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Sometimes it's just easier and better to buy a junk-bond fund than looking for individual bonds, and this fund is exactly the way to go, writes Marilyn Cohen of Bond Smart Investor.

The Pimco 0-5 Year High Yield Corporate Bond ETF (HYS) is a prime example of a leopard changing her spots.

I realize that I’ve recommended more open-end, closed-end, and ETF’s over the past two years than I have in my 33 years in the bond industry. That’s because of the challenges in execution, pricing, seeking yield, and diversification.

Pimco’s 0-5 Year ETF is a real beauty that I think brings value, yield, and diversification. In this singular package, there are bonds we’ve recommended in this newsletter (CIT, MGM, CTL, and AIG to name a few). And, even better, there are many that we haven’t recommended. Listed on the exchange, this ETF can be pointed and clicked on to gain access or to get out.

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With 226 bond holdings, an expense ratio of 55 basis points, and selling at a slight premium over net asset value—plus the cache of the Pimco name—to paraphrase Guy Fieri from his Food Channel TV show Diners, Drive-ins, and Dives: Winner, winner, junk-bond dinner.

With a yield of 5.62%, this is a buy.

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Related Readings:

3 Income Funds That Will Persevere

A Quality Fixed-Income Fund

Why Everyone Is Piling Into Junk Bonds