Weekly Channel Summary
The Taxable Fixed Income ETF channel encompasses a massive footprint of 689 ETFs across 141 unique brands, totaling $2,194 billion in Assets Under Management (AUM). Flow activity remained healthy over the past week with the segment drawing in $4.41 billion in net new money. This recent surge pushes the channel’s Year-to-Date (YTD) net flows to $170.90 billion, contributing to an impressive $452.85 billion gathered over the trailing 1-year period.
This Week’s Performance Leaders and Laggards
The Convertible category took the definitive lead this week, posting a robust Week-to-Date (WTD) return of 3.81%. This recent burst further cements its status as a top performer with a YTD gain of 13.50%. On the flip side, the Government Ultrashort category brought up the rear with a muted WTD return of 0.08%, though it still holds onto a positive 1.02% mark YTD.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Convertible | 3.81% | 7.00% | 8.29% | 12.69% | 13.50% | 48.94% |
| Emerging USD | 1.18% | 2.06% | 1.89% | 4.33% | 2.08% | 13.96% |
| International | 1.15% | 2.07% | 1.75% | 1.56% | 1.31% | 5.21% |
| Preferred Stock | 1.10% | 1.44% | 0.35% | 2.25% | 1.64% | 10.89% |
| Emerging | 1.06% | 2.32% | 1.92% | 4.85% | 2.42% | 13.76% |
| Long-Term | 0.95% | 1.27% | 0.37% | -0.56% | 0.89% | 8.60% |
| Corporate | 0.74% | 1.11% | 0.73% | 0.84% | 0.89% | 7.69% |
| Government Long | 0.72% | -0.09% | 0.34% | -1.96% | 0.55% | 4.22% |
| Bank Loans | 0.71% | 1.36% | -0.47% | 1.51% | 0.11% | 6.27% |
| Multisector Taxable | 0.70% | 0.92% | 0.72% | 1.77% | 1.15% | 7.54% |
| High Yield | 0.69% | 1.48% | 0.81% | 2.77% | 1.45% | 9.78% |
| Core Enhanced | 0.62% | 0.61% | 0.83% | 1.25% | 1.06% | 6.95% |
| Government Intermediate | 0.57% | 0.14% | 0.73% | 0.51% | 0.53% | 4.44% |
| Core | 0.56% | 0.46% | 0.80% | 0.99% | 0.91% | 6.15% |
| International USD | 0.52% | 0.63% | 0.54% | 0.49% | 0.82% | 3.00% |
| Securitized | 0.47% | 0.40% | 1.07% | 2.03% | 1.34% | 7.16% |
| Inflation Protected | 0.37% | 0.14% | 1.26% | 0.91% | 1.39% | 5.11% |
| Short-Term | 0.36% | 0.50% | 0.78% | 1.66% | 0.88% | 5.52% |
| Government Short | 0.28% | 0.25% | 0.71% | 1.25% | 0.65% | 3.90% |
| Ultrashort | 0.16% | 0.50% | 0.87% | 2.10% | 1.13% | 5.32% |
| Government Ultrashort | 0.08% | 0.33% | 0.86% | 1.83% | 1.02% | 3.97% |
Top & Bottom 5 ETFs by Weekly Performance
Drilling into the individual fund level, the VPC (Virtus Private Credit Strategy ETF) led all peers with a 5.13% leap. Meanwhile, TFFI (Chesapeake Trend-Following Fixed Income ETF) and GGOV (iShares Global Government Bond USD Hedged Active ETF) struggled, dropping -0.35% and -0.14%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| VPC | Virtus Private Credit Strategy ETF | 5.13% |
| SPFF | Global X SuperIncome Preferred ETF | 4.44% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 4.17% |
| CVRT | Calamos Convertible Equity Alternative ETF | 4.09% |
| FCVT | First Trust SSI Strategic Convertible Securities ETF | 4.08% |
| Bottom Performers | ||
| TFFI | Chesapeake Trend-Following Fixed Income ETF | -0.35% |
| GGOV | iShares Global Government Bond USD Hedged Active ETF | -0.14% |
| ICPI | iShares 0-1 Year TIPS Bond ETF | 0.03% |
| BAMU | Brookstone Ultra-Short Bond ETF | 0.04% |
| BENJ | Horizon Landmark ETF | 0.04% |
Analyzing the Weekly Flows
Taxable Fixed Income saw robust capital formation overall, drawing in $4.38 billion in total net flows. When parsing the data further, Corporate ETFs dominated the segments with $6.49 billion added. Investors gravitated heavily towards High Yield credit ($3.07 billion) and Intermediate duration vehicles ($8.17 billion). The Government segment, particularly the Ultrashort duration group, suffered the heaviest redemptions, bleeding $5.58 billion and $5.55 billion, respectively, as capital appeared to stretch for duration and credit risk.
