LONDON, (Reuters) – Assets managed by global fixed-income exchange traded funds will triple to $5 trillion in 2030 according to BlackRock (NYSE).

BlackRock stated that it thinks the global bond ETF market will reach $2 trillion by 2023, in spite of “challenging macroeconomic circumstances”.

This year, bonds have been under increasing pressure. The yields of government bonds rose across all major markets this year as the hawkish central bank and rising inflation reversed a trend that had seen interest rates fall for four decades.

BlackRock stated that fixed income ETFs are a reliable investment option in a variety of market conditions including low interest rates and market stress due to pandemics or inflationary pressures.

“The global bond ETF industry is growing faster than we expected, propelled by self-reinforcing and enduring adoption trends from our clients during the pandemic era,” said Carolyn Weinberg, Global Head of Product for ETF and Index Investments at BlackRock.