Amundi has published its latest ETF flows report, including monthly data for February 2020, which finds that total net flows globally were EUR19 billion, with EUR1 billion flowing out of equities but fixed income up, with EUR17 billion, and aggregate bonds up EUR10.4 billion.
Amundi writes that the ETF market remained resilient in February. “The exposure that most suffered with redemptions was Emerging Markets, which saw EUR-8.2 billion outflows.”
Within Europe, Amundi writes that, contrary to the global trend, equity ETFs flows remained positive, citing a figure of EUR861 million in inflows. Smart beta ETFs saw outflows, the firm writes, but ESG ETFs saw what it describes as ‘great inflows’ in the European market.
In terms of bonds, Amundi writes that inflows into Fixed Income ETFs remained stable at +EUR2billion in February, of which +EUR3 billion NNA were allocated to Government Debt, followed by +EUR500m NNA into Global Aggregate exposures.
“On the other hand, Corporate debt ETFs suffered redemptions (-EUR1.4 bn). In the Corporate Debt segment, the exposures that most suffered outflows were High Yield USA (-EUR577m) and Corporate Eurozone (-EUR477m).
“On the Government Debt side, Eurozone exposures collected +989mEUR of NNA, followed by US Mid Govies (+EUR520m), in the detriment of EM debt ETFs, which suffered outflows of -EUR240m.”
Finally, ESG seems to have won out again, with positive inflows in ESG fixed income ETFs among European investors, with close to +414 million EUR net new assets in February.