Etikett: STOXX 600

Global ETP sector again records net inflows in November

Global ETP sector again records net inflows in NovemberGlobal ETP sector again records net inflows in November; Another strong month for American ETP market; Substantial inflows for Equity ETFs in particular; Asia ETFs recorded significant outflows; Positive trend for Bond ETFs at an end for now.

Europe Monthly ETF Market Review; Deutsche Bank Markets Research

Data as at: 30.11.2015 Global ETP sector again records net inflows in November

Global ETP Market In and Outflows:

• The global ETP industry continued to grow during November. After net inflows totaling US dollar 34 billion in October, the November figure was a further US dollar 25.7 billion. As such, the industry now manages US Dollar 2.9 trillion. (p. 1, 23)
• As in the previous month, the American ETP sector was the driver of this growth. It contributed US dollar 26 billion to global growth. Since the start of the year US ETPs have secured virtually US dollar 200 billion. In keeping with the previous month, inflows from Equity ETFs dominated with US dollar 25 billion.
• The trend for Bond ETFs turned negative in November. In contrast to worldwide inflows of US dollar 14.5 billion for this segment in October, during the month just past investors withdrew US dollar 47 million. (p. 23)
• Inflows also declined for Commodities ETCs. After a plus of US dollar 789 million in October, the past month saw a minus of US dollar 153 million. (p. 23)
• In parallel with the American ETP sector, the European ETF sector continued to grow during November. Following net inflows of US dollar 6.9 billion for October, the sector secured US dollar 3.4 billion in November. Equity ETF inflows also dominated in this case. (p. 23)
• Conversely, Asian ETPs saw a continuation of the negative trend of the previous month. Investors withdrew US dollar 3.7 billion. Equity ETFs were particularly affected with outflows running to US dollar 3 billion. In fact, Bond ETFs also recorded a decline. (p. 23).

European ETF Market In and Outflows
Equities

• The positive trend for European ETFs continued during November. In total, the sector recorded net inflows of Euro 3.1 billion, compared with October’s Euro 5.9 billion. This was primarily due to Bond ETFs with net inflows of Euro 515 million which was significantly lower than the previous month (+ Euro 3.5 billion). At the same time, net inflows for Equity ETFs at Euro 2.5 billion were slightly higher than in October (+ Euro 2.4 billion). (p. 23)
• ETFs on US Equities were particularly in demand with European investors. With net inflows of Euro 637 million, US Equities accounted for one quarter of positive Equity ETF cash flows, followed by Global Indices (+ Euro 436 million) and Japanese Equities (+ Euro 387 million). This marked a trend change for US Equities after investors withdrew capital totaling Euro 227 million from this segment in October. Net inflows recorded by ETFs on European Equities fell to Euro 54 million after Euro 1.1 billion the previous month. (p. 25)
• Since the start of the year, cumulative net inflows recorded by ETFs on broadly-based European Equity Indices total Euro 20.3 billion, although during November the trend showed a slight change with investors withdrawing Euro 279 million from this segment. (p. 25)
• The positive shift in ETFs on Emerging Markets continued in November. This segment recorded a further Euro 6 million following Euro 824 million in October. Since the start of the year however, Emerging Markets ETFs have registered total outflows of Euro 1.9 billion. (p. 26)
• Having said that, during November inflows for ETFs on large Emerging Markets declined, in particular India ETFs where investors withdrew Euro 225 million. Positive inflows were recorded by ETFs on international Emerging Markets Indices. (p. 26)
• Strategy ETFs achieved a turnaround in November again registering inflows of Euro 178 million, after October’s outflows of Euro 481 million. (p. 24)

Bonds

• The positive trend for Bond ETFs also progressed in November, although net inflows of Euro 0.5 billion were significantly lower than the October figure (+ Euro 3.5 billion). (p. 26)
• In this arena, ETFs on Corporate Bonds accounted for the highest inflows with Euro 1.7 billion. This exceeded the October inflows figure. From an annual viewpoint, Corporate Bonds have registered net inflows amounting to Euro 13.1 billion. (p. 26)
• The positive trend over recent months for Sovereign Bonds has come to an end for the time being. Investors withdrew Euro 1.3 billion from this segment. (p. 26)

Commodities

• European Commodities ETPs registered Euro 166 million in November after Euro 340 million during October. (p. 27)
•While ETFs on Industrial Metals did once again generate slightly positive cash flows, ETFs on Precious Metals shed Euro 167 million contrasted with October when this segment had made a positive contribution to inflows. (p. 27)

Most Popular Indices

• In November, investors showed interest in Real Estate and Dividend ETFs. As such, ETFs on Real Estate Equity Indices in particular came high up the lists. (p. 28)
• The most popular Equity Indices in November were the S&P 500, the Euro STOXX 50 as well as the Stoxx 600. (p. 28)
• In the Bond arena, ETFs on Corporate Bond Indices in particular proved to be some of the most popular indices. (p. 28)

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Global ETP sector records during September

Global ETP sector records during September

Global ETP sector records high net inflows despite volatile markets during September; ETFs on European equity indices continue to be in high demand; Bond ETFs registered slight inflows; conversely investors’ reaction to Japan, Emerging Markets and Commodities ETPs was net outflows in September.

