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USD14bn drained from ETP AUM on market downturn


Last week, total US ETP flows from all products registered USD720m of outflows vs USD2.2bn of inflows the previous week, setting the YTD weekly flows average at +USD2.1bn. US ETP AUM lost about USD14bn, closing at USD1.073 trillion or 7.9% up YTD.

A closer look at our flows makes more evident that the risk-off trade remains in place. Long-only Equity ETP flows have clearly broken our bullish trend support level of USD12bn QTD, while Fixed Income ETP flows keep their momentum and Gold ETP flows remain positive, albeit much smaller.

Long only equity ETPs recorded USD2.4bn of outflows last week vs USD890m of inflows the previous week. From a geographic allocation perspective, US-focused ETPs concentrated the bulk of the outflows (-USD2.3bn), followed by Global and EM ETPs with -USD254m, and -USD196m, respectively; while DM ex US ETPs recorded inflows of USD344m.

Long-only fixed Income ETPs recorded inflows of USD1.4bn last week. Sovereign ETPs had USD569m inflows, followed by Corporates funds with USD406m. Commodity ETPs recorded outflows of USD299m. At a sector level, Energy ETPs recorded the largest outflows with USD312m. Crude Oil ETPs recorded the largest outflows with USD169m, followed by Natural Gas ETPs with USD138m.

There were two new ETPs listed in the NYSE Arca during the previous week. The new ETFs will offer exposure to Japanese Mid Cap companies and Farming stocks.

In spite of the shorter week, total weekly turnover increased by 4.8% to USD316bn vs USD301bn in the previous week. The market plunge and increased volatility pushed Equity ETP turnover USD14.5bn or 5.6% higher to USD276bn. Commodity ETPs turnover was again trimmed as Silver ETP related turnover kept returning to pre-bubble levels, total weekly turnover was USD23.6bn last week. Finally, Fixed Income products turnover flourished totaling USD13bn at the end of last Friday, about a 30% higher from the previous week.

Outflows and the market free-fall drained almost USD14bn or 1.3% from ETP assets during last week. ETP AUM settled at USD1.073 trillion as of the end of last Friday, recording a USD78.0bn or a 7.9% increase on YTD basis.


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