Weekly Channel Summary
The Taxable fixed income ETF channel, encompassing 711 funds from 147 issuers, holds approximately $2.32 trillion in total assets. This past week, the channel attracted $7.6 billion in net new assets, contributing to a year-to-date total of $317.7 billion. Over the last twelve months, investors have allocated a substantial $524.7 billion to taxable bond ETFs.
This Week’s Performance Leaders and Laggards
Performance was mostly muted across taxable bond categories, with Government Intermediate funds leading gains at 0.20%. The standout story was the Convertible category, which plummeted by -3.55% for the week, erasing a portion of its strong recent gains. Despite the sharp weekly drop, the Convertible category remains the top performer year-to-date with a 15.51% return.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Government Intermediate | 0.20% | 0.23% | -0.80% | 0.02% | -0.13% | 3.20% |
| Taxable – Government Short | 0.14% | 0.43% | 0.12% | 0.82% | 0.79% | 3.20% |
| Taxable – Bank Loans | 0.14% | 0.58% | 1.26% | 0.95% | 1.34% | 4.27% |
| Taxable – Short-Term | 0.14% | 0.38% | 0.12% | 0.89% | 0.92% | 3.87% |
| Taxable – Government Long | 0.13% | -0.96% | -1.57% | -1.05% | -0.74% | 3.84% |
| Taxable – Core | 0.13% | -0.04% | -0.65% | 0.14% | 0.29% | 4.26% |
| Taxable – Corporate | 0.12% | -0.17% | -0.70% | 0.06% | 0.19% | 4.51% |
| Taxable – Inflation Protected | 0.12% | 0.41% | 0.05% | 1.45% | 1.51% | 3.38% |
| Taxable – Core Enhanced | 0.10% | -0.05% | -0.52% | 0.29% | 0.50% | 4.71% |
| Taxable – Ultrashort | 0.09% | 0.37% | 1.01% | 1.90% | 2.12% | 4.49% |
| Taxable – Securitized | 0.08% | 0.02% | -0.65% | 0.38% | 0.71% | 5.66% |
| Taxable – Government Ultrashort | 0.07% | 0.33% | 0.91% | 1.79% | 1.97% | 3.89% |
| Municipal – Single State | 0.06% | — | — | — | — | — |
| Taxable – Long-Term | 0.05% | -1.56% | -1.54% | -1.17% | -0.42% | 4.73% |
| Taxable – High Yield | 0.02% | 0.40% | 0.51% | 1.43% | 2.00% | 5.84% |
| Taxable – Multisector | -0.02% | 0.18% | 0.37% | 1.11% | 1.47% | 5.49% |
| Taxable – International | -0.14% | -0.83% | -2.53% | -1.20% | -1.58% | -0.28% |
| Taxable – International USD | -0.31% | -0.53% | -0.10% | 0.25% | 0.68% | 1.95% |
| Taxable – Preferred Stock | -0.32% | -0.94% | -1.06% | -0.68% | 1.12% | 4.47% |
| Taxable – Emerging USD | -0.47% | -0.43% | 0.04% | 1.84% | 1.84% | 9.54% |
| Taxable – Emerging | -0.65% | -0.33% | -0.99% | 0.92% | 1.31% | 7.14% |
| Taxable – Convertible | -3.55% | -7.33% | 1.61% | 9.83% | 15.51% | 23.32% |
Top & Bottom 5 ETFs by Weekly Performance
At the individual fund level, the Sound Enhanced Fixed Income ETF (FXED) was the week’s top performer, rising 1.21%. In contrast, the week’s worst performers were concentrated in the convertible bond space, reflecting the broader category’s downturn. The Calamos Convertible Equity Alternative ETF (CVRT) fell by -4.60%, while the First Trust SSI Strategic Convertible Securities ETF (FCVT) declined by -4.51%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| FXED | Sound Enhanced Fixed Income ETF | 1.21% |
| PFFR | InfraCap REIT Preferred ETF | 0.83% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 0.53% |
| TFFI | Chesapeake Trend-Following Fixed Income ETF | 0.53% |
| MHY | Man Active High Yield ETF | 0.46% |
| Bottom Performers | ||
| CVRT | Calamos Convertible Equity Alternative ETF | -4.60% |
| MBSX | Regan Fixed Rate MBS ETF | -4.59% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | -4.51% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | -3.56% |
| ICVT | iShares Convertible Bond ETF | -3.54% |
Analyzing the Weekly Flows
