FUNDFLOWS INSIGHT REPORTREFINITIV LIPPER RESEARCH SERIES

APRIL 30, 2021

Executive SummaryInvestors were net purchasers of mutual fund assets for the fifth month in a row, injecting $52.8 billion into the conventional funds business (excluding ETFs, which are reviewed in the section below) for April.

For the third month in four, stock & mixed-assets funds experienced net outflows (-$31.1 billion) for April. With Federal Reserve officials doubling down on their belief that the near-term rise in inflation will be transitory and a flattening Treasury yield curve, investors continued to pad the coffers of fixed income instruments, pushing the fixed income funds macro-group to its twelfth consecutive month of net inflows, attracting $55.3 billion for April. Money market funds (+$28.7 billion) witnessed net inflows for the third consecutive month.

The U.S. markets began the month on a strong up note after the March nonfarm payrolls report soundly beat analyst expectations, providing evidence that the economy is recovering from the impact of COVID-19. The Dow and S&P 500 closed the first full week at new record highs, extending their winning streak. On Good Friday, the Department of Labor announced the U.S. economy had added 916,000 new jobs for March, beating analyst expectations of 675,000. The unemployment rate declined to 6.0% from 6.2% in February.

The following week, the Dow and the S&P 500 extended their winning streak after a strong beginning to the Q1 corporate earnings season. The nation’s biggest banks posted better-than-expected earnings results, while China’s economic growth rose by 18.3% year-over-year in Q1. Adding to market enthusiasm, the Centers for Disease Control and Prevention said that 40% of the U.S. population has received at least one dose of the COVID-19 vaccine. However, near month gold futures rose to their highest levels in seven weeks.

At month end, stocks snapped their four-week winning streak after investors learned of a surge in coronavirus cases reported in India and Brazil, and after President Joe Biden announced his plans to raise capital gains taxes from 20% to 39.6%. On the last trading day of the month, the Dow closed lower after a lively week of earnings but posted gains for the third straight month. Investors digested blockbuster earnings from tech heavyweights such as Apple, Alphabet, and Facebook during the week, along with good economic data. All the while they kept a keen eye on how this strong data might influence the Fed’s easy monetary policy.

Investors Inject $83.6 Billion into Bond Funds/ETFs in April

Investors Inject $83.6 Billion into Bond Funds/ETFs in April• For the fifth consecutive month, mutual fund

investors were net purchasers of fund assets, injecting $52.8 billion into the conventional funds business for April.

• Fixed income funds (+$55.3 billion for April) witnessed net inflows for the twelfth month in a row, while money market funds (+$28.7 billion) experienced net inflows for the third straight month.

• For the third month in four, investors were net sellers of stock & mixed-assets funds (-$31.1 billion).

• Authorized Participants (APs) were net purchasers of ETFs, injecting $81.1 billion for April, for their twentieth month of consecutive inflows.

• And, for the thirteenth month in a row, fixed income ETFs (+$28.3 billion for April) attracted net new money, while investors padded the coffers of stock & mixed-assets ETFs (+$52.8 billion), their eleventh straight month of net inflows.

APRIL MARCHStock & Mixed Equity Funds -31.1 11.2Bond Funds 55.3 41.2Money Market Funds 28.7 128.8TOTAL 52.8 181.2

TABLE 1 ESTIMATED NET FLOWS BY MAJOR FUND TYPES, APRIL 2021 VERSUS MARCH ($BIL)

APRIL MARCHUSDE Funds -30.6 -8.0Sector Equity Funds 0.6 2.3World Equity Funds -1.0 10.1Mixed-Asset Funds -1.6 6.1Alternatives Funds 1.4 0.6TOTAL -31.1 11.2

TABLE 2 ESTIMATED NET FLOWS OF MAJOR EQUITY FUND TYPES, APRIL 2021 VERSUS MARCH ($BIL)

Source: Refinitiv LipperNote: Columns may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

