I own some HYV and they are about 10% levered to get the exta yield. JNK gotta be a little levered to get this yield. Is it. I also notice a few High Yield mutual funds are using this instrument as a source of liquidity or access to bonds. Either this thing is going to actually trade in a more volatile fashion than the bonds or it shows how the high yield funds are starved for product to meet inflows.