The Federal Reserve announced another large interest rate hike on Wednesday and signaled that it is far from done raising rates, which could put more pressure on stocks and bonds alike and send investors hunting for ways to hedge their portfolios. The central bank's so-called dot plot shows the benchmark rate could rise to 4.6% next year. That means several more hikes to come after Wednesday's move brought the benchmark rate to a target range of 3% to 3.25%. Rising rates push bond yields up and bond prices down. However, there are some exchange-traded funds designed specifically to protect against rising bond yields. One option could be inverse Treasury ETFs, which should rise along with rates. ProShares and Direxion both offer inverse Treasury funds focused on 20+-year bonds or 7- to 10-year bonds. Between the two firms, choices range from a 1x to 3x inverse fund. Investors should be aware that inverse and leveraged ETFs can carry additional risk, especially when held over long periods of time. For example, the ProShares Short 20+ Year Treasury ETF (TBF) has gained more than 30% this year. The firm does caution that the fund is designed to counter single-day performance, meaning that its returns could stray significantly if held for a long time. One wrinkle to this strategy could be the inverted yield curve. Currently the 2-year Treasury yield trades above the 10- and 30-year yields. Short-term yields are more sensitive to Fed hikes, while longer-term yields incorporate trader expectations about the economy. The inverted yield curve is also seen a recession indicator, and with Fed officials signaling that they are willing to trade economic pain for lower inflation, further rate hikes may have less of an impact on longer-term bonds. Funds for flexible rate bonds, such as the iShares Floating Rate Bond ETF (FLOT) , are another option that could be intriguing for investors. While rising yields drive down the price of fixed rate bonds, those with floating rates should see their payouts adjust and keep the market price of the underlying bonds relatively stable. The iShares fund has lost less than 1% this year, which would be a welcome return for many investors in 2022. Other major floating rate funds include the Invesco Senior Loan ETF (BKLN) and SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) . Another fund that has had success this year is FolioBeyond's Rising Rates ETF (RISR) . This smaller fund invests in Treasury bonds and interest-only mortgage-backed securities, which can benefit from rising rates as mortgage refinancings decline.