If you're looking to profit from rising rates, the BDC industry is worth investigating - BDCs loan money to mostly privately held companies. These loans are generally at floating rates. Another plus for BDCs is that these underlying companies usually derive must of their funding from private equity and hedge funds, and/or VC sponsors, meaning that BDCs have much less risk exposure. In tough times, these sponsors will usually step in, and offer support to the underlying companies, so as not to lose their equity.