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US ETP AUM adds USD30bn helped by equity inflows of USD16bn


Exchange-traded product assets in the US rose by USD29.9bn to USD1.19trn last month, boosting AUM growth to a decent 14 per cent growth on a YTD basis, according to Deutsche Bank.

Global ETP industry assets rose to USD1.62trn, or 13.0 per cent up YTD.

US ETPs experienced inflows of USD16.3bn during July (+USD88.5bn, 8.5 per cent of last year’s AUM). Within long-only ETPs, total flows were +USD15.7bn in July versus +USD11.6bn in June.

Equity, fixed income, and commodity long-only ETPs experienced cash flows of +USD14.8bn, +USD0.9bn, and -USD1.6bn, respectively.

July and June ETP flow trends, although flickering, have been pointing towards a comeback to risk. Moreover, flows have been consistent with the market which has downplayed the negativism portrayed towards the end of Q2.

Nevertheless, July ETP flows exhibited a more evident bias towards risk as compare to June. The main shift was marked by a clearer allocation to riskier asset classes along with a significant departure from typical safe haven investment segments. Although markets are still navigating choppy seas, ETP flow trends suggest that investors are becoming less negative about the outlook in Europe and in the US. However as the oscillation of equity flows suggests, the situation remains fluid and could revert easily on the back of any negative development.

There were nine new ETPs and one new ETN listed during the previous month. All of the products were listed in the NYSE Arca. The new products cover multiple asset classes such as equity, fixed income, and currency. Most of the new additions to the ETF offering give access to income-driven investments, actively managed strategies, or enhanced beta indices.

Total monthly turnover dropped by 18.5 per cent to USD1.07trn versus USD1.31trn in the previous month.

US ETP trading made up 26.0 per cent of all US cash equity trading in July, down from both its August 2011 peak of 37.5 per cent and its three-year monthly average of 29.4 per cent.

The largest drop was on equity ETP turnover, which fell by USD205bn or 17.9 per cent to USD0.9trn, followed by commodity and fixed income ETP turnover which shrank by USD18.2bn (totalling USD50bn) and USD15.2bn (totalling USD67bn) during last month, respectively.

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