Refinitiv : European ETF Market, October 2021

Refinitiv: October 2021 marked the nineteenth consecutive month with inflows for the European ETF industry after the outflows caused by the outbreak of the COVID-19 pandemic in March 2020.

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By Detlef Glow, Lipper’s head of EMEA research at Refinitiv

These inflows occurred in a volatile but positive market environment in which investor sentiment was still impacted by the dynamics of the COVID-19 pandemic on the economies around the globe and the resulting actions taken by central banks and governments in Europe and other parts of the world.

The positive performance of the underlying markets led to increasing assets under management (from €1,219.3 bn as of September 30, 2021, to €1,276.3 bn at the end of October). The increase of €56.9 bn for October was driven by the performance of the underlying markets (+€46.4 bn), while the estimated net sales contributed €10.6 bn to the assets under management. With regard to assets under management, it was not surprising equity funds (€929.4 bn) held the majority of assets, followed by bond funds (€304.4 bn), commodities products (€30.3 bn), alternative UCITS products (€6.8 bn), mixed-assets funds (€2.9 bn), money market funds (€2.5 bn), and “other” funds (€0.01 bn).

Graph 1: Market Share, Assets Under Management in the European ETF Segment by Asset Type, October 31, 2021

16-11-21 1 Refinitiv ETF


Source: Refinitiv Lipper

Fund Flows by Asset Type

The European ETF industry enjoyed healthy estimated net inflows for October (+€10.6 bn) which were below the rolling 12-month average (€14.8 bn).

Graph 2: Estimated Net Sales by Asset Type, October 2021 (Euro Millions)

16-11-21 2 Refinitiv ETF

Source: Refinitiv Lipper

The inflows in the European ETF industry for October were driven by equity ETFs (+€9.6 bn), followed by bond ETFs (+€1.0 bn), mixed assets ETFs (+€0.1 bn), and commodities ETFs (+€0.1 bn). Meanwhile, “other” ETFs (+€0.00001 bn), alternative UCITS ETFs (-€0.001 bn), and money market ETFs (-€0.1 bn) showed outflows for the month.

This flow pattern drove the estimated overall net inflows to €10.6 bn for the month and €137.6 bn for 2021 so far. The flows for the first 10 months of 2021 have already topped the level of flows for the former record year 2019 and are set to reach a new all-time high at the end of the year.

Source: ETFWorld

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