Monetary Matters with Jack Farley

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025. Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Anna Wong on Twitter https://x.com/AnnaEconomist Follow Bloomberg Economics on Twitter https://x.com/economics Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Take the Monetary Matters poll:  https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025. Follow Aahan Menon on X https://x.com/AahanPrometheus Follow Prometheus Macro on X https://x.com/prometheusmacro Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors. Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed. Follow Stoic Point Capital Management on X: https://x.com/stoic_point Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This episode of Monetary Matters is a Sponsored Fireside Chat brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet.  The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution. Follow VanEck on X https://x.com/vaneck_us Follow Angus Shillington on X https://x.com/angusshillingto Follow Nick Frasse on X https://x.com/NickFrasse Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption Follow Brett Caughran on X: https://x.com/FundamentEdge Follow David Plon on X: https://x.com/Dplon88 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:25 The Rapid Pace of AI Advancements 07:15 How to Start Adding AI to Your Process 15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research 18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World 23:19 Importance of Clearly Defining Your Investment Process Before Adding AI 26:35 The Role of Specialty Investment Tools 29:49 Custom vs Off-The-Shelf Solutions 38:16 Thoughtful AI Prompting is Key 44:01 Biggest AI Pitfalls to Avoid 48:52 How Has AI Shifted the Competitive Landscape? 54:43 AI Investing Bootcamp

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack John Schindler, General Secretary of the Financial Stability Board (FSB), joins Monetary Matters to discuss the rise of non-bank financial intermediation (NBFI), sometimes referred to as “shadow banking.” There are signs that NBFI leverage is growing and NBFI data is not as transparent or available as in the traditional banking system, and these two forces may pose financial stability risks. Schindler shares the FSB’s recommendations for how to ameliorate these potential risks. From the FSB: The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. Reports and recommendations: Final FSB Report on NBFI Leverage (web link): https://www.fsb.org/2025/07/leverage-in-nonbank-financial-intermediation-final-report/ Final FSB Report on NBFI Leverage (pdf): https://www.fsb.org/uploads/P090725-1.pdf Scihndler’s Eurofi speech: https://www.fsb.org/2024/09/building-bridges-the-case-for-better-data-and-coordination-for-the-non-bank-sector/ Global Monitoring Report on Non-Bank Financial Intermediation 2024: https://www.fsb.org/2024/12/global-monitoring-report-on-non-bank-financial-intermediation-2024/ 2021 Report on Money Market Resilience: https://www.fsb.org/2021/10/policy-proposals-to-enhance-money-market-fund-resilience-final-report/ Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds: https://www.fsb.org/2023/12/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds/ Liquidity Preparedness for Margin and Collateral Calls: Final report: “https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/” “High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report”: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy: https://www.fundamentedge.com/ai-academy In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward. Follow HF Reflections on X: https://x.com/hfreflection Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down Jerome Powell’s Jackson Hole speech that markets have interpreted as signaling rate cuts are coming in September, the Fed’s long-term reassessment of their policy framework for combatting inflation and maintaining full employment, and Chinese consumer lending fintech companies that Jack is bullish on. Fed Statements on Longer-Run Goals and Monetary Policy Strategy Updated August 2025: https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:34 Fiscal.ai Front Roll 00:53 Jerome Powell Signals Rate Cuts? 06:35 The Fed’s View of the Labor Market 07:41 Updating the Fed’s Policy Framework 11:35 Fiscal.ai Mid Roll 12:58 Lisa Cook, Politics at the Fed, & the Next Fed Chair 21:06 Bullish Outlook on Chinese Consumer FinTech Basket 40:40 Outro

Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs 06:38 Launching Svelland Capital with Personal Capital 09:03 The First Major Hurdles: 3 Years & $100m in AUM 10:56 ESG and the Commodity Market Backdrop 15:59 Underinvestment & Undersupply in Shipping & Commodities 20:41 Trading Global Supply Chains Shifts 23:44 Trade Expression & Commodities Portfolio Construction 29:06 The Effects of New Commodity Market Participants 36:06 TTF Gas Markets & Price Spike Potential 39:38 Multiple PMs & The Benefits of Taking Risk 42:05 Thinking Internationally & Advice for Young Commodities Traders 45:56 International Investor Interest in Commodities 48:00 Managing AUM Growth & Capacity Constraints

