Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, the SPDR Barclays Capital High Yield Bond ETF (NYSE: JNK) has received a distressing two-star ranking.

With that in mind, let's take a closer look at the SPDR ETF and see what CAPS investors are saying about it right now.

JNK facts

Inception November 2007
Total Net Assets $12.0 billion
Investment Approach Seeks to provide investment results that correspond generally to the performance of an index that tracks the U.S. high yield corporate bond market. The fund seeks to track the Barclays Capital High Yield Very Liquid Index.
Expense Ratio 0.4%
Year-to-Date / 1-Year / 3-Year Returns 9.3% / 14.6% / 13.7%
Dividend Yield 7.1%
Alternatives iShares High Yield Corporate Bond
PowerShares Fundamental High Yield Corporate Bond

Sources: S&P Capital IQ and Motley Fool CAPS.

On CAPS, 19% of the 70 All-Star members who have rated SPDR High-Yield Bond believe the ETF will underperform the S&P 500 going forward.

Just last month, one of those Fools, TerryHogan, succinctly summed up the bear case for our community:

Junk bonds are trading too close to treasuries. While the risk of default is still low for a lot of these offerings, I don't think they're priced right. Once we're confirmed in a recession (again) I think these guys have some room to fall.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.