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Five Mind-Blowing Stats from the Selloff in the Biggest Junk Bond ETF

Big numbers from a big day in bonds.
Bloomberg business news

What Is Going on in the High-Yield Market?

The world’s largest junk bond exchange-traded fund had one hell of a day last week, after the closure of a Third Avenue bond mutual fund sparked a wider sell-off in the credit market.

If Friday was a test, then the fixed income ETF experiment appears to be working, although the stakes keep getting raised. The experiment involves taking a prehistoric, over-the-counter market like bonds and trying to bring them into the modern world with a lightning-speed, equity-trading vehicle like an ETF. Some think this is a permanent evolution that we all should praise while others see a Jurassic Park-esque disaster waiting to happen.