Weekly Channel Summary
The Taxable ETF channel closed the week with $2,365.71B in AUM spread across 727 funds from 150 issuers. Net flows were positive at $8,333M for the week, pushing YTD net inflows to $417,375M and 1-Year net inflows to $537,057M. The scale of trailing demand underscores continued investor allocation to fixed income exposures across credit and duration segments despite a mixed weekly performance backdrop.
This Week’s Performance Leaders and Laggards
On a WTD market-price basis, Taxable – Convertible led all categories at 0.57%, extending a strong YTD gain of 16.47%, while Government Ultrashort (0.07%) and Ultrashort (0.02%) categories held modestly positive amid broader rate-sensitive weakness. The weakest performers were Taxable – Long-Term (-2.15%) and Taxable – Government Long (-1.84%), both also deeply negative on a YTD basis at -4.92% and -5.43% respectively, reflecting pressure on long-duration Treasury exposures. FCVT topped individual fund performance at 1.13% for the week, while long-duration Treasury strips such as GOVZ (-3.80%) and EDV (-3.79%) anchored the bottom of the list. The spread between convertible and long-duration Treasury performance highlights a clear rotation away from rate-sensitive duration risk during the week.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Convertible | 0.57% | -1.32% | -5.02% | 10.18% | 16.47% | 16.72% |
| Taxable – Government Ultrashort | 0.07% | 0.31% | 0.93% | 1.85% | 2.66% | 3.76% |
| Taxable – Ultrashort | 0.02% | 0.17% | 0.88% | 2.05% | 2.77% | 4.09% |
| Municipal – Single State | 0.02% | -0.08% | 0.60% | — | — | — |
| Taxable – Government Short | -0.03% | -0.77% | -0.16% | 0.38% | 0.44% | 1.70% |
| Taxable – Bank Loans | -0.04% | 0.46% | 2.24% | 3.84% | 2.91% | 4.68% |
| Taxable – International USD | -0.23% | -1.65% | -2.30% | -0.71% | -0.74% | -0.16% |
| Taxable – Short-Term | -0.28% | -1.25% | -0.80% | 0.11% | 0.09% | 1.49% |
| Taxable – Inflation Protected | -0.40% | -2.01% | -1.69% | -0.73% | -0.31% | -0.06% |
| Taxable – Government Intermediate | -0.54% | -2.44% | -2.65% | -2.24% | -2.41% | -1.28% |
| Taxable – Multisector | -0.67% | -1.98% | -1.60% | 0.42% | -0.00% | 1.56% |
| Taxable – Emerging | -0.83% | -2.84% | -0.20% | 2.70% | 0.92% | 4.29% |
| Taxable – Core | -0.83% | -2.58% | -3.13% | -2.06% | -2.19% | -1.02% |
| Taxable – High Yield | -0.86% | -1.92% | -0.95% | 1.37% | 0.82% | 2.39% |
| Taxable – International | -0.87% | -3.16% | -1.05% | -1.24% | -2.52% | -1.84% |
| Taxable – Core Enhanced | -0.89% | -2.66% | -3.13% | -1.87% | -2.01% | -0.77% |
| Taxable – Preferred Stock | -0.90% | -2.27% | -1.42% | -0.08% | -0.53% | -0.39% |
| Taxable – Securitized | -0.99% | -3.12% | -3.48% | -2.30% | -2.13% | -0.46% |
| Taxable – Corporate | -1.08% | -2.80% | -3.60% | -2.05% | -2.63% | -1.41% |
| Taxable – Emerging USD | -1.27% | -2.88% | -3.21% | 0.22% | -0.76% | 1.82% |
| Taxable – Government Long | -1.84% | -4.22% | -6.69% | -5.46% | -5.43% | -5.33% |
| Taxable – Long-Term | -2.15% | -3.91% | -6.86% | -4.24% | -4.92% | -4.84% |
Top & Bottom 5 ETFs by Weekly Performance
Convertible-focused funds dominated the top of the weekly performance list, with FCVT (1.13%), TFFI (0.97%), and MCVT (0.71%) all posting gains as credit-sensitive instruments outperformed. On the downside, long-duration Treasury vehicles including GOVZ, EDV, and DWWN each declined more than 3.7% for the week. This divergence reflects the broader category split, where convertibles carry YTD returns near 16% while long Treasury exposures remain down mid-single digits to low double digits YTD. The performance gap between these two ends of the spectrum was the most pronounced feature of the week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| FCVT | First Trust SSI Strategic Convertible Securities ETF | 1.13% |
| TFFI | Chesapeake Trend-Following Fixed Income ETF | 0.97% |
| MCVT | Miller Convertible Total Return ETF | 0.71% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 0.57% |
| ICVT | iShares Convertible Bond ETF | 0.56% |
| Bottom Performers | ||
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | -3.80% |
| EDV | Vanguard Extended Duration Treasury ETF | -3.79% |
| DWWN | Principal Long Duration ETF | -3.70% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | -3.68% |
| XTWY | BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF | -2.92% |
Analyzing the Weekly Flows
