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Rating:ProShares Takes the Lead As Its Inflows Sextuple Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 19, 2021

ProShares Takes the Lead As Its Inflows Sextuple

Reported by Neil Anderson, Managing Editor

A niche ETF shop took the lead last month among midsize fund firms, as midsize firms' inflows returned.

Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
CEO
This article draws from Morningstar Direct data on September 2021 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 focused on the 77 firms (down from 79 in August 2021 but up from 73 in September 2020) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.816 trillion in combined long-term fund AUM as of September 30, 2021, and they accounted for 10.57 percent of overall industry long-term fund AUM. That compares with $2.85 trillion and 10.49 percent on August 31, 2021, and $2.647 trillion and 12.53 percent on September 30, 2020. 34 midsize firms brought in net long-term inflows in September 2021, down from 35 in August 2021 but level with 34 in September 2020.

ProShares and ProFunds captured the lead among midsize firms last month, thanks to an estimated $3.234 billion in net September 2021 inflows, up month-over-month from $506 million in August 2021 and up year-over-year from $830 million in September 2020. Other big September 2021 inflows winners included: Great-West, $2.601 billion (up M/M from $270 million, up Y/Y from $174 million in net outflows); Mirae (including Global X), $1.442 billion (up M/M from $1.303 billion, up Y/Y from $563 million); Guggenheim (including Rydex), $1.099 billion (up M/M from $739 million, up Y/Y from $882 million); and Rafferty's Direxion, $961 million (up M/M from $1.26 billion in net outflows, up Y/Y from $166 million in net outflows).

Great-West took the lead proportionately last month, thanks to estimated net September 2021 inflows equivalent to 10.4 percent of its AUM. Other big inflows winners included: KraneShares, 7.1 percent; ProShares, 5.1 percent; Direxion, 3.8 percent; and Mirae, 3.6 percent.

KraneShares led the midsize inflows pack in the third quarter of 2021, thanks to an estimated $4.302 billion in net inflows. Other big Q3 2021 inflows winners included: Mirae, $3.966 billion; and ProShares, $3.616 billion.

Mirae remains the midsize pack inflows winner year-to-date as of September 30, 2021, thanks to an estimated $16.337 billion in net inflows. Other big YTD inflows winnrs included: Ark, $11.565 billion; and KraneShares, $9.617 billion.

Ark led the midsize inflows pack for the 12-month period ending September 30, 2021, thanks to an estimated $24.719 billion in net inflows. Other big inflows winners included: Mirae, $20.043 billion; and VanEck, $12.429 billion.

On the flip side, last month was a rough one for Ark, which led the midsize outflows pack thanks to an estimated $1.843 billion in net September 2021 outflows, down M/M from $1.206 billion and down Y/Y from $1.032 billion in net inflows. Other big September 2021 outflows sufferers included: Harbor, $1.247 billion (up M/M from $655 million, up Y/Y from $475 million); Lazard, $1.048 billion (up M/M from $629 million, up Y/Y from $156 million); Transamerica (including DeltaShares), $712 million (up M/M from $92 million, up Y/Y from $127 million); and Voya, $573 million (down M/M from $599 million, up Y/Y from $456 million).

Ark also led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 4.8 percent of its AUM. Other big September 2021 outflows sufferers included: Lazard, 4.5 percent; Harbor, 2.2 percent; Matthews Asia, 1.7 percent; and Transamerica, 1.6 percent.

And Ark also led the midsize outflows pack last quarter, thanks to an estimated $4.617 billion in net outflows. Other big Q3 2021 outflows sufferers included: Lazard, $2.289 billion; and Harbor, $2.191 billion.

Harbor still leads the midsize outflows pack so far in 2021, thanks to an estimated $6.931 billion in net YTD outflows as of September 30. Other big YTD outflows sufferers included: Voya, $4.78 billion; and MassMutual, $4.645 billion.

And Harbor also led the midsize outflows pack for the 12-month period ending September 30, 2021, thanks to an estimated $8.94 billion in net outflows. Other big outflows sufferers included: Voya, $7.045 billion; and Harris' Oakmark, $6.591 billion.

As a group, midsize firms brought in an estimated $3.235 billion in net inflows in September 2021, equivalent to about 0.11 percent of their combined AUM and accounting for 5.67 percent of overall industry long-term inflows. That's up from $1.32 billion in net outflows and 0.05 percent of AUM in August 2021, and $1.625 billion in net inflows, 0.06% of AUM, and 15.14 percent of industry inflows in September 202.

In Q3 2021, midsize firms brought in an estimated $6.996 billion in net inflows. That's equivalent to 0.25 percent of their combined AUM and accounts for 3.01 percent of overall industry inflows. In the first nine months of 2021, midsize firms brought in an estimated $82.076 billion in net inflows, equivalent to 2.91 percent of their AUM and accounting for 8.54 percent of industry inflows. And in the 12-month period ending September 30, 2021, midsize firms brought in $105.201 billion, equivalent to 3.74 percent of their AUM and accounting for 8.84 percent of industry inflows.

Across the entire industry, the 777 firms (up from 776 in August 2021 and 751 in September 2020) tracked by the M* team brought in a combined $57.068 billion in net long-term inflows in September 2021, equivalent to 0.22 percent of industry long-term AUM of $26.634 trillion. That compares with $97.458 billion in inflows and $27.175 trillion in AUM in August 2021 and $10.736 billion in inflows and $21.117 trillion in AUM in September 2020.

Active funds brought in an estimated $9.916 billion in September 2021 inflows, down M/M from $19.829 billion but up Y/Y from $12.348 billion in net outflows. Passive funds brought in $47.828 billion in September 2021 inflows, down M/M from $77.739 billion but up Y/Y from $23.887 billion.

In Q3 2021, long-term funds brought in $232.392 billion in net inflows, equivalent to 0.87 percent of long-term fund AUM. In the first nine months of 2021, long-term funds brought in $961.633 billion, equivalent to 3.61 percent of AUM. And in the 12 months ending September 30, 2021, long-term funds brought in $1.190631 trillion, equivalent to 4.47 percent of AUM. 

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