Bloomberg Indices Launches Bloomberg US Total Fixed Income Market Index to Capture the Full Investable US Fixed Income Universe | Insights
New index will serve as a complement to the flagship US Aggregate Bond Index
Bloomberg Indices has launched the Bloomberg US Total Fixed Income Market Index (Ticker: TOTALFI), a market-value weighted benchmark that aims to track the full investable US fixed income universe. The index removes constraints around sectors, credit ratings, and coupon structure, and includes all fixed income asset classes widely owned by fixed income managers, including US Treasuries, investment-grade and high yield credit, mortgages, structured credit, leveraged loans, inflation-linked securities, and floating-rate securities.
“The Bloomberg US Total Fixed Income Market Index provides a holistic measure of the entire investable fixed income universe and offers transparency and performance metrics across all major asset classes in lockstep with how the fixed income markets have expanded in both size and scope,” said Nick Gendron, Global Head of Fixed Income Index Product Management at Bloomberg Index Services Limited. “While the Agg continues to reflect the core investment-grade fixed income markets, which is the most sizeable segment, we are also focused on introducing new benchmarks that reflect the full breadth and behavior of the modern fixed income landscape. We will continue to evolve our strategy to provide measures in markets that are not widely covered, including securitized credit in 2026.”
The US Total Fixed Income Market Index will complement the flagship Bloomberg US Aggregate Bond Index (the ‘Agg’), the leading benchmark for core fixed income exposure, known for its clarity, liquidity and reliable representation of the US core investment-grade markets. Together with the Agg, the Bloomberg US Total Fixed Income Index offers investors choice and ability to diversify across all fixed income sectors, balance risk, and understand how the broader components of the markets interrelate across economic cycles.
With the expanded set of included sectors, the Bloomberg US Total Fixed Income Index will naturally have more credit risk and lower duration than the Agg. Over longer time frames, this combination has shown outperformance and lower volatility than a pure investment grade index, according to new report published by the Bloomberg Index research team who helped drive the development of this launch: “Measuring the Total Fixed Income Market: A Comprehensive Indexing Framework.”
Bloomberg clients can access the new index on the Bloomberg Terminal at {TOTALFI INDEX
