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Moderate rise in ETF assets as equity markets recover, says Deutsche Bank


In the week that ended 16 September, European domiciled ETPs registered net cash outflows of EUR51 million, according to figures released by Deutsche Bank. Most of the European equity benchmarks ended higher than the previous week’s close: DAX, Euro Stoxx 50, FTSE 100 & CAC gained 7.4%, 4.1%, 3% and 1.9% respectively.

Fixed Income ETFs attracted cash inflows of EUR291 million over the last week. Most of these inflows were shared by ETFs offering credit exposure and money market ETFs; EUR176 million and EUR143 million respectively.YTD cash flows for fixed income ETFs are now at EUR1.4 billion.

Equity ETFs registered outflows of EUR206 million in the past week taking their YTD flows tally to EUR15.6 billion. Across the board cash outflows reflects the cautious approach of investors towards equity offerings. Within equities, ETFs tracking broad developed market (DM) benchmarks like the MSCI World registered the highest cash inflows in the past week (EUR157 million). Developed non-European ETFs (mostly US) attracted inflows totalling EUR117 million.

Cash flow activity within commodity ETPs was low in the past week, with flat flows across most of the commodity segments. Commodity ETPs registered outflows totalling to EUR129 million in the past week. Gold products and broad commodity ETFs witnessed outflows of EUR78 and EUR56 million respectively over
the past week. YTD cash flows for gold ETPs are now at EUR2.5 billion. Assets Under Management (AUM): Moderate rise in assets

Total European ETP assets increased by 0.5% and ended the previous week at EUR231 billion. Equities gained EUR2.7 billion to end the week with EUR136 billion in assets. Overall commodity assets ended the week with EUR48 billion with a weekly loss of EUR1.7 billion. Gold ETPs lost close to EUR1.2 billion in assets mostly due to decrease in the [US$/oz] price of gold [2.3%]. Fixed income ETF assets remained flat to end the week at EUR44.5 billion.

Weekly on-exchange ETP total turnover increased by a modest 1.4% to end the week at EUR15.5 billion. Equity turnover gained close to 6% from its previous levels and ended the week at EUR11.5 billion. Commodity turnover decreased by over EUR500 million from its previous levels and ended at EUR2.6 billion in weekly totals. Fixed Income turnover gained EUR90 million to reach EUR1.4 billion.

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