ETP Landscape: ETP flows in holding pattern on FED uncertainty

– Global ETP flows were $15.8bn during November, more moderate relative to the past two months as expectations resurfaced that Fed tapering may come sooner rather than later……

– November Equity flows revealed a tale of two halves with Developed Markets taking in $21.5bn while Emerging Markets experienced outflows of ($4.7bn).
• Pan European flows maintained momentum gathering $3.5bn although the pace slowed from the record setting totals witnessed in the prior three months. Year-to-date the category has gathered $24.0bn in contrast to outflows of ($6.5bn) from German ETPs.
• US Equities gathered $9.9bn, with investors cautious and looking to protect gains amid concerns that valuations may be stretched. Large Cap and Sector funds fared the best but were offset by Small Cap redemptions.
• Emerging Markets Equities – likely the most sensitive to changes in U.S. monetary policy – reversed course to post outflows of ($4.7bn) in November following two months of encouraging inflows.
– Fixed Income ETP flows reached just $0.9bn in November and continued to be split sharply by duration with Short Maturity2 funds gathering $1.9bn.
• Broad Aggregate and Short Maturity US exposures as well as European Sovereign debt were in demand, but Investment Grade Corporate continued to experience outflows and High Yield flows moderated after an impressive October

Source: – BlackRock ETP Research

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