Weekly Channel Summary
The FI: Specialty channel closed the week with $74.57B in total AUM spread across 169 ETFs from 13 issuers. Net flows were positive at $469M for the 5-day period, extending a strong YTD net inflow of $12,177M and a 1-Year net inflow of $19,756M. The channel continues to see consistent demand, with defined maturity products anchoring the bulk of both assets and flows.
This Week’s Performance Leaders and Laggards
Specialty – Interest Rate Volatility led all categories on the week with a 3.80% WTD return, far outpacing the rest of the channel and extending its strong run with a 12.74% 1-Year gain. Specialty – Maturing Ladder was the weakest performer at -0.13% WTD, compounding a difficult year with a -2.25% YTD return and -1.97% over the trailing 1-Year period. Specialty – Defined Maturity, the largest category by fund count, was roughly flat at -0.12% WTD and remains near breakeven for the year at 0.11% YTD. PFIX was the standout fund of the week, gaining 11.42%, while IVOL added 3.09%, both benefiting from the rate volatility theme.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Specialty – Interest Rate Volatility | 3.80% | 6.82% | 12.13% | 11.00% | 10.03% | 12.74% |
| Specialty – Defined Maturity | -0.12% | -0.92% | -0.99% | -0.24% | 0.11% | 1.04% |
| Specialty – Maturing Ladder | -0.13% | -2.27% | -3.07% | -2.60% | -2.25% | -1.97% |
Top & Bottom 5 ETFs by Weekly Performance
On the downside, a cluster of long-dated iBonds Term Treasury ETFs weighed on the bottom of the leaderboard, with IBGL and IBGM each declining 2.01% WTD. IBGK was close behind at -2.00%, reflecting pressure on the longest-duration target maturity funds. LIBD and BNDD rounded out the bottom five, each falling more than 1.8% on the week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PFIX | Simplify Interest Rate Hedge ETF | 11.42% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 3.09% |
| RISR | FolioBeyond Alternative Income and Interest Rate Hedge ETF | 0.84% |
| MUNF | Northern Trust 2036 Tax-Exempt Distributing Ladder ETF | 0.79% |
| IBMV | iShares iBonds Dec 2033 Term Muni Bond ETF | 0.71% |
| Bottom Performers | ||
| IBGL | iShares iBonds Dec 2055 Term Treasury ETF | -2.01% |
| IBGM | iShares iBonds Dec 2056 Term Treasury ETF | -2.01% |
| IBGK | iShares iBonds Dec 2054 Term Treasury ETF | -2.00% |
| LIBD | LifeX 2065 Inflation-Protected Longevity Income ETF | -1.81% |
| BNDD | Quadratic Deflation ETF | -1.80% |
Analyzing the Weekly Flows
The channel generated $469M in net inflows over the trailing 5-day period, led overwhelmingly by Specialty – Defined Maturity funds, which absorbed $456M. Specialty – Interest Rate Volatility and Specialty – Maturing Ladder added modest inflows of $9M and $3M, respectively. By segment, Government funds led with $239M in inflows, followed by Corporate at $155M and Municipal at $75M. Among duration buckets, 2026-dated funds stood out as the lone source of outflows at -$109M, while 2027 and 2028 maturities each drew $85M as investors rolled into longer-dated ladders.
