Weekly Channel Summary
The Taxable Fixed Income channel encompasses 722 ETFs from 149 issuers, with total assets under management standing at $2.38 trillion. Investors added a net $10.4 billion to the channel over the past week, contributing to a year-to-date inflow of $381.9 billion. Over the last twelve months, the channel has attracted a total of $534.4 billion in new assets.
This Week’s Performance Leaders and Laggards
Long-Term Taxable bonds led performance this week, gaining 0.87% as a category. On the other end of the spectrum, Convertible bonds were the worst performers, declining by 1.30%. Despite the weekly drop, the Convertible category remains the top performer year-to-date with a gain of 16.50%, highlighting a divergence between short-term and long-term trends.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Long-Term | 0.87% | -0.30% | -2.40% | -4.13% | -1.57% | 0.49% |
| Taxable – Government Long | 0.66% | -0.90% | -1.66% | -5.48% | -1.98% | -0.24% |
| Taxable – Bank Loans | 0.24% | 1.13% | 1.79% | 4.84% | 2.58% | 4.78% |
| Taxable – Preferred Stock | 0.23% | 0.69% | -1.02% | -0.36% | 1.53% | 2.81% |
| Taxable – Corporate | 0.19% | 0.00% | -0.85% | -1.84% | -0.33% | 1.77% |
| Taxable – Emerging USD | 0.17% | 0.24% | -0.07% | -0.31% | 1.68% | 5.94% |
| Taxable – Core Enhanced | 0.12% | -0.01% | -0.41% | -1.66% | 0.15% | 2.23% |
| Taxable – Core | 0.11% | -0.10% | -0.51% | -1.93% | -0.12% | 1.80% |
| Taxable – High Yield | 0.11% | 0.93% | 1.02% | 1.96% | 2.58% | 4.73% |
| Municipal – Single State | 0.06% | 0.48% | — | — | — | — |
| Taxable – Securitized | 0.06% | -0.11% | -0.40% | -1.61% | 0.42% | 3.08% |
| Taxable – Government Ultrashort | 0.06% | 0.34% | 0.94% | 1.81% | 2.39% | 3.83% |
| Taxable – Ultrashort | 0.05% | 0.41% | 1.02% | 1.95% | 2.61% | 4.29% |
| Taxable – Multisector | -0.01% | 0.38% | 0.47% | 0.27% | 1.59% | 3.81% |
| Taxable – Government Intermediate | -0.08% | -0.18% | -0.37% | -2.18% | -0.54% | 0.88% |
| Taxable – Short-Term | -0.09% | 0.27% | 0.39% | 0.09% | 1.06% | 2.75% |
| Taxable – International USD | -0.09% | -0.52% | -0.57% | -1.65% | 0.29% | 1.11% |
| Taxable – Government Short | -0.13% | 0.26% | 0.46% | 0.22% | 0.97% | 2.48% |
| Taxable – Inflation Protected | -0.21% | 0.14% | -0.57% | -0.10% | 1.23% | 1.51% |
| Taxable – International | -0.64% | 1.57% | -0.86% | -2.78% | -0.39% | -0.02% |
| Taxable – Emerging | -0.76% | 1.40% | 1.76% | -0.37% | 2.77% | 6.80% |
| Taxable – Convertible | -1.30% | 2.30% | -4.66% | 9.64% | 16.50% | 21.84% |
Top & Bottom 5 ETFs by Weekly Performance
Reflecting the strength in long-duration assets, the PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund (ZROZ) was the top-performing fund with a 2.26% gain. Conversely, the iShares Convertible Bond ETF (ICVT) posted the largest loss, falling 1.39% for the week. This fund’s performance was in line with the broader weakness seen across the Convertible bond category.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | 2.26% |
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | 2.01% |
| DWWN | Principal Long Duration ETF | 1.98% |
| EDV | Vanguard Extended Duration Treasury ETF | 1.93% |
| MBSX | Regan Fixed Rate MBS ETF | 1.82% |
| Bottom Performers | ||
| ICVT | iShares Convertible Bond ETF | -1.39% |
| CVRT | Calamos Convertible Equity Alternative ETF | -1.36% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | -1.19% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | -1.18% |
| MCVT | Miller Convertible Total Return ETF | -1.15% |
Analyzing the Weekly Flows
