Some traders are betting against a high-yield bond ETF with over $16 billion in assets that has posted strong performance this year as investors stretch for income. These bearish traders expect a turnaround in junk debt and are using ETF options to express their view.

Short interest in iShares iBoxx High Yield Corporate Bond (NYSEArca: HYG) is at an all-time high,’s MarketBeat reports.

The high-yield ETF has posted a total return of about 11% this year. In a low-rate environment, investors are taking on more risk in corporate bonds, particularly the high-yield sector, as they hunt for income. HYG has a distribution yield of 6.5%, according to manager BlackRock (NYSE: BLK). [High-Yield ETFs Suffer Outflows]

“Speculators appear to be upping their bets that the end is nigh for a long-running rally in ‘junk’ bonds,” MarketBeat reports.