Authored by:TOM ROSEENHead of Research ServicesRefinitiv LipperAn LSEG Business

2 Refinitiv Lipper FundFlows Insight Report | April 2021 

United States Diversified Equity (USDE) FundsFor the fourth consecutive month, USDE Funds witnessed net outflows (-$30.6 billion for April). Of the classifications in the 4x3-matrix subgroup (-$27.0 billion), Multi-Cap Growth Funds (+$537 million), Mid-Cap Core Funds (+$277 million), and Small-Cap Core Funds (+$77 million) attracted net new money for the month. Investors shunned core-oriented funds (-$13.0 billion), while large-cap funds (-$18.8 billion) handed back the largest amount of the capitalization groups. Lipper’s Large-Cap Core Funds classification (-$9.9 billion) suffered the largest net outflows of the macro-classification, bettered by Large-Cap Growth Funds (-$7.0 billion) and Multi-Cap Core Funds (-$3.5 billion). For the fifth consecutive month, the non-4x3-matrix subgroup experienced net outflows, handing back $3.6 billion for April. Of the subgroup classifications, two witnessed net inflows ranging from just $167 million to $490 million. S&P 500 Index Funds (-$2.9 billion) handed back the largest amount, bettered by Equity Income Funds (-$884 million) and S&P Midcap 400 Index Funds (-$489 million). Year to date, USDE Funds witnessed $101.8 billion in net redemptions.

EQUITY FUNDSTABLE 3 ESTIMATED NET FLOWS OF 4X3-MATRIX USDE FUNDS, APRIL

2021 VERSUS MARCH ($BIL)

VALUE CORE GROWTH APRIL MARCH

Large-Cap -1.9 -9.9 -7.0 -18.8 -10.5Multi-Cap -1.4 -3.5 0.5 -4.3 0.8Mid-Cap -0.1 0.3 -2.2 -2.0 -0.1Small-Cap -0.7 0.1 -1.4 -1.9 5.0TOTAL -3.9 -13.0 -10.1 -27.0 -4.9

TABLE 4 ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS, APRIL 2021 VERSUS MARCH ($BIL)

APRIL MARCHEquity Leverage Funds 0.5 -0.4Equity Income Funds -0.9 -1.2Options Arbitrage/Options Strategies Funds 0.2 0.1Specialty Diversified Equity Funds 0.0 0.0S&P Midcap 400 Index Funds -0.5 -0.4S&P 500 Index Funds -2.9 -1.2TOTAL -3.6 -3.1

Source: Refinitiv LipperNote: Columns and rows may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

Refinitiv Lipper FundFlows Insight Report | April 2021 3

World Equity FundsFor the thirteenth month in 14, investors were net redeemers of World Equity Funds, withdrawing $965 million for the month of April. For the second month in a row, institutional world equity funds (including variable insurance products) witnessed net inflows—attracting $1.8 billion—while load and no-load world equity funds handed back $952 million and $1.8 billion, respectively. For the second consecutive month, Lipper’s Global Diversified Equity Funds subgroup (+$11.9 billion for April) witnessed net inflows, while for the twelfth month in 13 the International Diversified Equity Funds subgroup experienced net outflows—handing back $14.3 billion for April. Global Large-Cap Growth Funds (+$4.8 billion) jumped to the top of the World Equity Funds macro-classification. Global Small-Cap Funds, taking in $4.4 billion net, was the runner-up for the month, followed by Emerging Markets Funds (+$4.1 billion). At the bottom of the heap, International Large-Cap Growth Funds (-$9.7 billion) witnessed the largest net redemptions, bettered by International Multi-Cap Growth Funds (-$6.6 billion). Over the last four months, the World Equity Funds macro-classification handed back a net $16.5 billion.

EQUITY FUNDSTABLE 5 ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY FUNDS,

APRIL 2021 VERSUS MARCH ($BIL)

VALUE CORE GROWTH APRIL MARCHLarge-Cap -0.2 3.6 4.8 8.3 0.9Multi-Cap -0.9 -1.0 1.1 -0.7 -1.5Small-/Mid-Cap (No Style) 4.4 4.4 1.4TOTAL (LARGE & MULTI) -1.0 7.1 5.9 11.9 0.8

TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY FUND CLASSIFICATIONS, APRIL 2021 VERSUS MARCH ($BIL)

APRIL MARCHChina Region Funds 0.0 0.1Emerging Markets Funds 4.1 5.7European Region Funds 0.1 -0.4Frontier Markets Funds 0.0 0.0Global Equity Income Funds -2.9 -0.6India Region Funds 0.0 0.1International Equity Income Funds 0.0 0.1Japanese Funds -0.1 -0.1Latin American Funds 0.0 0.0Pacific Region Funds -0.1 -0.1Pacific ex-Japan Funds 0.2 -0.2TOTAL 1.3 4.6

