iShares Core U.S. Aggregate Bond ETF was the second-largest exchange traded fund (ETF) which invested solely in fixed income assets traded on U.S. markets as of February 3, 2025. At this time, this ETF held around 121.22 billion U.S. dollars in assets. The Vanguard Total Bond Market ETF ranked in the top spot managing 122.94 billion U.S. dollars in assets. Fixed income ETFs invest exclusively in government and corporate bonds, meaning the return for the assets purchased is known in advance. While this investment strategy carries less risk, it can also produce lower returns under many market conditions.

The Fixed Income Investment Management market is experiencing robust growth, driven by increasing institutional and individual investor demand for stable returns in an uncertain economic climate. The market size in 2025 is estimated at $15 trillion, exhibiting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by several key factors, including rising global debt levels, persistent low interest rates in many developed economies stimulating demand for fixed-income securities, and the increasing adoption of sophisticated investment strategies like ESG (Environmental, Social, and Governance) investing within the fixed-income space. The increasing complexity of global financial markets further contributes to demand for professional fixed-income management services from both enterprises and individuals seeking diversification and risk mitigation. Segment-wise, Core Fixed Income continues to dominate the market, albeit with Alternative Credit witnessing faster growth driven by the search for higher yields. Geographically, North America and Europe currently hold the largest market share, although rapidly developing economies in Asia-Pacific are poised for significant growth in the coming years. The market faces some restraints such as interest rate volatility and regulatory changes impacting investment strategies, but the overall outlook remains positive. The key players in the Fixed Income Investment Management industry include established giants such as Vanguard, Pimco, Fidelity, and American Funds, alongside other significant players like Great-West Lifeco, Oppenheimer Funds, and T. Rowe Price. These firms are constantly adapting their strategies to meet evolving investor needs, incorporating technological advancements and innovative approaches to risk management. The competitive landscape is characterized by both intense competition and collaboration, as firms strive to offer superior performance and client service in a dynamic market environment. The continued expansion of the market presents significant opportunities for existing players to increase their market share and for new entrants to establish themselves within the industry. The ongoing shift towards passive investment strategies alongside the rise of actively managed alternatives presents a critical dynamic impacting both competition and investment trends within the sector.

China Banks' WMP: Yield Index: Fixed Income Product: Medium Term data was reported at 108.632 Dec2021=100 in Dec 2024. This records an increase from the previous number of 108.249 Dec2021=100 for Nov 2024. China Banks' WMP: Yield Index: Fixed Income Product: Medium Term data is updated monthly, averaging 103.970 Dec2021=100 from Dec 2021 (Median) to Dec 2024, with 37 observations. The data reached an all-time high of 108.632 Dec2021=100 in Dec 2024 and a record low of 100.000 Dec2021=100 in Dec 2021. China Banks' WMP: Yield Index: Fixed Income Product: Medium Term data remains active status in CEIC and is reported by Puyi Standard. The data is categorized under China Premium Database’s Financial Market – Table CN.ZAM: Banks' Wealth Management Product: Index Series.

As of October 16, 2024, the yield for a ten-year U.S. government bond was 4.04 percent, while the yield for a two-year bond was 3.96 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in 2022 and 2023. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

At the end of 2024, the yield for a 30-year U.S. Treasury bond was 4.78 percent, slightly higher than the yields for bonds with short-term maturities. Bonds of longer maturities generally have higher yields as a reward for the uncertainty about the condition of financial markets in the future.

China WMCP: Average Annualized Payment Yield: Maturity: Open-end Fixed Income Product data was reported at 2.920 % pa in Jan 2025. This records a decrease from the previous number of 3.350 % pa for Dec 2024. China WMCP: Average Annualized Payment Yield: Maturity: Open-end Fixed Income Product data is updated monthly, averaging 2.850 % pa from Aug 2022 (Median) to Jan 2025, with 30 observations. The data reached an all-time high of 3.490 % pa in Aug 2022 and a record low of -0.380 % pa in Dec 2022. China WMCP: Average Annualized Payment Yield: Maturity: Open-end Fixed Income Product data remains active status in CEIC and is reported by Puyi Standard. The data is categorized under China Premium Database’s Financial Market – Table CN.ZAM: Puyi Standard: Average Annualized Payment Yield: Maturity: Wealth Management Product.

