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has anyone had experience investing in HY junk bond ETFs? i'm looking at some different options, there's only three to choose from. JNK from SPDR follows the Barclay's HY index, HYG from iShares follows the iBoxx HY Index, and PHB from PowerShares follows the RAFI. the biggest difference between all three is that HYG & JNK follow market weighted indexes, while PHB uses a "fundamental" one. i'm new to this concept, but basically this RAFI company does additional valuations on HY bonds, based on their theoretical ability to repay. while working w/in the corporate junk debt market, they factor in book value & cash flow related information. it seems like a good concept in theory, but i haven't followed a "fundamental index" before. anyone out there have a grasp on what RAFI is all about?

here's a link to RAFI's website:

also, this was a good write up that got me thinking about "fundamental" indexing:
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