Source: Refinitiv LipperNote: Columns and rows may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED EQUITY FUNDS, APRIL 2021 VERSUS MARCH ($BIL)

VALUE CORE GROWTH APRIL MARCHLarge-Cap -0.4 -0.2 -9.7 -10.3 0.6Multi-Cap -0.7 3.4 -6.6 -3.9 4.2Small-/Mid-Cap 0.0 0.0 0.0 0.0 -0.1TOTAL -1.1 3.2 -16.3 -14.3 4.7

Source: Refinitiv LipperNote: Columns and rows may not sum because of rounding

4 Refinitiv Lipper FundFlows Insight Report | April 2021 

Sector Equity FundsFor the fourth consecutive month, investors were net purchasers of the Sector Equity Funds macro-classification, however, injecting only $641 million for April. Only eight of the 25 classifications in this group attracted net new money, with Commodities General Funds (+$1.1 billion) and Financial Service Funds (+$293 million) taking in the largest draws of net new money for April. The Global Health/Biotechnology Funds classification suffered the largest net outflows of the group, handing back slightly less than $447 million for the month, bettered by Real Estate Funds (-$360 million) and Health/Biotechnology Funds (-$360 million). Year to date, Sector Equity Funds witnessed $5.6 billion in net inflows.

EQUITY FUNDSTABLE 8 ESTIMATED NET FLOWS OF SECTOR EQUITY FUNDS, APRIL 2021

VERSUS MARCH ($BIL)

Source: Refinitiv Lipper Note: Columns may not sum because of rounding

APRIL MARCHPrecious Metals Equity Funds -0.1 -0.2Alternative Energy Funds 0.0 0.0Basic Materials Funds 0.2 0.1Consumer Goods Funds 0.1 0.0Commodities Energy Funds - -Commodities General Funds 1.1 1.8Commodities Specialty Funds - -Consumer Services Funds 0.2 0.2Energy MLP Funds -0.2 -0.2Financial Services Funds 0.3 0.6Global Financial Services Funds 0.0 0.0Global Health/Biotechnology Funds -0.4 -0.4Global Infrastructure Funds 0.0 0.3Global Natural Resources Funds 0.0 0.2Global Real Estate Funds 0.0 0.1Global Science/Technology Funds 0.1 -0.2Health/Biotechnology Funds -0.2 -0.2Industrials Funds 0.0 0.1International Real Estate Funds 0.1 0.0Natural Resources Funds -0.1 0.5Real Estate Funds -0.4 0.8Specialty/Miscellaneous Funds 0.2 0.1Science &Technology Funds -0.1 -0.8Telecommunication Funds 0.0 -0.1Utility Funds -0.1 -0.2TOTAL 0.6 2.3

Refinitiv Lipper FundFlows Insight Report | April 2021 5

Mixed-Assets FundsFor the second month in three, the Mixed-Assets Funds macro-classification witnessed net outflows, handing back $1.6 billion for April. Convertible Securities Funds (+$77 million), Emerging Markets Mixed-Assets Funds (+$6 million), Flexible Portfolio Funds (-$3.4 billion), and Real Return Funds (+$848 million)—not shown in Table 9—collectively handed back some $2.5 billion for the month. For the first month in seven, the mixed-asset target date funds subgroup witnessed net outflows, handing back $1.9 billion for April, while the primarily broker-recommended mixed-asset target risk funds subgroup—for the first month in four—witnessed net inflows (+$2.8 billion for April).

Seven of the 18 classifications in the target-date/target-risk subgroups witnessed net inflows for the month, with Mixed-Asset Target Allocation Growth Funds (+$5.2 billion), Mixed-Asset Target 2060 Funds (+$561 million), and Mixed-Asset Target 2055 Funds (+$450 million) attracting the largest net draws of the classifications. Mixed-Asset Target 2020 Funds (-$1.8 billion) witnessed the largest net redemptions, bettered by Mixed-Asset Target Allocation Moderate Funds (-$1.3 billion) and Mixed-Asset Target Allocation Conservative Funds (-$949 million). Over the last four months, Mixed-Assets Funds attracted a net $5.2 billion, with mixed-asset target date funds taking in $20.0 billion, mixed-asset target risk funds suffering $9.2 billion in net redemptions, and the remaining mixed-assets fund classifications handing back $5.7 billion.

