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Rating:ProShares Three-Peats, Netting About $3B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 16, 2022

ProShares Three-Peats, Netting About $3B

Reported by Neil Anderson, Managing Editor

An ETF shop known for its leveraged and inverse index offers kept the inflows lead last month for the third month in a row, even as midsize firms' overall outflows fell 37 percent.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
CEO
This article draws from Morningstar Direct data on July 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 73 firms (up from 71 in June 2022 but down from 79 in July 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.527 trillion in combined long-term fund AUM as of July 31, 2022, and they accounted for 10.46 percent of overall industry long-term fund AUM. That compares with $2.52 trillion and 11.05 percent on June 30, 2022, and with $2.969 trillion and 11.04 percent on July 31, 2021.

17 midsize firms brought in net long-term inflows in July 2022, up from 12 in June 2022 but down from 40 in July 2021.

ProShares and ProFunds kept the inflows lead last month, thanks to an estimated $2.896 billion in net July 2022 inflows, up month-over-month from $1.854 billion in June 2022 and up year-over-year from $124 million in outflows in July 2021. Other big July 2022 inflows winners included: WisdomTree, $1.029 billion (down M/M from $1.291 billion, up Y/Y from $441 million); Pacer, $600 million (down M/M from $661 million, up Y/Y from $507 million); Ark, $420 million (up M/M from $161 million in net outflows, up Y/Y from $1.568 billion in net outflows); and Thornburg, $357 million (up M/M from $608 million in net outflows, up Y/Y from $336 million in net outflows).

ProShares also took the lead proportionately last month, thanks to net July 2022 inflows equivalent to 4.4 percent of its AUM. Other big inflows winners included: Pacer, 3.9 percent; GQG, 2.8 percent; Ark, 2.6 percent; and WisdomTree, 2 percent.

ProShares also still leads the 2022 midsize inflows pack so far, thanks to an estimated $13.825 billion in net year-to-date inflows as of July 31. Other big YTD inflows winners included: Rafferty's Direxion, $7.976 billion; and WisdomTree, $7.555 billion.

On the flipside, Harbor took the outflows lead last month, thanks to an estimated $1.922 billion in net July 2022 outflows, up M/M from $297 million in June 2022 and up Y/Y from $289 million in July 2021. Other big July 2022 outflows sufferers included: Allspring (fka Wells Fargo Asset Management), $1.139 billion (down M/M from $1.361 billion, up Y/Y from $585 million); TCW (including MetWest), $1.087 billion (down M/M from $1.936 billion, down Y/Y from $68 million in net inflows); Macquarie's Delaware, $1.075 billion (down M/M from $2.023 billion, up Y/Y from $728 million); and BNY Mellon, $1 billion (up M/M from $845 million, up Y/Y from $479 million).

Harbor also took the lead proportionately last month, thanks to estimated July 2022 outflows equivalent to 5.1 percent of its AUM. Other big outflows sufferers included: KraneShares, 3.3 percent; BBH, 2.9 percent; Abrdn, 2.9 percent; and Diamond Hill, 2.6 percent.

DoubleLine still leads the 2022 midsize outflows pack so far, thanks to an estimated $11.869 billion in net YTD outflows as of July 31. Other big outflows sufferers included: TCW, $10.1 billion; and Delaware, $9.698 billion.

As a group, midsize fund firms suffered an estimated $13.537 billion in net July 2022 outflows, equivalent to 0.54 percent of their combined AUM and accounting for 104.2 percent of overall industry outflows (partially offset by inflows in some other size categories). That compares with $21.486 billion, 0.85 percent of AUM, and 35.05 percent of industry outflows in June 2022, and with $3.564 billion in net inflows, 0.12 percent of AUM, and 4.62 percent of industry inflows in July 2021.

Midsize fund firms have suffered an estimated $96.446 billion in net 2022 outflows as of July 31. That's equivalent to 3.82 percent of their combined AUM and accounts for 78.38 percent of overall industry long-term outflows YTD.

Across the entire industry, the 784 firms tracked by the M* team (down M/M from 791 but up Y/Y from 774) suffered an estimated $12.991 billion in net July 2022 outflows, equivalent to 0.05 percent of their combined $24.166 trillion in AUM. That's down M/M from $61.306 billion and 0.27 percent of AUM and down Y/Y from $77.077 billion in net inflows and 0.27 percent of AUM.

Active funds suffered an estimated $58.766 billion in net July 2022 outflows, down M/M from $90.45 billion and down Y/Y from $14.693 billion in net inflows. Yet passive funds brought in $45.732 billion in net July 2022 inflows, up M/M from $29.219 billion but down Y/Y from $57.431 billion.

So far in 2022, as of July 31, long-term funds and ETFs have suffered $123.051 billion in net outflows. That's equivalent to 0.51 percent of their combined AUM. 

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