FUNDFLOWS INSIGHT REPORT

THOMSON REUTERS LIPPER RESEARCH SERIES

APRIL 30, 2017

For April Conventional Funds Suffer the Largest Net For April Conventional Funds Suffer the Largest
Redemptions Since December 2016
For the second consecutive month mutual fund investors
Net Redemption Since December 2016
were net sellers of fund assets, withdrawing a net $31.8
billion from the conventional funds business. Fixed EXECUTIVE SUMMARY
income funds (+$20.4 billion) witnessed the only net
inflows for April.
The U.S. broad-based indices managed to finish April on a strong note, with the
NASDAQ Composite posting the highest return (+2.30%) and the S&P 500 Price
For the twenty-seventh consecutive month Thomson Only Index chalking up the relatively weakest return (+0.91%). Equity markets
Reuters Lippers U.S. Diversified Equity (USDE) Funds
macro-classification witnessed net redemptions, handing struggled at the beginning of the month when investors learned of a weaker-
back $34.5 billion for April. than-expected nonfarm payrolls report for March and the airstrike against Syria.
For the fifteenth consecutive month authorized The Labor Department reported the U.S. created just 98,000 new jobs for March,
participants (APs) were net purchasers of exchange- missing the 185,000 expected by analysts. Investors embraced safe-haven plays in
traded funds (ETFs), injecting $35.0 billion for April. Aprilbidding up gold, the Japanese yen, and defensive issuesand focused on the
APs injected a net $24.0 billion into stock & mixed-asset
ETFs and were net purchasers of bond ETFs, injecting a
U.S.s hardline stance on Syria and news that North Korea was threatening war if
net $11.0 billion. U.S. Navy ships continued their advance on the Korean Peninsula.
Perhaps because yields declined at the long end of the With heightened geopolitical concerns and ahead of the Q1 2017 earnings season,
curve, APs padded the coffers of General U.S. Treasury investors became more risk averse, pushing Treasury yields down. Treasury yields
ETFs (+$1.8 billion net) and High Yield ETFs (+$1.4 billion
net). were pressured further as investors learned that import prices fell 0.2% for March,
easing inflation concerns, and after President Donald Trump stated that he
supports a low-interest-rate policy. Trumps commitment mid-month to release
TABLE 1 ESTIMATED NET FLOWS BY MAJOR his tax-cut plan and a spate of better-than-expected Q1 earnings reports helped
FUND TYPES, APRIL 2017 VERSUS calm the markets ahead of Frances presidential election and after an attack on the
MARCH ($BIL) Champs-Elysees in France. Toward the end of April markets rallied globally after
APRIL MARCH centrist Emmanuel Macron led the field in the first round of the election, which
Stock & Mixed Equity Funds -28.9 -13.1 helped ease some ongoing concerns of further isolationism among European Union
Bond Funds 20.4 29.9 members.
Money Market Funds -23.3 -22.7 For the second month in a row investors were net sellers of fund assets,
TOTAL -31.8 -5.9 withdrawing $31.8 billion from the conventional funds business (excluding ETFs)
for April. For the thirteenth month in 14 stock & mixed-asset funds witnessed net
Source: Thomson Reuters Lipper
Note: Columns may not sum because of rounding
outflows, handing back $28.9 billion for April, while for the fourth consecutive
month money market funds witnessed net redemptions, handing back $23.3
billion. However, for the fourth month in a row fund investors
TABLE 2 ESTIMATED NET FLOWS OF MAJOR were net purchasers of fixed income funds, injecting $20.4
EQUITY FUND TYPES, APRIL 2017 billion into the macro-group.
VERSUS MARCH ($BIL)

APRIL MARCH
USDE Funds -34.5 -13.6
Sector Equity Funds -0.8 -2.4
World Equity Funds 6.5 -0.8
Mixed-Asset Funds 0.7 3.5
Alternatives Funds -0.7 0.1
Authored by:
TOTAL -28.9 -13.1
TOM ROSEEN
Source: Thomson Reuters Lipper HEAD OF RESEARCH SERVICES
Note: Columns may not sum because of rounding THOMSON REUTERS LIPPER