Alternatives FundsFor the fourth month running, the Alternatives Funds macro-classification experienced net inflows (+$1.4 billion) for April, with Alternative Equity Market Neutral Funds (+$574 million) and Alternative Long/Short Equity Funds (+$460 million) witnessing the largest net inflows of the macro-classification. Alternative Other Funds (-$247 million, a variable annuity subgroup) witnessed the largest net outflows of the remaining classifications in the group, bettered by Alternative Global Macro Funds (-$244 million) and Alternative Active Extension Funds (-$77 million). Year to date, the Alternatives Funds macro-classification took in a net $3.9 billion.

EQUITY FUNDSTABLE 9 ESTIMATED NET FLOWS OF TARGET DATE AND TARGET RISK

FUNDS, APRIL 2021 VERSUS MARCH ($BIL)

APRIL MARCHMixed Asset Target 2010 Funds -0.3 -0.2Mixed Asset Target 2015 Funds -0.4 -0.4Mixed Asset Target 2020 Funds -1.8 -1.2Mixed Asset Target 2025 Funds -0.7 0.9Mixed Asset Target 2030 Funds 0.2 1.9Mixed Asset Target 2035 Funds 0.2 1.8Mixed Asset Target 2040 Funds -0.2 1.6Mixed Asset Target 2045 Funds 0.0 1.6Mixed Asset Target 2050 Funds 0.0 1.5Mixed Asset Target 2055 Funds 0.4 1.3Mixed-Asset Target 2060 Funds 0.6 0.9Mixed-Asset Target 2060+ Funds 0.2 0.2Mixed Asset Target Today Funds -0.2 -0.3Mixed Asset Target Alloc Aggres Funds -0.1 -0.3Mixed Asset Target Alloc Conserv Funds -0.9 -0.7Mixed Asset Target Alloc Growth Funds 5.2 -0.5Mixed Asset Target Alloc Moderate Funds -1.3 -2.1Retirement Income 0.1 0.0TOTAL 0.9 6.1

Source: Refinitiv Lipper Note: Columns may not sum because of rounding

TABLE 10 ESTIMATED NET FLOWS OF ALTERNATIVES FUNDS, APRIL 2021 VERSUS MARCH ($BIL)

Source: Refinitiv LipperNote: Columns may not sum because of rounding

APRIL MARCHAbsolute Return Funds 0.3 0.1Alternative Active Extension Funds -0.1 0.0Alternative Equity Market Neutral Funds 0.6 0.3Alternative Event Driven Funds 0.4 0.5Alternative Global Macro Funds -0.2 -0.7Alternative Long/Short Equity Funds 0.5 0.4Alternative Managed Futures Funds 0.1 0.1Alternative Multi-Strategy Funds 0.2 0.3Alternative Other Funds -0.2 -0.4Dedicated Short Bias Funds 0.0 -0.1TOTAL 1.4 0.6

6 Refinitiv Lipper FundFlows Insight Report | April 2021 

Fixed Income FundsFor the twelfth consecutive month, fund investors embraced bond funds, injecting $55.3 billion net for April. On the taxable bond (non-money market) funds side (+$46.7 billion), 21 of Lipper’s 31 classifications witnessed net inflows. On the tax-exempt side (+$8.6 billion), 15 of the 20 classifications in the municipal bond fund universe saw net inflows.

Investors put money into Core Bond Funds (+$12.7 billion), Multi-Sector Income Funds (+$6.2 billion), and Core Plus Bond Funds (+$4.7 billion). The Corporate Debt BBB-Rated Funds classification witnessed the largest net redemptions of the group, handing back $1.2 billion for April, bettered by GNMA Funds (-$474 million), Short U.S. Treasury Funds (-$263 million), and Ultra-Short Obligation Funds (-$199 million). On the municipal bond fund side, High Yield Municipal Debt Funds (+$3.3 billion) witnessed the largest net inflows for the month, followed by General & Insured Municipal Debt Funds (+$2.6 billion) and Intermediate Municipal Debt Funds (+$1.1 billion). California Municipal Debt Funds (-$112 million) suffered the largest net redemption of the subgroup, bettered by New York Intermediate Debt Funds (-$20 million). The Fixed Income Funds macro-classification took in a net $238.1 billion over the last four months.

