NEW YORK: Shareholders in the AdvisorShares Peritus High Yield ETF who sold in late 2014 are probably not the last to pay up for liquidity risk, a growing hazard for some fixed-income investors bracing for the first Federal Reserve interest rate hike in nearly a decade. ETFs created in recent years and dealing in often illiquid or thinly traded junk bonds, emerging-markets debt and bank loans are an untested market force that may increase selling pressures in a market turndown, analysts say.