The Fed and Fixed Income: Where to Position Now
September 24, 2026
11:00AM US ET
The Fed has acted. The question now is how to position. Emerging markets local currency bonds, floating rate debt, and CLOs respond differently to rate changes and credit cycle shifts, creating distinct opportunities depending on where policy is headed next. Join William Sokol and Fran Rodilosso as they examine the fixed income landscape in the wake of the September decision and where they see the most compelling opportunities.
- The distinct rate sensitivity and credit dynamics of emerging markets local currency, floating rate loans, and CLO debt in a post-rate-decision environment
- Where the relative opportunity lies across each segment as policy shifts take effect
- Practical guidance on sizing and combining complementary credit strategies heading into year-end
Access the Webinar Replay & Presentation
Important Disclosures
| Fund | Ticker | Performance History (%) as of 08/31/2026* | YTD* | 1YR | 3YR | 5YR | 10YR | LIFE 07/09/2012 |
30-Day SEC Yield | Gross Expense Ratio |
| VanEck Emerging Markets Bond ETF | EMBX | NAV | 4.17 | 9.29 | 10.59 | 4.67 | 5.16 | 3.70 | 5.78% | 0.76% |
| Share Price | 4.22 | 9.22 | 10.56 | 4.66 | 5.15 | 3.69 | ||||
| 50/50 Index | 2.76 | 7.86 | 8.86 | 2.27 | 3.06 | 2.75 | ||||
| Fund | Ticker | Performance History (%) as of 08/31/2026* | YTD | 1YR | 3YR | 5YR | 10YR | LIFE 06/21/2022 |
30-Day SEC Yield | Gross Expense Ratio |
| VanEck CLO ETF | CLOI | CLOI (NAV) | 2.43 | 5.41 | 7.00 | - | - | 7.20 | 4.98% | 0.36% |
| CLOI (Market Price) | 2.37 | 5.48 | 6.94 | - | - | 7.20 | ||||
| J.P. Morgan CLO IG Index | 2.47 | 5.35 | 7.13 | - | - | 7.08 |
*Returns less than one year are not annualized.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.
30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparison among funds. It is based on the most recent 30-Day period. This yield figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV.
This content is intended for educational purposes only. Please note that the availability of the products mentioned may vary by country, and it is recommended to check with your local stock exchange.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities or financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
References to the historical performance, yields, default experience, or rankings of CLOs, floating-rate notes, emerging-markets local-currency debt, or other asset classes describe those asset classes generally — not the performance of any VanEck fund — and reflect past performance, which does not guarantee future results; standardized fund performance is provided in the accompanying materials and at vaneck.com. CLO equity returns referenced (e.g., historical IRRs) are illustrative of the asset class, vary significantly by vintage and year, are not the return of any fund, and are subject to first-loss risk, leverage, illiquidity, and possible total loss of principal. Allocation and comparison illustrations do not reflect any actual portfolio and do not assure a profit, protect against loss, or ensure higher returns with lower risk. Any companies named are illustrative of a market or asset class and are not fund holdings.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
PLEASE SEE BELOW FOR POTENTIAL RISKS PERTAINING TO EACH OF THE FUNDS:
CLOIX Fund Risks:
The VanEck CLO Opportunities Fund (CLOIX) is subject to a high degree of risk and volatility and could result in significant losses, including the loss of a substantial portion or all of your investment.
An investment in the VanEck CLO Opportunities Fund may be subject to risks which includes, among others, CLO, CLO equity tranche, debt securities, high yield securities, income, valuation, privately issued securities, covenant lite loans, SOFR, investment sourcing, defaulted securities, syndicated loan, correlation, liquidity (quarterly repurchases and underlying investments), leveraging, CLO manager, investment focus, newly issued securities, extended settlement, private credit, underlying fund, business development company, foreign currency, derivatives, repurchase policy, distribution and RIC status, new fund, market, active management, non-diversified, potential conflicts of interest, and minimal capitalization risks, all of which may adversely affect the Fund. Debt securities may be subject to additional risks, such as liquidity, interest rate, floating rate obligations, credit, call, and extension risks.
The Fund is a closed-end management investment company structured as an “interval fund,” and its shares are not listed on any securities exchange and are not expected to have a secondary market, so an investment should be considered illiquid. Liquidity is provided only through quarterly repurchase offers conducted pursuant to Rule 23c-3 under the Investment Company Act of 1940, which generally permit the Fund to offer to repurchase between 5% and 25% of outstanding shares per quarter, as determined by the Fund’s Board. Repurchase requests may be oversubscribed and prorated, meaning you may be unable to sell all (or any) of your shares when desired and may have to hold shares for an indefinite period, and repurchase offers may be suspended or postponed in limited circumstances.