1
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY FUNDS
UNITED STATES DIVERSIFIED EQUITY ESTIMATED NET FLOWS OF 4X3-MATRIX USDE FUNDS, APRIL
TABLE 3
(USDE) FUNDS 2017 VERSUS MARCH ($BIL)
For the twenty-seventh consecutive month USDE
Funds witnessed net redemptions, handing back VALUE CORE GROWTH APRIL MARCH
some $34.5 billion for April (the largest amount since
Large-Cap -2.4 0.4 -9.3 -11.2 -13.7
November 2016). Investors gave a cold shoulder to
Multi-cap -1.4 3.0 -18.5 -16.8 2.0
multi-cap funds and turned their backs on growth-
oriented issues; multi-cap funds (-$16.8 billion) and Mid-Cap -0.2 -0.9 -0.7 -1.7 0.3
growth funds (-$29.0 billion) experienced the largest Small-Cap -0.3 -1.3 -0.6 -2.2 -1.0
net redemptions of the valuation and capitalization TOTAL -4.2 1.2 -29.0 -32.0 -12.4
groupings. Lippers Multi-Cap Growth Funds
Source: Thomson Reuters Lipper
classification (-$18.5 billion) suffered the largest net Note: Columns and rows may not sum because of rounding
redemptions of all the 4x3-matrix classifications,
bettered by Large-Cap Growth Funds (-$9.3 billion).
Multi-Cap Core Funds (+$3.0 billion) and Large-Cap ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS, APRIL
Core Funds (+$0.4 billion) witnessed the only net TABLE 4
2017 VERSUS MARCH ($BIL)
inflows of the subgroup for April. For the second month
running the non-4x3-matrix subgroup experienced
net redemptions (-$2.6 billion), with Equity Leverage APRIL MARCH
Funds and Specialty Diversified Equity Funds staying in Equity Leverage Funds 0.1 -0.4
the black (each attracting just $0.1 billion) and Equity Equity Income Funds -1.9 -2.4
Income Funds (-$1.9 billion) suffering the largest net Specialty Diversified Equity Funds 0.1 0.1
redemptions of the subgroup. Year to date USDE Funds S&P 500 Index Funds -0.8 1.5
witnessed $57.4 billion of net redemptions.
TOTAL -2.6 -1.2

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

2
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY FUNDS
WORLD EQUITY FUNDS ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY
TABLE 5
While investors kept a wary eye on the then- FUNDS, APRIL 2017 VERSUS MARCH ($BIL)
upcoming French elections, they remained upbeat on
international diversified issues later in the month. For VALUE CORE GROWTH APRIL MARCH
the third month in four investors were net purchasers
Large-Cap 0.3 0.1 0.4 0.8 -1.0
of the World Equity Funds macro-classification,
Multi-Cap -0.5 0.1 0.0 -0.5 -2.5
injecting $6.5 billion for April. For the fifth month in a
row institutional world equity funds (including variable Small-/Mid-Cap (No Style) 0.3 0.3 0.2
insurance products) witnessed net inflows (+$10.1 TOTAL (LARGE & MULTI) -0.2 0.5 0.4 0.7 -3.2
billion), but for the second month in a row no-load
Source: Thomson Reuters Lipper
funds suffered net redemptions (-$573 million) while Note: Columns and rows may not sum because of rounding
loaded funds continued to suffer net redemptions$3.1
billion. For the first month in 13 Lippers Global
Diversified Equity Funds subgroup (+$0.7 billion)
witnessed net inflows. And for the fifth consecutive
TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED EQUITY
month the International Diversified Equity Funds FUNDS, APRIL 2017 VERSUS MARCH ($BIL)
subgroup experienced net inflowstaking in a little
more than $4.3 billion for April. International Multi-Cap
Core Funds (+$5.7 billion) remained at the top of the VALUE CORE GROWTH APRIL MARCH
World Equity Funds classifications. Emerging Markets Large-Cap 0.2 0.4 -1.1 -0.4 -2.1
Funds, taking in $1.6 billion, was in the runner-up
Multi-Cap -0.4 5.7 -1.0 4.3 4.8
position for the month, followed by International Large-
Small-/Mid-Cap 0.1 0.3 -0.1 0.4 0.4
Cap Core Funds (+$433 million). At the bottom of the
TOTAL -0.1 6.5 -2.1 4.3 3.1
pile International Large-Cap Growth Funds witnessed
the largest net redemptions (-$1.1 billion), bettered
Source: Thomson Reuters Lipper
slightly by International Multi-Cap Growth Funds (-$1.0 Note: Columns and rows may not sum because of rounding
billion). Year to date World Equity Funds attracted a net
$11.6 billion.

TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY FUND

CLASSIFICATIONS, APRIL 2017 VERSUS MARCH ($BIL)

APRIL MARCH
China Region Funds 0.0 0.0
Emerging Markets Funds 1.6 0.0
European Region Funds 0.0 -0.1
Global Equity Income Funds -0.3 -0.4
India Region Funds 0.1 0.1
International Equity Income Funds 0.1 -0.2
Japanese Funds 0.1 0.0
Latin American Funds 0.0 0.0
Pacific Region Funds 0.0 0.0
Pacific ex-Japan Funds -0.1 0.0
TOTAL 1.5 -0.6

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

3
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY FUNDS
SECTOR EQUITY FUNDS ESTIMATED NET FLOWS OF SECTOR EQUITY FUNDS, APRIL 2017
TABLE 8 VERSUS MARCH ($BIL)
Investors showed fleeting interest in commodity- and
technology-related stocks in April, but they continued
to turn a cold shoulder to the macro-classification. For APRIL MARCH
the twenty-first consecutive month investors were net Precious Metals Equity Funds 0.0 0.0
redeemers of Sector Equity Funds, withdrawing slightly
Basic Materials Funds 0.0 0.0
less than $0.8 billion. The Global Natural Resources
Consumer Goods Funds 0.0 0.0
Funds classification suffered the worst net outflows of
the group, handing back some $384 million, bettered Commodities Energy Funds 0.0 0.0
somewhat by Health/Biotechnology Funds (-$308 Commodities General Funds 0.3 0.3
million). The slight rise in select commodity prices Commodities Specialty Funds 0.0 0.0
during the month kept Commodities General Funds Consumer Services Funds 0.0 -0.1
(+$321 million) at the top of the charts, attracting the Energy MLP Funds 0.1 0.1
largest net inflows of the group. Taking the number- Financial Services Funds -0.3 0.2
two and -three positions, Global Science & Technology
Global Financial Services Funds 0.0 0.0
Funds attracted $210 million net and Specialty
Global Health/Biotechnology Funds -0.3 -0.4
Miscellaneous Funds brought in $154 million. Of the 24
Lipper classifications in the Sector Equity Funds macro- Global Infrastructure Funds 0.1 0.2
classification 9 suffered net redemptions for April. Year Global Natural Resources Funds -0.4 -0.5
to date the macro-classification handed back slightly Global Real Estate Funds -0.1 -0.5
less than $5.4 billion net. Global Science/Technology Funds 0.2 0.1
Health/Biotechnology Funds -0.3 -0.4
Industrials Funds -0.1 -0.1
International Real Estate Funds 0.1 0.1
Natural Resources Funds -0.1 -0.4
Real Estate Funds -0.2 -0.7
Specialty/Miscellaneous Funds 0.2 0.0
Science &Technology Funds 0.1 0.2
Telecommunication Funds 0.0 -0.1
Utility Funds -0.1 -0.2
TOTAL -0.8 -2.4

