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US ETPs AUM reaches all-time high of USD969bn


Total US exchange-traded products flows experienced meagre inflows of USD0.3bn during the week ending 3 December versus USD4.1bn the previous week, according to data from Deutsche Bank.

The weekly average ETP flows stands at USD2.2bn year to date. US ETPs AUM reached an all-time high of USD969bn.

Equity ETPs recorded USD1.1bn in outflows versus USD4.5bn in inflows in the previous week. Inflows received in the last two days of the week were not enough to offset the flight that preceded the end of the week pick up. Within long equity ETPs, US-focused products saw USD2.4bn being swept from their accounts, while emerging markets and other developed countries/regions ETPs received inflows of USD805m and USD632m, respectively.

The previous week’s flight into mid and small cap was reverted (USD2.7bn outflows) last week as these segments’ returns realigned with the large cap segment’s return, the S&P MidCap 400 and the S&P SmallCap 600 returned 3.18 per cent and 3.06 per cent for the week, respectively.

The inflow highlight of the week came from sector ETPs, which totalled USD2.3bn in new money, out of which most went into the energy (USD1.4bn) and materials (USD0.7bn) sectors.

After a couple of weeks of being either looked down or forgotten, fixed income ETPs recaptured the attention of investors, which poured in USD542m of fresh cash versus almost-flat USD22m inflows in the previous week, for a total of USD35bn year to date. Corporates led the inflows with USD293m, followed by sovereign with USD177m.

Commodity ETPs helped to keep the US ETP flows on positive ground contributing with USD961m in inflows versus USD205m outflows in the previous week. Precious metals products dominated the inflows with USD960m, while crude oil products stood alone on the negative-flows side of the field with USD156m outflows.

After a couple of very quiet weeks, the US ETP launch calendar is back in full. Last week there were seven new ETPs launched in NYSE Arca by four different providers. The products include equity sector, physical commodity baskets, inflation-linked treasuries and active fixed income products.

US ETP average daily turnover picked up during last week, rising 5.2 per cent and totalling USD65bn at the end of the week. Equity ETPs registered the largest absolute increase with USD2.9bn or 5.1 per cent week over week.

Although flows were almost flat, the market momentum was enough to add USD26bn to the US ETPs AUM. Assets for US products rose by 2.7 per cent, reaching an all-time high of USD969bn at the end of the week. Year to date US ETPs AUM has increased USD188bn or 24.0 per cent.

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