Money Market FundsFor the third month in a row, investors were net purchasers of the Money Market Funds macro-classification, injecting $28.7 billion for April. On the taxable side (+$31.7 billion), Institutional U.S. Government Money Market Funds (+$41.3 billion) attracted the largest net inflows of the subgroup, followed by Institutional Treasury Money Market Funds (+$17.9 billion) and Institutional Money Market Funds (+$17.2 billion). Meanwhile, Money Market Funds witnessed the largest net outflows for the month (-$11.4 billion), bettered by U.S. Government Money Market Funds (-$8.9 billion).

On the tax-exempt side (-$3.0 billion), none of the five classifications witnessed net inflows for the month. Tax-Exempt Money Market Funds (-$2.0 billion) experienced the largest net redemptions of the subgroup, bettered by California Tax-Exempt Money Market Funds (-$343 million). Over the last four months, the Money Market Funds macro-classification took in a little less than $193.4 billion.

FIXED INCOME FUNDS

TABLE 11 ESTIMATED NET FLOWS OF MAJOR FIXED INCOME FUND TYPES, APRIL 2021 VERSUS MARCH ($BIL)

Source: Refinitiv LipperNote: Columns and rows may not sum because of rounding

TAXABLE MUNICIPAL APRIL MARCHLong-Term Bond 21.8 6.4 28.2 12.5Short & Intermediate 24.9 2.3 27.1 28.7Money Market 31.7 -3.0 28.7 128.8TOTAL 78.3 5.6 84.0 170.0

FUNDFLOWS INSIGHT REPORTREFINITIV LIPPER RESEARCH SERIES

APRIL 30, 2021

ETF Executive SummaryFor the twentieth straight month, ETFs witnessed net inflows, taking in $81.1 billion for April. Authorized participants (APs—those investors who actually create and redeem ETF shares) were net purchasers of stock & mixed-assets ETFs for the eleventh consecutive month, injecting $52.8 billion into equity ETF coffers. And for the thirteenth month in a row, they were net purchasers of bond ETFs—injecting $28.3 billion for the month. APs were net purchasers of all five equity-based ETF macro-classifications, padding the coffers of U.S. Diversified Equity ETFs (+$27.5 billion), World Equity ETFs (+$12.0 billion), Sector Equity ETFs (+$11.8 billion), Mixed-Assets ETFs (+$815 million), and Alternatives ETFs (+$728 million). Over the last four months, Stock & Mixed-Assets ETFs took in $246.7 billion and Bond ETFs attracted $70.3 billion of net new money.

U.S. stocks rallied in the beginning of April on a strong employment report and as Federal Reserve officials continued to support their belief that the near-term rise in inflation will be transitory, with the Dow and S&P 500 setting new record highs early in the month. Investors cheered a better-than-expected March nonfarm payrolls report. The U.S. economy added 916,000 new jobs, handily beating analyst expectations of 675,000. Mid-month, the Dow and the S&P 500 extended their winning streak after a strong beginning to the Q1 corporate earnings season. The nation’s biggest banks posted better-than-expected earnings results.

Toward month end investors took their collective foot off the pedal and appeared to shrug off news of better-than-expected corporate earnings reports, preferring to take a wait-and-see approach to corporate guidance, even after the Refinitiv Proprietary Research team reported that with just slightly more than half of the S&P 500 constituents reporting Q1 earnings by then, about 87% beat analyst expectations—the highest level in recent years. However, Dallas Fed President Robert Kaplan cast a little shade over the party, saying he believes it is time to discuss tapering the central bank’s asset purchases. Nonetheless, the Treasury yield curve flattened slightly during the month after Federal Reserve Chair Jerome Powell suggested that the Fed will continue to keep rates unchanged for the foreseeable future. Commodity prices rose for the month, with near-month gold prices gaining 3.12% to close the month at $1,767.30 per ounce and front-month crude oil prices climbing 7.47% to close at $63.58 per barrel.

