BlackRock BLK, -1.88% oversees a key corporate-debt exchange-traded fund that it says now trades at a higher annual daily volume than shares of most blue-chip companies in the Dow Jones Industrial Average DJIA, -0.04%.
By that measure, trading in HYG only was outpaced by five stocks out of 30 in the Dow benchmark: Apple Inc. AAPL, +0.01%, Microsoft Corp. MSFT, -0.19%, Boeing Co. BA, +5.49%, Walt Disney Co. DIS, -0.75% and Salesforce.com Inc. CRM, -0.38%, while operating at a narrow bid-ask spread of 1 basis point, according to Steve Laipply, head of U.S. Bond ETFs at BlackRock.
Its next biggest ETF competitor is the SPDR Bloomberg Barclays High Yield Bond ETF JNK, -0.12%, with $9 billion in assets under management. Combined, they make up less than $30 billion in assets, or a drop in the bucket when compared with the broader U.S. high-yield bond market. While his team isn’t currently using ETFs, they may serve as an early line of defense during times of tumult, he said, since shares can be a quicker — and ideally less painful — way to sell exposure when redemptions pick up.
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