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Renowned trade historian Douglas Irwin joins Jack to compare the ongoing shifts in American trade policy to Smoot-Hawley tariff during the Great Depression and the McKinley-era tariffs of the late 19th century of which President Trump speaks so fondly. Irwin, the John French Professor of Economics at Dartmouth College, and author of “Clashing over Commerce” and “Trade Policy Disaster” among other titles, notes that most economic historians agree that the Smoot-Hawley tariff was not the primary cause of the Great Depression. Rather, while it probably exacerbated the global economic slowdown, trade barriers in a narrow sense served their respective countries' interest in limiting gold outflows. Professor Irwin argues that current tariffs (2% to ~15%) are a greater shock than Smoot-Hawley (38% to 42%), because of the higher rate of change and because U.S. trade as a percentage of GDP is higher now than it was in the 1930s. Jack lobs pro-protectionist arguments that Irwin strongly rejects. The two reflect on balance of payments, with Irwin noting that large capital inflows into the United States are a major cause of the large and persistent U.S. trade deficit. Recorded on August 7, 2025. Douglas Irwin’s books discussed: “Trade Policy Disaster: Lessons from the 1930s”: https://direct.mit.edu/books/monograph/3374/Trade-Policy-DisasterLessons-from-the-1930s “Clashing over Commerce: A History of US Trade Policy”: https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html “Peddling Protectionism: Smoot-Hawley and the Great Depression”: https://press.princeton.edu/books/paperback/9780691178066/peddling-protectionism?srsltid=AfmBOoqh-ZTEvY-wNf7wqitXQpkh-tfA7MEOyqxhKCoeHo7WbyUaJRB9 Douglas Irwin’s papers discussed: “TARIFF INCIDENCE: EVIDENCE FROM U.S. SUGAR DUTIES, 1890-1930”: https://www.nber.org/system/files/working_papers/w20635/w20635.pdf “HIGHER TARIFFS, LOWER REVENUES? ANALYZING THE FISCAL ASPECTS OF THE "GREAT TARIFF DEBATE OF 1888"”: https://www.nber.org/system/files/working_papers/w6239/w6239.pdf Follow Douglas Irwin on Twitter https://x.com/D_A_Irwin Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down recent economic data on inflation and the labor market, the parade of positive earnings reports sending markets higher, and how this is representative of an economic expansion that is benefiting Wall Street while Main Street is left behind. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 Financial Conditions Are Easy 01:48 Inflation Report (CPI) 04:02 Market Strength (Wall St.) vs Economic Weakness (Main St.) 10:13 Earnings Expectations: Priced for Perfection? 16:13 Fiscal AI 17:36 Are We in a Bubble? 22:12 AI CapEx Trends 25:42 AMZN and Earnings Season Losers 30:38 What’s Up Next Earnings 33:11 The New BLS and Labor Market Data 38:12 Market Complacency and Long-term Predictions 42:46 What’s in the Portfolio of “Super Investors”

Leland Clemons, co-founder and CEO of BondBloxx, shares his view on where he thinks fixed-income ETFs are headed. He talks about the creation of the first private credit ETF (consisting of tranches of middle-market CLOs), the mechanics of ETF creation via authorized participants (APs), equity concentration risk, and increased specialization of fixed-income ETFs. Recorded August 8, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

For 26% off to SuperMacro: https://billing.super-macro.com/b/14A5kDfMVeim3VM5ZW7bW06 For many Jonny Matthews, former PM at Brevan Howard and publisher of SuperMacro, has emphatically rejected the case for a recession in the U.S. Recent economic data is causing him to reevaluate his view. While he still calls himself a “recession denier,” Matthews now thinks a slowdown is already occurring in the U.S. that will *look* like stagflation in the fall. Whether it will actually be “real stagflation” is a different question. But Matthews has a bearish view on stocks and bonds, while acknowledging that putting on these trades are difficult and that he is waiting for the right time. Recorded on August 6, 2025.  About SuperMacro https://super-macro.com/who-we-are Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:34 The Birth of Modern Banking in the Middle East 10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity 19:09 Engagement vs. Activism 27:17 Nathan's Famous Hot Dogs Case Study 33:05 Take Private Opportunities 35:55 Investing in a "Classical" Style 38:43 Talking About Process Instead of Positions 45:02 Value Investing in Tech and Old-Line Businesses 50:05 Team Continuity & Incentives 54:18 Marketing After 10+ Years

This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by Fiscal.ai.Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down today’s FOMC rate cut decision, this morning’s GDP report, recent tariff developments as major August deadlines approach, and the big earnings reports that are moving markets. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms. David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals. For accounting services David uses: https://rsmus.com For outsourced compliance services David uses: https://www.salusgrc.com For legal services David uses: https://www.akingump.com/en Follow David on Twitter: https://x.com/PeterLakeSounds Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:30 The Most Important Aspect of Investing 10:16 The Market for Concentrated Investing 13:47 Staying in the Game 17:45 Non-Standard Structures Are a Risk 19:41 New Structures for Individual Investors 27:11 Communicating Investing Process 34:28 Using AI to Cut Investment Research Costs 49:04 The Mission of $1B to $100B

This Monetary Matters episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brent Johnson, CEO of Santiago Capital, joins Monetary Matters to discuss why he believes the idea that a US sovereign debt crisis could occur in a vacuum without spilling over into a global sovereign debt crisis is outlandish. He argues that because there would be knock on effects globally, any such crisis would be extremely bullish for the dollar, not bearish as many have argued. He also argues that current panic around dollar weakness is overblown and that the current battle between the Fed and the US Treasury will be won by the Treasury and usher in a new error of less autonomy and independence from the Federal Reserve, potentially sending yields and dollars higher. Read Brent’s Research: https://pages.santiagocapital.com/research Follow Brent Johnson on Twitter: https://x.com/SantiagoAuFund Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, 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. Small, medium and large-capitalization companies may be subject to elevated risks. 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. 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

Wayne Dahl, managing director and co-portfolio manager of Global Credit at Oaktree Capital Management, joins Monetary Matters to share his views on navigating the world of credit. With spreads low not just in high-yield, but also in bank loans, collateralized loan obligations (CLOs), and private credit, Dahl talks about where value is to be found during a time of high tariffs and high uncertainty. Recorded July 14, 2025. Follow Wayne Dahl on LinkedIn https://www.linkedin.com/in/wayne-dahl-3530175 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez