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Deutsche Bank Markets Research: European Monthly ETF Market Review February 2016

European ETP Highlights: Global ETPs assets stood at $2.7 trillion at the end of February’16, 4.6% down from last year end levels ($2.9 trillion). European ETP assets reached $487bn (€448bn) at the end of Feb’16.


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European ETPs had another good month in 2016 with net inflows of +€2.1bn (+€2.2bn in the prev. month). Interestingly, Commodity ETPs dominated with inflows of +€2.5bn followed by +€1.6bn inflows in Fixed Income ETFs. Equity ETFs witness redemptions of -€1.9bn during February. Global ETPs flows totaled +$9bn for February led by Asia-Pacific listed ETPs recording +$5.6bn in monthly inflows while US listed ETPs returned to positive territory with inflows of +$1bn.

Record flow of €2.2bn into European Gold ETPs

European Commodity ETPs market saw inflows for the second consecutive month with particularly strong inflows of +€2.5bn in February (+€0.7bn in Jan’16). This was almost entirely dominated by Gold ETPs. Flight to safety resulted in Gold ETPs receiving record inflows of +€2.2bn in Feb’16 (YTD +€2.7bn). A similar trend was also observed in US, where US Gold ETPs witnessed inflows of +$5.1bn.

More inflows into the Smart Beta segment

Europe listed smart beta ETFs registered inflows of +€0.8bn during February and assets reached at €9.6bn which is 8% higher than last year-end total assets (€8.9bn) while total European ETPs assets decreased by -4% YTD (€448bn in Feb’16 and €467bn in Dec’15). Within smart beta, we have seen investor’s preference for minimum volatility products over other products during volatile markets.

Net inflow into UK equity ETPs despite Brexit fears

ETFs tracking broad and blue chip European equities experienced outflows of -€1.3bn. Investors favored UK focused ETFs (+€0.4bn flows in Feb’16) despite fears of UK exit from the European Union intensified in Feb’16. US and Germany focused ETFs witnessed selling pressure in February and recorded outflows of -€0.8bn and -€0.6bn respectively.

Fixed Income ETFs registered inflows dominated by Investment Grade Bonds

European Fixed Income ETFs registered inflows of +€1.6bn during Feb’16 (+€1.5bn YTD flows). A clear preference was shown for Investment Grade Bonds which recorded inflows of +€1.6bn (+€1.5bn YTD) while High Yields Bonds was almost flat on a net basis (-€28mn in Feb and -€305mn in Jan).

 

Source: ETFWorld.es

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