Billionaire investor Carl Icahn reiterated his warnings about high-yield bond ETFs in a wide-ranging video released on his website overnight, complaining that these so-called junk bonds "are being sold en masse to the public" by companies such as BlackRock, whose high-yield bond ETF (HYG) holds about $13 billion worth of assets.
"People are buying these not really understanding what they're buying," Icahn said in the video, referring specifically to BlackRock's "junk bond" ETFs.
Ironically, nearly 1 percent of what those people are buying is debt issued by Icahn's company itself.
The HYG ETF holds four separate bonds issued by the investor's company, Icahn Enterprises. These four bonds cumulatively make up 0.7 percent of the ETF — for a total notional value of $91 million, according to data available from BlackRock's ETF arm, iShares.