FUNDFLOWS INSIGHT REPORT THOMSON REUTERS LIPPER RESEARCH SERIES

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1 FUNDFLOWS INSIGHT REPORT THOMSON REUTERS LIPPER RESEARCH SERIES JULY 31, 2017 Conventional Fund Investors Favor World Equity Funds in July For the second month in three mutual fund investors were net purchasers of fund assets, injecting a net $19.9 billion into the conventional funds business. For the fourth month in a row Thomson Reuters Lipper s World Equity Funds macro-classification witnessed net inflows, taking in $12.1 billion for July For the eighteenth consecutive month authorized participants (APs) were net purchasers of ETFs, injecting $25.7 billion for July. APs injected a net $13.9 billion into stock & mixed-asset ETFs and were net purchasers of bond ETFs, injecting a net $11.8 billion. Despite the continued U.S. political drama, APs padded the coffers of High Yield ETFs (+$3.0 billion net) and Corporate Debt BBB-Rated ETFs (+$2.6 billion net). TABLE 1 ESTIMATED NET FLOWS BY MAJOR FUND TYPES, JULY 2017 VERSUS JUNE ($BIL) Stock & Mixed Equity Funds Bond Funds Money Market Funds TOTAL Conventional Fund Investors Favor World Equity Funds in July EXECUTIVE SUMMARY For the second month in three investors were net purchasers of fund assets, injecting $19.9 billion into the conventional funds business (excluding ETFs) for July. For the fifth consecutive month stock & mixed-asset funds witnessed net outflows, handing back $12.2 billion for July. However, for the seventh month in a row fund investors were net purchasers of fixed income funds, injecting $21.9 billion into the macro-group, and for the second month in three money market funds witnessed net inflows, taking in $10.2 billion of net new money. All the U.S. broad-based indices finished the month on the plus side, despite a continued Congressional healthcare deadlock and a shakeup in the White House. The NASDAQ Composite Price Only Index posted the strongest return (+3.38%), while the Russell 2000 Price Only Index posted the relatively weakest return (+0.69%). Markets started the month on a strong note after the Labor Department reported the U.S. had created 222,000 new jobs for June (beating analyst expectations of 180,000), but the unemployment rate still ticked up to 4.4%. The NASDAQ (with a ten-day winning streak, matching its longest since the period ended February 24, 2015) and the S&P 500 continued their upward ascent midmonth, before being momentarily tripped up as General Electric reported a drop in second quarter earnings and revenue, tempering some of the market enthusiasm. Foreign markets also took a little breather after their recent gains. Despite a late-month slump in tech issues, the Dow Jones Industrial Average finished the month at a record high as investors appeared to applaud second quarter earnings results. Investors appeared to ignore Congressional Republicans inability to repeal and replace Obamacare and the recent upheaval in the White House, instead focusing on news that construction activity in China was at its highest level since late 2013 a boon for copper and other related commodity prices. TABLE 2 ESTIMATED NET FLOWS OF MAJOR EQUITY FUND TYPES, JULY 2017 VERSUS JUNE ($BIL) USDE Funds Sector Equity Funds World Equity Funds Mixed-Asset Funds Alternatives Funds TOTAL Authored by: TOM ROSEEN HEAD OF RESEARCH SERVICES THOMSON REUTERS LIPPER 1

