Weekly Channel Summary
The Taxable channel encompasses 711 ETFs from 147 issuers, with total assets under management reaching $2.30 trillion. Investors allocated a significant $17.8 billion in net new assets to the channel over the past week. This brings year-to-date inflows to $294.8 billion and the one-year total to a robust $509.0 billion.
This Week’s Performance Leaders and Laggards
Performance was mixed across taxable bond categories, with returns sensitive to duration. Preferred Stock funds led the way with a 0.62% weekly gain, followed by Bank Loans and High Yield funds, both up 0.32%. At the other end of the spectrum, Government Long funds were the worst performers, falling 1.28% as longer-term rates rose. Despite a weekly loss of 1.02%, Convertible bond funds remain the standout performers year-to-date, with a gain of 19.04%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Preferred Stock | 0.62% | -1.32% | 1.88% | 0.65% | 1.37% | 5.33% |
| Taxable – Bank Loans | 0.33% | 0.01% | 1.76% | 0.85% | 0.88% | 4.13% |
| Taxable – High Yield | 0.32% | 0.35% | 1.96% | 1.98% | 2.04% | 5.66% |
| Taxable – Emerging | 0.32% | 0.31% | 3.21% | 1.53% | 1.68% | 6.63% |
| Taxable – International | 0.11% | -1.43% | 0.42% | -0.97% | -1.18% | -1.75% |
| Taxable – Ultrashort | 0.08% | 0.34% | 1.14% | 1.94% | 1.98% | 4.57% |
| Taxable – Government Ultrashort | 0.08% | 0.32% | 0.90% | 1.79% | 1.82% | 3.93% |
| Taxable – Emerging USD | 0.08% | 0.35% | 3.62% | 2.57% | 2.58% | 9.60% |
| Municipal – Single State | 0.06% | — | — | — | — | — |
| Taxable – Government Short | 0.01% | 0.23% | 0.40% | 0.70% | 0.72% | 3.08% |
| Taxable – Multisector | -0.01% | 0.37% | 1.73% | 1.61% | 1.65% | 5.37% |
| Taxable – Short-Term | -0.03% | 0.28% | 0.66% | 0.97% | 0.98% | 3.86% |
| Taxable – Inflation Protected | -0.10% | -0.43% | 0.48% | 1.47% | 1.44% | 3.50% |
| Taxable – International USD | -0.30% | 0.34% | 1.32% | 1.32% | 1.31% | 2.41% |
| Taxable – Corporate | -0.30% | 0.22% | 0.80% | 0.83% | 0.80% | 4.38% |
| Taxable – Government Intermediate | -0.34% | 0.25% | -0.00% | 0.11% | 0.07% | 2.78% |
| Taxable – Core Enhanced | -0.35% | 0.26% | 0.67% | 0.92% | 0.89% | 4.37% |
| Taxable – Core | -0.41% | 0.23% | 0.38% | 0.70% | 0.66% | 3.89% |
| Taxable – Securitized | -0.43% | 0.22% | 0.36% | 1.13% | 1.02% | 5.18% |
| Taxable – Long-Term | -0.86% | 0.08% | 0.94% | 1.24% | 1.10% | 4.19% |
| Taxable – Convertible | -1.02% | -5.36% | 12.88% | 17.24% | 19.04% | 30.72% |
| Taxable – Government Long | -1.28% | 0.23% | -0.23% | 0.24% | 0.10% | 2.54% |
Top & Bottom 5 ETFs by Weekly Performance
The top-performing fund this week was the Polen High Income ETF (PCHI), which posted a strong 6.13% return. In contrast, funds with the longest duration suffered the most significant losses. The iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) declined by 2.95%, and the PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund (ZROZ) fell 2.76%, highlighting the impact of interest rate sensitivity.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| PCHI | Polen High Income ETF | 6.13% |
| VPC | Virtus Private Credit Strategy ETF | 1.94% |
| ACVT | Advent Convertible Bond ETF | 1.52% |
| FXED | Sound Enhanced Fixed Income ETF | 1.43% |
| PFFR | InfraCap REIT Preferred ETF | 1.37% |
| Bottom Performers | ||
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | -2.95% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | -2.76% |
| DWWN | Principal Long Duration ETF | -2.65% |
| EDV | Vanguard Extended Duration Treasury ETF | -2.61% |
| DADS | Digital Asset Debt Strategy ETF | -2.39% |
Analyzing the Weekly Flows
