ETF 资金流入周报

Weekly Mutual Fund Flows ($M)TaxableMuniAllocationAlts +BondBond OComdty($688)$1,0111$268($311)(3,633)$7,104I $961(682)(695)(838)/(228)(440)(1,799)478)(148)(854)(2,713) C(46)241(554)$4,379$294$183$1,8246,2966,1076711326.1327,016724739,7654,9021,306862,8104,3781,37887Ex-ETF Cumulative Flows ($B)Active Int'/Global Equity MF[200](400)(009)MAMJJASONDJFMAMJJASONDJFMAMJJMunicipal Bond200100 MoneyMarket$295($13,472)32954,55318956158(14,729)1,3183,5454,2351,873 7,316(9,593)NANANANANA Daniel T. Fannon * IEquity Analyst(415) 229-1523 I dfannon@jefferies.comRitwik Roy*IEquity Associate(415) 229-1480 |rroy2@jefferies.comAqil Taiyeb, ACA * IEquity Associate(415) 229-8718 | ataiyeb@jefferies.comHector Erazo Pinto * I Equity Associate+1 (212) 510-3207 | herazopinto@jefferies.com JefferiesAnalyst 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, 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, Agil 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 reportI, Hector Erazo Pinto, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in 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 receives compensationbasedinpartontheoverallperformanceofthefirm,includinginvestmentbankingincome.Weseektoupdateourresearchasappropriate,butvariousregulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy-Descriibes securitiesthatwe expecttoprovideHold - Describes securities that we expect to provide a total retylUnderperform - Describes securities that we expect tThe expectedtotal return (price appreciation plus yiemonth period as these companies are typicallybelows10,theexpectedtotalreturn(praverage security price consistently belpw io, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating andpoliciesCS - Coverage Suspended. Jefferies has suspended coverage of 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 recommendationsMonitor - 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 providedValuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity. growth/value, volatility and expected total return over thegroup EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns, and return on equity (ROE) over the next 12 months.Jefferies Franchise PicksJefferies Franchise Picks include stock selections from among the best stock ideas from our equity analysts over a 12 month period. Stock selection is based onfundamentalanalysisandmaytakeintoaccountotherfactorssuchasanalystconviction,differentiatedanalysis,afavorablerisk/rewardratioandinvestmentrecommendations for inclusion. Stocks will be added as new opportunities arise and removed when the reason for inclusion changes, the stock has met itsdesired return, if it is no longer rated Buy and/or if it triggers a stop loss. Stocks having 120 day volatility in the bottom quartile of S&P stocks will continue tohave a 15% stop loss, and the remainder will have a 20% stop. Franchise Picks are not intended to represent a recommended portfolio of stocks and is not sec