Weekly Channel Summary
The Taxable channel ended the week with $2,407.32B in AUM spread across 732 ETFs from 152 issuers. Net flows totaled $6,409M for the five-day period, bringing the year-to-date tally to $461,324M and the trailing one-year total to $553,651M. These figures confirm the channel’s continued position as a primary destination for fixed income investor capital.
This Week’s Performance Leaders and Laggards
Taxable – Government Long led all categories on the week with a 2.15% gain, followed closely by Taxable – Long-Term at 1.72%, as long-duration interest rate sensitivity drove outperformance. Taxable – Convertible was the clear laggard, falling 6.04% WTD despite a strong 7.79% YTD return, reflecting a sharp pullback in equity-linked credit instruments. Most intermediate and core bond categories posted modest positive weekly returns in the 0.7%-0.9% range. The standout individual fund was MBSX, up 4.95%, with long-duration Treasury proxies like GOVZ and ZROZ close behind near 4.9%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Government Long | 2.15% | -0.44% | -3.38% | -4.44% | -4.38% | -6.63% |
| Taxable – Long-Term | 1.72% | -0.99% | -3.60% | -4.49% | -4.16% | -6.20% |
| Taxable – Core | 0.84% | -0.09% | -1.80% | -2.13% | -1.58% | -1.77% |
| Taxable – Government Intermediate | 0.82% | 0.26% | -1.47% | -1.94% | -1.68% | -1.82% |
| Taxable – Securitized | 0.79% | -0.34% | -2.26% | -2.62% | -1.60% | -1.15% |
| Taxable – Core Enhanced | 0.79% | -0.31% | -2.00% | -2.18% | -1.55% | -1.55% |
| Taxable – Inflation Protected | 0.77% | 0.34% | -0.77% | -0.77% | 0.52% | 0.10% |
| Taxable – Corporate | 0.76% | -0.32% | -2.20% | -2.48% | -2.06% | -2.12% |
| Taxable – International | 0.54% | -0.88% | -1.24% | -3.21% | -2.74% | -3.18% |
| Taxable – Emerging USD | 0.42% | -1.13% | -2.84% | -2.02% | -0.95% | 0.84% |
| Taxable – International USD | 0.33% | 0.57% | -0.88% | -0.42% | -0.11% | -0.81% |
| Taxable – Short-Term | 0.28% | 0.24% | -0.35% | -0.01% | 0.58% | 1.23% |
| Municipal – Single State | 0.22% | 0.19% | 0.57% | — | — | — |
| Taxable – Government Short | 0.21% | 0.45% | 0.14% | 0.44% | 0.93% | 1.53% |
| Taxable – Emerging | 0.21% | -0.15% | -0.42% | -0.42% | 1.20% | 3.68% |
| Taxable – Multisector | 0.18% | -0.48% | -1.49% | -0.79% | 0.07% | 1.07% |
| Taxable – Ultrashort | 0.09% | 0.31% | 0.91% | 1.98% | 3.03% | 4.06% |
| Taxable – Government Ultrashort | 0.08% | 0.34% | 0.95% | 1.87% | 2.91% | 3.77% |
| Taxable – Bank Loans | -0.22% | -0.43% | 1.08% | 2.75% | 2.44% | 4.53% |
| Taxable – High Yield | -0.51% | -1.54% | -2.08% | -1.10% | -0.01% | 1.59% |
| Taxable – Preferred Stock | -0.84% | -2.44% | -3.55% | -4.14% | -2.45% | -2.01% |
| Taxable – Convertible | -6.04% | -5.71% | -6.70% | -4.62% | 7.79% | 4.40% |
Top & Bottom 5 ETFs by Weekly Performance
Duration positioning was the dominant theme among top and bottom performers this week. On the upside, DWWN and EDV each gained more than 4.2%, reinforcing the strength seen across long government and Treasury STRIPS exposures. Conversely, convertible bond funds dominated the bottom of the leaderboard, with CVRT down 8.06% and FCVT down 7.68%. ICVT and CWB also declined more than 5.8%, rounding out a weak week for the segment. The spread between top and bottom performers this week was particularly wide, exceeding 13 percentage points.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| MBSX | Regan Fixed Rate MBS ETF | 4.95% |
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | 4.90% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | 4.83% |
| DWWN | Principal Long Duration ETF | 4.40% |
| EDV | Vanguard Extended Duration Treasury ETF | 4.25% |
| Bottom Performers | ||
| CVRT | Calamos Convertible Equity Alternative ETF | -8.06% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | -7.68% |
| ICVT | iShares Convertible Bond ETF | -6.20% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | -5.82% |
| PFXF | VanEck Preferred Securities ex Financials ETF | -3.85% |
Analyzing the Weekly Flows
