Refinitiv : European ETF Market, August 2020


Refinitiv: August was another positive month for the European ETF industry since promoters enjoyed inflows as economies and securities markets stabilized further after the coronavirus lockdown-induced economic downturn.

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

The combination of above average inflows and the positive performance of underlying markets led to an increase in assets under management from €843.5 bn as of July 31, 2020, to €877.1 bn at the end of August.

The increase of €33.6 bn for August was driven by the performance of the underlying markets (+€24.7 bn), while net sales contributed €8.9 bn to the increase in assets. It was not surprising equity funds (€581.0 bn) held the majority of assets, followed by bond funds (€257.9 bn), commodities products (€27.0 bn), alternative UCITS products (€5.9 bn), money market funds (€3.6 bn), mixed-assets funds (€1.7 bn), and “other” funds (€0.2 bn).

Graph 1: Market Share, Assets Under Management in the European ETF Segment by Asset Type, August 30, 2020

European ETF Market Review, August 2020

Source: Refinitiv Lipper

Fund Flows by Asset Type

The European ETF industry enjoyed estimated net inflows for August (+€8.9 bn) which were above the rolling 12-month average. The high levels of inflows increased the rolling 12-month average to €8.6 bn from €7.2 bn in July 2020. The inflows in ETFs were driven by bond funds (+€4.3 bn), followed by equity ETFs (+€4.0 bn), commodities ETFs (+€0.5 bn), mixed-assets ETFs (+€0.1 bn), alternative UCITS ETFs (+€0.1 bn), and “other” ETFs (+€0.001 bn). Meanwhile, money market ETFs (-€0.1 bn) were the only asset type with outflows for the month.

This flow pattern drove the estimated overall net inflows to €8.9 bn for the month and €39.6 bn year to date.

Graph 2: Estimated Net Sales by Asset Type, August 2020 (Euro Millions)

European ETF Market Review, August 2020

Source: Refinitiv Lipper

Source: ETFWorld


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