Taxable Fixed Income Weekly: $4.7B Inflows & Ultrashort Dominance

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Weekly Channel Summary

The FI: Taxable ETF channel currently holds $2,159 billion in Assets Under Management (AUM) across 682 ETFs from 141 unique issuers. Over the past week, the space saw strong positive activity, gathering $4.70 billion in net inflows. This recent activity builds upon ongoing momentum for the channel, pushing year-to-date inflows to $151.84 billion and the 1-year total flow figure to an impressive $442.45 billion.

This Week’s Performance Leaders and Laggards

The top performing category this week was Ultrashort, returning 0.07% Week-to-Date (WTD), closely followed by Government Ultrashort at 0.07%. Ultrashort bonds are also up 0.65% Year-to-Date (YTD). Conversely, Convertible ETFs saw the largest pullback, dropping 1.13% WTD, though the category remains positive at 2.10% YTD.

Category Performance Snapshot

Category WTD 1 Month 3 Month 6 Month YTD 1 Year
Ultrashort 0.07% 0.00% 0.69% 1.89% 0.65% 4.72%
Government Ultrashort 0.07% 0.21% 0.82% 1.85% 0.78% 4.02%
Bank Loans 0.03% 0.08% -1.17% -0.20% -1.26% 3.36%
Government Short 0.03% -0.83% -0.03% 1.16% -0.06% 3.79%
Short-Term -0.03% -1.05% -0.10% 1.21% -0.11% 4.56%
Securitized -0.09% -1.83% -0.10% 1.61% -0.05% 5.43%
Government Intermediate -0.12% -2.47% -0.96% 0.33% -0.87% 3.75%
Core -0.17% -2.49% -0.87% 0.50% -0.77% 4.40%
Core Enhanced -0.20% -2.55% -0.93% 0.38% -0.83% 4.52%
Multisector Taxable -0.23% -2.41% -1.08% 0.17% -1.05% 4.29%
Corporate -0.25% -2.77% -1.57% -0.36% -1.41% 4.60%
Government Long -0.27% -5.23% -1.93% -1.43% -1.54% 1.23%
International USD -0.31% -2.16% -0.60% 0.07% -0.68% 2.79%
Long-Term -0.35% -4.56% -2.58% -1.78% -2.26% 3.66%
Inflation Protected -0.39% -1.35% 0.01% 0.11% 0.05% 3.44%
Preferred Stock -0.40% -2.82% -1.59% -1.27% -1.54% 4.10%
High Yield -0.43% -1.92% -1.11% -0.01% -1.24% 5.50%
Emerging -0.44% -3.74% -1.39% 1.26% -1.46% 9.01%
Emerging USD -0.45% -3.56% -1.58% 0.98% -1.67% 8.38%
International -0.65% -4.29% -2.35% -1.37% -2.19% 5.87%
Convertible -1.13% -3.04% 0.81% 1.11% 2.10% 19.14%

Top & Bottom 5 ETFs by Weekly Performance

Highlighting individual fund performance, the single best-performing ETF for the week was the Global X SuperIncome Preferred ETF (SPFF), gaining 0.57%. On the other end of the spectrum, the two worst-performing funds were the Digital Asset Debt Strategy ETF (DADS) and the First Trust SSI Strategic Convertible Securities ETF (FCVT), declining 1.83% and 1.50%, respectively.

Ticker Fund Name WTD Performance
Top Performers
SPFF Global X Superincome Preferred ETF 0.57%
TFFI Chesapeake Trend-Following Fixed Income ETF 0.56%
CRDT Simplify Opportunistic Income ETF 0.43%
NCLO Nuveen AA-BBB CLO ETF 0.42%
BCLO iShares BBB-B CLO Active ETF 0.42%
Bottom Performers
DADS Digital Asset Debt Strategy ETF -1.83%
FCVT First Trust SSI Strategic Convertible Securities ETF -1.50%
ICVT iShares Convertible Bond ETF -1.44%
CWB State Street SPDR Bloomberg Convertible Securities ETF -1.43%
RDFI Rareview Dynamic Fixed Income ETF -1.40%

Analyzing the Weekly Flows

The FI: Taxable channel gathered $4,652 million in net inflows this week. When looking beneath the surface, the FI: Government segment led the way with $5,218 million in inflows. By credit type and duration, Investment Grade credit and Ultrashort duration ETFs were the primary drivers, pulling in $4,365 million and $8,135 million, respectively. The largest outflows were seen in the FI: Corporate segment, which shed $3,558 million.

