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US-listed exchange-traded funds see assets decline to October 2006 level, says Deutsche

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US exchange-traded fund turnover declined by 1.6 per cent last week, while monthly average daily turnover declined to USD112.2bn, according to Aram Flores and Shan Lan of Deutsche Bank’s i

US exchange-traded fund turnover declined by 1.6 per cent last week, while monthly average daily turnover declined to USD112.2bn, according to Aram Flores and Shan Lan of Deutsche Bank’s index research group.

The ETF with the highest turnover was the S&P 500 SPDR with USD41.7bn, while the UltraShort S&P 500 ProShares had turnover of USD7.2bn and the PowerShares QQQ Nasdaq 100 had turnover of USD6.3bn. Short-related ETF turnover rose by 1 per cent to USD21.1bn to become the second largest category of fund after large cap ETFs.

Among emerging market ETFs, turnover in the iShares FTSE/Xinhua China ETF was USD1.5bn, followed by the iShares MSCI Brazil ETF with turnover of USD840m. In developed market flows iShares MSCI Japan had turnover of USD346m. Emerging market ETF turnover totalled USD3.73bn, while products covering Europe, Australasia and the Far East saw turnover of USD1.68bn.

Thirty-five new ETFs have been listed in the US since September 24, most of them from iShares, DirexionShares and ProShares. RevenueShares launched two products and Invesco PowerShares, Rydex Investments and Northern Trust launched one each.

All the new ETFs are listed on NYSE Arca, which has over the past two months also taken over the listing and trading of ETFs previously listed on the American Stock Exchange following its acquisition by NYSE Euronext. The new funds cover a diverse range of product areas such as commodity, currency, fixed-income, sector and style ETFs.

Total US ETF assets under management declined by 1.9 per cent from the previous week to USD373bn, the lowest level since October 2006, having peaked at more than USD550m toward the end of last year.

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