Weekly Channel Summary
The Fixed Income: Specialty channel, encompassing 157 ETFs from 13 issuers, closed the week with total assets under management of $72.80 billion. The segment continued its strong asset-gathering trend, attracting $159 million in net inflows over the past five days. This brings year-to-date inflows to $9.44 billion and the one-year total to an impressive $21.29 billion.
This Week’s Performance Leaders and Laggards
Interest Rate Volatility was the only category to post a gain this week, rising 0.86% and bringing its one-month return to 3.37%. In contrast, the two largest categories by fund count, Defined Maturity and Maturing Ladder, experienced declines of -0.31% and -0.71%, respectively. Despite its weekly gain, the Interest Rate Volatility category remains down -3.84% over the past year, while the Defined Maturity category holds a 3.66% gain over the same period.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Specialty – Interest Rate Volatility | 0.86% | 3.37% | 0.84% | 1.52% | 0.14% | -3.84% |
| Specialty – Defined Maturity | -0.31% | -0.23% | -0.05% | 0.57% | 0.72% | 3.66% |
| Specialty – Maturing Ladder | -0.71% | -1.23% | -1.16% | -0.58% | -0.30% | 1.79% |
Top & Bottom 5 ETFs by Weekly Performance
The Simplify Interest Rate Hedge ETF (PFIX) was the standout performer, surging 4.93% for the week. This gain significantly outpaced other funds in the specialty fixed income space. On the other end of the spectrum, longer-dated defined maturity products faced headwinds, with funds like the iShares iBonds Dec 2035 Term Muni Bond ETF (IBMX) falling -1.53%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PFIX | Simplify Interest Rate Hedge ETF | 4.93% |
| RINF | ProShares Inflation Expectations ETF | 0.36% |
| RISR | FolioBeyond Alternative Income and Interest Rate Hedge ETF | 0.33% |
| IBIC | iShares iBonds Oct 2026 Term TIPS ETF | 0.08% |
| CPII | American Beacon Ionic Inflation Protection ETF | 0.08% |
| Bottom Performers | ||
| IBMX | iShares iBonds Dec 2035 Term Muni Bond ETF | -1.53% |
| IBGC | iShares iBonds Dec 2046 Term Treasury ETF | -1.42% |
| IBGA | iShares iBonds Dec 2044 Term Treasury ETF | -1.39% |
| IBGB | iShares iBonds Dec 2045 Term Treasury ETF | -1.37% |
| IBGK | iShares iBonds Dec 2054 Term Treasury ETF | -1.35% |
Analyzing the Weekly Flows
The channel saw modest net inflows of $159 million, with investor behavior diverging sharply by category. The Defined Maturity category was the sole driver of positive flows, pulling in $191 million in new assets. Conversely, the Interest Rate Volatility category saw outflows of $32 million. Within the defined maturity space, Corporate bond ETFs were the most popular segment, attracting $133 million.
