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Market plunge removes over USD40bn from US ETP AUM


The risk-off trade hit equity markets really hard during last week removing USD41bn or 3.5% from US ETP assets, according to Deutsche Bank.

Total ETP AUM shrank to USD1.11 trillion at the end of last week. YTD growth dropped below the two-digits to 6.2%. Assets for equity, fixed income and commodity ETPs moved -USD41.9bn, +USD0.6bn, and +USD0.5bn during last week, respectively.

The total US ETP flows from all products registered USD1.7bn of inflows during last week vs USD0.4bn of inflows the previous week, setting the YTD weekly flows average at +USD2.8bn (+USD55.3bn YTD in total cash flows).

Equity, Fixed Income, and Commodity ETPs experienced flows of -USD0.5bn, +USD2.0bn, and +USD0.3bn last week vs. -USD0.5bn, +USD1.2bn, and -USD0.2bn the previous week, respectively.

Within Equity ETPs, small cap and large cap products experienced the largest inflows (+USD1.1bn, +USD0.5bn respectively); while regional emerging markets vehicles experienced the largest outflows (-USD1.0bn). Within Fixed Income ETPs, broad benchmark products recorded the largest inflows (+USD1.1bn), followed by Sovereign products (+USD1.0bn); while Corporates experienced outflows of USD0.3bn. Within Commodity ETPs, Precious Metals products experienced the largest inflows (+USD0.3bn).

Total weekly turnover increased by 21.4% to USD387bn vs. USD319bn in the previous week, driven by soaring volatility. Last week’s turnover level was the first time weekly turnover has been above last year’s weekly average this year. The largest absolute increase was on Equity ETP turnover, which rose by USD55.1bn or 19.2% to USD342bn. Fixed Income ETP and Commodity ETP turnover followed with increases of 51.9% (+USD7.3bn) and 26.4% (+USD4.1bn), respectively.

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