The fund, called the ProShares Investment Grade Interest Rate-Hedged ETF, is the first investment-grade bond ETF offered in the U.S., according to a statement from the company.
The ETF targets a duration—a common measure of interest rate sensitivity—of zero by shorting Treasury futures.
ProShares now offers two interest rate hedged bond ETFs. The first, ProShares High Yield-Interest Rate Hedged ETF, launched earlier this year and targets a duration of zero on a diversified portfolio of high-yield bonds.
Both ETFs track an index from Citi Fixed Income Indices.
More on the ProShares bond ETFs available at www.ProShares.com.