Weekly Channel Summary
The Taxable channel closed the week with $2,378.23B in AUM spread across 726 ETFs from 149 issuers. Net flows totaled $8,487M over the past five days, extending a robust $408,649M YTD haul and a $542,490M advance over the trailing year. The channel’s scale and breadth continue to make it a dominant force within fixed income ETF markets.
This Week’s Performance Leaders and Laggards
Taxable – Long-Term bonds led all categories on the week with a 0.64% gain, followed by Bank Loans (0.22%) and Government Long (0.21%), as long-duration Treasuries benefited from a favorable rate backdrop. On the downside, Taxable – International posted the weakest showing at -0.97%, with Taxable – Emerging (-0.86%) and Taxable – Convertible (-0.75%) also lagging despite Convertible’s standout 15.80% YTD return. The dispersion highlights a rotation toward duration-sensitive government paper this week even as credit-oriented and international segments cooled. Longer-term winners like Bank Loans and Ultrashort continue to show strong YTD and 1-Year performance, underscoring a barbell dynamic across the channel.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Long-Term | 0.64% | -0.08% | -4.28% | -2.13% | -2.83% | -3.45% |
| Taxable – Bank Loans | 0.22% | 0.78% | 2.08% | 4.22% | 2.95% | 4.64% |
| Taxable – Government Long | 0.21% | -0.78% | -4.38% | -3.95% | -3.66% | -3.86% |
| Taxable – Corporate | 0.15% | -1.08% | -2.18% | -1.06% | -1.57% | -0.87% |
| Taxable – International USD | 0.14% | -0.81% | -1.82% | -0.54% | -0.53% | -0.09% |
| Taxable – Ultrashort | 0.06% | 0.24% | 0.93% | 2.10% | 2.75% | 4.10% |
| Taxable – Government Ultrashort | 0.06% | 0.31% | 0.91% | 1.84% | 2.60% | 3.77% |
| Taxable – Emerging USD | 0.02% | -0.90% | -2.19% | 1.56% | 0.51% | 3.35% |
| Taxable – Core | -0.03% | -1.14% | -1.96% | -1.47% | -1.37% | -0.48% |
| Municipal – Single State | -0.04% | 0.00% | — | — | — | — |
| Taxable – Core Enhanced | -0.06% | -1.17% | -1.94% | -1.23% | -1.13% | -0.16% |
| Taxable – High Yield | -0.07% | -0.64% | -0.17% | 2.26% | 1.70% | 2.95% |
| Taxable – Short-Term | -0.09% | -0.82% | -0.32% | 0.28% | 0.37% | 1.59% |
| Taxable – Securitized | -0.10% | -1.54% | -2.08% | -1.60% | -1.15% | 0.43% |
| Taxable – Multisector | -0.12% | -0.93% | -0.75% | 0.84% | 0.67% | 2.05% |
| Taxable – Government Short | -0.15% | -0.66% | -0.01% | 0.27% | 0.47% | 1.62% |
| Taxable – Preferred Stock | -0.19% | -0.77% | -1.96% | 0.52% | 0.37% | -0.31% |
| Taxable – Government Intermediate | -0.22% | -1.53% | -1.79% | -2.01% | -1.89% | -1.03% |
| Taxable – Inflation Protected | -0.47% | -1.27% | -1.26% | -1.11% | 0.08% | 0.04% |
| Taxable – Convertible | -0.75% | -2.46% | -8.05% | 9.55% | 15.80% | 15.48% |
| Taxable – Emerging | -0.86% | -0.89% | 0.15% | 3.53% | 1.77% | 4.44% |
| Taxable – International | -0.97% | -1.09% | -0.70% | -0.10% | -1.65% | -2.01% |
Top & Bottom 5 ETFs by Weekly Performance
Sound Enhanced Fixed Income ETF (FXED) topped the fund leaderboard with a 1.42% weekly gain, while long-duration Treasury proxies iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) and PIMCO 25+ Year Zero Coupon US Treasury Index ETF (ZROZ) followed with gains above 1%, consistent with the strength seen in the Government Long and Long-Term categories. On the downside, Rareview Dynamic Fixed Income ETF (RDFI) fell 1.66%, the week’s weakest performer, alongside international and emerging-market fixed income names such as State Street SPDR Bloomberg Short Term International Treasury Bond ETF (BWZ) and First Trust Emerging Markets Local Currency Bond ETF (FEMB). The spread between top and bottom performers reflects continued sensitivity to currency and rate-path uncertainty outside domestic Treasuries.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| FXED | Sound Enhanced Fixed Income ETF | 1.42% |
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | 1.18% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | 1.09% |
| DADS | Digital Asset Debt Strategy ETF | 1.05% |
| EDV | Vanguard Extended Duration Treasury ETF | 1.03% |
| Bottom Performers | ||
| RDFI | Rareview Dynamic Fixed Income ETF | -1.66% |
| BWZ | State Street SPDR Bloomberg Short Term International Treasury Bond ETF | -1.42% |
| FEMB | First Trust Emerging Markets Local Currency Bond ETF | -1.39% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | -1.38% |
| CRDT | Simplify Opportunistic Income ETF | -1.37% |
Analyzing the Weekly Flows