Flows by Segment

Segment Fund Count AUM 5 Day Flow 30 Day Flow 90 Day Flow YTD Flow 1 Year Flow
FI: Government 119 $682.6B $5,218M $29,786M $72,126M $70,049M $159,867M
FI: Multi-Sector 282 $895.9B $2,186M $15,711M $68,855M $65,807M $211,500M
FI: Bank Loans 44 $60.4B $867M -$187M $3,652M $3,215M $7,555M
FI: Securitized 41 $103.7B $15M $471M $2,694M $2,525M $17,127M
FI: Cat Bonds 1 $0.1B $2M $9M $25M $21M $55M
FI: Preferred Stock 27 $39.2B -$78M -$228M $212M $188M $1,685M
FI: Corporate 164 $376.9B -$3,558M -$5,508M $9,969M $9,923M $44,547M

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 353 $1,743.1B $4,365M $41,500M $137,848M $133,070M $353,186M
Credit: Blend 171 $239.4B $784M $4,517M $24,846M $23,919M $76,821M
Credit: High Yield 153 $176.1B -$496M -$5,964M -$5,175M -$5,274M $12,208M

Flows by Duration

Duration Fund Count AUM 5 Day Flow 30 Day Flow 90 Day Flow YTD Flow 1 Year Flow
Duration: Ultrashort 133 $447.5B $8,135M $27,239M $66,537M $65,306M $131,657M
Duration: Short 84 $283.2B $252M $5,154M $17,850M $17,090M $53,549M
Duration: Intermediate 402 $1,237.8B -$1,877M $9,477M $75,333M $71,348M $251,336M
Duration: Long 58 $190.2B -$1,858M -$1,817M -$2,200M -$2,029M $5,672M

Top & Bottom 5 ETFs by 5-Day Flow

The top individual ETF for inflows by dollar amount was the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), which gathered an impressive $2,870 million. Leading the outflows were the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and the iShares Broad USD High Yield Corporate Bond ETF (USHY), which lost $1,806 million and $1,186 million, respectively.

Ticker Fund Name 5-Day Flow
Inflows
BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF $2,870M
SGOV iShares 0-3 Month Treasury Bond ETF $2,449M
HYG iShares iBoxx $ High Yield Corporate Bond ETF $959M
USFR WisdomTree Floating Rate Treasury Fund $683M
USIG iShares Broad USD Investment Grade Corporate Bond ETF $459M
Outflows
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF -$1,806M
USHY iShares Broad USD High Yield Corporate Bond ETF -$1,186M
VCIT Vanguard Intermediate-Term Corporate Bond ETF -$896M
VGLT Vanguard Long-Term Treasury ETF -$791M
TLT iShares 20+ Year Treasury Bond ETF -$737M

Issuer League Table Update

The top two issuers by market share remain iShares and Vanguard, controlling 36.86% and 26.43% of the channel’s AUM, respectively. This week, SPDR gathered the most assets with $2,878 million in net inflows, while Vanguard experienced the largest outflows, shedding $1,182 million.

Top 5 Issuers by AUM

Brand Fund Count AUM AUM Market Share
iShares 87 $795.86B 36.86%
Vanguard 30 $570.63B 26.43%
SPDR 38 $169.08B 7.83%
JPMorgan 19 $82.99B 3.84%
Schwab 12 $72.70B 3.37%

Top & Bottom 3 Issuers by 5-Day Flow

Brand 5-Day Flow
Inflows
SPDR $2,878M
WisdomTree $686M
JPMorgan $474M
Outflows
Vanguard -$1,182M
ProShares -$538M
Xtrackers -$235M

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.