ProFund launches mutual fund designed to rise when high-yield bonds fall

New York, April 27 - ProFund Advisors LLC announced a new mutual fund that is designed to gain in value when the high-yield bond market falls.

The new portfolio, called the Access Flex Bear High Yield Fund, is designed to complement the firm's Access Flex High Yield Fund, which is intended to rise when junk bonds rise.

ProFund added that the funds do not have exchange restrictions or redemption fees.

"Last December we launched the Access Flex High Yield Fund to give mutual fund investors a way to get high-yield bond market exposure without sacrificing the freedom to move in and out of that market as they see fit," said Michael Sapir, chairman and chief executive officer of ProFund Advisors, in a news release.

"Then investors began to ask us for a fund that allowed them to try to take advantage of the high-yield market during those times when they expect it to decline in value. We created Access Flex Bear High Yield to respond to that need.

"Rather than sit on the sidelines when they think a market decline is imminent, the new fund offers high-yield mutual fund investors the opportunity to seek profit. Or they could attempt to seek to offset losses by hedging high-yield bond investments they don't want to sell."

ProFund is a Bethesda, Md.-based investment adviser.

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