The total US ETP flows from all products registered USD1.8bn of inflows during last week vs USD1.2bn of inflows the previous week, setting the YTD weekly flows average at +USD3.9bn (+USD38.8bn YTD in total cash flows), according to Deutsche Bank.
ETP flows favoured fixed income over equity for second week on a row. Equity, Fixed Income, and Commodity ETPs experienced flows of +USD0.8bn, +USD1.1bn, and -USD0.1bn last week vs. -USD1.1bn, +USD0.9bn, and +USD1.4bn the previous week, respectively.
Within Equity ETPs, Small Cap products experienced the largest inflows (+USD1.6bn), followed by Dividend ETPs (+USD0.4bn); while US Sectors vehicles experienced the largest outflows (-USD1.4bn). Within Fixed Income ETPs all segments experienced inflows with Sovereign products recording the largest one (+USD0.4bn), and Corporates the smallest one (almost flat). Within Commodity ETPs, broad benchmarked products recorded the largest inflows (+USD0.1bn), while Precious Metals ETPs experienced the largest outflows (-USD0.1bn).
Total weekly turnover dropped by 8.1% to USD297bn vs. USD324bn in the previous week. The largest decrease was on Commodity ETP turnover, which declined by USD12.5bn or 38.7% to USD20bn. Equity and Fixed Income ETP turnover followed with declines of 4.2% (-USD11.4bn) and 14.4% (-USD2.4bn), respectively. Assets Under Management (AUM) Review: almost intact
Consistent with the market, total ETP assets barely moved. In absence of strong inflows, the total ETP assets retreated by USD3.1bn or 0.3% down from the previous week’s AUM level. With USD1.18 trillion in assets ETPs remain in the two-digit growth area with a 12.3% growth YTD. Assets for equity, fixed income and commodity ETPs moved -USD1.9bn, +USD0.5bn, and -USD1.7bn during last week, respectively.
There was one new ETF listed on NASDAQ during the previous week. The new fund will provide access to an active fixed income strategy focusing on Emerging Markets corporate debt. (See Figure 18 for details.) Turnover Review: turnover drops as things remain “under control”.
