I have seen saying such as "invest in credit/be long credit", what does it actually mean? For example, I can buy high yield etf which is essentially a basket of low rated corporate bonds. When credit worsens, i.e the probability of default goes up the etf(following the bonds it holds) will go down and I will lose money. Am I long credit in this case?
If this is not the case, what are the ways to invest in credit. I assume this is where you take a view on the credit market(default probability)? So you either long or short credit instruments depending on that view?