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Assets under management of European ETFs stand at EUR108bn

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Assets under management of European exchange traded funds currently amount to EUR108bn, according to a report from Deutsche Bank.

Assets under management of European exchange traded funds currently amount to EUR108bn, according to a report from Deutsche Bank.

Equity long ETFs contribute about 61 per cent of the total AUM followed by the debt long ETFs (15.6 per cent) and money market ETFs (9.5 per cent).

Over the last three months European ETFs have seen a net inflow of EUR15.0bn (13.8 per cent of the total AUM) and over the last month an inflow of EUR4.9bn (4.6 per cent of the AUM).

Over the last month, net inflows into the European equity long ETFs remained marginal in comparison to history at 0.5 per cent of their AUM.

However, the European equity short ETFs have seen inflows to the tune of 16.6 per cent of their AUM.

Among the regions, Germany notably registered outflows of EUR1.6bn (28.4 per cent of the AUM) over the last month.

Commodity ETC held up distinct to the other classes by registering inflows of EUR3.2bn (34.4 per cent of the AUM) over the last month.

Deutsche Bank says that overall commodity prices and commodity stocks could be among the first assets to benefit over the next months from hopes of some economic recovery in 2010 and from the implementation of stimulus packages. Commodity stocks could also benefit from the improved capital base.

‘So after the stabilisation of commodity prices and commodity stocks we see clearly more upside chances than downside risks,’ it says. ‘Therefore we buy for 15 per cent the ETF db x-trackers DJ Stoxx Basic Resources and for 15 per cent the ETF on the Commodity index db x-trackers DBLCI -OY balanced.’

The highest weight in the commodity index is oil with 47 per cent and gold with 16 per cent.

In addition to the two new ETFs, Deutsche Bank continues to own the ETF db x-trackers DJ Stoxx600 Banks as another high Beta sector.

‘The ownership of two high beta sectors expresses our view of a continuing market recovery in the short to medium term,’ it says.

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