Investors want yield but are concerned they could get hurt if interest rates rise. High-yield corporate bond ETFs with shorter durations provide a nice balance.

Options here include PIMCO 0-5 Year High Yield Corporate Bond Index (NYSEArca: HYS), which has attracted a little over $1 billion in new assets year-to-date.

SPDR Barclays Short-Term High-Yield Bond ETF (NYSEArca: SJNK) is another fund to consider, and has brought in $539.2 million, according to IndexUniverse.

HYS has a 0.55% expense ratio and SJNK has a 0.40% expense ratio. [PIMCO Short-Duration, High-Yield ETF Rakes in Cash on Rate Fears]

“Looking for income and yield is a popular investment theme. The question is when will rates rise,” David Mazza, head of ETF investment strategy, Americas, for State Street Global Advisors, said in an interview. “Some investors are managing interest-rate risk by using ETFs with shorter durations such as SJNK.”

HYS has an effective duration of 1.87 years and comes with a 3.42% 30-day SEC yield. SJNK has an adjusted duration of 2.04 years and comes with a 4.17% 30-day SEC yield.

Bonds with shorter durations are less sensitive to changes in interest rates.

The largest junk bond ETFs are SPDR Barclays High Yield Bond ETF (NYSEArca: JNK) and iShares iBoxx High Yield Corporate Bond Fund (NYSEArca: HYG). These ETFs have longer durations and both have experienced net outflows year to date. [High-Yield ETF Sees Nearly $400 Million One-Day Outflow]