Amundi finds that in May 2023, inflows into global ETFs were positive at EUR42.1 billion but continued to be lower than average. North American inflows were almost flat on last month at EUR33.3 billion while European allocations were lower than last month at EUR7.2 billion. Asian investors added EUR1 billion this month.
For the European UCITS ETF market, in May European investors were more risk adverse with European UCITS equity ETFs inflows of EUR2.3 billion, just under half the amount allocated to fixed income ETFs. Amundi reports that appetite for ESG equity strategies continues with inflows of EUR2.7 billion.
Meanwhile, European UCITS fixed income ETFs gained EUR5.1 billion with government bonds proving to be the most popular with EUR2.5 billion inflows versus EUR1 billion for IG corporate bonds. Investors favoured all maturities for their EUR-denominated sovereign bonds but favoured long maturities for their US allocation.