Bonds may be more than just a safe haven.

BondBloxx ETFs' Tony Kelly, a former Goldman Sachs Asset Management global ETF head, contends it's where investors can also play offense due to the market backdrop .

"It's definitely getting more nuanced," the firm's co-founder told CNBC's " ETF Edge " this week . " Advisors are being a bit more thoughtful because there is more opportunity in fixed income now that rates are no longer… close to zero [percent]."

The Federal Reserve cut interest rates on Wednesday by a quarter point — its second move this year. The decision took its benchmark rate down to 3.75%-4% , a level that's still far above zero.

Meanwhile, the benchmark 10-year Treasury Note yield ticked back above 4% following the latest decision. The yield has dropped by

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