This is an excerpt from Virtu's bi-weekly European exchange-traded product (ETP) asset flows report. A full copy is available from
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. Data in this report cover the two week period from April 30 to May 11.
Equity Flows
DAX assets rebound after massive outflow in April
- The German index experienced inflows of €2.8 billion (15 percent of total AUM) after outflows of €3.4 billion in the previous month
- Europe, mainly because of the DAX inflows, was the only continent with inflows; ETFs with Asian and American underlyings were out of favour
- The DJ Stoxx 600 Optimised Insurance Source ETF more than doubled its assets in the last 2 weeks, gaining €45 million
Top Equity Creations
| Underlying index |
Exposure |
1m Δ px (index) |
Net Inflow in mln.1 |
Prev. Net Inflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| DAX |
Germany |
-3.3% |
€2,880 |
-€3,374 |
€20,990 |
15% |
| MSCI Europe |
Europe |
-2.2% |
€435 |
€140 |
€3,901 |
12% |
| Topix |
Japan |
-5.7% |
€67 |
€2 |
€879 |
8% |
| Nomura Voltage Strat. Mid-Term |
World |
1.2% |
€59 |
-€15 |
€448 |
16% |
| FTSE EPRA/N.UK Prop. Yld. |
UK |
2.0% |
€49 |
-€1 |
€368 |
16% |
| MSCI Asia Pacific Ex-Japan |
Asia |
-4.4% |
€45 |
-€36 |
€1,811 |
3% |
| DJ Stoxx 600 Optimised Insurance |
Europe |
-3.8% |
€45 |
-€21 |
€81 |
115% |
| SMI |
Switzerland |
-2.6% |
€41 |
€41 |
€3,968 |
1% |
| FTSE EPRA/N. Global Prop. Yld. |
World |
-1.6% |
€39 |
-€29 |
€1,179 |
3% |
| MSCI World Health Care |
World |
-1.7% |
€37 |
€47 |
€151 |
33% |
| Other inflows |
|
|
€576 |
|
|
|
| Total inflows |
|
|
€4,273 |
|
|
|
Top Equity Redemptions
| Underlying index |
Exposure |
1m Δ px (index) |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| DJ Euro Stoxx 50 |
EMU |
-2.8% |
-€291 |
-€683 |
€13,700 |
-2% |
| MSCI Emerging Markets |
Em. Mrkts. |
-4.7% |
-€256 |
€11 |
€10,881 |
-2% |
| MSCI Far East Ex-Japan |
Asia |
-3.6% |
-€95 |
-€6 |
€1,454 |
-6% |
| Nasdaq 100 |
USA |
-4.6% |
-€85 |
-€58 |
€2,139 |
-4% |
| DJ Russia Titans 10 |
Russia |
-8.7% |
-€71 |
-€101 |
€1,535 |
-4% |
| FTSE 250 |
UK |
-3.8% |
-€60 |
€6 |
€695 |
-8% |
| DJ Stoxx 600 Op. Basic Resources |
Europe |
-7.6% |
-€54 |
€58 |
€41 |
-54% |
| MSCI Europe Banks |
Europe |
-5.6% |
-€52 |
€0 |
€45 |
-51% |
| MSCI World |
World |
-4.1% |
-€48 |
€183 |
€8,089 |
-1% |
| MSCI India |
India |
-4.9% |
-€45 |
-€45 |
€1,913 |
-2% |
| Other outflows |
|
|
-€676 |
|
|
|
| Total outflows |
|
|
-€1,732 |
|
|
|
Commodities
Commodity ETFs experienced outflows of more than €1 billion
- All precious metals lost assets; UBS Gold and ZKB Silver were the main drivers of these outflows
- Broad commodity ETFs gained €78 million, Lyxor CRB seeing the highest inflow of €42 million
- Copper ETCs had inflows, taking total new assets since February to €181 million
Top Commodity Creations
| Underlying |
Exposure |
1m Δ px |
Net Inflow in mln.1 |
Prev. Net Inflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| Commodities |
Broad |
-4.2% |
€78 |
-€159 |
€5,552 |
1% |
| Copper |
Industrial Metals |
-4.6% |
€25 |
€35 |
€452 |
6% |
| Natural Gas |
Energy |
12.6% |
€7 |
€2 |
€263 |
3% |
| Industrial Metals |
Industrial Metals |
-4.3% |
€2 |
€14 |
€418 |
1% |
| Sugar |
Agriculture |
-4.7% |
€2 |
€3 |
€34 |
5% |
| Rhodium |
Precious Metals |
--- |
€1 |
€4 |
€19 |
8% |
| Cotton |
Agriculture |
-13.4% |
€1 |
€1 |
€27 |
5% |
| Grains |
Agriculture |
-6.8% |
€1 |
€2 |
€77 |
1% |
| Lean Hogs |
Other |
-2.0% |
€1 |
-€1 |
€12 |
6% |
| Zinc |
Industrial Metals |
-4.7% |
€0 |
€0 |
€25 |
2% |
| Other Creations |
|
|
€0 |
|
|
|
| Total Creations |
|
|
€118 |
|
|
|
Top Commodity Redemptions
| Underlying |
Exposure |
1m Δ px |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| Gold |
Precious Metals |
-4.8% |
-€853 |
€151 |
