An ETF shop known for its leveraged and inverse index offerings kept the lead last month as only 17 percent of midsize firms netted inflows.

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

This article draws from Morningstar Direct data on June 2022 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 71 firms (down from 73 in May 2022 and 78 in June 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.52 trillion in combined long-term fund AUM as of June 30, 2022, and they accounted for 11.05 percent of overall industry long-term fund AUM. That compares with $2.507 trillion and 10.22 percent on May 31, 2022, and with $2.866 trillion and 10.8 percent on June 30, 2021.

12 midsize firms brought in net long-term inflows in June 2022, down from 18 in May 2022 and 47 in June 2021.

ProShares and ProFunds lead the 2022 midsize inflows pack so far, thanks to an estimated $11.126 billion in net year-to-date inflows as of June 30. Other big YTD inflows winners included: Rafferty's Direxion, $7.879 billion; and WisdomTree, $6.526 billion.

WisdomTree led last quarter, thanks to an estimated $4.283 billion in net inflows in the second quarter of 2022. Other big Q2 2022 inflows winners included: Direxion, $4.045 billion; and ProShares, $3.452 billion.

ProShares also kept the lead last month for a second month in a row, thanks to an estimated $1.854 billion in net June 2022 inflows, up month-over-month from $1.757 billion in May 2022 and up year-over-year from $462 million in June 2022 outflows. Other big June 2022 inflows winners included: KraneShares, $1.327 billion (up M/M from $298 million, up Y/Y from $948 million); WisdomTree, $1.291 billion (down M/M from $1.374 billion, up Y/Y from $326 million); Direxion, $1.087 billion (up M/M from $664 million, up Y/Y from $652 million in net outflows); and DWS (including Xtrackers), $1.086 billion (up M/M from $473 million in net outflows, up Y/Y from $519 million).

KraneShares led the midsize pack proportionately last month, thanks to net June 2022 inflows equivalent to 10.1 percent of its AUM. Other big inflows winners included: GQG, 5.3 percent; Direxion, 5.3 percent; Pacer, 4.7 percent; and Mercer, 3.2 percent.

On the flipside, DoubleLine leads the 2022 midsize outflows pack so far, thanks to an estimated $10.943 billion in net YTD outflows as of June 30. Other big outflows sufferers included: TCW (including MetWest), $9.233 billion; and Macquarie's Delaware, $8.623 billion.

DoubleLine also led last quarter, thanks to an esteimated $6.816 billion in net Q2 2022 outflows. Other big outflows sufferers included: SEI, $6.106 billion; and TCW, $5.521 billion.

Delaware took the outflows lead last month, thanks to an estimated $2.023 billion in net June 2022 outflows, up M/M from $2.007 billion in May 2022 and up Y/Y from $635 million in June 2021. Other big June 2022 outflows sufferers included: DoubleLine, $1.979 billion (down M/M from $1.939 billion, down Y/Y from $1.176 billion); TCW, $1.936 billion (down M/M from $1.939 billion, down Y/Y from $1.176 billion in net inflows); Guggenheim (including Rydex), $1.654 billion (up M/M from $1.15 billion, down Y/Y from $971 million in net inflows); and VanEck, $1.6 billion (up M/M from $1.337 billion, down Y/Y from $2.505 billion).

Transamerica led the midsize outflows pack proportionately last month, thanks to estimated June 2022 outflows equivalent to 4.7 percent of its AUM. Other big outflows sufferers included: Harding Loevner, 4.4 percent; Guggenheim, 4.1 percent; MassMutual, 3.9 percent; and WCM, 3.2 percent.

As a group, midsize fund firms have suffered an estimated $83.28 billion in net YTD outflows as of June 30, 2022, equivalent to 3.31 percent of their combined AUM and accounting for 76.68 percent of net industry outflows. And midsize firms suffered an estimated $67.864 billion in net Q2 2022 outflows, equivalent to 2.69 percent of their AUM and acccounting for 34.65 percent of industry outflows.

In June 2022 alone, midsize firms suffered an estimated $21.486 billion in net outflows, equivalent to 0.85 percent of their combined AUM and accounting for 35.05 percent of industry outflows. That compares with $21.968 billion, 0.88 percent of AUM, and 56.18 percent of industry outflows in May 2022, and with $10.028 billion in net inflows, 0.35 percent of AUM, and 9.5 percent of industry inflows in June 2021.

Across the entire industry, the 791 firms tracked by the M* team (up M/M from 787 and up Y/Y from 768) have suffered an estimated $108.602 billion in net 2022 outflows as of June 30, equivalent to 0.48 percent of their combined $22.808 trillion in AUM. And in Q2 2022 alone, fund firms suffered an estimated $195.869 billion in net outflows, equivalent to 0.86 percent of their combined AUM.

In June 2022 alone, long-term funds and ETFs suffered $61.306 billion in net outflows, equivalent to 0.27 percent of their combined AUM. That's up M/M from $39.103 billion and 0.16 percent in May 2022, but down Y/Y from $105.503 billion in net inflows and 0.4 percent in June 2021.

Active funds suffered an estimated $90.45 billion in net June 2022 outflows, down M/M from $109.837 billion and down Y/Y from $24.578 billion in net inflows. Yet passive funds brought in $29.219 billion in June 2022 inflows, down M/M from $70.729 billion and down Y/Y from $80.917 billion. 

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