“So, what does it mean that junk-bond ETFs are plunging while actual junk bonds barely budge?” Randall W. Forsyth wrote. “It seems somebody wants to get out and the ETFs offer the easiest exit.”

Representatives from BlackRock and State Street, which manage the two high-yield ETFs, didn’t immediately return a request for comment on Friday morning.

SPDR Barclays Capital High Yield Bond

iShares iBoxx $ High Yield Corporate Bond

Full disclosure: Tom Lydon’s clients own JNK.