The ProShares Short High Yield (NYSE Arca: SJB) seeks to provide -1x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses, a press release said.
SJB expands ProShares’ popular lineup of inverse bond ETFs to five.
“For investors who believe that high yield bonds are ripe for a pullback, SJB can be used to help hedge against or to seek to benefit from potential declines,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares’ investment adviser, in the announcement.