Weekly Channel Summary
The Taxable channel spans 759 ETFs from 155 issuers with total AUM of $2,437.92B. Net flows were positive on the week at $3,202M, extending a strong year with YTD inflows of $493,640M and 1-Year inflows of $549,899M. The channel continues to see broad-based demand despite a volatile week for longer-duration performance.
This Week’s Performance Leaders and Laggards
Performance was broadly negative on a WTD basis, led higher only by niche pockets such as Taxable – Convertible (+0.69%) and Taxable – Bank Loans (+0.28%), while most segments declined alongside rising long-end yields. Taxable – Government Long was the week’s weakest category at -2.72%, followed by Taxable – Long-Term at -2.34%, both also deeply negative on a YTD basis (-4.62% and -4.41%, respectively). Shorter-duration and floating-rate categories like Taxable – Government Ultrashort and Taxable – Ultrashort were essentially flat, underscoring the market’s preference for curve-front exposure this week. Year-to-date, Taxable – Convertible (+4.90%) and Taxable – Bank Loans (+3.14%) remain among the strongest performers in the channel, while Taxable – Government Long (-4.62%) and Taxable – Preferred Stock (-4.27%) lag.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Convertible | 0.69% | -6.77% | -13.21% | -12.79% | 4.90% | 5.27% |
| Taxable – Bank Loans | 0.28% | 0.54% | 0.86% | 2.27% | 3.14% | 4.22% |
| Taxable – Government Ultrashort | 0.06% | 0.37% | 0.97% | 1.90% | 3.22% | 3.78% |
| Taxable – Ultrashort | 0.01% | 0.36% | 0.85% | 1.89% | 3.34% | 4.03% |
| Municipal – Single State | -0.14% | 0.37% | 0.46% | — | — | — |
| Taxable – High Yield | -0.39% | 0.19% | -2.03% | -0.60% | 0.56% | 2.07% |
| Taxable – Government Short | -0.55% | 0.29% | -0.12% | 0.60% | 1.01% | 1.66% |
| Taxable – Short-Term | -0.69% | 0.33% | -0.61% | 0.12% | 0.66% | 1.44% |
| Taxable – International USD | -0.75% | 0.74% | -0.55% | 0.22% | 0.38% | 0.04% |
| Taxable – Multisector | -0.85% | 0.32% | -1.62% | -0.61% | 0.22% | 1.23% |
| Taxable – Emerging USD | -0.89% | 0.24% | -3.09% | -2.04% | -1.00% | -0.02% |
| Taxable – Emerging | -0.90% | -1.29% | -2.93% | -0.77% | -0.09% | 1.59% |
| Taxable – Inflation Protected | -1.09% | 0.17% | -1.38% | -1.82% | -0.03% | -0.06% |
| Taxable – Preferred Stock | -1.25% | -2.51% | -6.07% | -6.72% | -4.27% | -3.35% |
| Taxable – International | -1.36% | -0.82% | -3.57% | -4.04% | -3.91% | -3.47% |
| Taxable – Corporate | -1.42% | 0.60% | -2.13% | -2.31% | -2.14% | -1.44% |
| Taxable – Core Enhanced | -1.43% | 0.71% | -1.89% | -1.70% | -1.49% | -1.02% |
| Taxable – Government Intermediate | -1.44% | 0.62% | -1.64% | -1.46% | -1.77% | -1.42% |
| Taxable – Core | -1.48% | 0.71% | -1.69% | -1.64% | -1.57% | -1.15% |
| Taxable – Securitized | -1.70% | 0.80% | -2.13% | -1.88% | -1.38% | -0.60% |
| Taxable – Long-Term | -2.34% | 1.14% | -2.71% | -4.17% | -4.41% | -4.63% |
| Taxable – Government Long | -2.72% | 1.45% | -2.64% | -3.55% | -4.62% | -5.55% |
Top & Bottom 5 ETFs by Weekly Performance
TFFI topped the fund list with a 3.80% weekly gain, followed by CVRT at 2.50%, both benefiting from convertible and alternative income strategies that diverged from the broader rate-sensitive complex. On the downside, CRDT and TYA led losses at -5.76% and -5.72%, respectively, with long-duration Treasury proxies ZROZ (-4.96%) and GOVZ (-4.80%) also among the bottom performers. The spread between top and bottom funds exceeded 9 percentage points, reflecting a sharp divergence between credit/convertible strategies and long-duration rate exposure. This pattern is consistent with the category-level weakness seen in Government Long and Long-Term segments.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| TFFI | Chesapeake Trend-Following Fixed Income ETF | 3.80% |
| CVRT | Calamos Convertible Equity Alternative ETF | 2.50% |
| BRLN | iShares Floating Rate Loan Active ETF | 1.03% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | 0.92% |
| LONZ | PIMCO Senior Loan and Short-Term Active ETF | 0.83% |
| Bottom Performers | ||
| CRDT | Simplify Opportunistic Income ETF | -5.76% |
| TYA | Simplify Intermediate Term Treasury Futures Strategy ETF | -5.72% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | -4.96% |
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | -4.80% |
| DWWN | Principal Long Duration ETF | -4.68% |
Analyzing the Weekly Flows