Flows by Segment
| Segment | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| FI: Corporate | 164 | $389.4B | $6,495M | $6,071M | $16,685M | $18,553M | $61,054M |
| FI: Multi-Sector | 288 | $907.3B | $2,708M | $8,066M | $54,817M | $69,894M | $212,627M |
| FI: Bank Loans | 44 | $61.7B | $472M | $1,765M | $1,979M | $4,053M | $13,581M |
| FI: Securitized | 42 | $105.7B | $143M | $915M | $2,705M | $3,362M | $17,985M |
| FI: Preferred Stock | 27 | $40.3B | $142M | ($211M) | $331M | $272M | $2,170M |
| FI: Cat Bonds | 1 | $0.1B | $5M | $14M | $32M | $33M | $62M |
| Fl: Government | 120 | $689.9B | ($5,583M) | $16,285M | $66,952M | $74,703M | $145,336M |
Flows by Credit Type
| Credit Type | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| Credit: High Yield | 153 | $182.3B | $3,067M | $1,150M | ($3,620M) | ($2,747M) | $25,804M |
| Credit: Blend | 174 | $244.9B | $1,177M | $3,021M | $20,313M | $25,860M | $79,211M |
| Credit: Investment Grade | 358 | $1,767.0B | $136M | $28,728M | $126,787M | $147,737M | $347,673M |
Flows by Duration
| Duration | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| Duration: Intermediate | 407 | $1,262.4B | $8,171M | $11,131M | $64,692M | $82,855M | $265,874M |
| Duration: Short | 85 | $287.9B | $1,425M | $6,106M | $17,019M | $19,757M | $52,893M |
| Duration: Long | 58 | $192.5B | $334M | ($1,345M) | ($694M) | ($1,030M) | $8,652M |
| Duration: Ultrashort | 135 | $451.4B | ($5,550M) | $17,008M | $62,464M | $69,268M | $125,270M |
Top & Bottom 5 ETFs by 5-Day Flow
Focusing on individual funds, LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) commanded the largest capital influx, accumulating an immense $1.90 billion over the last five days. The largest wave of liquidations hit the BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF), which saw -$3.13 billion and -$1.73 billion walk out the door, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | $1,904M |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | $699M |
| USHY | iShares Broad USD High Yield Corporate Bond ETF | $666M |
| VCSH | Vanguard Short-Term Corporate Bond ETF | $595M |
| PULS | PGIM Ultra Short Bond ETF | $522M |
| Outflows | ||
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | ($3,131M) |
| SGOV | iShares 0-3 Month Treasury Bond ETF | ($1,729M) |
| IEF | iShares 7-10 Year Treasury Bond ETF | ($830M) |
| USFR | Wisdom Tree Floating Rate Treasury Fund | ($726M) |
| MINT | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | ($345M) |
Issuer League Table Update
The issuer landscape continues to be led by iShares and Vanguard, who command an enormous 36.84% and 26.24% of the market share, respectively. It was Vanguard that gathered the most in overall weekly inflows, pulling in $2.28 billion, while SPDR experienced the steepest withdrawals, facing -$1.31 billion in net outflows.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 87 | $808.42B | 36.84% |
| Vanguard | 30 | $575.90B | 26.24% |
| SPDR | 38 | $170.83B | 7.78% |
| JPMorgan | 19 | $84.78B | 3.86% |
| Schwab | 12 | $73.49B | 3.35% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Vanguard | $2,282M |
| iShares | $1,891M |
| PGIM | $659M |
| Outflows | |
| SPDR | -$1,305M |
| WisdomTree | -$722M |
| PIMCO | -$224M |
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.