€31,996 |
-3% |
| Silver |
Precious Metals |
-8.2% |
-€135 |
-€37 |
€3,139 |
-4% |
| Ex-Energy |
Other |
-4.5% |
-€38 |
€9 |
€428 |
-8% |
| Platinum |
Precious Metals |
-6.8% |
-€27 |
-€38 |
€1,149 |
-2% |
| Precious Metals |
Precious Metals |
-5.6% |
-€24 |
-€16 |
€383 |
-6% |
| Brent |
Energy |
-6.4% |
-€23 |
-€10 |
€311 |
-7% |
| Palladium |
Precious Metals |
-10.6% |
-€19 |
€17 |
€528 |
-3% |
| Agriculture |
Agriculture |
-6.4% |
-€19 |
-€11 |
€653 |
-3% |
| Energy |
Energy |
-2.1% |
-€4 |
-€8 |
€177 |
-2% |
| Wheat |
Agriculture |
-8.2% |
-€4 |
-€10 |
€152 |
-3% |
| Other Redemptions |
|
|
-€9 |
|
|
|
| Total Redemptions |
|
|
-€1,155 |
|
|
|
Fixed Income/Cash
Government Bond ETFs had inflows over €100 million for the first time since August last year
- The iShares JPM USD Emerging Markets Bond had the most net inflows, taking total net inflows since September to €639 million
- The db x-trackers iBoxx Euro Sovereigns Germany had an increase in AUM of 119 percent due to one large inflow in the beginning of May
- German bonds were favoured over EMU bonds in the previous two weeks
Top Fixed Income/Cash Creations
| Tracker |
Ticker |
Net Inflow in mln.1 |
Prev. Net Inflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
ADV ratio 1m/6m |
1m Δ px |
| iShares JPM USD Em. Markets Bond |
EEMB LN |
€152 |
€132 |
€1,580 |
11% |
243% |
2.7% |
| db x-trackers Iboxx Euro Sov. Germ. |
XBTR GR |
€141 |
€0 |
€261 |
119% |
202% |
1.2% |
| iShares Barclays Euro Corp. Bond ex-Fin. |
IEXF LN |
€52 |
€48 |
€1,385 |
4% |
51% |
0.5% |
| db x-trackers Fed Funds |
XFFE GR |
€30 |
-€9 |
€214 |
16% |
229% |
2.6% |
| iShares USD Treas. Bond 7-10 |
IBTM LN |
€30 |
-€8 |
€681 |
5% |
88% |
1.9% |
| iShares Markit iBoxx $ HY. Cap. Bond |
IHYU LN |
€27 |
€28 |
€283 |
11% |
186% |
0.6% |
| iShares eb.rexx Jumbo Pfandbriefe (DE) |
R1JKEX GR |
€27 |
€29 |
€1,266 |
2% |
50% |
0.5% |
| db x-trackers Iboxx Euro Sov. Germ. 1-3 |
XB13 GR |
€25 |
€0 |
€222 |
12% |
120% |
0.0% |
| iShares eb.rexx Gov. Germ. (DE) |
RXRGEX GR |
€23 |
€42 |
€679 |
4% |
110% |
0.7% |
| iShares Euro Corp. Bond |
IEAC LN |
€22 |
€50 |
€1,649 |
1% |
21% |
0.8% |
| Other inflows |
|
€274 |
|
|
|
|
|
| Total inflows |
|
€803 |
|
|
|
|
|
Top Fixed Income/Cash Redemptions
| Tracker |
Ticker |
Net Outflow |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
ADV ratio 1m/6m |
1m Δ px |
| db x-trackers Eonia |
XEON GR |
-€59 |
-€505 |
€1,198 |
-5% |
285% |
0.0% |
| iShares Markit iBoxx High Yield Eur |
IHYG LN |
-€56 |
€136 |
€1,122 |
-5% |
97% |
0.5% |
| iShares iBoxx Corp.s |
IBCX LN |
-€44 |
-€89 |
€3,130 |
-1% |
62% |
1.0% |
| db x-trackers iBoxx Sov. Eurozone 1-3 |
X13E GR |
-€42 |
-€87 |
€388 |
-10% |
225% |
0.2% |
| iShares Euro Gov. Bond 1-3 |
IBGS LN |
-€18 |
€33 |
€636 |
-3% |
14% |
-1.3% |
| CS Eonia |
CSEO SW |
-€17 |
-€9 |
€24 |
-42% |
27% |
-0.0% |
| iShares GBP Linked Gilt |
INXG LN |
-€17 |
-€24 |
€768 |
-2% |
154% |
2.1% |
| iShares Euro Inflation Linked Bond |
IBCI LN |
-€8 |
-€19 |
€525 |
-2% |
22% |
-0.6% |
| iShares FTSE UK Gilt All-Stocks |
IGLT LN |
-€7 |
€12 |
€1,077 |
-1% |
93% |
1.0% |
| iShares iBoxx GBP Corp. Bond ex-Fin. |
ISXF LN |
-€5 |
€5 |
€400 |
-1% |
110% |
0.9% |
| Other outflows |
|
-€27 |
|
|
|
|
|
| Total outflows |
|
-€301 |
|
|
|
|
|
1) Net inflows from April 30 to May 11
2) Previous net inflow is the net inflow in April
Source data: Bloomberg, Virtu Financial Research
Whilst every effort has been taken to ensure that the information contained in this report is correct, neither Virtu Financial nor its affiliates, employees or agents will be responsible or liable for any direct or indirect loss arising from the use of any such information. This report does not constitute an offer or solicitation to enter into any transaction. Comment Using: |
