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PwC’s annual European ETF report finds ETFs outpace UCITS

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Between 2012 and June 2022, EU-domiciled ETFs have grown at a compound annual growth rate (CAGR) of 18.7 per cent, more than twice the rate of EU-domiciled UCITS (9 per cent) during the same period according to PwC Luxembourg, which has released its annual European ETF Listing and Distribution poster showcasing the growth of the ETF market.

The PwC ETF poster covers the ETF industry globally and breaks down a number of new and emerging themes within the ETF space including the growth rate, the impact of ESG and the markets and distributors across the globe.

Key Findings

·       Growth Rate – 1,806 EU-domiciled ETFs have been observed by the end of June 2022, representing a compound annual growth rate (CAGR) of 18.7 per cent from the end of 2012, more than twice the growth rate of EU-domiciled UCITS (9 per cent) during the same period.

·       Assets under management (AUM) – AuM of EU-domiciled ETFs decreased to EUR 1,193.8 billion by 10 per cent, due to outflows and negative performance occurred in a negative and volatile market environment caused by high inflation rates, increasing interest rates and geopolitical tensions. 

·       Listing & Registrations – As of June 2022, around 62 per cent of European ETFs were listed on two or more stock exchanges. 22,118 cross-border registrations of European ETFs were recorded at the same time, representing a significant increase of 12.6 per cent compared to June 2021.

·       Sustainable Finance – Within the 1,806 EU-Domiciled ETFs, nearly 26 per cent are ESG ETFs, classified as Article 8 or Article 9 products. Additionally, 214 out of 421 EU-domiciled ETFs newly listed on top European stock exchanges are ESG ETFs (over the past 12 months).

·       Top markets – The top markets by registrations are Denmark, Saudi Arabia, Korea and Peru in Europe, Middle East, Asia Pacific and Americas respectively, with new registrations of 256, 70, seven and 11 in the past 12 months accordingly.

·       Top 10 cross-border ETF asset managers – BlackRock remains the first cross-border management company in terms of number of distribution countries, with 35 distribution countries as of June 2022. Amundi finalised the acquisition of Lyxor in June 2022, becoming the second largest management company with 23 distribution countries. Fidelity Investments also ranked 2nd with 23, followed by Invesco and Vanguard with 22 distribution countries as of June 2022.

Robert Glover, Partner, Global Fund Distribution at PwC Luxembourg, says: “This year’s annual ETF poster reveals the continuing push of the largest ETF providers into some of the major markets, where they have previously not distributed. With these managers typically offering a very broad range of products, we have seen a sizeable number of new registrations in these markets.”

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