Flows into target maturity ETFs also reflected a clear preference for shorter and intermediate maturities. In September, these bands saw $1.6 billion in combined inflows, again pointing to a structural aversion to long- dated exposures. September proved to be a powerful month for ETF flows, even as investors faced elevated long-end volatility, concerns about fiscal deficits, and a shifting macroeconomic backdrop. Rather than retreat from markets, investors leaned into opportunity, particularly in fixed inco ...

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