ProShares has added a new exchange traded fund to its product stable. The ProShares High Yield—Interest Rate Hedged (HYHG) tracks the Citi High Yield (Treasury Rate-Hedged) Index. The index invests in a liquid portfolio of high yield bonds while seeking to mitigate the impact of interest rate movements using Treasury futures.

"We believe that many investors in high yield bond funds may be focused on credit risk but overlook the risk presented by rising rates,” stated Michael Sapir, chairman and chief executive of ProShare Advisors.

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