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European ETF assets down over August

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ETF promoters in Europe enjoyed estimated net inflows (+EUR10.2 billion) for August 2023, according to LSEG Lipper data.

Assets under management in the European ETF industry decreased over the course of August to EUR1,444.5 billion, while Equity ETFs (+EUR6.4 billion) posted the highest estimated net inflows in the European ETF industry for August.

The best-selling Lipper global classification for August was Equity US (+EUR3.9 billion), followed by Equity Global (+EUR2.4 billion) and Bond USD Government (+EUR1.5 billion).

Xtrackers was the best-selling ETF promoter in Europe for August (+EUR2.7 billion), ahead of iShares (+EUR2.0 billion) and Amundi ETF (+EUR1.7 billion).

The 10 best-selling funds gathered estimated net inflows of EUR4.9 billion for August.

The best-selling ETF for August, iShares Core S&P 500 UCITS ETF USD (Acc), which enjoyed estimated net inflows of EUR0.9 billion.

Detlef Glow, Head of EMEA Research at LSEG Lipper, says: “The European ETF industry enjoyed inflows over the course of August 2023. These inflows occurred in a further unstable market environment over the course of the month in which some asset classes nevertheless showed positive results while others performed negatively. The market sentiment was still driven by hopes that central banks—especially the U.S. Federal Reserve—may have reached the last phase of their fight against high and further increasing inflation rates and may, therefore, start to keep interest rates at least stable quite soon.

“Some investors already expect that there might be room for decreasing interest rates later this year which might be reflected by the estimated inflows in bond ETFs. Nevertheless, there are still some concerns about geopolitical tensions and the still ongoing normalisation of the disrupted delivery chains as well as a still possible recession in the U.S. and other major economies around the globe. These fears are raised by inverted yield curves which are seen as an early indicator for a possible recession.”

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