2 EQUITY FUNDS UNITED STATES DIVERSIFIED EQUITY (USDE) FUNDS For the second month in a row USDE Funds suffered net outflows (-$21.5 billion for July). Investors continued to have a particular aversion to growth-oriented funds (-$7.9 billion) and large-cap funds (-$9.9 billion) during the month. Lipper s Large-Cap Growth Funds classification (-$5.2 billion) suffered the largest net redemptions of all the 4x3-matrix classifications, bettered somewhat by Large-Cap Core Funds and Multi-Cap Growth Funds (-$4.1 billion and -$3.1 billion, respectively). Multi-Cap Core Funds (+$3.7 billion) and Mid-Cap Growth Funds (+$0.3 billion) witnessed the only net inflows of the subgroup for July. For the fifth month running the non-4x3-matrix subgroup experienced net redemptions (-$6.6 billion for July), with Equity Income Funds suffering the largest net redemptions (-$3.7 billion), bettered by S&P 500 Index Funds (-$2.7 billion). Year to date the USDE Funds macro-classification witnessed $96.1 billion of net redemptions. TABLE 3 ESTIMATED NET FLOWS OF 4X3-MATRIX USDE FUNDS, JULY 2017 VERSUS JUNE ($BIL) VALUE CORE GROWTH Large-Cap Multi-cap Mid-Cap Small-Cap TOTAL TABLE 4 ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS, JULY 2017 VERSUS JUNE ($BIL) Equity Leverage Funds Equity Income Funds Specialty Diversified Equity Funds S&P 500 Index Funds TOTAL

3 EQUITY FUNDS WORLD EQUITY FUNDS With news that China s construction activity rose to a four-year high and on unrelenting dollar weakness during July, investors continued to embrace international plays. For the fourth consecutive month investors were net purchasers of the World Equity Funds macro-classification, injecting $12.1 billion for July (its strongest monthly net inflows since July 2015). For the eighth month in a row institutional world equity funds (including variable insurance products) witnessed net inflows (+$15.4 billion), while no-load and loaded world equity funds continued to suffer net redemptions (-$0.4 billion and -$2.9 billion, respectively). For the second month in three Lipper s Global Diversified Equity Funds subgroup (-$0.6 billion) witnessed net outflows. However, for the eighth consecutive month the International Diversified Equity Funds subgroup experienced net inflows taking in a little more than $11.1 billion for July. International Multi-Cap Core Funds (+$5.7 billion) remained at the top of the World Equity Funds classifications. International Multi-Cap Growth Funds, taking in $2.0 billion, was in the runner-up position for the month, followed by Emerging Markets Funds (+$1.6 billion). At the bottom of the pile Global Multi-Cap Core Funds witnessed the largest net redemptions (-$0.4 billion), bettered by Global Equity Income Funds (-$0.3 billion). Year to date World Equity Funds attracted a net $414.0 billion the only year-todate net inflows of the five broad-based equity groups. TABLE 5 ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY FUNDS, JULY 2017 VERSUS JUNE ($BIL) VALUE CORE GROWTH Large-Cap Multi-Cap Small-/Mid-Cap (No Style) TOTAL (LARGE & MULTI) TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED EQUITY FUNDS, JULY 2017 VERSUS JUNE ($BIL) VALUE CORE GROWTH Large-Cap Multi-Cap Small-/Mid-Cap TOTAL TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY FUND CLASSIFICATIONS, JULY 2017 VERSUS JUNE ($BIL) China Region Funds Emerging Markets Funds European Region Funds Global Equity Income Funds India Region Funds International Equity Income Funds Japanese Funds Latin American Funds Pacific Region Funds Pacific ex-japan Funds TOTAL