The Fund invests primarily in CLO debt and CLO equity (including BBB-rated and lower tranches and unrated equity). CLOs are complex and may be difficult to value and trade and are exposed to leveraged-loan credit risk, including borrower defaults and reduced recoveries. Investments in CLO equity and other junior tranches are subject to structural subordination and “first-loss” risk, including the diversion of cash flows to senior tranches after certain collateral quality test failures, and may result in a partial or total loss of investment.
The Fund may employ leverage, which may magnify gains and losses and increase volatility of the Fund’s net asset value. The Fund’s distributions, if any, are not guaranteed and may be paid from sources other than net investment income, including return of capital or borrowings, which may reduce the Fund’s net asset value and capital available for future investment.
CLOI Fund Risks: An investment in the VanEck CLO ETF (CLOI) may be subject to risks which include, but are not limited to, risks related to Collateralized Loan Obligations (CLO), debt securities, foreign currency, foreign securities, investment focus, newly-issued securities, extended settlement, affiliated fund investment, management and capital preservation, derivatives, currency management strategies, cash transactions, market, operational, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount, liquidity of fund shares and non-diversified risks, all of which may adversely affect the Fund. Investments in debt securities may expose the Fund to other risks, such as risks related to liquidity, interest rate, floating rate obligations, credit, call, extension, high yield securities, income, valuation, privately-issued securities, covenant lite loans, default of the underlying asset and CLO manager risks, all of which may impact the Fund’s performance. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous.
CLOB Fund Risks: An investment in the VanEck AA-BB CLO ETF (CLOB) may be subject to risks which include, but are not limited to, risks related to Collateralized Loan Obligations (CLO), debt securities, CLO manager, foreign currency, foreign securities, investment focus, newly-issued securities, extended settlement, affiliated fund investment, management and capital preservation, derivatives, currency management strategies, cash transactions, market, Sub-Adviser, operational, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount, liquidity of fund shares, non-diversified, seed investor, and new fund risks, all of which may adversely affect the Fund. Investments in debt securities may expose the Fund to other risks, such as risks related to liquidity, interest rate, floating rate obligations, credit, call, extension, high yield securities, income, valuation, privately-issued securities, covenant lite loans, and default of the underlying asset risks, all of which may impact the Fund’s performance. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous.
PineBridge Investment® is a registered trademark of PineBridge Investments IP Holdings Limited. All rights reserved.
The VanEck CLO ETF’s benchmark is the JP Morgan CLO IG Index which comprised on broadly-syndicated, arbitrage US CLO debt rated investment grade. The VanEck AA-BB CLO ETF’s benchmark is the JP Morgan CLOIE Balanced Mezzanine Index, which is a subset of the JP Morgan CLO Index, that tracks AA to BB rated US CLO debt. Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy The indices are used with permission. The indices may not be copied, used or distributed without J.P. Morgan’s written approval. Copyright 2026, J.P. Morgan Chase & Co. All rights reserved
ANGL Fund Risks: An investment in the VanEck Fallen Angel High Yield Bond ETF (ANGL) may be subject to risks which includes, among others, high yield securities, foreign securities, credit, interest rate, restricted securities, market, operational, call, consumer discretionary sector, information technology sector, basic materials sector, financials sector, special risk considerations of investing in European issuers, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund.
FLTR Fund Risks: An investment in the VanEck IG Floating Rate ETF (FLTR) may be subject to risks which includes, among others, foreign securities, foreign currency, credit, interest rate, floating rate, restricted securities, financials sector, special risk considerations of investing in United Kingdom, European, and Australian issuers, market, operational, sampling, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund.
EMBIX Fund Risks: An investment in the VanEck Emerging Markets Bond ETF may be subject to risks which include, among others, risks related to active management, credit, credit-linked notes, currency management strategies, derivatives, emerging market issuers, ESG investing, foreign currency, foreign securities, hedging, high portfolio turnover, high yield securities, interest rate, market, non-diversified, operational, restricted securities, investing in other funds, sovereign bond, special risk considerations of investing in African, Asian, European and Latin American issuers, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount and liquidity of fund shares, and cash transactions risks, all of which may adversely affect the Fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.
EMLC Fund Risks: An investment in the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) may be subject to risks which include, among others, foreign securities, emerging market issuers, foreign currency, investing in European, Asian, Latin American, Chinese and credit, interest rate, high yield securities, sovereign bond, cash transactions, market, operational, sampling, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, issuer-specific changes, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.
VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI-EMG Core Index. "J.P. Morgan" is a registered service mark of JPMorgan Chase & Co. © 2025. JPMorgan Chase & Co. All rights reserved.
Important Disclosures
| Fund | Ticker | Performance History (%) as of 08/31/2026* | YTD* | 1YR | 3YR | 5YR | 10YR | LIFE 07/09/2012 |
30-Day SEC Yield | Gross Expense Ratio |
| VanEck Emerging Markets Bond ETF | EMBX | NAV | 4.17 | 9.29 | 10.59 | 4.67 | 5.16 | 3.70 | 5.78% | 0.76% |
| Share Price | 4.22 | 9.22 | 10.56 | 4.66 | 5.15 | 3.69 | ||||
| 50/50 Index | 2.76 | 7.86 | 8.86 | 2.27 | 3.06 | 2.75 | ||||
| Fund | Ticker | Performance History (%) as of 08/31/2026* | YTD | 1YR | 3YR | 5YR | 10YR | LIFE 06/21/2022 |
30-Day SEC Yield | Gross Expense Ratio |
| VanEck CLO ETF | CLOI | CLOI (NAV) | 2.43 | 5.41 | 7.00 | - | - | 7.20 | 4.98% | 0.36% |
| CLOI (Market Price) | 2.37 | 5.48 | 6.94 | - | - | 7.20 | ||||
| J.P. Morgan CLO IG Index | 2.47 | 5.35 | 7.13 | - | - | 7.08 |
*Returns less than one year are not annualized.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.
30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparison among funds. It is based on the most recent 30-Day period. This yield figure reflects the interest earned during the period after deducting the Fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV.
This content is intended for educational purposes only. Please note that the availability of the products mentioned may vary by country, and it is recommended to check with your local stock exchange.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities or financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
References to the historical performance, yields, default experience, or rankings of CLOs, floating-rate notes, emerging-markets local-currency debt, or other asset classes describe those asset classes generally — not the performance of any VanEck fund — and reflect past performance, which does not guarantee future results; standardized fund performance is provided in the accompanying materials and at vaneck.com. CLO equity returns referenced (e.g., historical IRRs) are illustrative of the asset class, vary significantly by vintage and year, are not the return of any fund, and are subject to first-loss risk, leverage, illiquidity, and possible total loss of principal. Allocation and comparison illustrations do not reflect any actual portfolio and do not assure a profit, protect against loss, or ensure higher returns with lower risk. Any companies named are illustrative of a market or asset class and are not fund holdings.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
PLEASE SEE BELOW FOR POTENTIAL RISKS PERTAINING TO EACH OF THE FUNDS:
CLOIX Fund Risks:
The VanEck CLO Opportunities Fund (CLOIX) is subject to a high degree of risk and volatility and could result in significant losses, including the loss of a substantial portion or all of your investment.
An investment in the VanEck CLO Opportunities Fund may be subject to risks which includes, among others, CLO, CLO equity tranche, debt securities, high yield securities, income, valuation, privately issued securities, covenant lite loans, SOFR, investment sourcing, defaulted securities, syndicated loan, correlation, liquidity (quarterly repurchases and underlying investments), leveraging, CLO manager, investment focus, newly issued securities, extended settlement, private credit, underlying fund, business development company, foreign currency, derivatives, repurchase policy, distribution and RIC status, new fund, market, active management, non-diversified, potential conflicts of interest, and minimal capitalization risks, all of which may adversely affect the Fund. Debt securities may be subject to additional risks, such as liquidity, interest rate, floating rate obligations, credit, call, and extension risks.
The Fund is a closed-end management investment company structured as an “interval fund,” and its shares are not listed on any securities exchange and are not expected to have a secondary market, so an investment should be considered illiquid. Liquidity is provided only through quarterly repurchase offers conducted pursuant to Rule 23c-3 under the Investment Company Act of 1940, which generally permit the Fund to offer to repurchase between 5% and 25% of outstanding shares per quarter, as determined by the Fund’s Board. Repurchase requests may be oversubscribed and prorated, meaning you may be unable to sell all (or any) of your shares when desired and may have to hold shares for an indefinite period, and repurchase offers may be suspended or postponed in limited circumstances.
The Fund invests primarily in CLO debt and CLO equity (including BBB-rated and lower tranches and unrated equity). CLOs are complex and may be difficult to value and trade and are exposed to leveraged-loan credit risk, including borrower defaults and reduced recoveries. Investments in CLO equity and other junior tranches are subject to structural subordination and “first-loss” risk, including the diversion of cash flows to senior tranches after certain collateral quality test failures, and may result in a partial or total loss of investment.