The Taxable channel took in $3,202M over the week, with Multi-Sector ($2,811M) and Corporate ($2,038M) segments leading inflows, while the Government segment saw the largest outflow at -$2,530M. By duration, Ultrashort exposures gathered the most new assets at $3,763M, while Short duration funds shed $1,010M. Credit-wise, Investment Grade funds drew $2,038M in net new flows, the largest of any credit tier, consistent with continued demand for high-quality fixed income amid rate uncertainty. The data suggests investors rotated toward shorter-duration, higher-quality credit while trimming broad government exposure.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 315 | $1,029.14B | $2,811M | $16,764M | $63,703M | $224,181M | $257,199M |
| Corporate | 169 | $413.72B | $2,038M | $13,053M | $12,849M | $60,963M | $65,230M |
| Bank Loans | 50 | $79.83B | $516M | $1,748M | $8,808M | $22,476M | $22,988M |
| Securitized | 49 | $105.73B | $396M | $396M | $16M | $8,394M | $7,890M |
| Cat Bonds | 1 | $172M | $10M | $48M | $86M | $136M | $152M |
| Preferred Stock | 32 | $39.71B | -$39M | -$388M | -$594M | $2,226M | $2,541M |
| Government | 143 | $769.62B | -$2,530M | $2,017M | $52,399M | $175,264M | $193,898M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 387 | $1,947.37B | $2,038M | $21,641M | $105,549M | $388,421M | $425,913M |
| Credit: Blend | 203 | $298.08B | $1,057M | $9,384M | $29,939M | $89,291M | $103,188M |
| Credit: High Yield | 161 | $191.94B | $103M | $2,553M | $1,605M | $15,540M | $20,383M |
| Factor: Beta | 3 | $36M | $1M | $36M | $36M | $36M | $36M |
| Factor: Value | 1 | $0M | $0M | $1M | $1M | $1M | $1M |
| Specialty: Interest Rate Volatility | 1 | $133M | $0M | $7M | $40M | $113M | $113M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Ultrashort | 150 | $549.33B | $3,763M | $3,560M | $48,376M | $167,679M | $180,057M |
| Duration: Long | 68 | $198.37B | $437M | $1,646M | $11,524M | $17,562M | $19,921M |
| Duration: Intermediate | 445 | $1,365.71B | $8M | $24,833M | $55,737M | $243,995M | $279,403M |
| Physically Held | 1 | $2M | $0M | $1M | $2M | $2M | $2M |
| Duration: Short | 92 | $324.16B | -$1,010M | $3,581M | $21,530M | $64,164M | $70,251M |
Top & Bottom 5 ETFs by 5-Day Flow
TLH led weekly inflows at $1,754M, followed by BIL with $828M, both reflecting continued appetite for Treasury exposure at specific points on the curve. On the outflow side, GOVT saw the largest redemptions at -$3,843M, followed by TLT at -$1,210M. The divergence between TLH’s inflows and TLT’s outflows highlights a nuanced rotation within long Treasury exposure rather than a wholesale retreat from duration. Broad market Treasury and aggregate bond funds like GOVT and IUSB bore the brunt of redemptions this week.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| TLH | iShares 10-20 Year Treasury Bond ETF | $1,754M |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $828M |
| SGOV | iShares 0-3 Month Treasury Bond ETF | $613M |
| SYSB | iShares Systematic Bond ETF | $550M |
| SPTL | State Street SPDR Portfolio Long Term Treasury Index ETF | $398M |
| Outflows | ||
| GOVT | iShares U.S. Treasury Bond ETF | -$3,843M |
| TLT | iShares 20+ Year Treasury Bond ETF | -$1,210M |
| IEF | iShares 7-10 Year Treasury Bond ETF | -$947M |
| IUSB | iShares Core Total USD Bond Market ETF | -$827M |
| SHY | iShares 1-3 Year Treasury Bond ETF | -$801M |
Issuer League Table Update
iShares remains the dominant issuer in the Taxable channel with $871.87B in AUM (35.76% share), followed by Vanguard at $634.53B (26.03% share), together commanding over 60% of channel assets. Despite its scale, iShares experienced the largest weekly outflow among issuers at -$3,504M, driven largely by redemptions in funds like GOVT and TLT. SPDR led weekly inflows among issuers at $1,588M, followed by Vanguard with $1,369M and JPMorgan at $629M. The contrast between iShares’ size-driven outflows and SPDR’s inflow leadership illustrates how flow activity this week was more fund-specific than issuer-wide.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $871.87B | 35.76% |
| Vanguard | 32 | $634.53B | 26.03% |
| SPDR | 29 | $168.14B | 6.90% |
| JPMorgan | 20 | $105.39B | 4.32% |
| Schwab | 13 | $82.22B | 3.37% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| SPDR | $1,588M |
| Vanguard | $1,369M |
| JPMorgan | $629M |
| Outflows | |
| iShares | -$3,504M |
| Simplify | -$154M |
| First Trust | -$69M |
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.
