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Strong equity inflows add USD6.8bn to US ETP assets


US exchange-traded product assets added USD6.8bn last week driven by very strong inflows into equity products, according to figures released by Deutsche Bank.

ETP assets rose by 0.6 per cent during last week and ended the week at USD1.17trn despite slightly negative equity markets.

Last week’s push put the ETP YTD assets growth at 11.8 per cent. Assets for equity, fixed income and commodity ETPs moved +USD8.5bn,  -USD1.6bn, and -USD0.2bn during last week, respectively.

The total US ETP flows from all products registered USD6.7bn of inflows during last week versus USD0.1bn of inflows the previous week, setting the YTD weekly flows average at +USD2.9bn (+USD79.0bn YTD in total cash flows).

Equity, fixed income, and commodity ETPs experienced flows of +USD8.7bn, -USD2.2bn, and +USD0.2bn last week versus -USD0.8bn, +USD0.9bn, and -USD0.0bn the previous week, respectively.

Within equity ETPs, large cap products experienced the largest inflows (+USD4.3bn) followed by US sector ETPs (+USD1.7bn), while there were no significant outflows. Within fixed income ETPs, sovereign products had the largest asset leak (-USD3.2bn), while corporates and sovereign experienced inflows of USD0.5bn and USD0.4bn, respectively.

Within commodity ETPs, broad diversified products experienced the largest inflows (USD0.1bn).

The top three ETPs & ETNs by inflows were SPY (+USD2.9bn), QQQ (+USD1.2bn) and VWO (+USD0.6bn). The top three ETPs & ETNs by outflows were SHY (-USD0.9bn), IEI (-USD0.8bn) and UST (-USD0.6bn).

Total weekly turnover dropped by 32 per cent to USD192bn from USD282bn in the previous week. Last week’s turnover level was 49 per cent below last year’s weekly average.

Equity ETPs experienced a drop of USD84.5bn or 33.9 per cent to USD165bn, along with commodity ETPs which fell by 34.7 per cent (-USD4.7bn). In the meantime, fixed income ETP turnover slightly rose by 1.7 per cent (+USD0.3bn).

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