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US ETP turnover surge continues


The general turnover surge of US exchange-traded products continued during the week to 21 May, rising by 11.6 per cent and totalling USD113bn, according to a report by Deutsche Bank.

On the cashflows front, fixed income and commodity ETPs had inflows of USD1.4bn and USD0.8bn, respectively.

Equity and currency ETPs, on the other hand, experienced outflows of USD10.5bn and USD91m, respectively.

In the equity asset class, leveraged ETPs had the highest inflows of USD964m followed by short ETPs, while large cap ETPs experienced the largest outflows of USD7.9bn.

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

Within commodity ETPs, crude oil ETPs received inflows for USD690m, followed by gold ETPs, in spite of bearish gold spot prices. Meanwhile, natural gas ETPs experienced the largest outflows.

Last week’s launch calendar saw three new funds and one new entrant come to market. The new products offer access to companies focused on sustainability, Taiwanese small cap companies, and international corporate debt. They are all listed on NYSE Arca.

This week’s new entrant is Pax World Management, who joins the ETP race for assets by trying to exploit its expertise in the sustainability domain.

Assets under management of US ETPs decreased by 5.3 per cent, totalling USD786bn at the end of the week. Equity ETPs account for 73 per cent of the assets with USD571bn, followed by fixed income funds with USD128bn and 16 per cent of market share.

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