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US ETPs see USD10.1bn inflows

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Last week, total US ETP flows from all products registered USD10.1bn of inflows vs USD0.4bn of outflows the previous week, setting the YTD weekly flows average at +USD2.3bn, according to Deutsche Bank’s US ETF market weekly review. US ETP AUM gained USD2.9bn, closing at USD1.056 trillion or 6.1% up YTD.

Last week’s flows were inflated by a USD12bn inflow into SPY which may be related to S&P 500 rebalancing and quadruple witching week activity, and thus deemed temporary. Therefore we think that long-only Equity ETP flows (ex last week’s SPY inflows) suggest that investors are in risk-off mode, however the flattening of the Fixed Income ETP flows coupled with the mild inflows into Commodities, and the S&P 500’s snap of its 6-week losing streak could suggest that investors have begun to move to standby mode.

Long only equity ETPs recorded USD9.2bn of inflows last week vs USD583m of outflows the previous week. From a geographic allocation perspective, EM ETPs registered outflows of USD548m, followed by DM ex US with outflows of USD191m and Global ETPs with outflows of USD157m; while US ETPs recorded inflows of USD10.1bn.

Long-only fixed Income ETPs recorded inflows of USD44m last week. Broad Benchmarked funds had USD292m inflows, followed by Sovereign ETPs with USD143m. Corporates had the largest outflows (-USD496m). Commodity ETPs recorded inflows of USD239m. At a sector level, Precious Metals ETPs recorded the largest inflows with USD192m. Gold and Crude Oil ETPs recorded the largest inflows with USD457m and USD107m, respectively; while Silver ETPs had the largest outflows (-USD235m).

There were 17 new ETPs and 2 new ETNs listed in the NYSE Arca during the past two weeks. These new ETPs offer a vast range of exposures and tools such as income generation, embedded FX risk management, leveraged returns, and fundamental strategies, to name a few.

Total weekly turnover increased by 19.2% to USD407bn vs. USD342bn in the previous week. Equity ETP turnover increased USD60.2bn or by 19.8% to USD364bn. Commodity ETPs turnover also increased by 1.2bn or 11.2%, totalling a weekly turnover of USD24.2bn last week. Moving on to Fixed Income products, weekly turnover rose by 12.1% totaling USD15bn at the end of last Friday. Finally, Currency ETPs also experienced a significant increase of USD1.2bn or 46.5% on a WoW basis.

The, now usual, quadruple witching plus rebalancing week SPY ETF inflows kept AUM above water in spite of the flat/lagging equity markets. ETP AUM rose by USD3.0bn or 0.3% as of the end of last week reaching USD1.056 trillion. On a YTD basis AUM has risen by USD61bn or a 6.1%.

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