Deutsche AM: European Monthly ETF Market Review: April 2016

Global ETP Market In/Outflows: During April the global ETP sector surpassed the US dollar 3 trillion mark with assets as at the end of April of US dollar 3.028 trillion which is up by 1.7 per cent in comparison with April….

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 Total net inflows amounted to almost US dollar 8 billion. The March figure had been US dollar 41 billion.

·         As in the month before, Bond ETFs were the main driver with inflows of US dollar 7.9 billion. Bond ETFs in the USA and Europe were the key contributors, contrasted with investors withdrawing funds from Asian Bond ETFs. As such, the net inflows level was much lower overall than in March. To date this year, Bond ETFs have secured new capital in excess of Euro 50 billion

·         Conversely, Equity ETFs overall saw slight outflows. Investors withdrew US dollar 5.6 billion from Asian Equity ETFs in particular. Equity ETFs in the USA however, secured inflows of US dollar 6.7 billion. In March almost US dollar 23 billion was invested in Equity ETFs globally.

·         ETCs on Currencies and Commodities also recorded slight outflows, contrasted with significant inflows during March.

·         In total, inflows recorded by American ETPs totaled US dollar 10.2 billion, only one third of the March level. European ETPs secured US dollar 4 billion (March US dollar 5.6 billion) while investors turned their backs on Asian ETPs prompting total outflows of US dollar 6.3 billion.

European ETF Market In/Outflows


·         In the European market the negative trend impacting Equity ETFs continued during April. Following outflows of Euro 2.1 billion in March, investors withdrew a further Euro 1.1 billion in April. ETFs on Industrialized Countries were most heavily affected with investors withdrawing Euro 3.2 billion. By contrast, the positive trend in Emerging Markets ETFs continues unabated. Net inflows increased to Euro 1.7 billion after a March figure of Euro 1.4 billion.

·         In terms of Equity ETFs, ETFs on broad European Indices in particular suffered outflows of Euro 2.2 billion. By individual country, ETFs on German equity indices stand out with net outflows of minus Euro 730 million. ETFs on Asian titles also suffered net outflows at a similar level. Investors withdrew substantial funds from Japanese titles in particular. By contrast, Equity ETFs on US titles generated significant positive cash flow. Following Euro 46 million in March, this category secured inflows of Euro 1.4 billion.

·         Inflows registered by ETFs on Emerging Markets Equities focused on broad, international indices. In April, this segment added Euro 1.2 billion, after Euro 970 million in March.

·         As in previous months, April saw quantitative Strategic Beta ETFs continue to attract significant inflows at Euro 603 million.


·         Bond ETFs in the European market also joined in the positive international trend and secured Euro 3.9 billion in fresh capital. However, the flow slowed in comparison to March, when the level had been Euro 6.1 billion. The most evident plus came from ETFs on Corporate Bonds (Euro + 3.1 billion) followed by ETFs on Sovereign Bonds (Euro + 766 million)


·         European Commodities ETPs continued their positive trend from the previous month. They secured inflows of Euro 791 million after a March figure of Euro 1.1 billion.

·         The most marked inflows fell to Gold ETPs with a plus of Euro 458 million. As such the positive trend is continuing. Conversely, ETFs on Crude Oil suffered outflows with minus Euro 150 million.



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