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Monday, July 16, 2018

A Year-Old ETF Shop Rocks June

Reported by Neil Anderson, Managing Editor

A year-old ETF startup rocked last month, tripling the inflows of any of the others of the smallest fund firms.

The information within this article draws from Morningstar Direct data on June 2018 open-end mutual fund and ETF flows (excluding money market funds and funds of funds), specifically for firms with under $1 billion in mutual fund AUM.

GraniteShares brought in an estimated $236 million in net inflows in June, more than any other fund family in the group and up from $3 million in May. Other big June inflows winners included: Fuller & Thaler, $74 million; Deer Park, $69 million; Innovator, $63 million; and Amplify, $62 million.

On a relative basis, setting aside apparent newcomers, GraniteShares also led the smallest fund firms in June, with estimated net inflows equivalent to 78.71 percent of its AUM, up from 4.11 percent in May. Other big inflows winners in June included: Powell, 73.58 percent (up from 26.63 percent); Marmont, 38.55 percent (up from essentially flat flows); Sage, 33.34 percent (up from 0.01 percent in net outflows); and Perkins, 23.91 percent (down from 28.11 percent).

There was also one apparent newcomer (i.e. a firm where its AUM was roughly equal to its monthly net inflows) in June. That firm was Ocean Capital Advisors.

On the flip side, June was a rough month for Vivaldi, which suffered $68 million in estimated net outflows, more than any other fund firm in the group and up from $14 million in May. Other big June outflows sufferers included: BTS, $33 million (up from $22 million); American Independence, $30 million (down from $79 million): BP Capital, $26 million (down from $3 million in net inflows); and Trust for Credit Unions, $23 million (down from essentially flat flows).

Proportionately, NWM Momentum led outflows in the group in June, with estimated net outflows equivalent to 46,861.24 percent (i.e. it suffered net outflows nearly 469 times the amount of AUM it had left at the end of the month, after those outflows), up from 34.51 percent in May. Other big outflows sufferers in June included: Giralda, 191.73 percent (up from 1.2 percent); DDJ, 92.83 percent (down from 0.25 percent in net inflows); Innovation Shares, 56.46 percent (up from 0.02 percent); and AlphaCore, 31.97 percent (down from 2 percent in net inflows).

As a group, fund families with less than $1 billion in AUM each brought in a combined $646 million in estimated net inflows in June, equivalent to 0.7 percent of their combined AUM. That's up from $611 million in May.

Across the whole industry, mutual funds and ETFs suffered $23.037 billion in estimated net outflows in June, equivalent to about 0.13 percent of industry AUM (which reached $18.33 trillion as of the end of June). 

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