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US ETP inflows reach USD2.2bn year-to-date

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Helped by better-than-expected economic data released last Wednesday, Deutsche Bank’s exchange-traded products flows data suggest that investors finally leaned towards the US for shelter fueling a brief market recovery, although not enough to offset the week’s losses.

The S&P 500 was down by 0.86 per cent, the MSCI World decreased by 2.02 per cent and the MSCI EM pulled back by 2.78 per cent.

At the same time, gold price in USD was up by 0.80 per cent and the USD appreciated 3.15 per cent against the EUR.

Total US ETP flows reflected the market flight to the US with USD4.1bn in new money versus USD3.7bn outflows the previous week. The weekly average ETP flows stands at USD2.2bn year to date.

Equity ETPs received USD4.5bn in inflows versus USD3.5bn in outflows in the previous week. Money poured into US-focused long equity ETPs (USD4.4bn) after jobless claims data surprised on the upside putting the US on a relatively stronger economic position than its peers overseas.

Fixed income ETP flows remained flat (+USD22m) versus USD910m outflows in the previous week. Active ETPs were the only segment receiving significant inflows with USD156m, while other major categories such as corporates (+USD3m) and sovereign (-USD144m) received flat or negative flows.

Commodity ETPs recorded USD205m in outflows last week versus USD544m in the previous week. Year to date, they have gathered USD10.9bn, most of which came during Q2. Broad exposure (+USD32m) and agriculture (+USD29m) ETPs received the largest among the overall small inflows, while gold (-USD128m) and silver (-USD84m) ETPs contributed with the largest outflows.

In spite of market and flows activity, the short week was felt on the trading side. Average daily turnover remained at about the same level and totalled USD65bn at the end of the week.

Inflows were not enough to stop the market drop which finally removed USD4.0bn from the US ETP market assets. US ETPs AUM decreased slightly by 0.4 per cent, retreating to USD943bn at the end of the week. Year to date US ETPs AUM has increased USD162bn or 20.7 per cent.

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