Weekly Channel Summary
The Taxable Fixed Income ETF channel continues to show substantial breadth and investor interest, with total Assets Under Management (AUM) standing at $2.16 trillion across 672 ETFs and 138 issuers. Over the past five days, the channel attracted $11.48 billion in net new money. This recent surge bolsters the impressive longer-term trend, bringing Year-to-Date (YTD) flows to $123.15 billion and 1-year flows to $427.03 billion.
This Week’s Performance Leaders and Laggards
Government Ultrashort was the only broad category to eke out a positive return this week, posting a modest 0.05% gain. On the other end of the spectrum, Convertibles bore the brunt of the selling pressure, sliding 2.55% over the five-day period. Despite this recent stumble, Convertibles remain one of the stronger areas of the market on a Year-to-Date basis, up 2.58%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Government Ultrashort | 0.05% | 0.25% | 0.89% | 1.89% | 0.62% | 4.07% |
| Ultrashort | -0.07% | 0.10% | 0.96% | 2.14% | 0.62% | 4.82% |
| Bank Loans | -0.13% | -1.28% | -1.05% | -0.27% | -1.43% | 3.04% |
| Inflation Protected | -0.22% | 0.60% | 1.10% | 1.15% | 1.21% | 5.19% |
| Government Short | -0.33% | 0.17% | 0.87% | 1.61% | 0.50% | 4.54% |
| Short-Term | -0.34% | 0.09% | 1.00% | 1.91% | 0.60% | 5.41% |
| High Yield | -0.50% | -0.44% | 0.64% | 1.89% | 0.21% | 6.68% |
| Preferred Stock | -0.54% | -0.32% | 1.37% | 1.80% | 0.80% | 5.95% |
| Securitized | -0.69% | 0.34% | 1.57% | 2.73% | 1.10% | 6.57% |
| International USD | -0.86% | 0.10% | 0.67% | 1.38% | 0.58% | 4.55% |
| Corporate | -0.88% | 0.02% | 0.63% | 1.58% | 0.51% | 6.15% |
| Multisector Taxable | -0.89% | -0.22% | 0.87% | 1.85% | 0.53% | 5.69% |
| Core Enhanced | -0.91% | 0.23% | 1.11% | 2.11% | 0.84% | 6.02% |
| Core | -0.92% | 0.31% | 1.08% | 2.02% | 0.83% | 5.77% |
| Government Intermediate | -1.04% | 0.36% | 0.91% | 1.38% | 0.65% | 5.35% |
| Emerging USD | -1.23% | -0.25% | 1.32% | 4.29% | 0.74% | 10.63% |
| Long-Term | -1.55% | 0.06% | 0.55% | 1.58% | 0.74% | 5.74% |
| Emerging | -1.74% | -0.93% | 1.58% | 3.91% | 0.58% | 10.95% |
| Government Long | -2.10% | 1.28% | 1.24% | 1.81% | 1.60% | 3.23% |
| International | -2.25% | -1.38% | 0.49% | 0.38% | -0.10% | 8.10% |
| Convertible | -2.55% | -2.09% | 1.19% | 4.04% | 2.58% | 28.16% |
Top & Bottom 5 ETFs by Weekly Performance
The GGOV (iShares Global Government Bond USD Hedged Active ETF) stood out as the best-performing individual ETF with a 0.91% weekly gain. On the downside, the CVRT (Calamos Convertible Equity Alternative ETF) and FEMB (First Trust Emerging Markets Local Currency Bond ETF) anchored the bottom, dropping 5.19% and 4.01% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| GGOV | iShares Global Government Bond USD Hedged Active ETF | 0.91% |
| BKLN | Invesco Senior Loan ETF | 0.47% |
| PFFA | Virtus InfraCap U.S. Preferred Stock ETF | 0.39% |
| SRLN | State Street Blackstone Senior Loan ETF | 0.38% |
| RBIL | F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 0.36% |
| Bottom Performers | ||
| CVRT | Calamos Convertible Equity Alternative ETF | -5.19% |
| FEMB | First Trust Emerging Markets Local Currency Bond ETF | -4.01% |
| ELD | WisdomTree Emerging Markets Local Debt Fund | -3.63% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | -3.47% |
| TYA | Simplify Intermediate Term Treasury Futures Strategy ETF | -3.39% |
Analyzing the Weekly Flows