4 EQUITY FUNDS SECTOR EQUITY FUNDS Despite the late-month slump in technology issues, on a rise in commodity prices and a weakening dollar the Sector Equity Funds macro-classification appeared to garner some interest by investors. For the first month in 24 investors were net purchasers of Sector Equity Funds, although only to the tune of $0.6 billion for July. The slight rise in select commodity issues prices during the month pushed Commodities General Funds (+$1.0 billion) to the top of the charts. Taking the number-two and number-three positions were Global Real Estate Funds (+$417 million) and Health/Biotechnology Funds (+$370 million). The Utility Funds classification suffered the worst net outflows of the group, handing back some $429 million, bettered somewhat by Natural Resources Funds (-$346 million). Of the 24 Lipper classifications in the Sector Equity Funds macroclassification 9 suffered net redemptions for July. Year to date the macro-classification handed back slightly more than $8.9 billion net. TABLE 8 ESTIMATED NET FLOWS OF SECTOR EQUITY FUNDS, JULY 2017 VERSUS JUNE ($BIL) JULY JUNE Precious Metals Equity Funds Basic Materials Funds Consumer Goods Funds Commodities Energy Funds Commodities General Funds Commodities Specialty Funds Consumer Services Funds Energy MLP Funds Financial Services Funds Global Financial Services Funds Global Health/Biotechnology Funds Global Infrastructure Funds Global Natural Resources Funds Global Real Estate Funds Global Science/Technology Funds Health/Biotechnology Funds Industrials Funds International Real Estate Funds Natural Resources Funds Real Estate Funds Specialty/Miscellaneous Funds Science &Technology Funds Telecommunication Funds Utility Funds TOTAL

5 EQUITY FUNDS MIXED-ASSET FUNDS For the third consecutive month the Mixed-Asset Funds macro-classification witnessed net outflows, handing back $2.7 billion for July. Convertible Securities Funds and Flexible Portfolio Funds suffered net redemptions of $350 million and $538 million, respectively. For the sixth month in seven the mixed-asset target date funds subgroup witnessed net inflows, taking in approximately $2.6 billion for July, while the primarily broker-recommended mixed-asset target allocation funds subgroup for the fifteenth consecutive month witnessed net outflows, suffering net redemptions of $4.4 billion. Eight of the sixteen classifications in the subgroups suffered net redemptions for the month, with Mixed-Asset Target Allocation Moderate Funds (-$2.6 billion) having the largest net redemptions, bettered by Mixed-Asset Target Allocation Growth Funds (-$1.2 billion) and Mixed-Asset Target Allocation Conservative Funds (-$0.5 billion). Mixed-Asset Target 2035 Funds (+$0.7 billion) attracted the largest net draw of the classifications, followed by Mixed-Asset Target Funds and Mixed-Asset Target 2045 Funds each taking in $0.6 billion. Year to date the Mixed-Asset Funds macro-classification suffered net redemptions of $1.2 billion. TABLE 9 ESTIMATED NET FLOWS OF LIFECYCLE AND LIFESTAGE FUNDS, JULY 2017 VERSUS JUNE ($BIL) JULY JUNE Mixed Asset Target 2010 Funds Mixed Asset Target 2015 Funds Mixed Asset Target 2020 Funds Mixed Asset Target 2025 Funds Mixed Asset Target 2030 Funds Mixed Asset Target 2035 Funds Mixed Asset Target 2040 Funds Mixed Asset Target 2045 Funds Mixed Asset Target 2050 Funds Mixed Asset Target Funds Mixed Asset Target Today Funds Mixed Asset Target Alloc Aggres Funds Mixed Asset Target Alloc Conserv Funds Mixed Asset Target Alloc Growth Funds Mixed Asset Target Alloc Moderate Funds Retirement Income TOTAL ALTERNATIVES FUNDS For the fourth consecutive month the Alternatives Funds macro-classification experienced net outflows (-$0.7 billion) as Alternative Global Macro Funds (-$558 million), Alternative Other Funds (-$295 million, a variable underlying product classification), and Alternative Managed Futures Funds (-$272 million) handed back the largest net amounts. Alternative Long/ Short Equity Funds (+$515 billion) and Alternative Equity Market-Neutral Funds (+$71 million) witnessed the largest net inflows. Year to date the Alternatives Funds macro-classification handed back some $6.7 billion net. TABLE 10 ESTIMATED NET FLOWS OF ALTERNATIVES FUNDS, JULY 2017 VERSUS JUNE ($BIL) JULY JUNE Absolute Return Funds Alternative Active Extension Funds Alternative Equity Market Neutral Funds Alternative Event Driven Funds Alternative Global Macro Funds Alternative Long/Short Equity Funds Alternative Managed Futures Funds Alternative Multi-Strategy Funds Alternative Other Funds Dedicated Short Bias Funds TOTAL