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

4
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY FUNDS
TABLE 9 ESTIMATED NET FLOWS OF LIFECYCLE AND LIFESTAGE FUNDS,
MIXED-ASSET FUNDS APRIL 2017 VERSUS MARCH ($BIL)
For the fourth month in a row the Mixed-Asset Funds
macro-classification witnessed net inflows, attracting
$0.7 billion for April. Convertible Securities Funds APRIL MARCH
attracted some $28 million, while Flexible Portfolio Mixed Asset Target 2010 Funds -0.3 -0.2
Funds (-$1.4 billion) witnessed net outflows for the Mixed Asset Target 2015 Funds -0.4 -0.3
month. Staying on track, the mixed-asset target date Mixed Asset Target 2020 Funds -0.1 0.5
funds subgroup experienced net inflows, taking in Mixed Asset Target 2025 Funds 0.9 1.7
approximately $4.9 billion for April, while the primarily Mixed Asset Target 2030 Funds 0.8 1.7
broker-recommended mixed-asset target allocation Mixed Asset Target 2035 Funds 0.9 1.6
funds subgroupfor the twelfth consecutive month Mixed Asset Target 2040 Funds 0.7 1.4
witnessed net outflows, handing back $2.8 billion Mixed Asset Target 2045 Funds 0.8 1.3
for the month. Six of the sixteen classifications in the
Mixed Asset Target 2050 Funds 0.8 1.2
subgroups suffered net redemptions for the month,
Mixed Asset Target 2055+ Funds 0.7 1.0
with Mixed-Asset Target Allocation Moderate Funds
Mixed Asset Target Today Funds 0.1 0.0
(-$2.3 billion) suffering the largest net redemptions,
Mixed Asset Target Alloc Aggres Funds -0.2 -0.2
bettered by Mixed-Asset Target Allocation Conservative
Funds and Mixed-Asset Target 2015 Funds (both Mixed Asset Target Alloc Conserv Funds -0.4 -0.6
suffering redemptions of $0.4 billion). Mixed-Asset Mixed Asset Target Alloc Growth Funds 0.0 -1.1
Target 2025 and 2035 Fundstaking in $0.9 Mixed Asset Target Alloc Moderate Funds -2.3 -2.7
billion eachattracted the largest net draws of the Retirement Income 0.1 0.1
classifications. For the first four months of 2017 the TOTAL 2.1 5.6
Mixed-Asset Funds macro-classification attracted
Source: Thomson Reuters Lipper
the largest net inflows of the five broad-based equity
Note: Columns may not sum because of rounding
groups, taking in some $13.2 billion.

ALTERNATIVES FUNDS
TABLE 10 ESTIMATED NET FLOWS OF ALTERNATIVES FUNDS, APRIL 2017
For the twenty-second month in 23 the Alternatives VERSUS MARCH ($BIL)
Funds macro-classification experienced net outflows
(-$706 million) as the Alternative Multi-Strategy Funds APRIL MARCH
(+$1.0 billion) and Alternative Long/Short Equity Funds Absolute Return Funds 0.0 0.0
(+$182 million) classifications witnessed the largest net Alternative Active Extension Funds -0.3 -0.4
inflows. Alternative Global Macro Funds (-$1.1 billion), Alternative Equity Market Neutral Funds 0.0 0.2
Alternative Other Funds (a variable annuity underlying Alternative Event Driven Funds -0.1 0.0
fund classification, -$377 million), and Alternative Active Alternative Global Macro Funds -1.1 0.3
Extension Funds (-$333 million) handed back the largest Alternative Long/Short Equity Funds 0.2 0.4
net amounts. Year to date the Alternatives Funds macro- Alternative Managed Futures Funds -0.2 -0.2
classification handed back some $3.4 billion net. Alternative Multi-Strategy Funds 1.0 0.1
Alternative Other Funds -0.4 -0.4
Dedicated Short Bias Funds 0.2 0.1
TOTAL -0.7 0.1

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

5
 FUNDMARKET INSIGHT REPORT APRIL 2017

FIXED INCOME FUNDS

FIXED INCOME FUNDS ESTIMATED NET FLOWS OF MAJOR FIXED INCOME FUND TYPES,
TABLE 11
Perhaps as the result of Treasury yields shifting APRIL 2017 VERSUS MARCH ($BIL)
downward at all maturities of the curve greater than
two years, for the fourth consecutive month investors
were net purchasers of fixed income funds, injecting TAXABLE MUNICIPAL APRIL MARCH
a net $20.4 billion for April. On the taxable bond Long-Term Bond 9.3 1.9 11.2 7.2
(nonmoney market) funds side (+$17.8 billion) 18 of Short & Intermediate 8.5 0.7 9.2 22.7
Lippers 28 classifications witnessed net inflows, while Money Market -21.1 -2.2 -23.3 -22.7
on the tax-exempt side (+$2.6 billion) only 7 of the 20 TOTAL -3.3 0.4 -2.9 7.2
classifications in the municipal bond funds universe
saw net inflows. Investors padded the coffers of Core Source: Thomson Reuters Lipper
Plus Bond Funds (+$4.7 billion), International Income Note: Columns and rows may not sum because of rounding

Funds (+$4.3 billion), and Multi-Sector Income Funds

(+$3.5 billion). U.S. Mortgage Funds witnessed the
largest net redemptions of the group, handing back
$1.4 billion for April, bettered by General U.S. Treasury
Funds (-$475 million), High Yield Funds (-$458
million), and GNMA Funds (-$440 million). On the
municipal bond funds side General & Insured Municipal
Debt Funds (+$1.4 billion) witnessed the largest net
inflows, while Short Municipal Debt Funds (-$390
million) suffered the largest net redemptions of the
subgroup. Year to date the Fixed Income Funds macro-
classification took in a net $97.6 billion.