The taxable fixed income channel generated robust demand, tallying $9.49 billion in net flows over the past five days. The Government segment captured the lion’s share with nearly $5.94 billion in inflows. Looking deeper, Investment Grade credit and Intermediate duration strategies saw the most demand across their respective groupings. However, it wasn’t a clean sweep for fixed income, as Corporate funds suffered the largest segment outflows, shedding $1.74 billion.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| FI: Government | 117 | $647.1B | $5,936M | $17,257M | $35,437M | $27,971M | $126,403M |
| FI: Multi-Sector | 279 | $897.2B | $5,447M | $23,255M | $72,256M | $55,543M | $209,538M |
| FI: Securitized | 40 | $105.0B | $168M | $1,233M | $3,405M | $2,222M | $17,027M |
| FI: Preferred Stock | 25 | $40.7B | $142M | $556M | $784M | $559M | $2,054M |
| FI: Cat Bonds | 1 | $0.0B | $1M | $5M | $21M | $13M | $47M |
| FI: Bank Loans | 43 | $60.0B | ($465M) | ($951M) | $2,834M | $2,934M | $4,029M |
| FI: Corporate | 164 | $387.9B | ($1,738M) | $6,871M | $15,372M | $13,693M | $47,718M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 348 | $1,711.0B | $7,325M | $38,617M | $97,942M | $80,665M | $311,825M |
| Credit: Blend | 168 | $242.5B | $3,802M | $11,297M | $30,378M | $23,204M | $79,380M |
| Credit: High Yield | 152 | $184.3B | ($1,638M) | ($1,693M) | $1,769M | ($948M) | $15,490M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 398 | $1,253.2B | $3,758M | $29,915M | $84,129M | $65,629M | $249,255M |
| Duration: Ultrashort | 130 | $404.9B | $3,312M | $9,074M | $27,274M | $23,148M | $96,244M |
| Duration: Long | 56 | $199.4B | $2,077M | $3,959M | $3,065M | $1,866M | $13,406M |
| Duration: Short | 84 | $280.3B | $342M | $5,273M | $15,622M | $12,277M | $47,790M |
Top & Bottom 5 ETFs by 5-Day Flow
The SGOV (iShares 0-3 Month Treasury Bond ETF) reigned supreme over the past week, capturing roughly $1.78 billion in new assets. Conversely, corporate heavyweights bore the brunt of outflows, with the LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) both seeing redemptions eclipse $1 billion.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SGOV | iShares 0-3 Month Treasury Bond ETF | $1,775M |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | $1,425M |
| TLT | iShares 20+ Year Treasury Bond ETF | $953M |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $599M |
| IAGG | iShares Core International Aggregate Bond ETF | $525M |
| Outflows | ||
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | ($1,018M) |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | ($1,010M) |
| SCHO | Schwab Short-Term US Treasury ETF | ($462M) |
| BKLN | Invesco Senior Loan ETF | ($462M) |
| SRLN | State Street Blackstone Senior Loan ETF | ($427M) |
Issuer League Table Update
The taxable fixed income landscape remains heavily concentrated at the top, with iShares and Vanguard continuing to command 37.20% and 26.54% of total market share, respectively. Unsurprisingly, iShares was the definitive winner in terms of recent investor capital, netting an impressive $4.49 billion over the past five days. In contrast, Schwab faced the stiffest headwinds, experiencing $888 million in weekly outflows.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 86 | $802.89B | 37.20% |
| Vanguard | 30 | $572.74B | 26.54% |
| SPDR | 38 | $164.73B | 7.63% |
| JPMorgan | 19 | $82.50B | 3.82% |
| Schwab | 12 | $72.79B | 3.37% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $4,490M |
| Vanguard | $2,001M |
| ProShares | $1,987M |
| Outflows | |
| Schwab | -$888M |
| Invesco | -$209M |
| Eldridge | -$54M |
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.
