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Volatility erases USD27bn from US ETP AUM

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US ETPs saw USD1.9bn of outflows during last week versus USD4.2bn of inflows the previous week, setting the YTD weekly flows average at +USD2.3bn, according to Deutsche Bank’s weekly US ETF Market review. US ETP AUM lost USD27bn, closing at USD1.09 trillion or 9.7% up YTD.

Long only equity ETPs recorded USD3.2bn of outflows last week vs USD3.4bn of inflows the previous week.

From a geographic allocation perspective, US-focused ETPs concentrated the bulk of the outflows (-USD3.3bn), followed by DM ex US ETPs with -USD125m; while Global and EM ETPs experienced inflows of USD188m, and USD20m in the same period, respectively. Long-only fixed Income ETPs recorded inflows of USD153m last week. Sub-Sovereign ETPs received USD278m in inflows, followed by Corporates funds with USD120m. Commodity ETPs recorded inflows of USD1.1m last week. At a sector level, Precious Metals ETPs recorded the largest inflows with USD1.2bn; while Energy ETPs registered the largest outflows with USD122m.

Long only ETPs gathered healthy inflows during July amounting to USD13.2bn. The bulk of the flows was concentrated among the three main asset classes with Equity (+USD6.8bn) leading the ranking, followed by Commodity (+USD3.5bn) and Fixed Income (+USD2.7bn). Among the main themes for July we had US-focused Equity (+USD4.0bn), Gold (+USD3.6bn), and Fixed Income (+USD2.7bn) ETPs.

The dynamics of the flows were driven by Volatility which, with an increase of 52.9%, took over the markets during July. Deutsche Bank believes that these flow patterns suggest that investors are, at the moment, confused regarding the outlook for US equities and are limiting themselves to follow the market while at the same time seeking protection.

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