ProFund Advisors LLC on Wednesday launched the Access Flex Bear High-Yield Fund, a mutual fund designed to increase in value when the high-yield bond market falls. The fund follows on the heels of the company's recently introduced Access Flex High-Yield Fund, which is designed to increase in value when the high-yield market moves up.

Unlike most funds that invest in high-yield, or junk, bonds issued by companies with poor credit, the Bear fund will primarily use derivative instruments, such as credit-default swaps, to profit when the prices of junk bonds fall.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.