MONEY MARKET FUNDS

For the fourth month in a row investors were net
redeemers of the Money Market Funds macro-
classification, redeeming $23.3 billion for April.
On the taxable side (-$21.1 billion) five of the six
Lipper classifications witnessed net outflows: U.S.
Government Money Market Funds witnessed the
largest net redemptions of the group, handing back
$8.3 billion, bettered significantly by Institutional U.S.
Treasury Money Market Funds, which experienced a net
redemption of $5.1 billion. Institutional Money Market
Funds took in the only net inflows for the month (+$3.8
billion). On the tax-exempt side (-$2.2 billion) only
one of the five classifications (Institutional Tax-Exempt
Money Market Funds [+$325 million]) witnessed net
inflows. Tax-Exempt Money Market Funds (-$1.8 billion)
witnessed the largest net outflows of the subgroup.
Year to date Money Market Funds handed back a little
under $94.8 billion net.

6
 FUNDFLOWS INSIGHT REPORT
THOMSON REUTERS LIPPER RESEARCH SERIES

APRIL 30, 2017

Relief Rally Keeps APs Engaged in TABLE 1 ESTIMATED NET FLOWS BY MAJOR
ETF TYPES, APRIL 2017 VERSUS
MARCH ($BIL)
April
APRIL MARCH
Stock & Mixed Equity ETFs 24.0 38.4
Bond ETFs 11.0 8.1
ETF EXECUTIVE SUMMARY
TOTAL 35.0 46.6
Markets started the month of April with a whimper as investors digested a
poorer-than-expected March nonfarm payrolls report ahead of the first round of Source: Thomson Reuters Lipper
the French presidential election. Investors were further rattled by a U.S. airstrike Note: Columns may not sum because of rounding
again Syria and by North Koreas saber rattling concerning the Korean Peninsula.
Later in the month investors appeared to be more optimistic, despite learning
that first-time jobless claims rose 10,000 more from week to week to 244,000. ESTIMATED NET FLOWS OF MAJOR
TABLE 2
They welcomed a batch of better-than-expected earnings reports, news that the EQUITY ETF TYPES, APRIL 2017
number of out-of-work people collecting unemployment checks fell to a 17-year VERSUS MARCH ($BIL)
low, and an announcement that the U.S. government is investigating the impact
of foreign steel imports on national security (which was considered by some to be
APRIL MARCH
a possible boon for U.S. steelmakers). Upbeat Q1 earnings reports from the likes
USDE ETFs 9.2 23.2
of Caterpillar and DuPont and a first round win for centrist Emmanuel Macron in
the French presidential election helped push the NASDAQ to its twenty-fourth Sector Equity ETFs 0.6 0.6
record close of 2017, breaching the 6,000 mark for the first time in history and World Equity ETFs 13.6 14.1
extending its monthly winning streak to six consecutive months. At month-end Mixed-Asset ETFs 0.2 0.2
market participants took their collective foot off the pedal as Trump officials Alternative ETFs 0.5 0.3
released a one-page outline of the tax reform plan that was light on details and TOTAL 24.0 38.4
as investors focused on the likelihood of a government shutdown over the last Source: Thomson Reuters Lipper
weekend of the month. Note: Columns may not sum because of rounding

For the month Treasury prices dropped slightly as investors became more risk
seeking after the first round of the French election was announced and polling
suggested that Macron was favored over nationalist Marine Le Pen. At the short
end of the yield curveexcept for the one-month yield, which experienced a 6-bp
decline for the month of Aprilyields of two years or less witnessed increases
ranging between 1 and 8 bps, while longer-dated yields declined; the five-year
yield declined the most12 bps to 2.10%. For April the dollar weakened against
the euro (-1.81%) and the pound (-3.12%) but was unchanged against the yen.
Commodities prices were mixed for the month, with near-month gold prices rising
1.51% to close April at $1,266.10/ounce and front-month crude oil prices falling
2.51% to close the month at $49.33/barrel.