Poland Treasury Bond Yield: Avg: Fixed Rate: 10 Years data was reported at 5.756 % pa in Feb 2025. This records an increase from the previous number of 5.550 % pa for Mar 2024. Poland Treasury Bond Yield: Avg: Fixed Rate: 10 Years data is updated monthly, averaging 5.309 % pa from May 1999 (Median) to Feb 2025, with 149 observations. The data reached an all-time high of 12.935 % pa in Jul 2000 and a record low of 1.200 % pa in Jan 2021. Poland Treasury Bond Yield: Avg: Fixed Rate: 10 Years data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Poland – Table PL.M006: Treasury Bond Yield.

Mexico Fixed Rate Bonds Average Yield: 3 Years data was reported at 8.010 % pa in Mar 2019. This records a decrease from the previous number of 8.170 % pa for Feb 2019. Mexico Fixed Rate Bonds Average Yield: 3 Years data is updated monthly, averaging 7.170 % pa from Jan 2000 (Median) to Mar 2019, with 229 observations. The data reached an all-time high of 17.700 % pa in Jan 2000 and a record low of 4.000 % pa in May 2013. Mexico Fixed Rate Bonds Average Yield: 3 Years data remains active status in CEIC and is reported by Bank of Mexico. The data is categorized under Global Database’s Mexico – Table MX.M003: Securities Yield.

Mexico Fixed Rate Bonds Average Yield: 10 Years data was reported at 8.010 % pa in Mar 2019. This records a decrease from the previous number of 8.490 % pa for Feb 2019. Mexico Fixed Rate Bonds Average Yield: 10 Years data is updated monthly, averaging 7.880 % pa from Jul 2001 (Median) to Mar 2019, with 166 observations. The data reached an all-time high of 11.170 % pa in Oct 2002 and a record low of 4.640 % pa in May 2013. Mexico Fixed Rate Bonds Average Yield: 10 Years data remains active status in CEIC and is reported by Bank of Mexico. The data is categorized under Global Database’s Mexico – Table MX.M003: Securities Yield.

Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 2 Years data was reported at 19.500 % pa in Oct 2018. This records an increase from the previous number of 18.000 % pa for Sep 2018. Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 2 Years data is updated monthly, averaging 19.975 % pa from Mar 2005 (Median) to Oct 2018, with 162 observations. The data reached an all-time high of 25.500 % pa in Nov 2009 and a record low of 10.900 % pa in Oct 2011. Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 2 Years data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.M006: Treasury Bills, Notes and Bonds Yield.

Brazil Broad Money Supply: M3: Quotas of Fixed Income Funds data was reported at 3,338,465.350 BRL mn in Jun 2018. This records an increase from the previous number of 3,331,842.832 BRL mn for May 2018. Brazil Broad Money Supply: M3: Quotas of Fixed Income Funds data is updated monthly, averaging 629,057.895 BRL mn from Jul 1994 (Median) to Jun 2018, with 288 observations. The data reached an all-time high of 3,340,435.474 BRL mn in Apr 2018 and a record low of 18,817.305 BRL mn in Jul 1994. Brazil Broad Money Supply: M3: Quotas of Fixed Income Funds data remains active status in CEIC and is reported by Central Bank of Brazil. The data is categorized under Global Database’s Brazil – Table BR.KAA018: Money Supply. Brazilian Central Bank has made changes in methodology of Financial System Credit Data in February of 2013 after 13 years following the same methodology. These changes are necessary face the expansion of credit, favored by the improvement of the indicators of employment and income, continuous and sharp reduction of the interest rates and by important institutional advances. It is essential the availability of new information, in particular, which allows more detailed monitoring of credit arrangements with targeted resources, especially real estate financing, whose dynamism has contributed to reducing the housing deficit in the country. The main change includes coverage of data on concessions, interest rates, terms and default rates that were extended to the segment of directed credit and also became necessary to further detailing the statistical framework, to enable identification of the terms most relevant as well as reduce the relative share of loans not classified - embedded in 'other receivables'. The Money Supply statistics were revised in August 2018, incorporating methodological updates to increase compliance with international standards and consistency with other sets of macroeconomic statistics. The revision consists the inclusion of cooperatives among the institutions that meke up the money issuing system, resulting in M1 expansion, and the exclusion of non-residents assets, impacting mainly on M4. Replacement series ID: 408100917

