Blackrock Global ETP Landscape: April 2015

European ETF market flows were moderate in April 2015 after a very strong Q1 2015. NET NEW ASSETS (NNA) over the month amounted to EUR 4.5 billion , -16% below the one-year average……..

Marchioni Ursula – Head of ETP Research EMEA at iShares

Total Assets under Management are up 27% vs. the end of 2014, reaching EUR 460 billion and including a strong market impact (+18.5%*). Sustained ETF flows from fixed income continued whereas flows from equity ETFs declined sharply.

Equity ETFs declined heavily to EUR 959 million. Inflows from developed countries recorded the most dramatic decline. Uncertainties on the Greek front and regarding the economic outlook weighed on European ETFs with flows experiencing a strong trend reversal – negative of EUR149 M – following three consecutive months of positive inflows exceeding EUR 5 billion. On the other hand, Japanese equity ETFs were still strong at EUR 438 million – 21% above their one-year average – as mistrust over Abenomics is starting to fade. Uncertainties on the timing of the Fed interest rate increase and negative economic news have weighed on US equity flows, which reached EUR -46 million. Flows in emerging market ETFs were close to zero, indicating that investors have remained on the sidelines.

Fixed income ETF inflows were sustained at EUR 3.5 billion. European fixed income ETFs continued to benefit from ECB monetary easing policy. The very low/ negative yield environment in Europe has benefited US treasuries ETFs, which gathered EUR 578 million – a one-year record high – and high yield bond ETFs with NNA of EUR 415 million. Corporate bond ETFs continued to benefit from the crowding out effect created by the ECB.

Commodities ETFs saw limited outflows of EUR18M with negative flows on Gold ETFs.


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