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Equity ETF turnover slips in Europe, says Deutsche

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Exchange-based equity exchange traded fund turnover in Europe has declined at the end of last year and at the beginning of the current one, according to Deutsche Bank analysts Aram Flor

Exchange-based equity exchange traded fund turnover in Europe has declined at the end of last year and at the beginning of the current one, according to Deutsche Bank analysts Aram Flores and Shan Lan.

Daily turnover for the previous week was EUR892m. European fixed income ETF turnover for the previous week was EUR187m, after having reached all-time highs at around EUR300m, with money market ETFs continuing to be the main focus.

Twenty-six new ETFs have been launched since 17 December. Comstage launched 22 new country and regional funds on Deutsche Börse and Zürcher Kantonalbank launched four new commodity on the Swiss Exchange.

European style ETFs, led by short and leveraged products, kept their position as the leading product area with total turnover of EUR277m, accounting for 31.3 per cent of total ETF turnover, followed by European regional ETFs with turnover of EUR259m, 29.3 per cent of the total.

The Dax ETFs remain the dominant country products with total average daily volume of EUR99m across five listed products, accounting for 11 per cent of all equity ETF volume.

Euro Stoxx 50 ETFs accounted for 17.6 per cent of turnover, trading an average of EUR156m per day with liquidity split across twelve ETFs and 35 separate listings on nine exchanges.

The Deutsche Borse XTF platform has the largest market share with 36.9 per cent of total turnover, followed by Euronext NextTrack with 21.6 per cent. The London Stock Exchange’s combined Borsa Italiana and London market share is now 20.6 per cent.

Total European equity-related assets under management rose to EUR73.5bn in the first couple of weeks of 2009 but later began to decline. Assets under management last week totalled EUR67.8bn.

The assets of DJ Euro Stoxx 50 ETFs totalled EUR14.3bn, accounting for 21 per cent of total European assets under management. Fixed-income ETF assets under management were EUR31.3bn, maintaining a steep upward trend.

Overall, the largest ETF by assets under management was the money market-based db x-trackers II Eonia TR Index ETF with assets of EUR6.1bn. The largest equity-based ETF by assets under management was the Lyxor ETF DJ Euro Stoxx 50 ETF with EUR4.8bn.

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