6 FIXED INCOME FUNDS FIXED INCOME FUNDS Perhaps because of lower-than-expected core inflation figures and the congressional gridlock, which caused Treasury yields to experience some weakness in the belly of the curve (with the five-year yield declining the most 5 bps to 1.84%), for the seventh consecutive month investors were net purchasers of fixed income funds, injecting a net $21.9 billion for July. On the taxable bond (nonmoney market) funds side (+$19.5 billion) 18 of Lipper s 28 classifications witnessed net inflows, while on the tax-exempt side (+$2.3 billion) 10 of the 20 classifications in the municipal bond funds universe saw net inflows. Investors padded the coffers of Core Bond Funds (+$8.2 billion), Multi- Sector Income Funds (+$3.8 billion), and Core Plus Bond Funds (+$2.2 billion). Once again, High Yield Funds witnessed the largest net redemptions of the group, handing back $2.1 billion for July, bettered by U.S. Mortgage Funds (-$302 million), GNMA Funds (-$294 million), and Short U.S. Government Funds (-$258 million). On the municipal bond funds side Intermediate Municipal Debt Funds (+$922 million) witnessed the largest net inflows, while New York Municipal Debt Funds (-$78 million) suffered the largest net redemptions of the subgroup. Year to date the Fixed Income Funds macro-classification took in a net $164.1 billion. TABLE 11 ESTIMATED NET FLOWS OF MAJOR FIXED INCOME FUND TYPES, JULY 2017 VERSUS JUNE ($BIL) TAXABLE MUNICIPAL Long-Term Bond Short & Intermediate Money Market TOTAL MONEY MARKET FUNDS For the second month in three investors were net purchasers of the Money Market Funds macroclassification, injecting $10.2 billion for July. On the taxable side (+$8.1 billion) four of the six Lipper classifications witnessed net inflows, with Institutional U.S. Treasury Money Market Funds (+$10.1 billion) and Institutional Money Market Funds (+$3.2 billion) attracting the largest net sums. Institutional U.S. Government Money Market Funds experienced the largest net redemptions for the month (-$5.5 billion), bettered by U.S. Government Money Market Funds (-$0.8 billion). On the tax-exempt side (+$2.1 million) three of the five classifications witnessed net inflows, with Tax-Exempt Money Market Funds (+$1.7 million) taking in the most net new money, followed by Institutional Tax-Exempt Money Market Funds (+$336 million) and California Tax-Exempt Money Market Funds (+$200 million). Other States Tax- Exempt Money Market Funds (-$71 million) witnessed the largest net outflows of the subgroup. Year to date Money Market Funds handed back a little over $101.7 billion net. 6

