BlackRock Global ETP Landscape Report for June 2016

ETP highlights:- Global ETP flows registered $24.5bn in June, more than double the level of flows seen in April ($11.1bn) and May 2016 ($10.7bn)….

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Marchioni Ursula – Head of ETP Research EMEA at iShares

– Global fixed income inflows nearly three times as high as equities in H1 2016: In June, there were signs of risk sentiment returning with global flows into equities substantially overtaking fixed income.  Fixed income ETPs however were the product of choice for the first half of 2016, with cumulative global flows for fixed income nearly three times as high as equities ($66.7bn and $23.5bn respectively).

–  Divergence in appetite for equity products among European and US investors: In the last week of June, there was a divergence in flows for US-domiciled and European-domiciled ETPs. There was $8.3bn of equity outflows from US domiciled ETPs. In contrast investors seeking to capitalise on the surprise marketing rally resulted in European listed equity ETPs amassing $2.4bn in flows.

–  Low / minimum volatility equity ETP flows surpass 2015 flows in first six months of 2016: the category registered $2.8bn in flows for June, contributing to the $17.2bn year-to-date flows. In 2015, low / minimum volatility strategies amassed $ for the full year

– Gold dominates commodity inflows: in H1 2016 gold inflows led the charge, with $22bn invested into the precious metal. Investors placed over $2.5bn of assets into gold exposures in the week following Brexit (contributing to the $5.4bn for the month), as investors de-risked amidst heightened uncertainty around future of the EU.

Ursula Marchioni, Chief Strategist, iShares EMEA at BlackRock commented: “June flows have been mixed, demonstrating an absence of consensus amongst investors. Flows looked to be very tactical with risk sentiment shifting on to off to back on from day to day, especially when it comes to broad European exposures.

“The performer of the year still continues to be gold, with gold based ETPs accumulating $5.4bn in June, and $22bn for the year so far. Investors are seeing this as increasingly opportune given its negative correlation to global equities, and an attractive source of diversification.

“A rally in risk assets prompted by investors shifting out of cash in search of higher returns supported flows into developed market equities, with broad global exposures gathering $10.4bn for the month. Investors seem to be positioning for imminent and coordinated central bank stimulus, a stance which has been implied by the central bank speeches since the Brexit vote and will be supportive of equities in the near-term.”



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