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You wrote, Anyone know of a formula or method of calculating what will happen to the price of ETF's when interest rates rise?

It's a value known as Duration. I don't know the formula off the top of my head; but I'm sure it involves some net-present discounting formula.

Duration is measured in years; but what it really indicates is a percentage. For instance, a duration of 2 years indicates that a 1% change in interest rates will have a 2% change in asset value.

Here's Vanguard's discussion of Duration:

Bond funds usually publish the aggregate duration of their holdings. Unfortunately PFF does not.

BTW, Duration is an estimate. It is not precise, but you can expect a correlation between the estimate and actual interest rate moves so Duration is a valuable measure of the risk you are assuming in a bond fund.

- Joel
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