Nevertheless, fixed-income investors have a number of ways to hedge their portfolios against rising rates through targeted exchange traded fund strategies.

The $1.66 billion HYS holds nearly 400 bonds. At the end of the second quarter, the top five issuer industries in the fund were oil and gas exploration and production, healthcare, technology, media and mining.

A significant portion of HYS holdings carry ratings ranging from BBB- to B-, but the fund does devote over 10% of its weight to junk bonds with highly speculative CCC or lower ratings.

HYS charges 0.55% per year, or $55 on a $10,000 investment.

For more information on the fixed-income space, visit our bond ETFs category.