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QE2 shaves USD13.6bn from US ETP industry

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Concerns around QE2’s outcome shaved USD13.6bn (1.4 per cent) from the US exchange-traded products industry during the week ending 12 November, in spite of the USD5.5bn that flowed into the ETP market.

Total ETP inflows in the US added up to USD5.5bn versus USD7.8bn on the previous week, more than twice this year’s average weekly flow of USD2.3bn, the report by Deutsche Bank shows.

Equity and commodity ETPs had inflows of USD4.5bn and USD892m, respectively. The other asset classes recorded a combined USD50m of inflows.

Within equity ETPs, large cap ETPs received the largest inflows (USD1.8bn), followed by US sector products (USD1.4bn). Small cap ETPs experienced the largest outflows (USD540m).

The fixed income ETPs inflows to corporates, broad benchmark and foreign sovereign ETPs were mostly offset by outflows from sovereign funds, resulting in a flat week for fixed income flows.

Commodity ETPs’ flows highlights for the week went to silver ETPs with USD536m in fresh money, outpacing all of its precious metals peers by ten times or more.

There were two new products added to the ETP lineup over the week, both listed on NYSE Arca. Global X Funds launched one ETF offering access to the Norwegian Economy, while BlackRock listed an ETF tracking the MSCI Russia Capped index.

Average daily turnover rose by 4.7 per cent and totaled USD66bn at the end of the week. Commodity ETPs turnover experienced the largest relative increase (USD713m or 18.5 per cent)

Assets under management decreased by 1.4 per cent, backing down to USD955bn at the end of the week. This pullback was mainly driven by a retreat in the equity market amidst of QE2 implementation concerns and other global financial issues.

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