2026 ETF.com Award Nominees: U.S. Fixed Income

The Nominees

PRIV - SPDR SSGA IG Public & Private Credit ETF

Launched: February 2025 | ER: 0.70% | AUM: $96M | Issuer: State Street

Investment Strategy: PRIV is an actively managed ETF that broadly invests in a wide variety of debt securities with different maturities, including public and private credit, in addition to illiquid securities.

• Merit: High - First attempt at private credit in ETF wrapper
• Position: First-mover, though execution has been questioned
• Utility: Moderate - “Apollo private credit” pitch complicated by reality
• Power: TBD - Depends on whether private credit ETFs can work at all

Why it’s nominated: PRIV is the first ETF designed to blend public investment-grade debt with private credit sourced through a partnership with Apollo and is meant to democratize access to private credit markets that have traditionally been reserved for institutional investors. The fundamental question—is private debt right for ETFs?—remains open. But someone had to go first, and State Street did.

SBIL - Simplify Government Money Market ETF

Launched: July 2025 | ER: 0.15% | AUM: $4,387M | Issuer: Simplify

Investment Strategy: SBIL is an actively managed fund that invests in US government money market instruments, including overnight repurchase agreements and cash. The fund aims to balance income, liquidity, and capital preservation.

• Merit: Very High - brings institutional-grade MMF compliance to ETF
• Position: Pioneer in 2a-7 compliant ETF structure
• Utility: Excellent for institutional mandates requiring MMF compliance
• Power: High - bridges gap between MMF safety and ETF liquidity

Why it’s nominated:  SBIL is the first Rule 2a-7 compliant money market fund in ETF wrapper. While many investors use ultra-short Treasury ETFs like BIL or SGOV as cash proxies, those are technically standard bond ETFs. SBIL is a true money market fund that happens to trade on an exchange. Many institutional investment mandates—pensions, corporate treasuries, etc.—require that cash-equivalent holdings be 2a-7 compliant. Standard Treasury ETFs don’t qualify; SBIL does. It must follow stricter rules on credit quality, diversification, and maturity (weighted average under 60 days), and the $4.4B in AUM proves institutions were waiting for exactly this product.

CPAG - F/m Compoundr U.S. Aggregate Bond ETF

Launched: August 2025 | ER: 0.31% | AUM: $23M | Issuer: F/m Investments

Investment Strategy: CPAG is a passively managed fund-of-funds that seeks to minimize the impact of dividend-related price distortions. The fund holds the iShares Core U.S. Aggregate Bond ETF (AGG), which invests in US investment-grade bonds of various maturities.

• Merit: Very High - Brings European accumulating structure to US market
• Position: First-mover on accumulating aggregate bond approach
• Utility: Excellent for non-US investors or tax-deferred accounts
• Power: High - Structural tax efficiency has staying power

Why it’s nominated:  An accumulating bond ETF that captures income appreciation in NAV rather than distributing it. This structure, common in Europe, avoids interest income distributions that trigger U.S. withholding taxes. CPAG doesn’t distribute income—it compounds within the NAV. For the right investor (non-U.S., tax-deferred), this is a genuinely better mousetrap. The AUM is modest, but the structural innovation is real.

LQTI - FT Vest Investment Grade & Target Income ETF

Launched: February 2025 | ER: 0.65% | AUM: $222M | Issuer: First Trust

Investment Strategy: LQTI is an actively managed fund that seeks to provide current income and capital appreciation through a synthetic long exposure to the iShares iBoxx Investment Grade Corporate Bond ETF (LQD) and a partial covered call strategy. It seeks an annual rate of approximately 5% over LQDs current annual yield.

• Merit: High - FT Vest expertise applied to IG credit
• Position: Growing target income category
• Utility: Good - “IG bonds with target income” is clear pitch
• Power: Moderate - depends on demand for managed income strategies

Why it’s nominated: First Trust Vest has built credibility in the defined outcome space. LQTI combines investment-grade credit exposure with First Trust Vest’s target income approach. The strategy is designed to deliver consistent income from IG bonds while managing duration and credit risk. Applying First Trust Vest's expertise to investment-grade credit is a logical extension from their existing offerings, and $222M in AUM suggests advisors agree.

TIPD - Northern Trust 2055 Inflation-Linked Distributing ETF

Launched: August 2025 | ER: 0.10% | AUM: $3M | Issuer: Northern Trust

Investment Strategy: TIPD is actively managed, providing inflation-protected income and return of principal through a ladder of US Treasury Inflation-Protected Securities maturing around 2055.

• Merit: Very High - First successful “decumulation” ETF design
• Position: First-mover on retirement distribution product
• Utility: Excellent for retirees needing inflation-protected income
• Power: High - Demographic tailwinds as boomers retire

Why it’s nominated: Most ETFs are designed for accumulation. TIPD flips the script—it’s built for spending down. The 30-year TIPS ladder provides inflation-protected distributions, essentially automating what a wealth manager would build manually. The AUM is tiny ($3M), but the product design is genuinely innovative. Northern Trust timed this to capture the “stubborn inflation” narrative of late 2025.

1. All data sourced from FactSet as of 12/26/31.

For more information about the ETF.com awards process, click here.

CAST YOUR VOTE!