Beat Wittmann, a partner at Porta Advisors, has warned that junk bonds may even be a value value trap, arguing that there’s “no value left” in the “totally illiquid” high-yield market, reports Kalyeena Makortoff for CNBC. [Reviewing the Liquidity of Junk Bond ETFs]

ETF investors, for the most part, seem to agree as many are pulling out of the high-yield bond market. Over the past week, HYG experienced $786.6 million in net outflows and JNK saw $205.6 million in outflows, according to ETF.com.

iShares iBoxx $ High Yield Corporate Bond ETF

For more information on speculative-grade debt, visit our junk bonds category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own shares of HYG and JNK.