I must say that I am satisfied with this HY Bond ETF in Euro. It has an after-tax (Italian) yield of 4.73% on an annual basis, 6.39% gross. It pays the coupon semi-annually. Compared to an Italian BTP, it seems markedly cheaper to me. Too bad about the 26% dividend tax compared to the 12.5% tax on government bonds, but it's hard to find anything less risky with this yield. What do you guys think ? Hoping for lower rates from Christine Lagarde, there will (I hope) be an extra return on the value of the ETF.