APS FAVOR MULTI-CAP AND CORE-ORIENTED ETFS IN APRIL

APRIL MARCHStock & Mixed Equity ETFs 52.8 73.6Bond ETFs 28.3 14.2TOTAL 81.1 87.8

TABLE 1 ESTIMATED NET FLOWS BY MAJOR ETF TYPES, APRIL 2021 VERSUS MARCH ($BIL)

APRIL MARCHUSDE ETFs 27.5 46.1Sector Equity ETFs 11.8 9.4World Equity ETFs 12.0 18.3Mixed-Asset ETFs 0.8 0.0Alternatives ETFs 0.7 -0.2TOTAL 52.8 73.6

TABLE 2 ESTIMATED NET FLOWS OF MAJOR EQUITY ETF TYPES, APRIL 2021 VERSUS MARCH ($BIL)

Source: Refinitiv Lipper Note: Columns may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

Authored by:TOM ROSEENHead of Research ServicesRefinitiv LipperAn LSEG Business

8 Refinitiv Lipper FundFlows Insight Report | April 2021 

United States Diversified Equity (USDE) ETFsFor the third month in a row, the USDE ETFs macro-classification experienced net inflows, taking in $27.5 billion for April. Lipper’s broad-based 4x3-matrix subgroup witnessed net inflows for the twenty-first consecutive month—taking in $14.7 billion—with Multi-Cap Core ETFs (+$6.5 billion), Large-Cap Value ETFs (+$3.5 billion), and Large-Cap Core ETFs (+$2.9 billion) witnessing the largest net inflows of the subgroup. For the second month running, multi-cap ETFs (+$8.4 billion) experienced the largest net inflows of the four capitalization groups, followed by large-cap ETFs (+$5.8 billion). Core-oriented ETFs (+$9.4 billion) attracted the largest net inflows of the valuation subgroups for the month, while their value- and growth-oriented counterparts took in $6.8 billion and handed back $1.5 billion, respectively. Large-Cap Growth ETFs (-$585 million) suffered the largest net redemption of the subgroup, bettered by Mid-Cap Growth ETFs (-$544 million). Outside the 4x3-matrix classifications (+$12.8 billion), S&P 500 Index ETFs (+$7.4 billion) and Equity Income ETFs (+$5.9 billion) witnessed the largest net inflows, while Equity Leverage ETFs (-$2.0 billion) experienced the only net outflows of the subgroup. Once again, Vanguard Total Stock Market Index ETF (VTI) individually witnessed the largest net inflows (+$4.3 billion), while iShares Russell 2000 ETF (IWM) witnessed the largest individual net outflows (-$2.1 billion). For the four-month period ended April 30, the USDE ETFs macro-classification attracted $116.1 billion in net inflows.

EQUITY ETFsTABLE 3 ESTIMATED NET FLOWS OF USDE 4X3-MATRIX ETFs, APRIL 2021

VERSUS MARCH ($MIL)

VALUE CORE GROWTH APRIL MARCHLarge-Cap 3,491.1 2,940.3 -584.6 5,846.8 7,592.4Multi-Cap 2,396.6 6,542.8 -544.0 8,395.4 14,800.4Mid-Cap 612.1 455.7 -491.2 576.7 1,423.5Small-Cap 309.2 -532.5 81.3 -142.0 6,244.5TOTAL 6,809.0 9,406.3 -1,538.5 14,676.8 30,060.8

TABLE 4 ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS, APRIL 2021 VERSUS MARCH ($MIL)

APRIL MARCHEquity Leverage ETFs -2,011.5 2,759.6Equity Income ETFs 5,898.8 5,197.5Options Arbitrage/Options Strategies Funds 650.5 955.9Specialty Diversified ETFs - -S&P Midcap 400 Index Funds 834.0 993.4S&P 500 Index ETFs 7,426.2 6,086.4TOTAL 12,798.0 15,992.9

Source: Refinitiv Lipper Note: Columns and rows may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

Refinitiv Lipper FundFlows Insight Report | April 2021 9

World Equity ETFsFor the eleventh month in a row, APs were net purchasers of World Equity ETFs, injecting $12.0 billion for April. APs were net purchasers of the non-3x3-matrix subgroup, injecting a net $3.3 billion. For the second consecutive month, the Global Diversified Equity ETFs subgroup witnessed net inflows, taking in $459 million for April. Meanwhile, the International Diversified Equity ETFs subgroup witnessed net inflows for the tenth month in a row, taking in $8.2 billion for the month. International Multi-Cap Core ETFs (+$5.1 billion) jumped to the top of the leaderboard for the month, while European Region ETFs (+$2.3 billion) and Emerging Markets ETFs (+$1.0 billion) took the number-two and -three spots. Pacific ex-Japan ETFs experienced the largest net redemptions of the macro-classification, handing back $788 million for the month, bettered by Japanese ETFs (-$327 million) and Global Multi-Cap Value ETFs (-$125 million). JPMorgan BetaBuilders Europe ETF (BBEU), with net inflows of $1.6 billion for April, attracted the most individual interest in the macro-classification. iShares MSCI South Korea ETF (EWY) handed back the largest individual net redemptions (-$831 million). Over the last four months, the World Equity ETFs macro-classification attracted a net $59.6 billion.

