Refinitiv : European ETF Market, September 2021


Refinitiv: September 2021 marked the eighteenth consecutive month with inflows into ETFs after the outflows caused by the outbreak of the COVID-19 pandemic in March 2020.

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

These inflows occurred in a negative and volatile market environment in which investor sentiment was still impacted by the dynamics of the COVID-19 pandemic on the economies around the globe and the resulting actions taken by central banks and governments in Europe and other parts of the world.

The negative performance of the underlying markets led to decreasing assets under management (from €1,1230.3 bn as of August 31, 2021, to €1,219.4 bn at the end of September) despite estimated net inflows. The decrease of €10.9 bn for September was driven by the performance of the underlying markets (-€23.9 bn), while the estimated net sales contributed €13.0 bn to the assets under management. With regard to assets under management, it was not surprising equity funds (€874.9 bn) held the majority of assets, followed by bond funds (€303.2 bn), commodities products (€29.3 bn), alternative UCITS products (€6.7 bn), mixed-assets funds (€2.8 bn), money market funds (€2.6 bn), and “other” funds (€0.01 bn).

Graph 1: Market Share, Assets Under Management in the European ETF Segment by Asset Type, September 30, 2021

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Source: Refinitiv Lipper

Fund Flows by Asset Type

The European ETF industry enjoyed healthy estimated net inflows for September (+€13.0 bn) which were below the rolling 12-month average (€14.3 bn).

Graph 2: Estimated Net Sales by Asset Type, September 2021 (Euro Millions)

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Source: Refinitiv Lipper

The inflows in the European ETF industry for September were driven by equity ETFs (+€7.5 bn), followed by bond ETFs (+€5.4 bn), mixed assets ETFs (+€0.1 bn), alternative UCITS ETFs (+€0.03 bn) and “other” ETFs (+€0.01 bn). Meanwhile, money market ETFs (-€0.001 bn) and commodities ETFs (-€0.04 bn) showed outflows for the month.

This flow pattern drove the estimated overall net inflows to €13.0 bn for the month and €126.9 bn for 2021 so far. The flows for the first nine months of 2021 have already topped the level of flows

Source: ETFWorld

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