Mexico Fixed Rate Bonds Average Yield: 7 Years data was reported at 7.410 % pa in Dec 2006. This records a decrease from the previous number of 7.880 % pa for Nov 2006. Mexico Fixed Rate Bonds Average Yield: 7 Years data is updated monthly, averaging 8.975 % pa from Jul 2002 (Median) to Dec 2006, with 54 observations. The data reached an all-time high of 11.080 % pa in Oct 2002 and a record low of 7.410 % pa in Dec 2006. Mexico Fixed Rate Bonds Average Yield: 7 Years data remains active status in CEIC and is reported by Bank of Mexico. The data is categorized under Global Database’s Mexico – Table MX.M003: Securities Yield.

Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Average: Current Year data was reported at 8.300 % pa in Mar 2019. This records a decrease from the previous number of 8.530 % pa for Feb 2019. Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Average: Current Year data is updated monthly, averaging 6.590 % pa from Jan 2014 (Median) to Mar 2019, with 63 observations. The data reached an all-time high of 8.950 % pa in Dec 2018 and a record low of 5.950 % pa in Aug 2014. Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Average: Current Year data remains active status in CEIC and is reported by Bank of Mexico. The data is categorized under Global Database’s Mexico – Table MX.M004: Securities Yield: Forecast.

Russia Domestic Government Bonds: Fixed Rate: 25084RMFS: Yield at Cut Off Price data was reported at 4.790 % pa in 27 May 2020. This records a decrease from the previous number of 5.540 % pa for 29 Apr 2020. Russia Domestic Government Bonds: Fixed Rate: 25084RMFS: Yield at Cut Off Price data is updated weekly, averaging 5.555 % pa from Feb 2020 (Median) to 27 May 2020, with 4 observations. The data reached an all-time high of 6.460 % pa in 08 Apr 2020 and a record low of 4.790 % pa in 27 May 2020. Russia Domestic Government Bonds: Fixed Rate: 25084RMFS: Yield at Cut Off Price data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Russia Premium Database’s Government and Public Finance – Table RU.FH009: OFZ Auctions' Results. [COVID-19-IMPACT]

Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Median: Plus 3 Years data was reported at 8.500 % pa in Dec 2018. This records an increase from the previous number of 7.300 % pa for Dec 2017. Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Median: Plus 3 Years data is updated monthly, averaging 7.300 % pa from Dec 2014 (Median) to Dec 2018, with 5 observations. The data reached an all-time high of 8.500 % pa in Dec 2018 and a record low of 7.200 % pa in Dec 2015. Mexico BDM Forecast: Fixed Rate Bond Yield: 10 Years: Median: Plus 3 Years data remains active status in CEIC and is reported by Bank of Mexico. The data is categorized under Global Database’s Mexico – Table MX.M004: Securities Yield: Forecast.

Russia Domestic Government Bonds: Fixed Rate: 26227RMFS: Yield at Weighted Average Price data was reported at 6.100 % pa in 18 Dec 2019. This records a decrease from the previous number of 6.990 % pa for 28 Aug 2019. Russia Domestic Government Bonds: Fixed Rate: 26227RMFS: Yield at Weighted Average Price data is updated weekly, averaging 7.690 % pa from Mar 2019 (Median) to 18 Dec 2019, with 9 observations. The data reached an all-time high of 8.130 % pa in 24 Apr 2019 and a record low of 6.100 % pa in 18 Dec 2019. Russia Domestic Government Bonds: Fixed Rate: 26227RMFS: Yield at Weighted Average Price data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Russia Premium Database’s Government and Public Finance – Table RU.FH009: OFZ Auctions' Results. [COVID-19-IMPACT]

Russia Domestic Government Bonds: Fixed Rate: 26212RMFS: Yield at Weighted Average Price data was reported at 7.070 % pa in 21 Feb 2018. This records a decrease from the previous number of 7.130 % pa for 07 Feb 2018. Russia Domestic Government Bonds: Fixed Rate: 26212RMFS: Yield at Weighted Average Price data is updated weekly, averaging 7.275 % pa from Jan 2018 (Median) to 21 Feb 2018, with 4 observations. The data reached an all-time high of 7.450 % pa in 10 Jan 2018 and a record low of 7.070 % pa in 21 Feb 2018. Russia Domestic Government Bonds: Fixed Rate: 26212RMFS: Yield at Weighted Average Price data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Russia Premium Database’s Government and Public Finance – Table RU.FH009: OFZ Auctions' Results.

