Weekly Channel Summary
The FI: Specialty channel closed the week with $74.25B in total AUM spread across 169 ETFs from 13 issuers. Net inflows totaled $128M over the five-day period, extending a strong year with $11,709M gathered YTD and $19,602M over the trailing twelve months. The channel’s flow trajectory has been remarkably consistent, with Defined Maturity products driving the bulk of both weekly and annual accumulation. This steady inflow pattern underscores continued investor demand for defined-outcome fixed income exposure.
This Week’s Performance Leaders and Laggards
Specialty – Interest Rate Volatility led all categories this week with a 2.90% WTD gain, extending its strong momentum with a 3-Month return of 8.80% and YTD performance of 5.20%. Specialty – Defined Maturity, the channel’s largest category by fund count (n=133), slipped -0.35% WTD but remains roughly flat YTD at 0.23%. Specialty – Maturing Ladder was the weakest performer, down -0.99% WTD and -2.03% YTD, reflecting broader pressure on longer-duration ladder strategies. The dispersion between the top and bottom categories this week highlights the outsized sensitivity of volatility-linked products to rate movements relative to steadier maturity-focused vehicles.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Specialty – Interest Rate Volatility | 2.90% | 2.61% | 8.80% | 4.68% | 5.20% | 6.88% |
| Specialty – Defined Maturity | -0.35% | -1.15% | -0.79% | 0.27% | 0.23% | 1.56% |
| Specialty – Maturing Ladder | -0.99% | -2.55% | -3.01% | -1.99% | -2.03% | -1.45% |
Top & Bottom 5 ETFs by Weekly Performance
PFIX was the standout performer this week, surging 9.96% as interest rate hedging strategies benefited from market conditions. IVOL followed with a 1.85% gain, reinforcing the strength of the Interest Rate Volatility category. On the downside, a cluster of iShares iBonds term treasury funds led the laggards, with IBGK down -2.20% and IBGM off -2.17%. LIBD also declined -2.05%, underscoring pressure on longer-dated term products this period.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PFIX | Simplify Interest Rate Hedge ETF | 9.96% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 1.85% |
| RFIX | Simplify Bond Bull ETF | 0.83% |
| RISR | FolioBeyond Alternative Income and Interest Rate Hedge ETF | 0.55% |
| RINF | ProShares Inflation Expectations ETF | 0.41% |
| Bottom Performers | ||
| IBGK | iShares iBonds Dec 2054 Term Treasury ETF | -2.20% |
| IBGM | iShares iBonds Dec 2056 Term Treasury ETF | -2.17% |
| IBGL | iShares iBonds Dec 2055 Term Treasury ETF | -2.17% |
| LIBD | LifeX 2065 Inflation-Protected Longevity Income ETF | -2.05% |
| IBGC | iShares iBonds Dec 2046 Term Treasury ETF | -2.00% |
Analyzing the Weekly Flows
The channel gathered $128M in net inflows over the five-day period, led decisively by the Specialty – Defined Maturity category with $126M, while Interest Rate Volatility contributed a modest $2M and Maturing Ladder was flat. By segment, Corporate bonds drew the largest share of flows at $74M, followed by Government at $33M and Municipal at $22M. Duration-wise, 2035-dated funds attracted the strongest inflows at $62M, while 2026-dated products saw the largest outflows at -$109M as those funds approach maturity. The 2032 duration bucket also registered outflows of -$26M, contrasting with steady accumulation across most other maturity years.
