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Market correction and outflows remove USD17bn from US ETP AUM


Volatile markets and negative flows resulted in a pull-back in US ETP assets of USD17.5bn last week, according to Deutsche Bank’s latest weekly review of the sector. ETP AUM fell by 1.5% to USD1.16 trillion from the previous week’s level.

YTD growth remains strong at 11.4%. Assets for equity, fixed income and commodity ETPs moved -USD20.7bn, +USD1.6bn, and +USD1.7bn during last week, respectively.

The total US ETP flows from all products registered USD6.3bn of outflows during last week vs USD1.2bn of inflows the previous week, setting the YTD weekly flows average at +USD3.1bn (+USD47.0bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of -USD6.8bn, +USD0.9bn, and -USD0.3bn last week vs. +USD0.8bn, +USD0.4bn, and +USD0.0bn the previous week, respectively.

Within Equity ETPs, US Sector products experienced the largest inflows (+USD0.6bn); while Large Cap vehicles experienced the largest outflows (-USD5.8bn), followed by Reginal EM ETPs (-USD0.6bn). Within Fixed Income ETPs, Sovereign products recorded the largest inflows (+USD0.6bn), followed by Sub-Sovereign products (+USD0.1bn). Within Commodity ETPs Crude Oil products experienced the largest outflows (-USD0.1bn).

Total weekly turnover increased by 32.7% to USD332bn vs. USD250bn in the previous shorter week. Similarly, average daily turnover was also higher recording USD66.4bn vs. USD62.5bn in the previous one. The largest increase was on Equity ETP turnover, which rose by USD78.1bn or 35.8% to USD296bn. Fixed Income and Commodity ETP turnover followed with increases of 17.7% (+USD2.8bn) and 1.8% (+USD0.3bn), respectively.

There were two new ETP listings during the previous week. Both were listed on NYSE Arca. One of the products provides exposure to high yield corporate debt which has been downgraded, and the other ETP provides exposure to a portfolio of diversified agriculture products.


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