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US ETP Market records USD7.6bn in outflows

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The US ETP market saw total outflows of USD7.6bn last week vs USD5.6bn of outflows the previous week, setting the YTD weekly flows average at +USD1.7bn. US ETP AUM lost USD17bn, closing at USD1.00 trillion or 0.7% up YTD.

Long only equity ETPs recorded USD4.6bn of outflows last week vs USD7.8bn of outflows the previous week. From a geographic allocation perspective, most segments were in red again, US-focused, EM, and DM ex US ETPs all experienced outflows of USD2.6bn, USD1.4bn and USD753m last week, respectively.

Long-only fixed Income ETPs recorded outflows of USD710m last week. Sovereign ETPs received USD318m in inflows; while Corporates recorded the largest outflows (-USD1.1bn). Commodity ETPs recorded outflows of USD1.5bn last week. At a sub sector level, Crude Oil ETPs recorded the largest inflows with USD0.59bn; while Gold products had USD1.1bn in outflows.

The overall reading of last week’s long only ETP flows is that the risk off trade keeps expanding in size. During this period, long only equity ETPs with the additional USD4.6bn of outflows totaled USD5.6bn of outflows since the beginning of the quarter (-USD15bn in the last three weeks).

In addition to risk off trades, flows data also suggests that investors were engaged in a variety of market timing trades in an attempt to exploit any possible opportunity arising from these volatile markets. Gold, Equity Energy sector, and Commodity Energy products (with flows of -USD1.1bn, +USD1.0bn, and +USD0.57bn, respectively) were among such trades.

There was one new product launched in the NYSE Arca during the last week. The new ETP offers access to the Indian Consumer sectors. 

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