Flows by Category
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Specialty – Defined Maturity | 133 | $73.45B | $456M | $1,282M | $3,710M | $12,195M | $19,809M |
| Specialty – Interest Rate Volatility | 8 | $944M | $9M | $22M | $15M | -$38M | $30M |
| Specialty – Maturing Ladder | 28 | $174M | $3M | -$0M | -$5M | $21M | -$84M |
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Government | 67 | $13.81B | $239M | $556M | $1,377M | $3,160M | $4,564M |
| Corporate | 66 | $55.36B | $155M | $565M | $1,949M | $7,885M | $13,466M |
| Municipal | 36 | $5.40B | $75M | $182M | $394M | $1,132M | $1,725M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: 2026 | 10 | $10.64B | -$109M | -$553M | -$1,553M | -$2,893M | -$2,005M |
| Duration: 2027 | 13 | $13.64B | $85M | $192M | $636M | $1,739M | $2,644M |
| Duration: 2028 | 14 | $13.21B | $85M | $342M | $1,123M | $3,359M | $4,670M |
| Duration: 2029 | 13 | $10.52B | $77M | $248M | $660M | $2,304M | $3,567M |
| Duration: 2030 | 17 | $8.58B | $91M | $268M | $831M | $2,331M | $3,594M |
| Duration: 2031 | 15 | $5.91B | $65M | $262M | $690M | $1,727M | $2,332M |
| Duration: 2032 | 13 | $4.28B | $53M | $94M | $341M | $1,007M | $1,521M |
| Duration: 2033 | 11 | $2.99B | $43M | $141M | $291M | $749M | $1,025M |
| Duration: 2034 | 10 | $2.04B | $13M | $92M | $182M | $739M | $1,063M |
| Duration: 2035 | 13 | $1.28B | $29M | $126M | $283M | $806M | $952M |
| Duration: 2036 | 9 | $293M | $27M | $77M | $167M | $266M | $266M |
| Duration: 2044 | 1 | $73M | $0M | -$29M | -$21M | -$5M | $5M |
| Duration: 2045 | 3 | $22M | $0M | $0M | $3M | $3M | $6M |
| Duration: 2046 | 3 | $58M | $0M | $19M | $41M | $48M | $48M |
| Duration: 2050 | 2 | $7M | $0M | $0M | $0M | $0M | $1M |
| Duration: 2054 | 1 | $5M | $0M | $0M | $0M | $2M | $4M |
| Duration: 2055 | 5 | $19M | $2M | -$0M | -$3M | -$4M | -$5M |
| Duration: 2056 | 3 | $52M | $0M | $2M | $39M | $42M | $42M |
| Duration: 2060 | 2 | $4M | $0M | $0M | -$4M | -$2M | -$3M |
| Duration: 2065 | 2 | $5M | $0M | $0M | -$2M | -$2M | -$1M |
| Duration: Long | 1 | $1M | -$0M | $0M | $0M | $0M | $0M |
Top & Bottom 5 ETFs by 5-Day Flow
IBDS led all individual funds with $66M in weekly inflows, followed by IBTK at $46M and IBTJ at $41M. On the outflow side, BSCQ saw the largest redemptions at -$41M, followed by IBDR at -$35M, both tied to 2026-maturity products as that duration bucket faced broad-based selling.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IBDS | iShares iBonds Dec 2027 Term Corporate ETF | $66M |
| IBTK | iShares iBonds Dec 2030 Term Treasury ETF | $46M |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | $41M |
| IBTM | iShares iBonds Dec 2032 Term Treasury ETF | $31M |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | $28M |
| Outflows | ||
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | -$41M |
| IBDR | iShares iBonds Dec 2026 Term Corporate ETF | -$35M |
| BSJQ | Invesco BulletShares 2026 High Yield Corp Bond ETF | -$14M |
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | -$9M |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | -$8M |
Issuer League Table Update
iShares remains the dominant issuer in the channel with $43.58B in AUM, representing a 58.44% share across 57 funds, followed by Invesco at $28.19B and a 37.80% share across 36 funds. iShares also led weekly inflows by a wide margin, pulling in $392M, while Invesco added $35M and State Street gathered $20M. On the outflow side, KraneShares saw the largest weekly redemptions at -$4M, followed by Quadratic at -$3M, both modest relative to the channel’s overall inflow momentum.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 57 | $43.58B | 58.44% |
| Invesco | 36 | $28.19B | 37.80% |
| State Street | 24 | $1.22B | 1.63% |
| Vanguard | 10 | $463M | 0.62% |
| FolioBeyond | 1 | $399M | 0.53% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $392M |
| Invesco | $35M |
| State Street | $20M |
| Outflows | |
| KraneShares | -$4M |
| Quadratic | -$3M |
| Stone Ridge | -$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.
