Refinitiv: July 2021 marked the sixteenth 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 positive but somewhat volatile market environment in which investor sentiment was still impacted by the dynamics of the COVID-19 pandemic and the resulting actions taken by central banks and governments in Europe and other parts of the world.
The positive performance of the underlying markets led in combination with the estimated net inflows to increasing assets under management (from €1,177.8 bn as of June 30, 2021, to €1,197.5 bn at the end of July).
The increase of €19.7 bn for July was driven by the estimated net sales (+€11.6 bn), while the performance of the underlying markets contributed +€8.1 bn to the increase of assets under management. With regard to assets under management, it was not surprising equity funds (€860.9 bn) held the majority of assets, followed by bond funds (€295.3 bn), commodities products (€29.6 bn), alternative UCITS products (€6.6 bn), mixed-assets funds (€2.6 bn), money market funds (€2.4 bn), and “other” funds (€0.1 bn).
Graph 1: Market Share, Assets Under Management in the European ETF Segment by Asset Type, July 31, 2021
Source: Refinitiv Lipper
Fund Flows by Asset Type
The European ETF industry enjoyed healthy estimated net inflows for July (+€11.6 bn) which were below the rolling 12-month average (€13.6 bn). In fact, the flows for July 2021 were the lowest inflows into ETFs in Europe since October 2020.
Graph 2: Estimated Net Sales by Asset Type, July 2021 (Euro Millions)
Source: Refinitiv Lipper
The inflows in the European ETF industry for July were driven by bond ETFs (+€6.6 bn), followed by equity ETFs (+€5.1 bn), alternative UCITS ETFs (+€0.3 bn), mixed-assets ETFs (+€0.1 bn), and “other” ETFs (+€0.01 bn). Meanwhile, commodities ETFs (-€0.5 bn) was the only asset type which showed outflows for the month.
Source: ETFWorld
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