At the end of July, IHY allocated 38% of its combined weight to France, the U.K., Italy and Germany, according to Market Vectors data. IHY has a modified duration of 4.59 years, a yield to worst of 5.2% and a 30-day SEC yield of 4.72%.

The iShares Global ex USD High Yield Corporate Bond ETF (NYSEArca: HYXU) has lost $28.2 million this month. That ETF features heavy European high-yield exposure with an almost 80% combined weight to Luxembourg, Italy, France, the U.K., Germany, the Netherlands and Spain. [Time to Be Cautious on European Bond ETFs]

SPDR Barclays High Yield Bond ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of HYG and JNK.