This is fairly straight forward…
We own SJNK over JNK, including some 3-5 year high yield paper (singlenames). That’s despite the perceived risk of rising short term rates attributable to a tightening Federal Reserve policy rate (rising Fed Funds Rate) in a post-QE, post-ZIRP era. The price per pound is far better in SNJK; far better risk/reward.
¹SPDR Barclays Short Term High Yield ETF ($SJNK): https://www.spdrs.com/product/fund.seam?ticker=SJNK
²SPDR Barclays High Yield Bond ETF ($JNK): https://www.spdrs.com/product/fund.seam?ticker=jnk