Flows by Category
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Specialty – Defined Maturity | 133 | $73.18B | $126M | $1,124M | $3,460M | $11,738M | $19,719M |
| Specialty – Interest Rate Volatility | 8 | $899M | $2M | $14M | -$11M | -$48M | -$6M |
| Specialty – Maturing Ladder | 28 | $171M | $0M | $1M | -$13M | $18M | -$112M |
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Corporate | 66 | $55.37B | $74M | $548M | $1,895M | $7,730M | $13,591M |
| Government | 67 | $13.56B | $33M | $433M | $1,205M | $2,921M | $4,338M |
| Municipal | 36 | $5.32B | $22M | $158M | $335M | $1,057M | $1,672M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: 2026 | 10 | $10.78B | -$109M | -$575M | -$1,561M | -$2,784M | -$1,870M |
| Duration: 2027 | 13 | $13.63B | $10M | $168M | $588M | $1,654M | $2,607M |
| Duration: 2028 | 14 | $13.16B | $76M | $410M | $1,093M | $3,274M | $4,653M |
| Duration: 2029 | 13 | $10.44B | $28M | $206M | $652M | $2,226M | $3,535M |
| Duration: 2030 | 17 | $8.50B | $14M | $221M | $783M | $2,240M | $3,562M |
| Duration: 2031 | 15 | $5.85B | $25M | $248M | $707M | $1,662M | $2,315M |
| Duration: 2032 | 13 | $4.24B | -$26M | $84M | $318M | $955M | $1,503M |
| Duration: 2033 | 11 | $2.96B | $8M | $125M | $237M | $706M | $1,010M |
| Duration: 2034 | 10 | $2.03B | $30M | $72M | $178M | $727M | $1,056M |
| Duration: 2035 | 13 | $1.25B | $62M | $105M | $258M | $777M | $928M |
| Duration: 2036 | 9 | $267M | $9M | $64M | $145M | $239M | $239M |
| Duration: 2044 | 1 | $74M | $0M | -$29M | -$21M | -$5M | $5M |
| Duration: 2045 | 3 | $22M | $0M | $3M | $2M | $3M | $6M |
| Duration: 2046 | 3 | $59M | $0M | $21M | $41M | $48M | $48M |
| Duration: 2050 | 2 | $7M | $0M | $0M | $0M | $0M | -$2M |
| Duration: 2054 | 1 | $5M | $0M | $0M | $0M | $2M | $4M |
| Duration: 2055 | 5 | $17M | $0M | -$2M | -$7M | -$6M | -$12M |
| Duration: 2056 | 3 | $53M | $0M | $2M | $39M | $42M | $42M |
| Duration: 2060 | 2 | $4M | $0M | $0M | -$3M | -$2M | -$13M |
| Duration: 2065 | 2 | $5M | $0M | $0M | -$2M | -$2M | -$8M |
| Duration: Long | 1 | $1M | $0M | $0M | $0M | $0M | $0M |
Top & Bottom 5 ETFs by 5-Day Flow
BSCZ, the Invesco BulletShares 2035 Corporate Bond ETF, led all funds with $59M in weekly inflows, well ahead of the next closest fund. On the outflow side, IBDR, the iShares iBonds Dec 2026 Term Corporate ETF, saw the largest redemptions at -$48M, followed by BSCW, the Invesco BulletShares 2032 Corporate Bond ETF, which shed -$42M. These outflows align with the broader 2026-duration bucket’s negative flow trend as those funds near their target maturity dates.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| BSCZ | Invesco BulletShares 2035 Corporate Bond ETF | $59M |
| IBDV | iShares iBonds Dec 2030 Term Corporate ETF | $16M |
| IBIE | iShares iBonds Oct 2028 Term TIPS ETF | $15M |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | $15M |
| IBDU | iShares iBonds Dec 2029 Term Corporate ETF | $14M |
| Outflows | ||
| IBDR | iShares iBonds Dec 2026 Term Corporate ETF | -$48M |
| BSCW | Invesco BulletShares 2032 Corporate Bond ETF | -$42M |
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | -$23M |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | -$18M |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | -$12M |
Issuer League Table Update
iShares remains the dominant issuer in this channel with $43.33B in AUM and a 58.35% market share, followed by Invesco at $28.19B and 37.96% share. iShares also led weekly inflow gathering with $64M, followed by Invesco at $29M and Vanguard at $24M despite its much smaller overall footprint. On the outflow side, Quadratic posted the largest weekly redemptions at -$7M, though this figure is modest relative to the channel’s overall inflow activity. The concentration of AUM among the top two issuers, representing over 96% combined market share, highlights the limited competitive landscape within FI: Specialty.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 57 | $43.33B | 58.35% |
| Invesco | 36 | $28.19B | 37.96% |
| State Street | 24 | $1.20B | 1.62% |
| Vanguard | 10 | $460M | 0.62% |
| FolioBeyond | 1 | $380M | 0.51% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $64M |
| Invesco | $29M |
| Vanguard | $24M |
| Outflows | |
| Quadratic | -$7M |
| ProShares | -$0M |
| American Beacon | $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.