The Fund may employ leverage, which may magnify gains and losses and increase volatility of the Fund’s net asset value. The Fund’s distributions, if any, are not guaranteed and may be paid from sources other than net investment income, including return of capital or borrowings, which may reduce the Fund’s net asset value and capital available for future investment.
CLOI Fund Risks: An investment in the VanEck CLO ETF (CLOI) may be subject to risks which include, but are not limited to, risks related to Collateralized Loan Obligations (CLO), debt securities, foreign currency, foreign securities, investment focus, newly-issued securities, extended settlement, affiliated fund investment, management and capital preservation, derivatives, currency management strategies, cash transactions, market, operational, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount, liquidity of fund shares and non-diversified risks, all of which may adversely affect the Fund. Investments in debt securities may expose the Fund to other risks, such as risks related to liquidity, interest rate, floating rate obligations, credit, call, extension, high yield securities, income, valuation, privately-issued securities, covenant lite loans, default of the underlying asset and CLO manager risks, all of which may impact the Fund’s performance. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous.
CLOB Fund Risks: An investment in the VanEck AA-BB CLO ETF (CLOB) may be subject to risks which include, but are not limited to, risks related to Collateralized Loan Obligations (CLO), debt securities, CLO manager, foreign currency, foreign securities, investment focus, newly-issued securities, extended settlement, affiliated fund investment, management and capital preservation, derivatives, currency management strategies, cash transactions, market, Sub-Adviser, operational, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount, liquidity of fund shares, non-diversified, seed investor, and new fund risks, all of which may adversely affect the Fund. Investments in debt securities may expose the Fund to other risks, such as risks related to liquidity, interest rate, floating rate obligations, credit, call, extension, high yield securities, income, valuation, privately-issued securities, covenant lite loans, and default of the underlying asset risks, all of which may impact the Fund’s performance. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous.
PineBridge Investment® is a registered trademark of PineBridge Investments IP Holdings Limited. All rights reserved.
The VanEck CLO ETF’s benchmark is the JP Morgan CLO IG Index which comprised on broadly-syndicated, arbitrage US CLO debt rated investment grade. The VanEck AA-BB CLO ETF’s benchmark is the JP Morgan CLOIE Balanced Mezzanine Index, which is a subset of the JP Morgan CLO Index, that tracks AA to BB rated US CLO debt. Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy The indices are used with permission. The indices may not be copied, used or distributed without J.P. Morgan’s written approval. Copyright 2026, J.P. Morgan Chase & Co. All rights reserved
ANGL Fund Risks: An investment in the VanEck Fallen Angel High Yield Bond ETF (ANGL) may be subject to risks which includes, among others, high yield securities, foreign securities, credit, interest rate, restricted securities, market, operational, call, consumer discretionary sector, information technology sector, basic materials sector, financials sector, special risk considerations of investing in European issuers, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund.
FLTR Fund Risks: An investment in the VanEck IG Floating Rate ETF (FLTR) may be subject to risks which includes, among others, foreign securities, foreign currency, credit, interest rate, floating rate, restricted securities, financials sector, special risk considerations of investing in United Kingdom, European, and Australian issuers, market, operational, sampling, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund.
EMBIX Fund Risks: An investment in the VanEck Emerging Markets Bond ETF may be subject to risks which include, among others, risks related to active management, credit, credit-linked notes, currency management strategies, derivatives, emerging market issuers, ESG investing, foreign currency, foreign securities, hedging, high portfolio turnover, high yield securities, interest rate, market, non-diversified, operational, restricted securities, investing in other funds, sovereign bond, special risk considerations of investing in African, Asian, European and Latin American issuers, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount and liquidity of fund shares, and cash transactions risks, all of which may adversely affect the Fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.
EMLC Fund Risks: An investment in the VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) may be subject to risks which include, among others, foreign securities, emerging market issuers, foreign currency, investing in European, Asian, Latin American, Chinese and credit, interest rate, high yield securities, sovereign bond, cash transactions, market, operational, sampling, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, issuer-specific changes, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.
VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC) is not sponsored, endorsed, sold or promoted by J.P. Morgan and J.P. Morgan makes no representation regarding the advisability of investing in EMLC. J.P. Morgan does not warrant the completeness or accuracy of the J.P. Morgan GBI-EMG Core Index. "J.P. Morgan" is a registered service mark of JPMorgan Chase & Co. © 2025. JPMorgan Chase & Co. All rights reserved.