A high-yield ETF that’s actively managed has been aided by a short position in U.S. Treasuries as interest rates tick higher.

First Trust Tactical High Yield ETF (NYSEArca: HYLS) has been outperforming index-based junk debt ETFs since the fund launched in February of this year.

HYLS has a roughly 25% short position in U.S. Treasuries, according to manager First Trust.

The fund’s primary investment objective is to provide current income. The fund’s secondary investment objective is to provide capital appreciation. HYLS typically invests at least 80% of its assets in debt securities rated below investment grade.

The ETF is up 3.4% for the trailing six months. It was previously known as First Trust High Yield Long/Short ETF. [First Trust Launches Active High-Yield ETF]