Fixed Income ETFs Weekly Recap (March 7 to 11, 2022)

Fixed Income ETFs welcomed over $3.2 billion in net inflows between March 7th and March 11th and roughly $18 billion overall this year. Investors have been in a constant search for yield amid escalating conflicts between Russia and Ukraine, rising inflation, and lingering COVID-19 restrictions that still hinder many parts of the world.

America-domiciled Fixed Income ETFs had the lion's share garnering $4.6 billion of the total net inflows. Meanwhile, Europe-domiciled Fixed Income ETF witnessed net outflows of -$1.4 billion after receiving $1.6 billion in the prior week.

America's Fixed Income ETFs top fund action

Among the top inflows receivers, last week were iShares 20+ Year Treasury Bond ETF (TLT, $853 million), PGIM Ultra Short Bond ETF (PULS, $609 million), and JPMorgan Ultra-Short Municipal Income ETF (JMST, $520 million). TLT, the largest recipient, seeks to tracks IDC US Treasury 20+ Year Index (4PM) and invests in U.S. Treasury bonds with remaining maturities greater than twenty years. TLT has a total expense ratio of 0.15% and trades primarily on the NASDAQ.

On the other hand, last week's top Fixed Income ETFs flow bleeders included SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL, -$325 million), iShares Short-Term Corporate Bond ETF (IGSB, -$309 million), Vanguard Short-Term Corporate Bond ETF (VCSH, -$252 million). BIL seeks to track the Bloomberg 1-3 Month U.S. Treasury Bill Index and invests in all publicly issued zero-coupon investment-grade U.S. Treasury Bills that have a remaining maturity of fewer than 3 months and at least 1 month and have $300 million or more of outstanding face value. BIL has a total expense ratio of 0.1363% and trades primarily on the NYSE Arca.

Europe's Fixed Income ETFs top fund action

In Europe, Lyxor US$ 10Y Inflation Expectations UCITS ETF (INFU, $243 million), Invesco US Treasury Bond 7-10 Year UCITS ETF (TREX, $151), Lyxor EUR 2-10Y Inflation Expectations UCITS ETF (INFL, $145) were among the most popular Fixed Income ETFs last week.

The top recipient IEAC ETF seeks to track the Markit iBoxx USD Breakeven 10-Year Inflation Index and provides exposure to a long position in the 6 last issuances of U.S. 10-year Treasury Inflation-Protected securities and a short position in U.S. Treasury bonds with adjacent durations. The fund has a total expense ratio of 0.25% and trades on multiple European exchanges, including the London Stock Exchange (INFG LN, GBP or INFU LN, USD), the Borsa Italiana (INFU IM, EUR), the Deutsche Boerse (UINF GY, EUR), the Euronext (INFU FP, EUR), and the SIX Swiss Exchange (INFU SW, USD).

Conversely, investors pulled out -$373, -$266, -$206 million from PIMCO US Dollar Short Maturity Source UCITS ETF (MINT), iShares $ Short Duration Corp Bond UCITS ETF (SMDXX), and iShares Core Global Aggregate Bond UCITS ETF (AGGH) respectively. MINT is actively managed and invests in a portfolio of USD-denominated fixed income instruments (government bonds, corporate bonds etc..) with a duration that varies between 0-1 year. MINT has a total expense ratio of 0.35% and trades of multiple European exchanges, including the London Stock Exchange (MINT, USD), the Six Swiss Exchange (MINT, USD), and Borsa Italiana (MINT, EUR).

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