Lyxor ETF Barometer – Monthly European ETF Market Trends for May

European ETF Market flows were relatively limited in May 2016. Net New Assets (NNA) during the month amounted to EUR1.7bn. Year to date NNA total EUR10.6bn, representing just a..

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Marlène Hassine – Head of ETF Research – Lyxor ETF

Lyxor Etf Barometer

third of what was collected in the five first months of 2015. Total Assets under Management are up 1% vs. the end of 2015, reaching EUR456bn, and including a limited market impact (0.3%*).

Despite the subdued flows, US equity ETFs, Smart Beta ETFs and European corporate bond ETFs saw significant inflows reflecting the cautiousness of investors in a still highly uncertain environment.

Equity ETFs continued to see outflows at EUR1.4bn for the fifth consecutive month. Year to date Equity ETF outflows amount to EUR5.4bn. European equity ETFs were the most impacted by these outflows as uncertainty on Brexit and Spanish elections remains high. European equity ETF outflows reached –EUR1.5bn and total –EUR7.8bn year to date. Negative economic newsflow continues to weigh on Asia equity ETFs that saw EUR772M of outflows. On the other hand, US equity ETFs continued their rebound at EUR606M. Emerging markets flows continued to see inflows although at a slower pace, helped by decreasing worries on China growth and higher commodity prices. Inflows reached EUR416M and were focused on broad indices, while single country ETFs continued to see outflows. On the Smart Beta front, Minimum Volatility strategies continued to see sustained inflows of EUR399M, in an environment where investors are seeking to reduce risk. Notably, factor strategies attracted investors’ interest with EUR251M of inflows, a record high since the beginning of 2016.

Fixed income ETF inflows remained sustained at EUR2.5bn. These fixed income flows mainly concerned Investment Grade Corporate Bond ETFs at EUR1.6bn. The European IG segment continued to benefit from the support of the announced ECB asset purchases starting in June. Developed market Govies outflows halted as Brexit fears diminished slightly in May. US govies, for their part, saw inflows of EUR165M. Emerging Market Govies ETF inflows continued at EUR343M, still benefiting from attractive yield pick up. Worth keeping in mind, Inflation linked ETF flows continue to see some inflows at EUR283M, mainly on US ETFs as inflation expectations are increasing overseas.

Commodities flows continued their positive trend, reaching a one year record high at EUR569M on both broad indices and precious metal ETFs, as the commodities price trend continuously improves.


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