This is a fantastic and clear breakdown of a often-misunderstood asset class. You've perfectly highlighted the core dilemma: the high yield is attractive, but the risk of a single default is too great for most individual investors to handle through direct ownership.

Your solution—using high-yield bond ETFs—is the key takeaway. It provides the necessary diversification to mitigate issuer-specific risk, making the 'junk bond' premium accessible to the average investor. It's a perfect example of how using the right financial tool (like an ETF) can transform a risky bet into a strategic portfolio allocation.

This also serves as a great reminder for crypto investors about the importance of diversification across entirely different asset classes. While we chase high returns in crypto, having a portion of a portfolio in less volatile, income-generating assets like high-yield bond ETFs is a cornerstone of prudent risk management.

Thanks for sharing this valuable perspective.