财富杂志垃圾债券回归(2)（打印版）

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 investors 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 underlying 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 diversification, creditworthiness diversification. You also get the benefits of sector 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 riskier,

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 collapse 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 portfolio management for Commonwealth 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。