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European equity ETF turnover falls by 3.2 per cent


European exchange based equity ETF turnover declined by 3.2 per cent to EUR1.4bn in the week ending 23 November, a report by Deutsche Bank says.

European fixed income ETF turnover declined by 2.5 per cent to EUR178.4m, with money market ETFs continuing to be the main focus.

In exchange based bond ETFs, db x-trackers II Eonia TR Index ETF has the highest daily turnover of EUR15.95m. Among the equity ETFs, iShares Dax (DE) has the highest daily turnover of EUR72.26m.

There were ten listings during the week. Lyxor listed two new ETFs on NYSE Euronext Paris, ETF Securities Ltd listed one new exchange-traded commodity on the London Stock Exchange and UBS cross-listed seven ETFs on Deutsche Borse.

European style ETFs, led by short and leveraged products, kept its position as the leading product area with total turnover of EUR454m accounting for 32.05 per cent of total ETF turnover, followed by European regional ETFs with total turnover of EUR371m with 26.23 per cent of total turnover.

The Dax ETFs remain the dominant country products with total average daily volume of EUR192m across the nine listed products and accounting for 13.5 per cent of all equity ETF volume.

DJ Euro Stoxx 50 ETFs accounted for 13.1 per cent of turnover trading EUR185m per day with liquidity split across 26 ETFs and 46 different listings on nine exchanges.

The Deutsche Borse XTF platform has the largest market share with 37.5 per cent of total turnover. The Euronext NextTrack platform has 21.5 per cent market share. The LSE’s combined Italian Exchange and London market share is now 25.4 per cent.

Total European equity related assets under management remained at about the same level at EUR104.3bn during the week. AUM for DJ Euro Stoxx 50 ETFs was EUR20.1bn accounting for 19.3 per cent of total European AUM. Fixed income ETF AUM rose by 2.3 per cent to EUR34.6bn.

Overall, the largest ETF by AUM was the equity based Lyxor ETF DJ Euro Stoxx 50 with AUM of EUR5.1bn. The largest fixed income ETF by AUM was the iShares EUR Corporate Bond with AUM of EUR3.2bn.

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