Flows by Category
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Specialty – Defined Maturity | 129 | $71.81B | $191M | $1,215M | $3,702M | $9,493M | $21,363M |
| Specialty – Maturing Ladder | 20 | $148M | $0M | -$4M | $14M | $27M | -$165M |
| Specialty – Interest Rate Volatility | 8 | $845M | -$32M | -$46M | $2M | -$83M | $88M |
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Corporate | 64 | $54.86B | $133M | $729M | $2,519M | $6,565M | $15,349M |
| Municipal | 30 | $5.11B | $19M | $85M | $267M | $806M | $1,668M |
| Government | 63 | $12.83B | $7M | $351M | $932M | $2,067M | $4,270M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: 2026 | 10 | $12.00B | -$87M | -$391M | -$928M | -$1,614M | -$319M |
| Duration: 2027 | 13 | $13.24B | $30M | $165M | $405M | $1,231M | $2,899M |
| Duration: 2028 | 14 | $12.52B | $80M | $376M | $1,087M | $2,557M | $4,537M |
| Duration: 2029 | 13 | $10.22B | $37M | $301M | $842M | $1,875M | $3,739M |
| Duration: 2030 | 17 | $8.17B | $38M | $287M | $770M | $1,744M | $3,599M |
| Duration: 2031 | 13 | $5.50B | $24M | $239M | $558M | $1,194M | $2,206M |
| Duration: 2032 | 11 | $4.14B | $31M | $115M | $319M | $752M | $1,607M |
| Duration: 2033 | 11 | $2.82B | $3M | $18M | $221M | $487M | $964M |
| Duration: 2034 | 10 | $1.95B | $7M | $28M | $132M | $577M | $1,089M |
| Duration: 2035 | 13 | $1.07B | $16M | $46M | $197M | $564M | $680M |
| Duration: 2036 | 5 | $135M | $9M | $22M | $90M | $116M | $116M |
| Duration: 2044 | 1 | $103M | $2M | $5M | $13M | $21M | $39M |
| Duration: 2045 | 3 | $20M | $0M | -$1M | $0M | $0M | $5M |
| Duration: 2046 | 1 | $10M | $0M | $1M | $6M | $9M | $9M |
| Duration: 2050 | 2 | $8M | $0M | $0M | $0M | $0M | $4M |
| Duration: 2054 | 1 | $6M | $0M | $0M | $2M | $2M | $4M |
| Duration: 2055 | 5 | $24M | $0M | -$1M | -$2M | -$0M | $5M |
| Duration: 2056 | 1 | $4M | $0M | $0M | $0M | $2M | $2M |
| Duration: 2060 | 2 | $8M | $0M | $0M | $2M | $2M | $5M |
| Duration: 2065 | 2 | $8M | $0M | $0M | $0M | $0M | $7M |
| Duration: Long | 1 | $1M | -$0M | $0M | -$0M | $0M | $0M |
Top & Bottom 5 ETFs by 5-Day Flow
The iShares iBonds Dec 2028 Term Treasury ETF (IBTI) led all funds with $21 million in weekly net inflows, indicating continued interest in intermediate-term government debt. On the redemption side, the Quadratic Deflation ETF (BNDD) experienced the largest outflow at -$38 million. It was followed by the Invesco BulletShares 2026 Corporate Bond ETF (BSCQ), which shed -$23 million as investors rotated out of near-term maturities.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | $21M |
| BSCT | Invesco BulletShares 2029 Corporate Bond ETF | $20M |
| IBDS | iShares iBonds Dec 2027 Term Corporate ETF | $16M |
| IBDT | iShares iBonds Dec 2028 Term Corporate ETF | $15M |
| MYCH | State Street My2028 Corporate Bond ETF | $15M |
| Outflows | ||
| BNDD | Quadratic Deflation ETF | -$38M |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | -$23M |
| IBDR | iShares iBonds Dec 2026 Term Corporate ETF | -$15M |
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | -$13M |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | -$12M |
Issuer League Table Update
The issuer landscape remains highly concentrated, with iShares (58.28%) and Invesco (38.58%) controlling the vast majority of channel assets. iShares also led the week in asset gathering, bringing in $110 million in net new money across its 57 specialty funds. Invesco also saw healthy demand, adding $58 million. KraneShares recorded the largest net outflow among issuers, with redemptions totaling $38 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 57 | $42.43B | 58.28% |
| Invesco | 35 | $28.08B | 38.58% |
| State Street | 21 | $966M | 1.33% |
| Vanguard | 10 | $326M | 0.45% |
| FolioBeyond | 1 | $295M | 0.41% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $110M |
| Invesco | $58M |
| State Street | $15M |
| Outflows | |
| KraneShares | -$38M |
| Quadratic | -$3M |
| ProShares | -$0M |
For a deeper dive into these trends, access our FREE, in-depth FI: Specialty ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
