的。
• The biggest potential pitfall may not be technical but budgetary.最大的潜在陷阱可能不是技术问题，而是预算。

6 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

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 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

9 inversely   

adj.相反的

参考例句：

• Pressure varies directly with temperature and inversely with volume. 压力随温度成正比例变化，与容积成反比例变化。 来自《简明英汉词典》
• The amount of force needed is inversely proportional to the rigidity of the material. 需要的力度与材料的硬度成反比。 来自《简明英汉词典》

10 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。