EQUITY ETFsTABLE 5 ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY ETFs,

APRIL 2021 VERSUS MARCH ($MIL)

TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY ETF CLASSIFICATIONS, APRIL 2021 VERSUS MARCH ($MIL)

Source: Refinitiv Lipper Note: Columns and rows may not sum because of rounding

Source: Refinitiv LipperNote: Columns may not sum because of rounding

TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED EQUITY ETFs, APRIL 2021 VERSUS MARCH ($MIL)

Source: Refinitiv Lipper Note: Columns and rows may not sum because of rounding

APRIL MARCHChina Region ETFs 665.4 368.2Emerging Markets ETFs 1,016.8 8,453.4European Region ETFs 2,265.6 369.3Frontier Markets Funds 0.0 1.4Global Equity Income ETFs 54.6 43.3India Region ETFs -116.2 257.9International Equity Income ETFs 490.6 408.7Japanese ETFs -326.6 -448.0Latin American ETFs -40.6 -62.0Pacific Region ETFs 125.5 -74.3Pacific ex-Japan ETFs -787.9 305.7TOTAL 3,347.1 9,623.7

VALUE CORE GROWTH APRIL MARCHLarge-Cap 825.6 427.9 48.0 1,301.5 1,205.9Multi-Cap 116.6 5,054.0 557.3 5,727.8 3,555.4Small-/Mid-Cap 96.3 65.2 986.6 1,148.0 2,555.6TOTAL 1,038.4 5,547.0 1,591.9 8,177.3 7,316.9

VALUE CORE GROWTH APRIL MARCHLarge-Cap 0.0 65.8 1.9 67.7 69.7Multi-Cap -124.6 509.6 6.5 391.6 1,246.6Small-/Mid-Cap (No Style) 0.0 0.0 0.0TOTAL (LARGE & MULTI) -124.6 575.4 8.4 459.2 1,316.3

10 Refinitiv Lipper FundFlows Insight Report | April 2021 

Sector Equity ETFsFor the seventh consecutive month, Sector Equity ETFs witnessed net inflows—taking in $11.8 billion for April—with 22 of Lipper’s 28 Sector Equity ETF classifications experiencing net inflows. Basic Materials ETFs (+$1.9 billion), Financial Services ETFs (+$1.8 billion), and Real Estate ETFs (+$1.7 billion) observed the largest net inflows for the month, while Commodities Precious Metals ETFs (-$1.6 billion), Consumer Goods ETFs (-$904 million), and International Real Estate ETFs (-$219 million) suffered the largest net outflows. iShares US Real Estate ETF (IYR), taking in a net $1.9 billion, attracted the largest individual inflows for March. At the bottom of the individual ETF pile for Sector Equity ETFs, SPDR Gold Shares (GLD) handed back a net $1.1 billion for the month. The Sector Equity ETFs macro-classification took in a net $66.9 billion over the last four months.

EQUITY ETFsTABLE 8 ESTIMATED NET FLOWS OF SECTOR EQUITY ETFs,

APRIL 2021 VERSUS MARCH ($MIL)

