ETF redemptions at highest level since 2008

There were US$15bn worth of redemptions in equity ETFs, according to Cowen; $14bn of those came from the US and almost $10bn were in State Street Global Advisors' SPDR S&P 500 ETF (SPY). Although the US market has been volatile for several weeks - the S&P 500 has fallen 16% since the end of July - and trading has spiked, it is only now that the redemptions have picked up pace. "The primary market is generally a domino effect, things start to happen later," says Laurent Kssis, head of ETF advisory and sales at Cowen. "In between there are market makers and they are managing inventor...