The Taxable channel absorbed $8,487M in net new assets over the trailing five days, led decisively by the Multi-Sector segment’s $4,521M inflow and Government’s $3,796M haul, both benefiting from continued demand for diversified and rate-sensitive exposures. Bank Loans added a further $990M, reinforcing the category’s strong performance trend. Corporate bond funds were the lone segment to see outflows, shedding $837M on the week even as they retain a substantial $44,223M YTD inflow. By duration, Ultrashort funds captured the bulk of new money with $5,808M, while Long duration products saw a modest $579M outflow, a reversal from the broader rally in long-duration performance.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 305 | $997.84B | $4,521M | $21,344M | $66,472M | $184,521M | $254,582M |
| Government | 133 | $749.06B | $3,796M | $23,814M | $50,323M | $149,558M | $192,950M |
| Bank Loans | 50 | $74.98B | $990M | $3,421M | $7,435M | $17,353M | $17,678M |
| Preferred Stock | 30 | $42.55B | $10M | $46M | $1,439M | $2,862M | $3,735M |
| Cat Bonds | 1 | $110M | $8M | $20M | $31M | $73M | $96M |
| Securitized | 47 | $108.58B | $0M | $1,535M | $3,289M | $10,059M | $10,805M |
| Corporate | 158 | $403.95B | -$837M | -$5,221M | $9,089M | $44,223M | $62,644M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 373 | $1,901.09B | $6,258M | $39,419M | $108,419M | $327,501M | $424,089M |
| Credit: Blend | 194 | $281.00B | $2,069M | $7,118M | $24,036M | $68,326M | $96,342M |
| Credit: High Yield | 153 | $194.55B | $142M | -$1,641M | $5,461M | $12,536M | $21,666M |
| Specialty: Interest Rate Volatility | 1 | $114M | $1M | $21M | $58M | $94M | $94M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Ultrashort | 149 | $527.44B | $5,808M | $23,681M | $48,157M | $145,151M | $167,127M |
| Duration: Intermediate | 418 | $1,333.84B | $2,728M | $4,723M | $55,101M | $196,904M | $282,722M |
| Duration: Short | 92 | $319.88B | $514M | $13,985M | $24,898M | $56,866M | $72,241M |
| Duration: Long | 62 | $195.60B | -$579M | $2,528M | $9,817M | $9,537M | $20,102M |
Top & Bottom 5 ETFs by 5-Day Flow
iShares 0-3 Month Treasury Bond ETF (SGOV) led all funds with $1,397M in weekly inflows, followed by State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at $1,018M, underscoring continued preference for cash-like, ultrashort duration exposure. On the outflow side, iShares 20+ Year Treasury Bond ETF (TLT) led redemptions at $922M, followed by iShares Broad USD High Yield Corporate Bond ETF (USHY) at $778M. The contrast between strong short-duration inflows and long-duration redemptions in TLT stands out against this week’s price gains in the long end.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SGOV | iShares 0-3 Month Treasury Bond ETF | $1,397M |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $1,018M |
| SMTH | ALPS/SMITH Core Plus Bond ETF | $616M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | $486M |
| IUSB | iShares Core Total USD Bond Market ETF | $456M |
| Outflows | ||
| TLT | iShares 20+ Year Treasury Bond ETF | -$922M |
| USHY | iShares Broad USD High Yield Corporate Bond ETF | -$778M |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | -$609M |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | -$383M |
| FLIA | Franklin International Aggregate Bond ETF | -$323M |
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: BGFI ($608M), ABI ($462M).
Issuer League Table Update
iShares remains the dominant issuer in the Taxable channel with $851.29B in AUM and a 35.80% share, followed by Vanguard at $620.51B and 26.09% share, together commanding over 60% of channel assets. Vanguard led all issuers in weekly inflows with $1,414M, narrowly ahead of iShares at $1,168M and SPDR at $998M, indicating broad-based demand across the largest providers. On the outflow side, Simplify saw the largest weekly redemptions at $321M, followed by Franklin at $310M and Angel Oak at $226M. These outflows remain modest relative to the scale of inflows at the top of the issuer table.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $851.29B | 35.80% |
| Vanguard | 31 | $620.51B | 26.09% |
| SPDR | 36 | $176.20B | 7.41% |
| JPMorgan | 20 | $100.10B | 4.21% |
| Schwab | 12 | $80.68B | 3.39% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $1,414M |
| iShares | $1,168M |
| SPDR | $998M |
| Outflows | |
| Simplify | -$321M |
| Franklin | -$310M |
| Angel Oak | -$226M |
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.
