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US ETP flows negative for first time in 2012


ETP flows had their first negative week for the year last week taking the YTD cash flow figure to USD31.1bn, according to Deutsche Bank. The total US ETP flows from all products registered USD2.4bn of outflows during last week vs USD3.5bn of inflows the previous week, setting the YTD weekly flows average at +USD4.4bn.

ETP markets experienced mixed flows across the three major asset classes, with Equity contributing with the downward pressure, during last week. Equity, Fixed Income, and Commodity ETPs experienced flows of -USD4.1bn, +USD1.3bn, and +USD0.2bn last week vs. +USD2.0bn, +USD1.5bn, and +USD0.4bn the previous week, respectively.

Within Equity ETPs, Large Cap products experienced the largest outflows (-USD3.9bn), followed by Small Cap ETPs (-USD0.7bn); while Dividend vehicles experienced the largest inflows (+USD0.4bn). Within Fixed Income ETPs, Corporate products experienced the largest inflows (+USD0.8bn), followed by Sub-Sovereign ETPs (+USD0.2bn). Within Commodity ETPs, Gold products recorded the largest inflows (+USD0.2bn).

There were 17 new ETFs listed during the previous week. The new ETFs offer additional access to developed market, fixed income sovereigns, and agencies; and first-of-its-kind access to US corporate sector debt (financials, industrials and utilities).

Total weekly turnover increased by 8% to USD300bn vs. USD278bn in the previous week, still about 19% down from last year’s weekly average of USD375bn. The largest increase was on Equity ETP turnover, which increased by USD29.5bn or 12.3% to USD269bn. Fixed Income and Commodity ETP turnover went on the opposite direction with a 23.6% (-USD4.5bn) and 16.4% (-USD2.8bn) fall, respectively.

Last week, total ETP assets reached USD1.168 trillion, with mixed drivers from upside markets and outflows. Assets for equity, fixed income and commodity ETPs moved +USD9.1bn, +USD1.3bn, and +USD1bn during last week, respectively. As of last Friday, total assets had grown by 11.6% or USD121.8bn YTD.

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