US Flow of Funds: Mutual Funds & ETFs By Investment Objective

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US Flow of Funds: Mutual Funds & ETFs By Investment Objective March 1, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-663-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box

Table Of Contents Table Of Contents Net Inflows Into Equity Mutual Funds 1 Net Issuance: ETFs 2-3 Net Inflows: Equities, Bonds, & ETFs 4 Domestic Equity Funds 5 World Equity Funds 6 Domestic & World Equity Funds 7 Hybrid Funds 8 Taxable Bond Funds 9 Municipal Bond Funds 1 Taxable & Municipal Bond Funds 11 March 1, 218 / Mutual Funds & ETFs By Investment Objective

5 3 Figure 1. Net Inflows Into Equity Mutual Funds US EQUITY MUTUAL FUNDS NET INFLOWS: TOTAL, DOMESTIC & WORLD* (billion dollars. 12-month sum) Total (-34.8) 5 3 1 1-1 -1-3 3 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22-3 3 2 1 Domestic (-164.3) 2 1-1 -1-2 2 15 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 World** (129.5) -2 2 15 1 5 5-5 -5-1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Gross share issuance minus gross share redemptions. ** Includes International, Emerging Markets, and Regional Funds. Excludes hybrid funds that invest in equity and debt securities. Source: Investment Company Institute. -1 Page 1 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

Net Issuance: ETFs 4 3 Figure 2. US EQUITY ETFs DOMESTIC vs WORLD: NET ISSUANCE OF SHARES (billion dollars. 12-month sum) Total* (378.6) 4 3 2 2 1 1 3 2 2 2 1 15 1 1 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Domestic (.3) 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 3 2 2 2 1 15 1 1 5 2 World* (173.3) 15 15 1 1 5 5 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Includes International, Emerging Markets, and Regional Funds. Excludes hybrid funds that invest in equity and debt securities. Source: Investment Company Institute. Page 2 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

6 55 5 45 4 35 3 2 15 1 5-5 -1 3 2 15 1 5-5 -1-15 -2 4 Figure 3. Net Issuance: ETFs US EQUITY MUTUAL FUNDS PLUS ETFs DOMESTIC vs WORLD: NET INFLOWS* (12-month net inflows, billion dollars) Total (343.8) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 Domestic (41.) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 6 55 5 45 4 35 3 2 15 1 5-5 -1 3 2 15 1 5-5 -1-15 -2 4 3 World** (32.8) 3 2 2 1 1-1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 219 22 * Net inflows for mutual funds plus net share issuance for ETFs. ** Includes International, Emerging Markets, and Regional Funds. Excludes hybrid funds that invest in equity and debt securities. Source: Investment Company Institute. -1 Page 3 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

35 3 2 15 1 5-5 -1 Figure 4. Net Inflows: Equities, Bonds, & ETFs US EQUITY & BOND MUTUAL FUNDS & ETFS: NET INFLOWS (billion dollars, 4-quarter sum) Domestic Equity (34.1) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 35 3 2 15 1 5-5 -1 3 2 15 1 5-5 1 1 5-5 5 4 4 3 3 2 2 1 1-1 1 5 - -5 - World Equity (276.1) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Hybrid (-.3) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Taxable Bond (431.3) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Municipal Bond (45.8) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 and F.124. 3 2 15 1 5-5 1 1 5-5 5 4 4 3 3 2 2 1 1-1 1 5 - -5 - Page 4 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

3 2 15 1 Figure 5. US DOMESTIC EQUITY FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Domestic Equity Funds Total(34.1) 3 2 15 1 5-5 -1 35 3 2 15 1 5-5 -1-15 -2 3 2 2 2 1 15 1 1 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Mutual Funds (-151.9) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 ETFs (186.) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 16 and F.124 line 9. 5-5 -1 35 3 2 15 1 5-5 -1-15 -2 3 2 2 2 1 15 1 1 5 Page 5 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

World Equity Funds 3 Figure 6. US WORLD EQUITY FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Total (276.1) 3 2 2 15 15 1 1 5 5-5 2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Mutual Funds (116.3) -5 2 15 1 15 1 5 5-5 -5-1 2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 2 1 1 15 ETFs (159.8) 15 1 1 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 17 and F.124 line 1. 1 1 5 Page 6 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

5 45 4 Figure 7. Domestic & World Equity Funds US DOMESTIC & WORLD EQUITY FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Total (31.2) 5 45 4 35 3 2 15 1 5-5 45 4 35 3 2 15 1 5-5 -1-15 -2 3 35 3 3 2 2 2 1 15 1 1 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Mutual Funds (-35.5) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 ETFs (345.8) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 16 & 17 and F.124 line 9 & 1. 35 3 2 15 1 5-5 45 4 35 3 2 15 1 5-5 -1-15 -2 3 35 3 3 2 2 2 1 15 1 1 5 Page 7 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

1 Figure 8. US HYBRID FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Hybrid Funds 1 5 5-1 Total (-.3) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 5 5 Mutual Funds (-2.8) -5 3 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-5 3 2 1 ETFs (2.5) 2 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 18 and F.124 line 12. Page 8 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

Taxable Bond Funds 4 4 Figure 9. US TAXABLE BOND FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Total (431.3) 4 4 3 3 3 3 2 2 2 2 1 1 1 1-45 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-45 4 Mutual Funds (315.5) 4 35 3 35 3 2 2 15 15 1 1 5 5-5 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-5 1 1 ETFs (115.8) 1 5 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 19 and F.124 line 13. Page 9 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

1 Figure 1. US MUNICIPAL BOND FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Municipal Bond Funds Total (45.8) 1 5 5 - - -5-5 - 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Mutual Funds (4.7) - 1 5 5 - - -5-5 - 8 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-8 6 4 ETFs (5.2) 6 4 2 2-2 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 2 and F.124 line 14. -2 Page 1 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

6 6 5 5 4 4 3 3 2 2 1 1-5 Figure 11. Taxable & Municipal Bond Funds US TAXABLE & MUNICIPAL BOND FUNDS: NET INFLOWS (billion dollars, 4-quarter sum) Total (477.1) 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 6 6 5 5 4 4 3 3 2 2 1 1-5 4 Mutual Funds (356.1) 4 3 3 2 2 1 1-1 1 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218-1 1 1 ETFs (12.9) 1 5 5 2 21 22 23 24 26 27 28 29 21 211 212 213 214 215 216 217 218 Source: Federal Reserve Board Financial Accounts of the United States. Table F.122 line 19 & 2 and F.124 line 13 & 14. Page 11 / March 1, 218 / Mutual Funds & ETFs By Investment Objective

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