Investors poured $17.8 billion into taxable bond ETFs, with broad participation across segments. Multi-Sector funds led with $6.3 billion in net inflows, closely followed by Corporate funds at $5.3 billion and Government funds at $5.1 billion. From a credit perspective, Investment Grade strategies dominated, attracting $14.1 billion. By duration, intermediate-term funds were the most popular, pulling in $10.4 billion for the week.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Sector | 297 | $959.84B | $6,277M | $21,956M | $61,155M | $129,249M | $236,222M |
| Corporate | 158 | $411.01B | $5,267M | $14,094M | $31,365M | $42,101M | $71,266M |
| Government | 128 | $713.78B | $5,050M | $11,706M | $28,164M | $104,474M | $168,713M |
| Bank Loans | 49 | $67.33B | $626M | $1,735M | $6,777M | $10,050M | $15,735M |
| Securitized | 46 | $108.24B | $344M | $1,906M | $4,175M | $7,192M | $13,535M |
| Preferred Stock | 28 | $40.86B | $217M | $296M | $1,586M | $1,683M | $3,415M |
| Cat Bonds | 1 | $77M | $1M | -$0M | $21M | $43M | $69M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 365 | $1,840.59B | $14,144M | $37,760M | $91,860M | $236,004M | $393,520M |
| Credit: High Yield | 151 | $193.82B | $1,918M | $5,082M | $16,645M | $10,058M | $26,605M |
| Credit: Blend | 187 | $266.44B | $1,714M | $8,825M | $24,610M | $48,588M | $88,581M |
| Specialty: Interest Rate Volatility | 1 | $65M | $0M | $9M | $45M | $45M | $45M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 412 | $1,325.49B | $10,430M | $33,995M | $83,972M | $158,620M | $287,929M |
| Duration: Ultrashort | 144 | $482.41B | $3,626M | $13,345M | $29,942M | $100,958M | $147,788M |
| Duration: Long | 60 | $192.23B | $2,287M | $804M | $2,243M | $690M | $12,835M |
| Duration: Short | 88 | $300.78B | $1,433M | $3,531M | $17,003M | $34,428M | $60,200M |
Top & Bottom 5 ETFs by 5-Day Flow
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) was the week’s top asset gatherer, taking in over $2.6 billion. The iShares 20+ Year Treasury Bond ETF (TLT) also saw strong demand, with $1.8 billion in new assets. On the other side, the Vanguard Long-Term Corporate Bond ETF (VCLT) experienced the largest redemption of $506 million, followed by the Vanguard Short-Term Bond ETF (BSV) with $248 million in outflows.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | $2,573M |
| TLT | iShares 20+ Year Treasury Bond ETF | $1,816M |
| BND | Vanguard Total Bond Market ETF | $1,654M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | $560M |
| JPST | JPMorgan Ultra-Short Income ETF | $557M |
| Outflows | ||
| VCLT | Vanguard Long-Term Corporate Bond ETF | -$506M |
| BSV | Vanguard Short-Term Bond ETF | -$248M |
| QLTA | iShares Aaa-A Rated Corporate Bond ETF | -$123M |
| SHY | iShares 1-3 Year Treasury Bond ETF | -$90M |
| TIP | iShares TIPS Bond ETF | -$88M |
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: XBOX (-$287M), FSTB ($172M), SGVA ($101M), CSHP (-$83M).
Issuer League Table Update
iShares and Vanguard continue to dominate the taxable bond landscape, commanding 36.49% and 26.24% of the market share, respectively. iShares also led the week in asset gathering, attracting a formidable $8.1 billion in net inflows. Outflows among issuers were minimal in comparison, with Allspring posting the largest net redemption at just $30 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 88 | $839.99B | 36.49% |
| Vanguard | 31 | $604.06B | 26.24% |
| SPDR | 37 | $173.01B | 7.52% |
| JPMorgan | 19 | $91.89B | 3.99% |
| Schwab | 12 | $78.09B | 3.39% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $8,103M |
| Vanguard | $2,849M |
| JPMorgan | $1,221M |
| Outflows | |
| Allspring | -$30M |
| GMO | -$9M |
| SEI | -$3M |
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.
