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Trading Junk Bond ETFs
垃圾債券ETFs交易
Like stock funds, bond ETFs also are comprised of a basket of securities representative of a market index,
與股票基金一樣，債券ETFs也由一籃子代表市場(chǎng)指數(shù)的證券組成，
but bonds don't trade as frequently as stocks do,
但債券不像股票交易那樣頻繁，
which means the value of bond ETF shares and the quoted value of the bond ETF's underlying assets can sometimes diverge.
這意味著債券ETFs的價(jià)值以及債券ETF基礎(chǔ)資產(chǎn)的市場(chǎng)通行價(jià)值有時(shí)會(huì)出現(xiàn)偏離。
"It's a mismatch in liquidity. You have ETFs that are generally high frequency that are traded constantly,
“這是流動(dòng)性中的匹配不當(dāng)。ETFs通常是高頻率且頻繁交易的，
and high-yield bonds by nature are somewhat illiquid investments and shouldn't be traded that often,"
而且高收益?zhèn)举|(zhì)上是缺乏流動(dòng)性的投資，不應(yīng)該被經(jīng)常交易，”
Essele says, who calls this disconnect "the main structural pitfall" of junk bond ETFs.
Essele說(shuō)到，他將這種脫節(jié)稱(chēng)為垃圾債券ETFs的“主要結(jié)構(gòu)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.
擔(dān)心缺乏流動(dòng)性是美聯(lián)儲(chǔ)在過(guò)去幾個(gè)月向債券市場(chǎng)注入資金的主要原因。
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，垃圾債券ETFs每年的管理費(fèi)約占投資資產(chǎn)的0.15%至1%，有些甚至還在攀升。
"There are high transaction costs to trading high-yield bonds," Essele says, and those get passed along to investors.
“交易高收益?zhèn)泻芨叩慕灰壮杀荆盓ssele說(shuō)，而這些成本會(huì)轉(zhuǎn)嫁給投資者。
"In the range of 30 to 60 basis points is fair, I would say, for a high-yield ETF.
“我認(rèn)為，30至60個(gè)基點(diǎn)的區(qū)間對(duì)高收益ETF來(lái)說(shuō)是公平的。
Above that, you're starting to get into expensive territory." (One 1% is equal to 100 basis points.)
超過(guò)這個(gè)區(qū)間，就貴了。”（一個(gè)百分點(diǎn)相當(dāng)于100個(gè)基點(diǎn)。）
If you want to include junk bond ETFs in your portfolio, experts say it's wise to keep only a small fraction of your money in this asset class.
如果想在投資組合中加上垃圾債券ETFs，專(zhuān)家說(shuō)，明智的做法是將一小部分錢(qián)投入該資產(chǎn)類(lèi)別中。
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/債券比例為60/40的投資組合中，該類(lèi)資產(chǎn)占投資組合總資產(chǎn)比例不應(yīng)超過(guò)10%。
Boyd says it might benefit you to think of junk bonds as an add-on to your equities holdings.
Boyd表示，把垃圾債券看作是對(duì)你所持股票的附加投資可能會(huì)對(duì)你有好處。
The stock and bond markets tend to move inversely to one another, in general,
通常，股票和債券市場(chǎng)往往背向而馳，
but junk bonds track stocks more closely than they do their "safer" brethren.
但垃圾債券比“安全”債券更貼近股票。
"When you think about high-yield bonds, they're in a different risk category than most other bonds out there.
“當(dāng)你考慮該收益?zhèn)銜?huì)發(fā)現(xiàn)它們與大多數(shù)其他債券屬于不同的風(fēng)險(xiǎn)類(lèi)別。
It really should be closer to your equity allocation," Boyd says, adding that it should make up no more than 20% of your equity allocation.
它其實(shí)應(yīng)該更貼近你的股權(quán)配置，”Boyd說(shuō)到，并補(bǔ)充道，它在你的股權(quán)配置中所占比例不應(yīng)超過(guò)20%。
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