It’s not just ordinary individual investors turning to exchange-traded funds to manage their bond holdings, says Invesco’s global head of ETFs
Heightened bond-market volatility has accelerated a “crescendo” of demand from large, sophisticated investors for exchange-traded funds focused on fixed income, according to Invesco’s Anna Paglia.
In the past couple of months, an insurance company moved $650 million into Invesco’s BulletShares fixed-income ETFs, which provide investors a way to stagger bond maturities in their portfolios, Paglia said. The large trade was among the latest signs of institutional investors embracing the exchange-traded-fund market to help manage their exposure to bonds, highlighting an evolution that has been accelerating over the past few years, she said.
She pointed to recent flows into the firm’s BulletShares fixed-income ETFs reflecting investors’ desire to “equalize” exposures across bond maturities, describing the laddering strategy as a bid to “neutralize” the impact of the Fed’s policy-rate decisions. The SPDR Bloomberg 1-3 Month T-Bill ETF has attracted the most assets within fixed- income ETF flows over the past month through Oct. 20, garnering $3.9 billion over that period, according to FactSet data. The Vanguard Intermediate-Term Treasury ETF saw the next largest flows over that period at $2.9 billion, followed by almost $2.8 billion for the iShares 20+ Year Treasury Bond ETF.
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