Russia Domestic Government Bonds: Fixed Rate: 26230RMFS: Yield at Weighted Average Price data was reported at 7.310 % pa in 19 May 2021. This records an increase from the previous number of 5.830 % pa for 20 May 2020. Russia Domestic Government Bonds: Fixed Rate: 26230RMFS: Yield at Weighted Average Price data is updated weekly, averaging 6.805 % pa from Jun 2019 (Median) to 19 May 2021, with 10 observations. The data reached an all-time high of 7.680 % pa in 19 Jun 2019 and a record low of 5.830 % pa in 20 May 2020. Russia Domestic Government Bonds: Fixed Rate: 26230RMFS: Yield at Weighted Average Price data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Russia Premium Database’s Government and Public Finance – Table RU.FH009: OFZ Auctions' Results. [COVID-19-IMPACT]

Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 3 Years data was reported at 16.250 % pa in Jun 2018. This stayed constant from the previous number of 16.250 % pa for May 2018. Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 3 Years data is updated monthly, averaging 16.900 % pa from Mar 2005 (Median) to Jun 2018, with 158 observations. The data reached an all-time high of 25.480 % pa in Apr 2014 and a record low of 12.000 % pa in Dec 2011. Ghana Treasury Bills, Notes and Bonds Yield: Fixed Rate Note: 3 Years data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.M006: Treasury Bills, Notes and Bonds Yield.

Lending Rate: per Month: Pre-Fixed: Individuals: Mortgages with Market Rates: BIORC CFI data was reported at 0.000 % per Month in 03 Jul 2019. This stayed constant from the previous number of 0.000 % per Month for 02 Jul 2019. Lending Rate: per Month: Pre-Fixed: Individuals: Mortgages with Market Rates: BIORC CFI data is updated daily, averaging 0.000 % per Month from Jan 2012 (Median) to 03 Jul 2019, with 1817 observations. The data reached an all-time high of 0.000 % per Month in 03 Jul 2019 and a record low of 0.000 % per Month in 03 Jul 2019. Lending Rate: per Month: Pre-Fixed: Individuals: Mortgages with Market Rates: BIORC CFI data remains active status in CEIC and is reported by Central Bank of Brazil. The data is categorized under Brazil Premium Database’s Interest and Foreign Exchange Rates – Table BR.MB011: Lending Rate: per Month: by Banks: Pre-Fixed: Individuals: Mortgages with Market Rates. Lending Rate: Daily: Interest rates disclosed represent the total cost of the transaction to the client, also including taxes and operating. These rates correspond to the average fees in the period indicated in the tables. There are presented only institutions that had granted during the period determined. In general, institutions practicing different rates within the same type of credit. Thus, the rate charged to a customer may differ from the average. Several factors such as the time and volume of the transaction, as well as the guarantees offered, explain the differences between interest rates. Certain institutions grant allowance of the use of the term overdraft. However, this is not considered in the calculation of rates of this type. It should be noted that the overdraft is a modality that has high interest rates. Thus, its use should be restricted to short periods. If the customer needs resources for a longer period, should find ways to offer lower rates. The Brazilian Central Bank publishes these data with a delay about 20 days with relation to the reference period, thus allowing sufficient time for all Financial Institutions to deliver the relevant information. Interest rates presented in this set of tables correspond to averages weighted by the values of transactions conducted in the five working days specified in each table. These rates represent the average effective cost of loans to customers, consisting of the interest rates actually charged by financial institutions in their lending operations, increased tax burdens and operational incidents on the operations. The interest rates shown are the average of the rates charged in the various operations performed by financial institutions, in each modality. In one discipline, interest rates may differ between customers of the same financial institution. Interest rates vary according to several factors, such as the value and quality of collateral provided in the operation, the proportion of down payment operation, the history and the registration status of each client, the term of the transaction, among others . Institutions with “zero” did not operate on modalities for those periods or did not provide information to the Central Bank of Brazil. The Central Bank of Brazil assumes no responsibility for delay, error or other deficiency of information provided for purposes of calculating average rates presented in this