First Trust Advisors has launched another actively managed ETF.

The First Trust High Yield Long/Short ETF bets on below-investment-grade or unrated high-yield debt securities, including U.S. and non-U.S. corporate debt obligations, bank loans and convertible bonds.

William Housey, senior vice president; Scott Fries, senior vice president; Peter Fasone, vice president; and vice presidents and fixed income portfolio managers Todd Larson and Eric Maiselmanage the fund.

"At a time when investors are growing concerned about the potential fallout from increasing interest rates on their fixed income portfolios, First Trust is offering investors the opportunity to potentially capitalize on the strength of the high-yield bond market and U.S. corporate credit fundamentals while mitigating a portion of the interest-rate risk," said Housey in a press release.

"Active portfolio management and alternative investment strategies, particularly this fund’s approach to reducing interest-rate risk by adding senior loans and a short Treasury position, may help investors obtain enhanced returns from fixed-income investments in the wake of increasing interest rates."

First Trust launched its first ETF, First Trust North American Energy Infrastructure Fund, in June 2012, and in mid-February, it announced its second active ETF offering, First Trust Preferred Securities and Income ETF, which is subadvised by Stonebridge Advisors.