This is an actively managed bond ETF that diversifies across several bond sectors, including Treasuries, corporate bonds, high yield, and emerging market debt. It adjusts sector weights actively and seeks high income from diversified interest payments.

It suits income-oriented investors who want to pursue high income across multiple bond sectors while being willing to accept interest rate and credit risk.

It is an ETF run with an active management approach by Voya.

The fund diversifies across several bond sectors, including Treasuries, high-quality corporate bonds, high yield, and emerging market debt, while actively adjusting sector weights and duration according to market conditions. It seeks high income without leaning on any single sector, but its high yield and emerging market allocations expose it to credit risk.

• Diversified across multiple bond sectors
• Active sector and duration adjustments

Assets under management (AUM) stand at $317.0M, and the total expense ratio is 0.45% per year.

The main point of comparison is its multi-sector strategy, which actively allocates across several sectors, versus single-sector bond ETFs.

Multi-sector bonds are driven by interest rates, credit spreads, and the economy. They tend to be strong when rates fall and credit conditions improve, and weak when rates rise or credit conditions deteriorate. When sector allocation works out well, they can sometimes deliver steadier performance than a single sector.

Fund flows into multi-sector bonds vary with the rate environment, risk appetite, and demand for income, and money sometimes moves into related products when demand for high income grows. It is also worth noting that performance varies with rate and credit conditions.

Diversified income and active allocation are its strengths, while interest rate risk, credit risk, and manager risk are considerations.

For flexible active income, BINC is a direct substitute, and for another multi-sector active bond fund, products such as PYLD are also worth comparing. Those seeking core plus bonds can also consider products such as JCPB. The three products shown in the table, BINC, PYLD and JCPB, follow flexible income, multi-sector, and core plus strategies respectively, and differ in sector scope and management approach. For this ETF, Voya's multi-sector income management is the differentiating factor.

Here are the points to review before investing in VMSB. Diversified income and active allocation are appealing, but interest rate risk, credit risk, and manager risk need to be checked in advance. It is also a good idea to compare it with single-sector and core plus bond products.

Rising rates and worsening credit conditions are the main variables for short-term performance, and the high yield and emerging market allocations expose the fund to credit risk. If sector allocation calls miss the mark, performance may lag, so results depend on the manager's skill.

It is a suitable candidate for income-oriented investors looking to pursue high income across multiple bond sectors. If you want flexible income or core plus exposure, it is advisable to compare products such as BINC and JCPB, and if you want Voya's multi-sector income management, to compare this product alongside them before choosing.