7 FUNDFLOWS INSIGHT REPORT THOMSON REUTERS LIPPER RESEARCH SERIES JULY 31, 2017 For the Eighteenth Consecutive Month APs Inject Net New Money into ETFs for July ETF EXECUTIVE SUMMARY For the eighteenth consecutive month ETFs attracted net new money, taking in $25.7 billion for July. For the fourteenth consecutive month authorized participants (APs) were net purchasers of stock & mixed-asset ETFs injecting $13.9 billion for July. And for the twenty-fifth month in a row they were net purchasers of bond ETFs injecting $11.8 billion for July. APs were net purchasers of three of the five equity-based ETF macro-classifications: World Equity ETFs (+$9.3 billion), USDE ETFs (+$5.5 billion), and Mixed-Asset ETFs (+$415 million), while being net redeemers of Sector Equity ETFs (-$1.3 billion) and Alternatives ETFs (-$30 thousand, which rounded to zero in the table below). Markets got a shot in the arm early in the month after the Labor Department reported the U.S. had created 222,000 new jobs for June, outpacing analyst expectations of 180,000. Despite lower wage growth, most pundits believed the Federal Reserve was on track for at least one more rate hike in 2017 and to begin unwinding its $4.5-trillion balance sheet. Shrugging off weaker-than-expected retail sales and soft inflation numbers, which sent Treasury yields and the dollar lower, investors pushed the NASDAQ Composite, the Dow Jones Industrial Average, and the S&P 500 Index to new highs mid-july. The ICE Dollar Index fell to 95.11, its lowest level in ten months. However, according to the Thomson Reuters Proprietary Research team, of the 293 companies that had reported Q2 earnings thus far, 73% beat analyst expectations. Along with news that China construction activity rose to multi-year highs, a rise in near-month crude oil, copper, and other related commodities prices helped the Dow finish the month at a record high. TABLE 1 ESTIMATED NET FLOWS BY MAJOR ETF TYPES, JULY 2017 VERSUS JUNE ($BIL) Stock & Mixed Equity ETFs Bond ETFs TOTAL TABLE 2 ESTIMATED NET FLOWS OF MAJOR EQUITY ETF TYPES, JULY 2017 VERSUS JUNE ($BIL) USDE ETFs Sector Equity ETFs World Equity ETFs Mixed-Asset ETFs Alternative ETFs TOTAL For the month of July Treasury yields rose at the shortest and longest maturities of the curve, with the one- and three-month yields rising 16 bps and 4 bps, respectively, to 1.00% and 1.07%, and the 20- and 30-year yields tagging on 5 bps each to the previous month s ending values, rising to 2.66% and 2.89%. Meanwhile, the belly of the curve witnessed some small declines. For July the dollar weakened against the euro (-3.36%), the pound (-1.45%), and the yen (-1.72%). Commodities prices strengthened for the month, with near-month gold prices gaining 2.09% to close July at $1,266.60/ounce and with front-month crude oil prices rising 8.97% to close the month at $50.17/barrel. Authored by: TOM ROSEEN HEAD OF RESEARCH SERVICES THOMSON REUTERS LIPPER 7

8 EQUITY ETFs UNITED STATES DIVERSIFIED EQUITY (USDE) ETFs For the fourteenth consecutive month the USDE ETFs macro-classification experienced net inflows, attracting some $5.5 billion for July. However, Lipper s broad 4x3-matrix subgroup experienced net outflows for the first month in 17, handing back a little less than $448 million for the month, with Small-Cap Core ETFs (-$1.5 billion, June s group leader) witnessing the largest net outflows of the macro-classification. For the second month in three small-cap ETFs (-$914 million) suffered the largest net outflows of the four capitalization groups, while large-cap ETFs (+$461 million) were at the top. Core-oriented ETFs (-$2.2 billion) suffered the largest net outflows of the valuation subgroups for the month, while their value- and growth-oriented counterparts attracted $1.1 billion and $625 million, respectively. Large-Cap Value ETFs (+$712 million) witnessed the largest net inflows of the subgroup. Outside the 4x3-matrix classifications S&P 500 Index ETFs witnessed the largest net inflows (+$5.2 billion). ishares Core S&P 500 ETF (IVV) individually witnessed the largest net inflows (+$4.0 billion), while ishares Russell 2000 ETF (IWM) witnessed the largest individual net outflows (-$2.7 billion). Year to date USDE ETFs attracted some $69.2 billion net. TABLE 3 ESTIMATED NET FLOWS OF USDE 4X3-MATRIX ETFs, JULY 2017 VERSUS JUNE ($MIL) VALUE CORE GROWTH Large-Cap ,464.0 Multi-Cap ,267.8 Mid-Cap Small-Cap , ,559.7 TOTAL 1, , ,083.6 TABLE 4 ESTIMATED NET FLOWS OF OTHER USDE CLASSIFICATIONS, JULY 2017 VERSUS JUNE ($MIL) Equity Leverage ETFs Equity Income ETFs 1, Specialty Diversified ETFs S&P 500 Index ETFs 5, ,619.9 TOTAL 5, ,

9 EQUITY ETFs WORLD EQUITY ETFs For the eighth month in a row APs were net purchasers of World Equity ETFs, injecting $9.3 billion for July. APs for the tenth month running padded the coffers of International Diversified Equity ETFs, purchasing a net $5.5 billion for July, and for the fifth consecutive month they were net purchasers of the Global Diversified Equity ETFs subgroup (+$469 million for July). For the seventh month in a row APs were also net purchasers of the non-3x3-matrix subgroup, injecting a net $3.4 billion. The International Multi-Cap Core ETFs classification, attracting a net $6.2 billion, remained at the top of the charts for the month, while Emerging Markets ETFs (+$2.8 billion) and European Region ETFs (+$653 million) took the number-two and -three spots on the list. International Large-Cap Core ETFs experienced the largest net redemptions of the macroclassification, handing back $1.3 billion for the month. ishares Core MSCI EAFE ETF (IEFA), with net inflows of $3.9 billion for July, attracted the most individual interest in the macro-classification. Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) handed back the largest individual net redemptions (-$1.4 billion). Year to date World Equity Funds took in some $97.9 billion net. TABLE 5 ESTIMATED NET FLOWS OF GLOBAL DIVERSIFIED EQUITY ETFs, JULY 2017 VERSUS JUNE ($MIL) VALUE CORE GROWTH Large-Cap Multi-Cap Small-/Mid-Cap (No Style) TOTAL (LARGE & MULTI) TABLE 6 ESTIMATED NET FLOWS OF INTERNATIONAL DIVERSIFIED EQUITY ETFs, JULY 2017 VERSUS JUNE ($MIL) VALUE CORE GROWTH Large-Cap , Multi-Cap , ,967.8 Small-/Mid-Cap TOTAL , , ,709.8 TABLE 7 ESTIMATED NET FLOWS OF REMAINING WORLD EQUITY ETF CLASSIFICATIONS, JULY 2017 VERSUS JUNE ($MIL) China Region ETFs Emerging Markets ETFs 2, ,682.8 European Region ETFs ,042.9 Global Equity Income ETFs India Region ETFs International Equity Income ETFs Japanese ETFs ,031.2 Latin American ETFs Pacific Region ETFs Pacific ex-japan ETFs TOTAL 3, ,

10 EQUITY ETFs SECTOR EQUITY ETFs For the second month in three Sector Equity ETFs witnessed net outflows handing back some $1.3 billion for July, even though 19 of Lipper s 27 Sector Equity ETF classifications witnessed net inflows for the month. Financial Services ETFs (+$1.6 billion), Science & Technology ETFs (+$627 million), and Health/ Biotechnology ETFs (+$552 million) were at the top of the charts for the month, while Commodities Precious Metals ETFs (-$2.4 billion), Commodities Energy ETFs (-$919 million), and Precious Metals Equity ETFs (-$886 million) suffered the largest net redemptions. Financial Select Sector SPDR Fund (XLF), taking in a net $1.2 billion, attracted the largest individual draw for July. At the bottom of the individual ETF pile for the second month in a row was SPDR Gold Shares (GLD), handing back a net $2.4 billion for the month. Year to date Sector Equity ETFs attracted a net $20.0 billion. TABLE 8 ESTIMATED NET FLOWS OF SECTOR EQUITY ETFs, JULY 2017 VERSUS JUNE ($MIL) JULY JUNE Precious Metals Equity ETFs Basic Materials ETFs Consumer Goods ETFs ,412.4 Commodities Agriculture ETFs Commodities Energy ETFs Commodities General ETFs Commodities Base Metals ETFs Commodities Precious Metals ETFs -2, Commodities Specialty ETFs Consumer Services ETFs Energy MLP ETFs Financial Services ETFs 1, ,268.4 Global Financial Services ETFs Global Health/Biotechnology ETFs Global Infrastructure ETFs Global Natural Resources ETFs Global Real Estate ETFs Global Science/Technology ETFs Health/Biotechnology ETFs ,151.2 Industrials ETFs International Real Estate ETFs Natural Resources ETFs Real Estate ETFs Specialty/Miscellaneous ETFs Science &Technology ETFs Telecommunication ETFs Utility ETFs TOTAL -1, ,

