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CLOs Gain Amid Surge In Yields

CLOs outperformed investment-grade and high yield bonds in September as fixed-rate debt continues to face headwinds in rising Treasury yields.

The VanEck CLO ETF (the “Fund”) remains conservatively positioned relative to its benchmark, the J.P. Morgan CLO Index, as we expect downgrades

Asset class Q3 2023 Return (%) Yield to Worst (%) Spreads (bps)
CLOs 3.06 7.45 243
AAA 2.43 6.49 168
AA 3.05 6.92 233
A 4.09 7.50 292
BBB 5.83 9.20 461
BB 6.99 20.30 951
Investment Grade Corporates -2.70 6.08 125
U.S. Agg -3.18 5.44 56
Leveraged Loans 3.34 10.01 451
High Yield Bonds 0.53 8.94 403

Average Annual Total Returns (%) as of September 30, 2023
1 Month* 3 Month* YTD 1 Year 3 Year 5 Year 10 Year LIFE 6/21/2022
CLOI (NAV) 0.69 2.48 7.16 10.55 8.26
CLOI (Share Price) 0.62 2.42 6.99 9.35 8.36
J.P. Morgan Collateralized Loan Obligation Index 0.60 3.06 7.64 10.91 8.17

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