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Market pullback removes USD12bn from US ETP assets


ETP assets dropped by 1.1% during last week and ended the week at USD1.14 trillion, according to figures released by Deutsche Bank

Last week’s USD12.1bn drop put the ETP YTD assets growth back to the single digit area with 9.1%. Assets for equity, fixed income and commodity ETPs moved -USD9.4bn, +USD0.9bn, and -USD3.6bn during last week, respectively.

Total weekly turnover dropped by 5.0% to USD300bn vs USD316bn in the previous week. Last week’s turnover level was 20% below last year’s weekly average. Equity ETPs experienced a drop of USD19.3bn or 20.4% to USD263bn. In the meantime, Fixed Income and Commodity ETP turnover rose by 11.8% (+USD1.9bn) and 9.2% (+USD1.3bn), respectively.

The total US ETP flows from all products registered USD1.3bn of outflows during last week vs USD12.1bn of inflows the previous week, setting the YTD weekly flows average at +USD2.9bn (+USD72.1bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of -USD2.5bn, +USD0.7bn, and +USD0.4bn last week vs. +USD9.4bn, +USD2.3bn, and +USD0.4bn the previous week, respectively.

Within Equity ETPs, emerging markets regional products experienced the largest inflows (+USD0.8bn); while large cap and mid cap vehicles experienced the largest outflows (-USD3.6bn, -USD0.6bn, respectively). Within Fixed Income ETPs, Corporates products recorded the largest inflows (+USD0.6bn), followed by broad benchmarked products (+USD0.2bn); while Sovereign experienced outflows of USD0.3bn. Within Commodity ETPs, Precious Metals products experienced the largest inflows (USD0.3bn).

There were five new ETPs listed on the NYSE Arca during the previous week. Two of them offer access to US crossover and emerging market corporate debt, the next one provides a one-stop vehicle to invest in the industrial and precious metal segments, and the last two ETPs offer access to equity strategies employing an active investing approach.

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