11 EQUITY ETFs ALTERNATIVES ETFs For the first month in seven Alternatives ETFs witnessed net outflows, however handing back just $30 thousand for July (rounding to zero). APs were net purchasers of Alternative Multi-Strategy ETFs (+$52 million), with Alternative Long/Short Equity ETFs and Alternative Event-Driven ETFs experiencing the next largest net inflows of the group, taking in some $22 million and $16 million, respectively. Absolute Return ETFs (-$45 million) suffered the largest net redemptions of the group. VelocityShares 3x Inverse Crude ETN (DWT), taking in some $94 million, witnessed the largest individual net inflows of the macro-classification, while ProShares Short VIX Short- Term Futures ETF (SVXY) handed back $356 million and suffered the largest individual net withdrawals. Alternatives ETFs took in a net $1.8 billion year to date. TABLE 9 ESTIMATED NET FLOWS OF ALTERNATIVES ETFs, JULY 2017 VERSUS JUNE ($MIL) JULY JUNE Absolute Return ETFs Alternative Active Extension Alternative Equity Market Neutral ETFs Alternative Event Driven ETFs Alternative Global Macro ETFs Alternative Long/Short Equity ETFs Alternative Managed Futures ETFs Alternative Multi-Strategy ETFs Dedicated Short Bias ETFs TOTAL

12 FIXED INCOME ETFs FIXED INCOME ETFs For the twenty-fifth month in a row bond ETFs (+$11.8 billion for July) witnessed net inflows. On the taxable bond ETFs side (+$11.5 billion) 23 of the 28 Lipper classifications attracted net new money for the month, while the tax-exempt offerings (+$309 million) reported net inflows into four of the seven classifications. On the taxable side net flows into High Yield ETFs (+$3.0 billion, June s flows laggard) and Corporate Debt BBB-Rated ETFs (+$2.6 billion) beat those to the other classifications. Emerging Markets Debt ETFs (-$889 million) and Specialty Fixed Income ETFs (-$188 million) suffered the largest net redemptions of the group. ishares iboxx $ Inv Grade Corporate Bond ETF (LQD), with net inflows of $1.6 billion, attracted the largest individual net inflows of the group, while ishares JPMorgan USD Emerging Markets Bond ETF (EMB), handing back some $906 million for July, suffered the largest individual net redemptions. On the tax-exempt side General & Insured Municipal Debt ETFs (+$314 million) attracted the largest net inflows, while High Yield Municipal Debt ETFs experienced the largest net outflows of the subgroup (-$89 million). Year to date the Fixed Income ETFs macro-classification attracted a net $80.6 billion. TABLE 10 ESTIMATED NET FLOWS OF MAJOR FIXED INCOME ETF TYPES, JULY 2017 VERSUS JUNE ($MIL) TAXABLE MUNICIPAL Long-Term Bond 6, , ,906.5 Short & Intermediate 4, , ,830.8 TOTAL 11, , ,737.3 Thomson Reuters All Rights Reserved. Lipper FundFlows Insight Reports are for informational purposes only, and do not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Thomson Reuters Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. For immediate assistance, feel free to contact Lipper Client Services toll-free at or via at LipperClientServices@ thomsonreuters.com. For more information about Thomson Reuters Lipper, please visit our website at financial.tr.com or lipperalphainsight. com Thomson Reuters