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It is important to note that the flows to international equities predominantly favored developed economies. Investors in U.S. equites continued to favor the ETF vehicle structure as U.S. equity mutual funds experienced outflows of (-$107) billion. ETFs also continue to take market share in the taxable bond category attracting (+$56 billion) in flows compared to (-$30) billion in outflows for taxable bond mutual funds.

In 2015, there were 277 new U.S. ETF listings but 99 fund closures bringing the YE fund total to 1,840. There was less concentration of fund flows among the top 3 providers as they accounted for $156 billion or 66% of fund flows. This compares to 80% during the prior year. Achieving $100 million in AUM within two years of listing is an accepted measure of initial success attributed to new product listings.

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