The iShares iBoxx High Yield Corporate Bond ETF, the largest high-yield ETF, in terms of daily net fund flows, has seen more instances of large outflows in 2016 than it had in 2015 or 2014. Year-to-date through Nov. 21, there have been 15 days when net outflows have been $500 million or more, as compared to 2015 and 2014, with three days and one day, respectively. The largest single-day outflow came on Oct. 27, when a record $997 billion left the fund. Despite the large outflows, $704.5 million in new money has come into the fund so far in 2016, and while still small in comparison to 2015's $1.7 billion of new money, it indicates investors' desire for yield is outweighing the inflation and rate hike concerns surrounding the fixed-income markets.
