[heifetz]

You can short or buy puts on high yield ETFs, such as HYG and there are probably some others. However, unless you know what you're doing, and have risk management, it's probably not advisable to hold longer duration short positions. The market may ultimately go down, but in the mean time, you'll be losing money and may not profit very much when it ultimately does go down.

[gzu]

The short squeeze in HYG over the past few weeks is insane, up nearly 6%. It had moved +/- 1% all year up until then. You’d have to hold through price moves like that.

[acover]

Apparently high yield ETFs invest in junk bonds which are different then leveraged loans. For example, junk bonds are overseen by the SEC.