This ETF offers an opportunity to access corporate bonds issued by international corporations, making PICB a potentially powerful tool for investors looking to diversify fixed income exposure. While many portfolios consist of equities from around the globe, fixed income exposure is often limited to the U.S. Including PICB as an international complement to a fund like LQD has the potential to both boost returns and smooth overall risk through geographic diversification. The underlying securities are generally issued by high quality companies in Western Europe, meaning that credit risk is generally moderate. Another option for investors seeking international corporate bond exposure is IBND, which is slightly more expensive than this PowerShares fund.