资产管理人基金资金流动周报——交易型开放式指数基金（ETF）的重要一周

TaxableBondMuniBondAllocationAlts +Comdty($2,647)$754$213($667)(3,719)1,099741(638)(2,029)(1,274)(275)(657)(2,622)(5,073)(799)(845)(2,316)(10,879)(2,395)(1,103)$5,366$7,720$474$676,6259,114653205,8342,5052,4551601,7913,138313(45)522,4201,070(31)Weekly Mutual Fund Flows ($M)Ex-ETF Cumulative Flows ($B)0100200MAMJ JASONDJ FMAMJ JASONDJFMAMMunicipal Bond(600)(400)(200)0MAMJ JASONDJ FMAMJ JASONDJ FMAMBillionsActive Int'l/Global Equity MF $27730814741192$2031403,0131,4062,809 MoneyMarket($8,318)18,2735,22030,231(105,345)NANANANANA Daniel T. Fannon * | Equity Analyst(415) 229-1523 | dfannon@jefferies.comJunshi Wu, CFA * | Equity Associate(415) 229-8743 | jwu8@jefferies.comRitwik Roy * | Equity Associate(415) 229-1480 | rroy2@jefferies.comAqil Taiyeb, ACA * | Equity Associate(415) 229-8718 | ataiyeb@jefferies.com Analyst Certification:I, Daniel T. Fannon, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Junshi Wu, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ritwik Roy, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Aqil Taiyeb, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return overthe next 12 months. The price targets are based on several methodologies, which may inc