Nonetheless, for the fifteenth consecutive month ETFs attracted net new money,
taking in $35.0 billion for April. For the eleventh consecutive month authorized
participants (APs) were net purchasers of stock & mixed-asset ETFsinjecting
$24.0 billion for April. And for the twenty-second month in a row they were net Authored by:
purchasers of bond ETFsinjecting $11.0 billion. APs were net purchasers of all TOM ROSEEN
five equity-based ETF macro-classifications: World Equity ETFs (+$13.6 billion), HEAD OF RESEARCH SERVICES
USDE ETFs (+$9.2 billion), Sector Equity ETFs (+$0.6 billion), Alternatives ETFs THOMSON REUTERS LIPPER
(+$0.5 billion), and Mixed-Asset ETFs (+$0.2 billion).

7
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY ETFs
UNITED STATES DIVERSIFIED EQUITY ESTIMATED NET FLOWS OF USDE 4X3-MATRIX ETFs, APRIL 2017
TABLE 3
(USDE) ETFs VERSUS MARCH ($MIL)
For the eleventh consecutive month the USDE ETFs
macro-classification experienced net inflows, attracting VALUE CORE GROWTH APRIL MARCH
$9.2 billion for April. Lippers broad 4x3-matrix
Large-Cap 882.6 613.5 2,336.9 3,833.0 5,222.1
subgroup experienced net inflows for the fourteenth
Multi-Cap 641.0 1,555.6 142.9 2,339.5 1,758.5
consecutive month, attracting a little more than $7.0
billion for the month, with Large-Cap Growth ETFs Mid-Cap -116.9 -29.2 199.0 52.9 531.3
(+$2.3 billion) witnessing the largest net inflows of the Small-Cap -527.6 1,551.3 -205.1 818.6 2,583.4
subgroup. For the second month in row mid-cap ETFs TOTAL 879.1 3,691.2 2,473.8 7,044.1 10,095.4
(+$53 million) took in the smallest net-flows amount
Source: Thomson Reuters Lipper
of the four capitalization groups, while large-cap funds Note: Columns and rows may not sum because of rounding
(+$3.8 billion) were at the top of the capitalization
breakouts. Once again, core-oriented ETFs (+$3.7
billion) attracted the largest net inflows of the valuation
subgroups for the month, while their value- and
growth-oriented counterparts attracted $0.9 billion ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS,
TABLE 4
and $2.5 billion, respectively. Small-Cap Value Funds APRIL 2017 VERSUS MARCH ($MIL)
and Small-Cap Growth Funds witnessed the largest net
outflows of the subgroup for the month, handing back
APRIL MARCH
$528 million and $205 million, respectively. Outside
Equity Leverage ETFs 92.4 959.3
the 4x3-matrix classifications S&P 500 Index ETFs
witnessed the largest net inflows, $1.6 billion. iShares Equity Income ETFs 385.1 619.1
Core S&P 500 ETF (IVV) individually witnessed the Specialty Diversified ETFs 2.0 0.0
largest net inflows (+$6.3 billion), while SPDR S&P S&P 500 Index ETFs 1,638.2 11,519.6
500 ETF Trust (SPY) witnessed the largest individual TOTAL 2,117.6 13,098.0
net outflows (-$6.2 billion). Year to date USDE ETFs
attracted some $56.7 billion net. Source: Thomson Reuters Lipper
Note: Columns may not sum because of rounding

8
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY ETFs
WORLD EQUITY ETFs ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY ETFs,
TABLE 5
For the fifth month in a row APs were net purchasers APRIL 2017 VERSUS MARCH ($MIL)
of World Equity ETFs, injecting $13.6 billion for April.
APsfor the seventh month runningpadded the VALUE CORE GROWTH APRIL MARCH
coffers of International Diversified Equity ETFs,
Large-Cap -49.7 -3.6 15.7 -37.6 51.2
purchasing a net $7.0 billion for April, and for the
second consecutive month they were net purchasers Multi-Cap 272.3 4.2 276.4 438.6

