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US ETPs see inflows of USD9.7bn

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Total US exchange-traded product flows experienced strong above-average inflows of USD9.7bn during the week ending 10 December versus USD0.3bn of inflows the previous week, a report by Deutsche Bank shows.



 

The weekly average ETP flows stands at USD2.3bn year to date.

US ETPs AUM reached an all-time high of USD981bn, and now prepare to attempt the USD1trn dollar year end mark for the first time.

Equity ETPs recorded a massive USD10.4bn in inflows versus USD1.1bn in outflows in the previous week. Equity inflows were mainly driven by geographic and market size exposure, flowing abundantly into long US focused and broad market ETPs.

Half of the equity inflow (USD5.2bn) was driven by one single ETF, namely, the Vanguard Total Stock Market ETF, which recorded a 31 per cent increase in its shares outstanding last Thursday.

Last week also saw healthy inflows to the long small cap (USD2.1bn) and long mid cap ETFs (USD1.2bn).

The comeback to fixed income ETFs did not last long. Last week USD696m was drained away, more than offsetting the USD542m inflows in the previous week. Notwithstanding, the year to date flows total still remain at a respectable USD34bn mark. Corporates and foreign sovereigns helped to offset the impact of this money flight by contributing with USD104m and with USD60m inflows, respectively.

Commodity ETPs experienced USD259m in outflows during the last week, versus USD961m inflows in the previous week. Concerns regarding an imminent rate hike in China in order to keep inflation under control, combined with profit taking after a couple of bullish weeks, kept commodities on the bearish side. Energy related ETPs experienced the largest outflows (USD302m), while within precious metals products the USD316m outflows in gold were mostly offset by the other glittering metals.

Last week there were nine new ETPs listed in the US. All of the new products were listed in NYSE Arca and were issued by three different ETP providers.

Rydex launched five ETFs with an equal-weight approach offering international, emerging market, and size exposure. DirexionShares brought three ETFs to market, two of which offer access to gold mining companies on a leverage long and short basis, and one non-leverage, their first ever, tracking an equally weighted airline index. ProShares unveiled a fund that tracks a combined fundamental long/short investment approach.

US ETP average daily turnover dropped 5.4 per cent totalling USD64bn at the end of the week. Equity ETPs registered the largest absolute decrease with USD3.3bn or -5.5 per cent week over week.

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