Source: Refinitiv Lipper Note: Columns may not sum because of rounding

APRIL MARCHPrecious Metals Equity ETFs 139.6 -295.4Alternative Energy Funds 511.2 -60.9Basic Materials ETFs 1,871.3 434.2Consumer Goods ETFs -903.6 -227.2Commodities Agriculture ETFs 50.2 -83.9Commodities Energy ETFs -123.1 -425.3Commodities General ETFs 835.1 1,123.5Commodities Base Metals ETFs 78.8 77.9Commodities Precious Metals ETFs -1,616.6 -5,013.6Commodities Specialty ETFs -125.3 -114.4Consumer Services ETFs 1,101.0 1,365.3Energy MLP ETFs 138.5 108.6Financial Services ETFs 1,771.2 4,433.8Global Financial Services ETFs 736.5 -106.1Global Health/Biotechnology ETFs 20.1 116.4Global Infrastructure ETFs 242.1 115.9Global Natural Resources ETFs 392.7 457.0Global Real Estate ETFs 99.9 23.0Global Science/Technology ETFs 1,135.7 141.7Health/Biotechnology ETFs 163.8 -1,694.8Industrials ETFs 1,586.9 3,539.5International Real Estate ETFs -218.6 -24.7Natural Resources ETFs 979.8 4,071.6Real Estate ETFs 1,732.7 557.8Specialty/Miscellaneous ETFs 614.2 344.0Science &Technology ETFs 479.6 435.5Telecommunication ETFs 166.4 -297.2Utility ETFs -77.4 447.4TOTAL 11,782.8 9,449.6

Refinitiv Lipper FundFlows Insight Report | April 2021 11

Alternatives ETFsFor the sixth month in seven, Alternatives ETFs witnessed net inflows (+$728 million for April). APs were net purchasers of Alternative Long/Short Equity ETFs (+$381 million) and Dedicated Short Bias ETFs (+$284 million). Alternative Global Macro ETFs (-$5 million) witnessed the largest net outflows of the group, bettered by Absolute Return ETFs (-$960,000). Global X NASDAQ 100 Covered Call ETF (QYLD), taking in $337 million, drew the largest individual net inflows of the macro-classification, while Direxion Daily CSI 300 China A Share Bear 1X Shares (CHAD) handed back $121 million and suffered the largest individual net withdrawals of the group. Alternatives ETFs attracted a net $2.3 billion over the last four months.

EQUITY ETFsTABLE 9 ESTIMATED NET FLOWS OF ALTERNATIVES ETFs, APRIL 2021

VERSUS MARCH ($MIL)

Source: Refinitiv LipperNote: Columns may not sum because of rounding

APRIL MARCHAbsolute Return ETFs -1.0 -71.1Alternative Active Extension ETFs 0.2 19.3Alternative Equity Market Neutral ETFs 1.7 -24.9Alternative Event Driven ETFs 10.1 -16.1Alternative Global Macro ETFs -4.8 -7.0Alternative Long/Short Equity ETFs 381.1 314.9Alternative Managed Futures ETFs 23.4 7.7Alternative Multi-Strategy ETFs 32.6 11.7Dedicated Short Bias ETFs 284.3 -444.2TOTAL 727.7 -209.7

12 Refinitiv Lipper FundFlows Insight Report | April 2021 

Fixed Income ETFsFor the thirteenth month in a row, fixed income ETFs (+$28.3 billion for April) witnessed net inflows. On the taxable bond ETF side (+$26.0 billion), 24 of the 31 Lipper classifications attracted net new money for the month. Meanwhile, tax-exempt offerings (+$2.3 billion) posted net inflows in eight of the nine classifications of the subgroup. On the taxable side, net flows into Corporate Investment-Grade Debt ETFs (+$5.5 billion) and Inflation Protected Bond ETFs (+$2.8 billion) beat those of the other classifications. General U.S. Treasury ETFs (-$1.3 billion) and Short U.S. Treasury ETFs (-$978 million) suffered the largest net redemptions of the group. Vanguard Total Bond Market Index ETF (BND), with net inflows of $2.6 billion, attracted the largest individual inflows of the group, while iShares 20+ Year Treasury Bond ETF (TLT), handing back some $2.3 billion for April, suffered the largest individual net redemptions. On the tax-exempt side, General & Insured Municipal Debt ETFs (+$1.5 billion) had the largest net inflows, while California Intermediate Municipal Debt ETFs ($0) witnessed no change for the month. Year to date, the Fixed Income ETFs macro-classification took in a net $70.3 billion.

FIXED INCOME ETFsTABLE 10 ESTIMATED NET FLOWS OF MAJOR FIXED INCOME ETF TYPES,

APRIL 2021 VERSUS MARCH ($MIL)

Source: Refinitiv Lipper Note: Columns and rows may not sum because of rounding

TAXABLE MUNICIPAL APRIL MARCH

Long-Term Bond 10,874.4 1,754.5 12,628.9 6,700.5Short & Intermediate 15,117.5 582.1 15,699.6 7,506.0TOTAL 25,991.9 2,336.6 28,328.4 14,206.6

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