...most ETFs track an index. This is true of bond ETFs.
But the bond indices have a lot of bonds, and it is impractical for a bond ETF market-maker to own every single bond in the index. So they own a subset of those bonds, and those bonds tend to be quite expensive. You, the retail investor, end up overpaying for bonds, which means you get lower yields.
Compare the yields of bond ETFs to open-end mutual funds—you will see they are much lower.
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