of the Global Diversified Equity ETFs group (+$239 Small-/Mid-Cap (No Style) -0.3 -0.3 -10.9
million for April). For the fifth month in a row APs were TOTAL (LARGE & MULTI) -49.7 268.7 15.7 238.5 478.9
also net purchasers of the non-3x3-matrix subgroup,
Source: Thomson Reuters Lipper
injecting a net $6.3 billion. The International Multi-Cap Note: Columns and rows may not sum because of rounding
Core ETFs classification, attracting a net $6.6 billion,
remained at the top of the charts for the month, while
European Region ETFs (+$3.0 billion) and Emerging
Markets ETFs (+$2.9 billion) took the number-two and
TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED
-three spots on the list. Once again, Japanese ETFs EQUITY ETFs, APRIL 2017 VERSUS MARCH ($MIL)
experienced the largest net redemptions of the macro-
classification, handing back $299 million for the month.
iShares Core MSCI EAFE ETF (IEFA), with net inflows VALUE CORE GROWTH APRIL MARCH
of $2.2 billion for April, attracted the most individual Large-Cap 0.6 -35.3 18.6 -16.1 -270.7
interest in the macro-classification. WisdomTree Japan
Multi-Cap 123.6 6570.2 143.1 6,836.9 7,125.8
Hedged Equity Fund (DXJ) handed back the largest
Small-/Mid-Cap -12.9 102.9 112.5 202.5 375.7
individual net redemptions (-$304 million). Year to date
World Equity Funds took in some $46.5 billion net. TOTAL 111.4 6,637.8 274.2 7,023.3 7,230.8

Source: Thomson Reuters Lipper

Note: Columns and rows may not sum because of rounding

TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY ETF

CLASSIFICATIONS, APRIL 2017 VERSUS MARCH ($MIL)

APRIL MARCH
China Region ETFs 131.0 -41.5
Emerging Markets ETFs 2,851.2 4,155.3
European Region ETFs 2,998.9 2,063.8
Global Equity Income ETFs 46.9 48.4
India Region ETFs 203.9 332.4
International Equity Income ETFs 291.3 343.9
Japanese ETFs -298.8 -1,064.7
Latin American ETFs -140.0 36.1
Pacific Region ETFs 59.0 122.0
Pacific ex-Japan ETFs 174.6 352.2
TOTAL 6,317.8 6,348.1

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

9
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY ETFs
SECTOR EQUITY ETFs TABLE 8 ESTIMATED NET FLOWS OF SECTOR EQUITY ETFs,
For the sixth month in a row Sector Equity ETFs APRIL 2017 VERSUS MARCH ($MIL)
witnessed net inflowstaking in some $0.6 billion for
April. However, 10 of Lippers 27 Sector Equity ETF APRIL MARCH
classifications witnessed net outflows for the month. Precious Metals Equity ETFs -1,523.5 405.8
Commodities Precious Metals ETFs (+$1.1 billion),
Basic Materials ETFs 284.1 -417.6
Science & Technology ETFs (+$646 million), and Utility
Consumer Goods ETFs 148.4 35.5
ETFs (+$569 million) were at the top of the charts for
the month, while Precious Metals Equity ETFs (-$1.5 Commodities Agriculture ETFs 5.8 -80.8
billion), Financial Services ETFs (-$838 million), and Commodities Energy ETFs -127.4 253.8
Natural Resources ETFs (-$562 million) suffered the Commodities General ETFs -129.9 -357.7
largest net redemptions. SPDR Gold Shares (GLD), Commodities Base Metals ETFs -0.3 -16.4
taking in a net $861 million, attracted the largest Commodities Precious Metals ETFs 1,112.1 -528.1
individual draw for April. At the bottom of the individual Commodities Specialty ETFs -90.2 151.5
fund pile was VanEck Vectors Gold Miners ETF (GDX),
Consumer Services ETFs -191.2 -801.3
handing back a net $1.1 billion for the month. Year to
Energy MLP ETFs 170.6 460.1
date Sector Equity ETFs attracted a net $18.4 billion.
Financial Services ETFs -837.5 458.0
Global Financial Services ETFs 18.1 151.9
Global Health/Biotechnology ETFs -17.2 -60.4
Global Infrastructure ETFs 54.2 111.9
Global Natural Resources ETFs 125.2 233.6
Global Real Estate ETFs 64.0 -2.2
Global Science/Technology ETFs 76.2 11.0
Health/Biotechnology ETFs 19.2 318.9
Industrials ETFs 420.3 -574.1
International Real Estate ETFs 191.5 113.7
Natural Resources ETFs -561.9 -278.2
Real Estate ETFs 109.6 352.5
Specialty/Miscellaneous ETFs 114.1 -88.6
Science &Technology ETFs 646.4 709.9
Telecommunication ETFs -24.9 -34.5
Utility ETFs 569.4 107.1
TOTAL 625.0 635.4

