Weekly Channel Summary
The Taxable channel spans 728 ETFs across 150 issuers with combined AUM of $2,370.69B. Net flows totaled $14,533M over the past five days, bringing the YTD total to $431,737M and the 1-Year figure to $548,653M. This sustained inflow trend underscores continued investor demand for fixed income exposure across government, multi-sector, and corporate segments. The scale of 1-Year flows relative to AUM suggests the channel remains a core allocation destination for taxable bond investors.
This Week’s Performance Leaders and Laggards
Short-duration and ultrashort categories led the week, with Taxable – Government Ultrashort and Taxable – Ultrashort both posting modest WTD gains near 0.03-0.09% while extending solid YTD returns of 2.75% and 2.81%, respectively. At the other end, long-duration categories suffered the steepest declines, with Taxable – Long-Term down 1.55% WTD and Taxable – Government Long falling 1.52% WTD, both carrying negative YTD returns near -6.4% to -6.9%. Taxable – Convertible stood out as a notable outlier, slipping only 0.17% WTD yet maintaining a robust 16.27% YTD gain, the strongest in the channel. Among individual funds, Calamos Convertible Equity Alternative ETF (CVRT) topped the list with a 1.23% weekly gain, while long-duration Treasury proxies like PIMCO 25+ Year Zero Coupon US Treasury Index ETF (ZROZ) lagged, down 4.11% on the week amid rising long-term rate pressure.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable – Government Short | 0.09% | -0.41% | -0.19% | 0.21% | 0.53% | 1.52% |
| Taxable – Government Ultrashort | 0.09% | 0.32% | 0.91% | 1.82% | 2.75% | 3.77% |
| Taxable – Ultrashort | 0.03% | 0.15% | 0.80% | 1.96% | 2.81% | 3.97% |
| Taxable – International USD | 0.01% | -0.61% | -2.04% | -0.72% | -0.73% | -0.51% |
| Taxable – Short-Term | -0.08% | -0.95% | -0.96% | -0.31% | 0.01% | 1.04% |
| Municipal – Single State | -0.09% | -0.27% | 0.43% | — | — | — |
| Taxable – Inflation Protected | -0.17% | -1.68% | -1.90% | -1.43% | -0.49% | -0.45% |
| Taxable – Convertible | -0.17% | 0.87% | -2.41% | 10.21% | 16.27% | 13.26% |
| Taxable – Bank Loans | -0.20% | 0.06% | 1.73% | 3.59% | 2.72% | 4.38% |
| Taxable – Government Intermediate | -0.36% | -2.03% | -2.85% | -2.85% | -2.76% | -2.14% |
| Taxable – Multisector | -0.53% | -1.89% | -2.14% | -0.48% | -0.52% | 0.73% |
| Taxable – Preferred Stock | -0.56% | -2.08% | -2.43% | -0.57% | -1.06% | -1.32% |
| Taxable – Core | -0.61% | -2.35% | -3.42% | -3.06% | -2.78% | -2.21% |
| Taxable – Corporate | -0.69% | -2.59% | -4.07% | -3.29% | -3.30% | -2.85% |
| Taxable – Core Enhanced | -0.73% | -2.58% | -3.58% | -2.94% | -2.72% | -2.05% |
| Taxable – High Yield | -0.74% | -2.25% | -1.94% | -0.01% | 0.07% | 1.19% |
| Taxable – International | -0.78% | -2.70% | -2.06% | -1.69% | -3.28% | -3.45% |
| Taxable – Emerging | -0.80% | -2.75% | -1.55% | 1.62% | 0.12% | 3.00% |
| Taxable – Securitized | -0.83% | -2.99% | -3.91% | -3.55% | -2.94% | -1.84% |
| Taxable – Government Long | -1.52% | -4.41% | -6.97% | -7.20% | -6.87% | -7.56% |
| Taxable – Long-Term | -1.55% | -4.19% | -7.42% | -6.55% | -6.40% | -7.38% |
| Taxable – Emerging USD | -1.69% | -3.75% | -4.89% | -1.46% | -2.43% | -0.18% |
Top & Bottom 5 ETFs by Weekly Performance
The top-performing funds this week were concentrated in convertible and preferred credit strategies, led by CVRT’s 1.23% gain and T-Strive Digital Credit Preferred Income ETF (DCAP) at 0.78%. InfraCap REIT Preferred ETF (PFFR) and First Trust SSI Strategic Convertible Securities ETF (FCVT) rounded out gains above 0.6%. Conversely, long-duration Treasury and MBS funds bore the brunt of the selloff, with ZROZ down 4.11%, iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) off 3.98%, and Regan Fixed Rate MBS ETF (MBSX) down 3.92%. The dispersion between convertible/preferred gainers and long-duration decliners highlights the week’s sensitivity to rate-driven duration risk.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| CVRT | Calamos Convertible Equity Alternative ETF | 1.23% |
| DCAP | T-Strive Digital Credit Preferred Income ETF | 0.78% |
| PFFR | InfraCap REIT Preferred ETF | 0.77% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | 0.66% |
| ILS | Brookmont Catastrophic Bond ETF | 0.65% |
| Bottom Performers | ||
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | -4.11% |
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | -3.98% |
| MBSX | Regan Fixed Rate MBS ETF | -3.92% |
| DWWN | Principal Long Duration ETF | -3.51% |
| EDV | Vanguard Extended Duration Treasury ETF | -3.45% |