European Monthly ETF Market Review; Deutsche Bank Markets Research

Data as at: 30.09.2015
Global ETP Market In and Outflows:

  • Despite volatile market conditions over the past month, the global ETP industry recorded high inflows. After net inflows of virtually US dollar 21.2 billion in August, the September figure was US dollar 34.4 billion. The industry now manages US Dollar 2.7 trillion (p. 1, 24).
  • The American ETP market had another strong month. Following US dollar 1.5 billion in August, net inflows during September increased to almost US dollar 20 billion. More than one half of this figure, US dollar 10.9 billion, was secured by Equity ETFs. Considerable inflows for ETFs on European equity indices continued amounting to US dollar 1.3 billion. As such these inflows total more than US dollar 30.1 billion since the start of the year. In September Bond ETFs listed on the American market registered inflows of US dollar 9.6 billion. By contrast, Commodity ETP investors withdrew US dollar 0.4 billion. Since the beginning of the year, US ETP inflows total US dollar 144 billion (p. 3, 24).
  • Similarly, the Asian ETP market had a strong month with net inflows of US dollar 12.3 billion. In this region, Equity ETFs attracted net inflows of US dollar 7.5 billion and almost US dollar five billion for Bond ETFs (p. 24).

    European ETF Market In and Outflows

    Equities:

  • Following net inflows totaling euro 9.7 billion in August, net inflows registered by the European ETF market in September fell to euro 1.9 billion. In total, the European ETF industry currently manages euro 413 billion (p. 14, 24).
  • The bulk of ETF net inflows at euro 1.5 billion was directed to the equity market. However, the previous month inflows had amounted to euro 7.4 billion. Once again, Equity ETFs on industrialized markets were particularly popular with these securing euro 1.3 billion net. The clear favorite continued to be the European equity market and as such ETFs on broad European equity indices attracted euro 1.6 billion during September. Since the start of the year, inflows in this segment total euro 20 billion (p. 1, 24, 26).
  • By contrast, investors in Emerging Markets ETFs withdrew more than euro 0.2 billion net. Similarly ETFs on the Japanese equity market were on the losing side with investors withdrawing in September to the tune of euro 0.7 billion (p. 1, 3, 24).
  • At a sector level, there were clear divergences in September. While investors withdrew money from the consumer-related arena and healthcare, ETFs on the financial and energy sectors were in demand. Both of these registered net inflows of some euro 0.2 billion (p. 3, 25).

ETFs that pursue quantitative strategies also recorded net inflows amounting to almost euro 0.4 billion. Value ETFs registered inflows amounting to euro 0.14 billion (p. 25).

Bonds

  • Bond ETFs continued their positive trend from previous months. Following net inflows amounting to euro 2.4 billion in August, these products registered euro 0.7 billion in September (p. 1, 24).
  • Within the Bond segment, the highest inflows were registered by ETFs focused on Investment Grade bonds attracting euro 1.1 billion in September. By contrast, for the second month in succession, high-yield papers experienced outflows of euro 0.4 billion. Since the beginning of 2015, ETF investors have demonstrated a clear preference for Investment Grade over High-Yield. Investment Grade papers recorded euro 17.5 billion 2015 year to date, yet High-Yield papers attracted only euro 3.3 billion (p. 1, 3).

Commodities

  • After inflows approaching euro 0.4 billion in August, Commodities ETPs registered outflows totaling euro 0.25 billion in September (page 1, 24).
  • The highest outflows were observed in Gold products with investors withdrawing euro 0.2 billion net (page 1, 28).
    Most Popular Indices
  • The most popular equity indices with investors in September included broadly diversified indices on the European market, such as the EuroStoxx 50 and the STOXX 600. In addition, ETFs on the Dax, the US energy sector, the S&P 500 as well as the MSCI World were all in demand (p. 29).
  • For Bonds, investors focused particularly on ETFs on sovereign bonds, most especially those with shorter remaining maturities. In addition, the db x-trackers II EONIA TR Index UCITS ETF was one of the most popular ETFs during the past month (p. 29).