European ETP Monthly Highlights (Assets & Flows): Assets: European ETPs AUM increased by €11bn on MoM basis and ended the month at €523bn…
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Deutsche Bank : European Monthly ETF Market Review for November 2016
Flows: European domiciled ETPs registered strong inﬂows of +€4.3bn. Equity ETFs were dominant where there were inﬂows of +€7.8bn while Fixed Income ETFs and Commodity ETPs witnessed outﬂows of -€3.1bn and -€0.4bn respectively.
New Product Launches – 14 new products European ETP market witnessed 14 new product launches in November including 11 ETFs and 3 ETCs.
Investment Themes for the Month ■ US (+€2.6bn) and broad European (+€1.6bn) equities gained material inﬂows. Further, Japan, Switzerland and Germany ETFs also had healthy inﬂows in November.
Value factor ETFs assets soared in November, increasing 70% MoM (+ €0.7bn inﬂows). Healthcare (+€0.8bn) and US Small Caps (+€0.5bn) also had notable gains. Real Estate ETFs saw redemptions of -€321mn.
Global EM equities and EM Sovereign bonds suﬀered outﬂows of -€0.8bn and -€1.8bn respectively. Interestingly equities in EM Europe countries saw net inﬂows, in particular Russia.
Gold ETPs recorded outﬂows of -€0.7bn (+€9bn YTD ﬂows).
Turnover: MoM turnover activity up by 51% The total turnover activity into European ETPs was up by 51% (€89bn) from the previous month’s total (€59bn).
Price premium/discount to NAV monitor Within Equity, deepest discount in Size (-0.26%) and highest premium (0.29%) occurred within Sector ETFs while in Fixed Income, deepest discount (-0.47%) and highest premium (0.22%) were in Broad ETFs.
US Market: Outﬂows continues from European focused ETFs European exposed ETFs listed in US had another weak month with outﬂows of $0.7bn (-$1.3bn in Oct’16) during November. European exposure ETFs remained weak so far this year with net outﬂows of -$23.1bn in US listed ETFs.
European ETP Highlights
Assets: European ETPs AUM increased by €11bn on MoM basis and ended the month at €523bn. By asset class, Equity ETFs had assets worth of €342bn while Fixed Income ETFs and Commodity ETPs had assets worth of €137bn and €26bn respectively. For more details please refer to Assets section.
Flows: European domiciled ETPs registered inﬂows of +€4.3bn. Equity ETFs were dominant where there were inﬂows of +€7.8bn while Fixed Income ETFs and Commodity ETPs witnessed outﬂows of -€3.1bn and -€0.4bn respectively. For more details please refer to Cash Flow Analysis section.
Global ETPs Highlights Global ETPs assets increased by $70bn, ending at $3.3 trillion at the end of Nov’16, 2.2% up from last month-end levels. Global ETPs registered inﬂows of + $56bn during November (+$19bn for October). US listed ETPs registered strong inﬂows of +$48bn. Asia-Paciﬁc listed ETPs reversed previous month’s trend and recorded inﬂows of +$2.5bn during last month.
New Launch Activity
14 new Products launches including 11 ETFs & 3 ETCs European ETP market registered 14 new ETPs during November. Deutsche AM, ComStage & Amundi each listed 2 equity ETFs Providing exposure to Minimum Vol, DAX’s family indices ( SDAX & TecDAX), FTSE EPRA/NAREIT Developed & MSCI North America Indices whereas Lyxor listed one equity ETF tracking MSCI World Ex-EMU Index. Further, UBS Listed 3 new Fixed Income ETFs tracking the performance of Barclays Capital US Government 1-10 Year Inﬂation Linked Bond Index, Barclays capital 10+ year Treasury Bond Index & Barclays Capital 10+ Year Inﬂation Linked Bond Index while Lyxor listed one Commodity ETF providing exposure to Thomson Reuters/Core Commodity CRB Non-Agriculture & Livestock TR Index. Within ETCs, BNP Paribas listed 3 new products providing exposure to Industrial Metals, Energy & Metals Indices. For additional information on new product launches please refer to Product Review section.