The sell-off in the fixed-income market and the higher yield environment may be an opportunity for bond exchange traded fund investors.

“I’m actually more excited going forward than I was in the last five years,” Fidelity Investments fund manager Jeff Moore told Bloomberg. “You may have a period where rising rates affect the prices, but over the course of one, two and three years these higher yields mean that investors can increase their bond market expectations.”

Moore argued that the sell-off in U.S. bonds has raise yields due within 10 years to levels at which investors can finally generate decent returns. Yields on benchmark 10-year Treasuries have crept up to 3% for the first time since 2014 last month.

Related: U.S. Bond ETFs Find Support from Foreign Yield Hunters

Looking ahead, Moore contended that the market h as already priced in three more rate hikes out of the Federal Reserve for the coming year. Consequently, for yields to go up even further and weigh on the value of bonds even more, central banks would have to act even more aggressively, which Moore does not believe will happen.

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