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US ETP AUM gains USD13bn

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Driven by good performance on almost every market outside US equities, US ETP AUM gained USD13bn or 1.3% compared to the previous week and closed at USD1.02 trillion or 2.8% up YTD, according to the latest figures from BlackRock.

The US ETP market saw inflows from all products of USD434m last week vs USD8.2bn of inflows the previous week, setting the YTD weekly flow average at +USD1.9bn.

Long only ETP flows resumed the risk off mode during last week. Equity ETPs experienced USD2.7bn of outflows following the previous week’s massive inflows (near USD11.0bn); while fixed income funds gathered USD2.1bn of inflows and commodity products remained practically flat.

Short equity ETP flows recorded inflows of USD1.2bn, while long ETPs recorded flows of +USD515m and -USD3.3bn, respectively. These figures suggest that investors remain overall bearish towards equities, with some degree of interest in high dividend-paying stocks as a result of the current low interest rate environment. In addition, the USD1.1bn inflow received by short term fixed income ETFs (mostly by BIL, a fund which invest in 1-3 month T-Bills) and the nearly flat flows attracted by Gold ETPs suggest a whole new dimension of risk off trade where investors don’t find the safety they desire in the common safe haven and end up parking their assets in cash.

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