Investors directed a net $7.6 billion into taxable bond ETFs over the week. Multi-Sector funds were the primary destination for new capital, attracting nearly $4.6 billion, followed by Government funds which gathered $2.4 billion. From a credit perspective, Investment Grade strategies dominated, pulling in $4.7 billion, while Intermediate duration funds saw the largest inflows of any maturity segment at almost $5.0 billion.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 299 | $968.75B | $4,597M | $23,164M | $69,084M | $140,358M | $241,620M |
| Government | 130 | $719.48B | $2,392M | $12,890M | $38,082M | $111,639M | $172,928M |
| Bank Loans | 48 | $68.60B | $249M | $1,506M | $6,921M | $11,247M | $15,355M |
| Corporate | 158 | $411.43B | $183M | $10,603M | $26,634M | $44,860M | $78,388M |
| Securitized | 46 | $108.42B | $182M | $829M | $4,046M | $7,558M | $12,733M |
| Preferred Stock | 28 | $41.14B | $22M | $631M | $1,703M | $1,976M | $3,559M |
| Cat Bonds | 1 | $79M | $1M | $3M | $12M | $45M | $70M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 368 | $1,852.58B | $4,727M | $35,807M | $105,784M | $252,955M | $406,768M |
| Credit: Blend | 187 | $270.86B | $2,656M | $9,592M | $27,228M | $53,535M | $91,547M |
| Credit: High Yield | 151 | $194.13B | $221M | $4,175M | $13,319M | $11,018M | $26,056M |
| Specialty: Interest Rate Volatility | 1 | $88M | $12M | $32M | $66M | $68M | $68M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 412 | $1,333.43B | $4,973M | $31,203M | $86,594M | $171,272M | $296,791M |
| Duration: Long | 60 | $193.68B | $1,371M | $4,699M | $5,441M | $4,009M | $18,234M |
| Duration: Ultrashort | 145 | $487.61B | $714M | $9,340M | $37,423M | $105,642M | $147,585M |
| Duration: Short | 90 | $302.93B | $558M | $4,364M | $16,939M | $36,653M | $61,830M |
Top & Bottom 5 ETFs by 5-Day Flow
The iShares 0-3 Month Treasury Bond ETF (SGOV) led all funds with $804 million in net inflows. On the other end of the spectrum, the ProShares GENIUS Money Market ETF (IQMM) experienced a substantial redemption of nearly $1.65 billion. The iShares 1-3 Year Treasury Bond ETF (SHY) saw the second-largest outflow at $287 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SGOV | iShares 0-3 Month Treasury Bond ETF | $804M |
| BND | Vanguard Total Bond Market ETF | $720M |
| TLT | iShares 20+ Year Treasury Bond ETF | $613M |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | $449M |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | $442M |
| Outflows | ||
| IQMM | ProShares GENIUS Money Market ETF | -$1,649M |
| SHY | iShares 1-3 Year Treasury Bond ETF | -$287M |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | -$257M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | -$222M |
| SHV | iShares Trust iShares 0-1 Year Treasury Bond ETF | -$175M |
Note: the following fund(s) were excluded from the flow totals above because the weekly flow exceeds 75% of the fund’s AUM and may be the result of a custom rebalance: AAAC ($93M).
Issuer League Table Update
iShares and Vanguard continue to command the taxable bond ETF market with 36.5% and 26.3% of assets, respectively. This week, Vanguard captured the most new money, bringing in nearly $3.0 billion in net inflows, with iShares following closely behind at $2.7 billion. ProShares recorded the largest net outflows of any issuer, shedding over $1.6 billion, driven by a single fund redemption.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 88 | $845.83B | 36.49% |
| Vanguard | 31 | $608.59B | 26.26% |
| SPDR | 37 | $173.34B | 7.48% |
| JPMorgan | 19 | $93.16B | 4.02% |
| Schwab | 12 | $77.98B | 3.36% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $2,985M |
| iShares | $2,686M |
| JPMorgan | $582M |
| Outflows | |
| ProShares | -$1,644M |
| Columbia | -$86M |
| Janus Henderson | -$54M |
For a deeper dive into these trends, access our FREE, in-depth Taxable 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.
