The First Trust High Yield Long/Short fund (HYLS) launches today, becoming the first ETF to...
The First Trust High Yield Long/Short fund (HYLS) launches today, becoming the first ETF to hedge a long position in junk bonds by shorting Treasury and/or corporate paper. It's soon to be joined by similar offerings from ProShares and Market Vectors (THHY). The funds will underperform in a bull market, but protect against spiking rates. Trouble is, what if the economy sours, Treasurys rise and high-yield declines?
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