The Taxable channel attracted $6,409M in net inflows over the five-day period. Multi-Sector exposures led all segments with $5,728M in inflows, followed by Corporate at $1,084M and Bank Loans at $548M. Securitized was the week’s largest outflow segment at -$797M, with Government exposures also slightly negative at -$168M despite strong longer-term flow trends. By duration, Intermediate and Ultrashort categories led inflows at $4,060M and $3,107M respectively, while Duration: Long saw the week’s only notable outflow at -$3,115M, consistent with weakness in long Treasury fund flows.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 307 | $1,014.93B | $5,728M | $26,864M | $70,548M | $210,253M | $260,700M |
| Corporate | 159 | $401.09B | $1,084M | $4,601M | $4,153M | $48,479M | $59,791M |
| Bank Loans | 50 | $78.47B | $548M | $4,311M | $9,865M | $21,126M | $21,591M |
| Preferred Stock | 31 | $41.07B | $7M | -$228M | -$391M | $2,610M | $3,136M |
| Cat Bonds | 1 | $126M | $6M | $19M | $45M | $90M | $112M |
| Government | 135 | $766.82B | -$168M | $22,949M | $60,714M | $171,545M | $202,032M |
| Securitized | 48 | $104.56B | -$797M | -$3,232M | -$325M | $7,221M | $6,289M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 374 | $1,927.47B | $4,558M | $42,448M | $116,076M | $367,602M | $432,753M |
| Credit: Blend | 197 | $289.53B | $2,046M | $11,869M | $27,343M | $80,608M | $100,903M |
| Factor: Beta | 1 | $26M | $25M | $25M | $25M | $25M | $25M |
| Specialty: Interest Rate Volatility | 1 | $127M | $0M | $12M | $38M | $106M | $106M |
| Credit: High Yield | 155 | $189.55B | -$226M | $884M | $1,010M | $12,758M | $19,580M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 423 | $1,340.47B | $4,060M | $23,474M | $49,837M | $219,969M | $276,906M |
| Duration: Ultrashort | 149 | $548.03B | $3,107M | $23,364M | $60,712M | $165,973M | $182,919M |
| Duration: Short | 92 | $323.52B | $2,353M | $5,958M | $26,271M | $62,555M | $73,711M |
| Physically Held | 1 | $1M | $0M | $1M | $1M | $1M | $1M |
| Duration: Long | 63 | $194.69B | -$3,115M | $2,441M | $7,671M | $12,602M | $19,831M |
Top & Bottom 5 ETFs by 5-Day Flow
SGOV led all funds in weekly inflows at $910M, followed by VBIL at $575M, as short-duration Treasury vehicles remained in demand. On the outflow side, TLT saw the largest redemptions by a wide margin at -$2,969M, despite strength in long-duration category performance this week. MBB followed with -$660M in outflows, consistent with the Securitized segment’s overall weekly decline.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SGOV | iShares 0-3 Month Treasury Bond ETF | $910M |
| VBIL | Vanguard 0-3 Month Treasury Bill ETF | $575M |
| VCSH | Vanguard Short-Term Corporate Bond ETF | $518M |
| BNDX | Vanguard Total International Bond ETF | $429M |
| BND | Vanguard Total Bond Market ETF | $422M |
| Outflows | ||
| TLT | iShares 20+ Year Treasury Bond ETF | -$2,969M |
| MBB | iShares MBS ETF | -$660M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | -$359M |
| IQMM | ProShares GENIUS Money Market ETF | -$295M |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | -$291M |
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: BD ($205M).
Issuer League Table Update
iShares and Vanguard remain the two dominant issuers in the Taxable channel, holding 35.85% and 25.99% market share respectively, with combined AUM exceeding $1.48 trillion. Vanguard led all issuers in weekly inflows at $3,496M, followed by JPMorgan at $689M and SPDR at $652M. iShares was the week’s largest source of outflows at -$1,770M, driven largely by redemptions from TLT and MBB. ProShares and Simplify also posted modest net outflows for the week, at -$327M and -$181M respectively.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $863.01B | 35.85% |
| Vanguard | 31 | $625.70B | 25.99% |
| SPDR | 36 | $178.04B | 7.40% |
| JPMorgan | 20 | $102.82B | 4.27% |
| Schwab | 12 | $81.22B | 3.37% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $3,496M |
| JPMorgan | $689M |
| SPDR | $652M |
| Outflows | |
| iShares | -$1,770M |
| ProShares | -$327M |
| Simplify | -$181M |
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.
