Published Date: July 30, 2026
Author: HANetf
Performance Trust Total Return Bond UCITS ETF (the “Fund”) returned +1.76% during the quarter. For comparison, the US Flexible Bond Category (the “Category”) returned +1.68% and the Bloomberg US Aggregate Bond Index (the “Index”) returned +0.67%.[1]
During the quarter, the Fund had exposure to IG Corporates (Banks), HY Corporates, Residential Mortgage-Backed Securities (RMBS), and IG Corporates (Non-Banks), which benefited from spread tightening. Commercial Mortgage-Backed Securities (CMBS) and Collateralised Loan Obligations also supported Fund returns, with high incomes and steady spreads throughout the quarter. Despite our preference for the 20-year spot on the curve, Taxable Municipals and U.S. Treasuries remained resilient despite higher rates. Higher starting yields (income) helped to offset rate volatility during the quarter, a helpful reminder of the power of higher income and the attractive entry point for fixed income, and the Fund, today.
The Fund’s sector allocation and yield curve positioning, together with individual security selection, influenced returns during the quarter. We believe our investment approach continues to benefit from identifying opportunities across a broad range of fixed income sectors and securities.
Macro Outlook
Treasury yields rose across the curve throughout the quarter. The 2-year Treasury yield rose 38 basis points (bps), while the 10-year Treasury rose 15 bps and the 30-year Treasury rose 4 bps. This bear flattener shift in the curve, where short-term yields rose more than long-term yields, closely resembled the yield curve shift experienced in the first quarter of 2026.[2]
On the other hand, spread movements seemed to reverse trends experienced in the first quarter as most fixed income sectors experienced spread tightening during the second quarter. Investment-Grade Corporate (IG) spreads tightened 15 basis points (bps) while High-Yield Corporate (HY) spreads tightened 47 bps. Both IG Corporates and HY Corporate spreads are now once again near historically tight levels.[3]
Past performance is not indicative of future performance. When you invest you capital is at risk. All data as of 30/06/2026.
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.07.2026
Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
[1] Source: PT Asset Management, Bloomberg. Data as of 30.06.2026
[2] Ibid
[3] Ibid
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