Taxable bond ETFs saw net inflows of $10.4 billion, with investors showing a clear preference for shorter-duration assets. The Multi-Sector and Government segments were the primary beneficiaries, attracting $4.3 billion and $4.2 billion, respectively. A breakdown by duration reveals that Short and Ultrashort strategies collected a combined $11.5 billion, while Intermediate and Long duration funds experienced net outflows.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 304 | $995.71B | $4,323M | $22,446M | $67,538M | $170,145M | $248,607M |
| Government | 133 | $739.91B | $4,221M | $20,867M | $43,497M | $134,662M | $184,394M |
| Securitized | 46 | $110.12B | $941M | $1,778M | $4,660M | $9,639M | $11,901M |
| Bank Loans | 50 | $72.39B | $480M | $2,940M | $6,927M | $14,848M | $16,048M |
| Corporate | 158 | $415.13B | $357M | $6,332M | $24,331M | $49,539M | $69,150M |
| Preferred Stock | 30 | $43.31B | $55M | $84M | $1,715M | $2,992M | $4,245M |
| Cat Bonds | 1 | $96M | $7M | $13M | $16M | $60M | $83M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 373 | $1,897.59B | $8,803M | $43,438M | $110,203M | $304,023M | $414,364M |
| Credit: Blend | 192 | $280.64B | $1,465M | $8,201M | $28,241M | $63,930M | $94,662M |
| Credit: High Yield | 153 | $198.06B | $108M | $2,774M | $10,094M | $13,700M | $25,061M |
| Specialty: Interest Rate Volatility | 1 | $93M | $0M | $5M | $38M | $73M | $73M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Short | 91 | $315.57B | $7,677M | $12,864M | $22,666M | $51,380M | $67,689M |
| Duration: Ultrashort | 149 | $511.24B | $3,878M | $19,054M | $42,560M | $128,589M | $155,107M |
| Duration: Long | 62 | $196.82B | -$472M | $1,433M | $4,669M | $7,240M | $20,143M |
| Duration: Intermediate | 417 | $1,352.75B | -$707M | $21,068M | $78,680M | $194,517M | $291,222M |
Top & Bottom 5 ETFs by 5-Day Flow
The Vanguard Short-Term Treasury ETF (VGSH) led all funds, pulling in a substantial $3.7 billion in new assets. In contrast, investors shed exposure to intermediate-term government debt. The Vanguard Intermediate-Term Treasury ETF (VGIT) and the iShares U.S. Treasury Bond ETF (GOVT) experienced the largest redemptions, with each seeing outflows of approximately $2.6 billion.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| VGSH | Vanguard Short-Term Treasury ETF | $3,669M |
| SCHO | Schwab Short-Term US Treasury ETF | $1,753M |
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | $1,133M |
| SGOV | iShares 0-3 Month Treasury Bond ETF | $911M |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | $788M |
| Outflows | ||
| VGIT | Vanguard Intermediate-Term Treasury ETF | -$2,647M |
| GOVT | iShares U.S. Treasury Bond ETF | -$2,629M |
| IEF | iShares 7-10 Year Treasury Bond ETF | -$1,026M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | -$597M |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | -$447M |
Issuer League Table Update
iShares and Vanguard continue to dominate the taxable bond landscape, commanding 36.05% and 26.25% of the market share, respectively. Vanguard was the week’s biggest asset gatherer, attracting nearly $3.9 billion in net inflows. Conversely, iShares experienced the largest outflows among all issuers, with investors pulling a net $1.6 billion from its funds.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $856.84B | 36.05% |
| Vanguard | 31 | $623.93B | 26.25% |
| SPDR | 36 | $176.29B | 7.42% |
| JPMorgan | 20 | $99.05B | 4.17% |
| Schwab | 12 | $80.37B | 3.38% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $3,899M |
| Schwab | $1,832M |
| SPDR | $1,621M |
| Outflows | |
| iShares | -$1,573M |
| Simplify | -$147M |
| 3Edge | -$29M |
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.
