Short side mutual fund for junk bonds

[haha]

I get an announcement from James Grant when his newsletter is published, but I don't subscribe as it is really expensive.

Here is the blurb:

"JUNK IN A MIRROR

Anyone can buy exposure to credit risk. The trick is to sell it or hedge against it. Professional investors can always find a way. They can sell short junk bonds or mortgages, or--more likely these days--buy protection against adversity in the derivatives markets. Fine for them, but what about the rest of us?

Well, the lay credit bear is disenfranchised no longer. A mutual fund is up and running to deliver what amounts to short-side exposure to the high-yield bond market. . . ."

Anyone know the name or symbol for this fund?

Ha

[brewer12345]

I'm pretty sure I mentioned it on the forum not that long ago. They use credit default swaps and it isn't cheap.

[lazyday]

Maybe you can find a closed end junk bond fund, trading at a premium, and with a really high ER. With shares available to short.

Just an idea... I've never shorted anything before, so don't know all the downsides. But have heard you can be forced to cover the short if available shares dry up, and that it's hard to get a good rate on the cash from the short sale.