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US ETP assets up by USD29bn

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US exchange-traded products experienced an increase in assets of USD29bn during the week ending 14 May, mainly driven by market reversal and inflows of USD10bn, research by Deutsche Bank shows.

Equity, fixed income and commodity ETPs had inflows of USD8bn, USD636m and USD1.1bn, respectively.

Currency ETPs, on the other hand, experienced outflows of USD40m.

In the equity asset class, large cap ETPs had the highest inflows of USD5.3bn followed by small cap ETPs, while emerging country ETPs experienced the largest outflows of USD570m.

Sovereign products contributed the most to the positive cash flows into fixed income ETPs.

Within commodity ETPs, gold ETPs became the investor’s preferred choice again, recording inflows of USD1.1bn, followed by crude oil ETPs. Meanwhile, natural gas ETPs experienced the largest outflows.

Alternative ETPs, driven by volatility exchange-traded notes, saw outflows of USD234m, which strengthen the idea that high volatility might just be an ephemeral episode.

Turnover remained strong in all asset classes and increased by 11.4 per cent overall, crossing the USD100bn mark totalling USD104bn in average daily value traded.

Assets under management recovered 3.6 per cent totalling USD830bn at the end of the week. Equity ETPs account for 74 per cent of the assets with USD612bn, followed by fixed income funds with USD127bn and 15 per cent of market share.

Two new funds came to market during the week, both of which are listed in NYSE Arca. State Street Global Advisors launched a fixed income ETF focused on municipal bonds compliant with the Build America Program, while new entrant provider US One issued an active ETF of ETFs seeking long term performance at a low cost.

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