During the past two years, investors have turned to exchange-traded funds to gain exposure to corporate bonds. High-yield corporate-bond funds made up 1% of the ETF market two years ago, and now they make up 10%. High-grade bond funds have gone from making up 6% of ETFs to 15%, according to Bank of America Merrill Lynch Global Research. "We think ETFs are a good way for the average investor to participate in corporates, being able to have diversification and flexibility," said Brian Peardon, a wealth adviser at Harrison Financial Group.

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