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US ETPs see USD251m of outflows


The US exchange-traded product market experienced outflows of USD251m during the week ending 4 June, research by Deutsche Bank shows.

Fixed income, commodity and currency ETPs had inflows of USD1.1bn, USD698m and USD71m, respectively.

Equity ETPs, on the other hand, experienced outflows of USD2.1bn.

Within equity ETPs, emerging markets regional ETPs received the largest inflows (USD301m) followed by emerging country ETPs, while US sector ETPs saw the largest outflows (USD789m) followed by small cap ETPs.

Among fixed income ETPs, sovereign (USD536m) and broad market ETPs (USD39 m) contributed the most to the positive flows within the asset class.

Within commodity ETPs, gold ETPs, albeit less than in previous weeks, led the inflows with USD799m, followed by products tracking crude oil.

Last week added two new alternatives to the ETP product list, which have already started trading at NYSE Arca.

United States Commodity Funds launched a crude oil ETP which will intend to track the performance of North European brent crude oil prices, mainly by holding positions in futures contracts traded on the ICE Exchange.

The remaining ETP was launched by PowerShares and will offer exposure to the international corporate bond market. This new product offers a TER five bps cheaper and a more diversified currency exposure than its direct competitor, the SPDR Barclays Capital International Corporate Bond ETF, which was recently launched a couple of weeks ago.

After a successive series of increases, average daily turnover retreated and decreased by 4.6 per cent totalling USD111bn. However turnover still remains on the high levels.

Driven by negative weekly performance in most of the major equity markets, US ETPs assets under management decreased by 1.7 per cent totalling USD786bn at the end of the week. Equity ETPs account for 72 per cent of the assets with USD565bn, followed by fixed income funds with USD129bn and 16 per cent of market share.

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