Source: Thomson Reuters Lipper

Note: Columns may not sum because of rounding

10
 FUNDMARKET INSIGHT REPORT APRIL 2017

EQUITY ETFs
ALTERNATIVES ETFs ESTIMATED NET FLOWS OF ALTERNATIVES ETFs, APRIL 2017
For the fourth month in row Alternatives ETFs TABLE 9
VERSUS MARCH ($MIL)
witnessed net inflows, taking in $464 million for
April. As a result of heightened geopolitical concerns, APRIL MARCH
APs were net purchasers of Dedicated Short-Bias Absolute Return ETFs 5.8 -2.4
ETFs (+$344 million), with Alternative Long/Short Alternative Active Extension 26.5 11.7
Equity ETFs and Alternative Active Extension ETFs Alternative Equity Market Neutral ETFs 0.8 0.0
experiencing the next largest net inflows of the Alternative Event Driven ETFs 15.0 16.9
group, taking in some $88 million and $27 million,
Alternative Global Macro ETFs 2.7 6.2
respectively. Alternative Multi-Strategy ETFs (-$19.2
Alternative Long/Short Equity ETFs 87.6 16.2
million) suffered the only net redemptions of the group.
Direxion Daily Small Cap Bear 3x Shares (TZA), Alternative Managed Futures ETFs 1.6 -14.3
taking in some $226 million, witnessed the largest Alternative Multi-Strategy ETFs -19.2 -19.7
individual net inflows of the macro-classification, while Dedicated Short Bias ETFs 343.5 303.6
Direxion Daily Junior Gold Miners Index Bear 3X TOTAL 464.4 318.2
Shares (JDST) handed back $85 million and suffered
the largest individual net withdrawals. Alternatives Source: Thomson Reuters Lipper
Note: Columns may not sum because of rounding
ETFs took in a net $1.5 billion year to date.

11
 FUNDMARKET INSIGHT REPORT APRIL 2017

FIXED INCOME ETFs

FIXED INCOME ETFs TABLE 10 ESTIMATED NET FLOWS OF MAJOR FIXED INCOME ETF TYPES,
For the twenty-second month in a row bond ETFs APRIL 2017 VERSUS MARCH ($MIL)
(+$11.0 billion for April) witnessed net inflows. On the
taxable bond ETFs side (+$10.3 billion) 24 of the 28 TAXABLE MUNICIPAL APRIL MARCH
Lipper classifications attracted net new money for the Long-Term Bond 8,022.9 575.1 8,598.0 2,634.7
month, while the tax-exempt offerings (+$636 million) Short & Intermediate 2,299.1 61.2 2,360.3 5,479.5
reported net inflows into all seven classifications. On TOTAL 10,322.0 636.3 10,958.3 8,114.2
the taxable side net flows into General U.S. Treasury
ETFs (+$1.8 billion) and High Yield ETFs (+$1.4 Source: Thomson Reuters Lipper
Note: Columns and rows may not sum because of rounding
billion) beat those to the other classifications. Short
U.S. Treasury ETFs (-$224 million) and General U.S.
Government ETFs (-$85 million) suffered the largest
net redemptions of the group. iShares 20+ Year
Treasury Bond ETF (TLT), with net inflows of $948
million, attracted the largest individual net inflows of
the group, while SPDR Bloomberg Barclays 1-3 Month
T-Bill ETF (BIL), handing back some $293 million for
April, suffered the largest individual net redemptions.
On the tax-exempt side Intermediate General & Insured
Municipal Debt ETFs (+$319 million) attracted the
largest net inflows, while New York Municipal Debt
ETFs experienced the smallest net inflows of the
subgroup (+$20 million). Year to date the Fixed Income
ETFs macro-classification attracted a net $45.3 billion.

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