Analyzing the Weekly Flows
The channel absorbed $14,533M in net inflows over the week, led decisively by the Government segment at $10,078M and Multi-Sector at $4,311M, together accounting for the bulk of new capital. By duration, Ultrashort and Intermediate buckets drew the largest inflows at $7,557M and $4,416M respectively, while Duration: Short saw a net outflow of $1,420M. Securitized was the weakest segment, shedding $1,430M on the week, followed by modest Preferred Stock outflows of $147M. Investment Grade credit dominated flow activity with $11,883M added, reinforcing a continued preference for higher-quality taxable fixed income amid the week’s rate volatility.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Government | 132 | $754.61B | $10,078M | $26,118M | $59,694M | $160,802M | $200,834M |
| Multi-Sector | 307 | $996.51B | $4,311M | $23,214M | $69,068M | $196,246M | $257,767M |
| Corporate | 158 | $397.30B | $870M | -$4,327M | $3,746M | $45,380M | $60,752M |
| Bank Loans | 50 | $76.40B | $846M | $3,456M | $8,934M | $18,759M | $18,251M |
| Cat Bonds | 1 | $115M | $6M | $18M | $36M | $79M | $101M |
| Preferred Stock | 31 | $41.38B | -$147M | -$275M | $1,050M | $2,680M | $3,371M |
| Securitized | 48 | $104.01B | -$1,430M | -$1,986M | $630M | $7,791M | $7,578M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Credit: Investment Grade | 372 | $1,893.83B | $11,883M | $34,449M | $111,565M | $341,572M | $426,512M |
| Credit: Blend | 197 | $283.42B | $1,788M | $11,561M | $27,731M | $76,111M | $100,406M |
| Credit: High Yield | 154 | $192.62B | $842M | $141M | $3,690M | $13,743M | $21,347M |
| Specialty: Interest Rate Volatility | 1 | $125M | $10M | $20M | $59M | $104M | $104M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Duration: Ultrashort | 148 | $537.73B | $7,557M | $25,242M | $55,749M | $153,710M | $175,244M |
| Duration: Intermediate | 421 | $1,320.81B | $4,416M | $12,899M | $52,336M | $208,537M | $281,409M |
| Duration: Long | 62 | $192.34B | $3,969M | $3,766M | $12,105M | $12,105M | $20,625M |
| Physically Held | 1 | $1M | $1M | $1M | $1M | $1M | $1M |
| Duration: Short | 92 | $319.11B | -$1,420M | $4,263M | $22,854M | $57,177M | $71,091M |
Top & Bottom 5 ETFs by 5-Day Flow
Flows at the fund level were topped by iShares 20+ Year Treasury Bond ETF (TLT), which gathered $2,883M despite the broader long-duration selloff, followed by iShares 0-1 Year Treasury Bond ETF (SHV) at $2,119M and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at $2,067M. On the outflow side, iShares MBS ETF (MBB) led redemptions at $1,212M, followed by Vanguard Short-Term Bond ETF (BSV) at $941M. This pattern suggests investors were selectively rotating within Treasury durations while trimming securitized and short-term corporate exposure.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| TLT | iShares 20+ Year Treasury Bond ETF | $2,883M |
| SHV | iShares Trust iShares 0-1 Year Treasury Bond ETF | $2,119M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | $2,067M |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $2,041M |
| IUSB | iShares Core Total USD Bond Market ETF | $888M |
| Outflows | ||
| MBB | iShares MBS ETF | -$1,212M |
| BSV | Vanguard Short-Term Bond ETF | -$941M |
| BKAG | BNY Mellon Core Bond ETF | -$863M |
| USHY | iShares Broad USD High Yield Corporate Bond ETF | -$818M |
| VCLT | Vanguard Long-Term Corporate Bond ETF | -$511M |
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 (-$381M).
Issuer League Table Update
iShares and Vanguard continue to dominate the Taxable channel with 35.97% and 25.84% market share, respectively, representing a combined $1,465.52B in AUM across 118 funds. iShares also led weekly inflows by a wide margin, pulling in $8,317M, followed by SPDR at $2,028M and JPMorgan at $1,266M. On the outflow side, BNY Mellon recorded the largest weekly redemptions at $661M, followed by Simplify at $606M. The gap between iShares’ inflow dominance and the more modest outflows at smaller issuers underscores a continued concentration of investor activity among the largest taxable bond providers.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $852.82B | 35.97% |
| Vanguard | 31 | $612.70B | 25.84% |
| SPDR | 36 | $176.85B | 7.46% |
| JPMorgan | 20 | $101.03B | 4.26% |
| Schwab | 12 | $79.50B | 3.35% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $8,317M |
| SPDR | $2,028M |
| JPMorgan | $1,266M |
| Outflows | |
| BNY Mellon | -$661M |
| Simplify | -$606M |
| Invesco | -$160M |
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.
