Are floater mutual funds right bet for the upcoming rising interest rate regime?

After years of soft interest rates, the cycle is moving towards its next leg—an upward shift in rates. This makes traditional bond funds unattractive. However, fund houses are offering a way out in the form of floater funds. Three new floater funds have been launched this year and another from Axis Mutual Fund is open for subscription. Are these funds the right way to play the coming rate cycle? Traditional bond funds invest in instruments