Pimco’s Total Return Active ETF has seen net outflows of US$53.9m (£35.1m) in May.
The ETF is an actively managed fund intended to mimic the strategy of the company’s flagship Total Return fund, which had been managed by Bill Gross until September 2014.
It ended the month with US$2.6bn (£1.7bn) in assets under management.
Todd Rosenbluth, director of ETF & mutual fund research at S&P Capital IQ, said: “Unlike mutual fund investors that tend to be more patient and long-term focused, those in the Pimco Total Return ETF that can trade intraday may have shorter time horizons.
“As an active ETF lags its peers, investors question whether the higher expense ratio is warranted. The recent underperformance likely played a role.”
Since leaving Pimco, Mr Gross has joined Janus Capital Group and earlier this year claimed he had been fired by the company he founded in 1971.
Mr Gross said he offered to step down from the executive committee and compensation committee and oversee closed-end funds after differences with management over his personality and the firm’s business direction but said he was fired.
Adviser view
Andrew Swallow, director of London-based Swallow Financial Planning, said: “We tend to be passive investors and the beauty of that is that when your star manager leaves you don’t need to worry about it.”
