NEW YORK, Nov 9 (Reuters) - The top junk bond exchange-traded funds fell to their lowest intraday levels since March on Thursday, victims of a broader flight to safety as a Republican-led proposed corporate U.S. tax cut seemed on the verge of a delay.
The U.S.-listed, $19 billion iShares iBoxx $ High Yield Corporate Bond ETF and $12.7 billion SPDR Bloomberg Barclays High Yield Bond ETF, the largest high-yield bond funds by assets, were down half a percent by midday.
Trading activity in each was also higher, with JNK's volume double the level on Wednesday.
The selloff adds to a painful series of days for a category of funds that hold lower-rated corporate debt and have managed to deliver nearly 5 percent in total returns this year.
JNK has now sold off seven trading days in a row. High-yield is often seen as a leading indicator for the equity market.
DoubleLine Capital LP Chief Executive Jeffrey Gundlach on Wednesday contrasted JNK's declines with the record highs in the S&P 500 index and asked which was more prescient.
"Looking like JNK was right," he said Thursday on Twitter. "Per usual."
(Reporting by Trevor Hunnicutt; Editing by Leslie Adler)