The channel gathered $8,333M in net inflows for the week, led by the Multi-Sector segment at $7,741M and Government funds at $2,140M, both benefiting from continued demand across credit and rate categories. Duration: Intermediate ($5,413M) and Duration: Ultrashort ($3,121M) attracted the largest inflows by duration bucket, while Duration: Long saw the week’s largest outflow at -$2,108M. By credit type, Credit: Blend led with $5,144M and Credit: Investment Grade added $2,672M, while Securitized (-$1,823M) and Corporate (-$542M) segments posted the largest weekly redemptions. This pattern suggests investors favored blended credit and shorter-duration exposures over long-duration and securitized products during the week.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 306 | $995.61B | $7,741M | $24,313M | $69,738M | $191,935M | $258,179M |
| Government | 133 | $746.97B | $2,140M | $19,335M | $52,237M | $151,472M | $185,649M |
| Bank Loans | 50 | $75.67B | $815M | $3,504M | $8,550M | $17,913M | $17,998M |
| Cat Bonds | 1 | $109M | $2M | $15M | $31M | $73M | $96M |
| Preferred Stock | 31 | $41.93B | -$0M | -$108M | $1,359M | $2,827M | $3,591M |
| Corporate | 158 | $399.43B | -$542M | -$4,538M | $8,686M | $44,510M | $62,369M |
| Securitized | 47 | $105.31B | -$1,823M | -$164M | $1,837M | $8,645M | $9,175M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Blend | 196 | $283.57B | $5,144M | $11,516M | $27,921M | $74,323M | $100,858M |
| Credit: Investment Grade | 372 | $1,887.60B | $2,672M | $31,221M | $108,981M | $329,860M | $413,808M |
| Credit: High Yield | 154 | $193.40B | $502M | -$442M | $5,377M | $12,901M | $22,018M |
| Specialty: Interest Rate Volatility | 1 | $114M | $0M | $21M | $49M | $94M | $94M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 419 | $1,323.33B | $5,413M | $7,258M | $57,460M | $203,544M | $284,531M |
| Duration: Ultrashort | 149 | $530.19B | $3,121M | $20,831M | $49,677M | $146,900M | $160,863M |
| Duration: Short | 92 | $319.75B | $1,891M | $14,480M | $25,881M | $58,597M | $73,115M |
| Physically Held | 1 | $0M | $0M | $0M | $0M | $0M | $0M |
| Duration: Long | 62 | $191.42B | -$2,108M | -$253M | $9,310M | $8,136M | $18,270M |
Top & Bottom 5 ETFs by 5-Day Flow
IUSB led all funds with $4,191M in weekly inflows, followed by SGOV at $961M, as investors favored broad core bond and ultrashort cash-like exposures. On the outflow side, TLT shed $1,714M and MBB lost $1,455M, marking the two largest weekly redemptions in the channel. These outflows align with the broader weakness seen in long-duration Treasury and securitized categories over the period. The contrast between strong inflows into core aggregate and short-duration products versus outflows from long Treasury and MBS funds reinforces a defensive positioning theme this week.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IUSB | iShares Core Total USD Bond Market ETF | $4,191M |
| SGOV | iShares 0-3 Month Treasury Bond ETF | $961M |
| GGOV | iShares Global Government Bond USD Hedged Active ETF | $826M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | $598M |
| BND | Vanguard Total Bond Market ETF | $497M |
| Outflows | ||
| TLT | iShares 20+ Year Treasury Bond ETF | -$1,714M |
| MBB | iShares MBS ETF | -$1,455M |
| VCLT | Vanguard Long-Term Corporate Bond ETF | -$566M |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | -$475M |
| IQMM | ProShares GENIUS Money Market ETF | -$414M |
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: MBBA ($544M).
Issuer League Table Update
iShares remains the dominant issuer in the Taxable channel with $847.89B in AUM (35.84% share), followed by Vanguard at $615.42B (26.01% share), together accounting for over 60% of channel assets. iShares also led weekly inflows at $3,480M, with Vanguard adding a further $1,340M, extending their combined grip on both assets and flows. On the outflow side, ProShares recorded the largest weekly redemptions among issuers at -$408M, followed by Simplify at -$280M. The concentration of inflows among the two largest issuers, alongside modest outflows spread across smaller providers, points to continued consolidation of investor demand toward scale players.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $847.89B | 35.84% |
| Vanguard | 31 | $615.42B | 26.01% |
| SPDR | 36 | $175.32B | 7.41% |
| JPMorgan | 20 | $99.84B | 4.22% |
| Schwab | 12 | $79.66B | 3.37% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $3,480M |
| Vanguard | $1,340M |
| PIMCO | $554M |
| Outflows | |
| ProShares | -$408M |
| Simplify | -$280M |
| SP Funds | -$212M |
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.
