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US ETP inflows reach USD13.6bn

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Total US exchange-traded product flows experienced their largest year-to-date-weekly inflows of USD13.6bn during the week ending 17 December versus USD9.7bn of inflows the previous week, according to a report by Deutsche Bank.



The weekly average ETP flows stands at USD2.5bn year to date.

US ETPs assets under management reached a new all-time high of USD993bn, getting closer to the USD1trn year end mark.

Equity ETPs recorded another massive USD14.1bn in inflows following the USD10.4bn in inflows in the previous week. Equity inflows were mainly driven by the SPY December Effect, which concentrated USD13bn in inflows in the last two days of the previous week. This pattern has been repeated in the last 4 Dec/Jan cycles and concentrates the largest inflows in two days, usually close to the end of the week before the holidays week.

Equity style ETPs also received healthy inflows of USD1.5bn, distributed among growth, value and dividend ETPs, topping USD12.2bn in inflows year to date.

Fixed income ETPs experienced their largest weekly outflows YTD. The assets flight was USD1.3bn versus USD0.7bn outflows on the previous week. Inflows to the debt related asset class have been stagnant for the last month, while flat or outgoing flows have been gaining momentum.

In addition, last week no investment segment experienced inflows. Corporates ETPs recorded the largest outflows (USD593m), followed by ETPs tracking broad benchmarks (USD439m). Fixed income ETPs YTD-cumulative flows dropped to USD32.9bn, USD2.4bn down from its peak on 12 November.

Concerns regarding a rate hike in China, plus higher yields in the US kept putting pressure on the commodity environment. Nevertheless, commodity ETPs received USD987m in fresh money during the last week, versus USD259m in outflows on the previous week. Gold ETPs recovered their supremacy, at least for last week, adding USD768m in new cash, followed by natural gas ETPs with USD154m in inflows. On the outflows side, crude oil ETPs recorded the largest figure with USD71m.

US ETP average daily turnover dropped 5.8 per cent totalling USD60bn at the end of the week. Equity ETPs registered the largest absolute decrease with USD3.4bn or -6.1 per cent week over week.

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