This is an excerpt from Virtu's bi-weekly European exchange-traded product (ETP) asset flows report. A full copy is available from Ruben Kersbergen. Data in this report cover the two week period from June 8 to June 22.
Equity Flows
Europe rebounds, other regions still suffer from outflows
- Equity ETFs saw net inflows over the last two weeks, with DAX and Euro Stoxx 50 trackers gaining most in assets
- Asian equity ETFs saw outflows; China and broader Asian baskets experienced the highest redemptions
- There were sizeable AUM jumps in ETFs tracking the NYSE Arca Gold Bugs and Stoxx 600 Optimised Telecom indices
Top Equity Creations
| Underlying index |
Exposure |
2w Δ px (index) |
Net Inflow |
Prev. Net Inflow |
AUM (Curr.) |
Inflow (% AUM) |
| DAX |
Germany |
2.2% |
€536 |
-€290 |
€20,796 |
3% |
| Euro Stoxx 50 |
EMU |
2.2% |
€223 |
€114 |
€13,648 |
2% |
| MSCI World |
World |
1.5% |
€198 |
€135 |
€8,368 |
2% |
| CAC 40 |
France |
1.3% |
€142 |
€10 |
€4,200 |
4% |
| NYSE Arca Gold BUGS |
USA |
-3.5% |
€55 |
€0 |
€174 |
43% |
| Stoxx 600 Banks |
Europe |
3.6% |
€54 |
€20 |
€646 |
9% |
| MSCI EMU |
EMU |
1.8% |
€51 |
€47 |
€1,937 |
3% |
| MSCI Europe |
Europe |
2.1% |
€42 |
-€17 |
€3,844 |
1% |
| Stoxx 600 Optimised Telecom |
Europe |
3.0% |
€38 |
-€17 |
€86 |
84% |
| Stoxx 600 Optimised Healthcare |
Europe |
4.1% |
€34 |
€13 |
€149 |
31% |
| Other inflows |
|
|
€586 |
|
|
|
| Total inflows |
|
|
€1,960 |
|
|
|
Top Equity Redemptions
| Underlying index |
Exposure |
2w Δ px (index) |
Net Outflow |
Prev. Net Outflow |
AUM (Curr.) |
Inflow (% AUM) |
| MSCI Emerging Markets |
Em. Mrkts. |
1.5% |
-€277 |
-€52 |
€10,079 |
-3% |
| FTSE Xinhua China 25 |
China |
2.3% |
-€61 |
-€9 |
€647 |
-9% |
| MSCI Japan |
Japan |
3.5% |
-€57 |
€61 |
€4,092 |
-1% |
| MSCI Em. Markets Latin America |
Latin America |
1.4% |
-€50 |
-€21 |
€883 |
-5% |
| MSCI USA |
USA |
0.7% |
-€49 |
€9 |
€5,742 |
-1% |
| MSCI Far East Ex-Japan |
Asia |
2.3% |
-€41 |
-€19 |
€1,387 |
-3% |
| SMI |
Switzerland |
2.0% |
-€36 |
-€68 |
€3,871 |
-1% |
| Nomura Volt. Strat. Mid-Term 30 d. |
World |
-7.9% |
-€35 |
-€21 |
€366 |
-8% |
| MSCI Emerging Markets Asia |
Asia |
1.7% |
-€34 |
-€44 |
€1,162 |
-3% |
| MSCI Asia Pacific Ex-Japan |
Asia |
2.2% |
-€31 |
€1 |
€1,270 |
-2% |
| Other outflows |
|
|
-€646 |
|
|
|
| Total outflows |
|
|
-€1,316 |
|
|
|
Commodities
Small inflow for commodity ETPs due to Gold flow
- In four weeks Gold ETPs raked in more than a billion euro, representing around 3% of total AUM
- Energy ETPs were the only other commodity class with significant inflows
- Broad commodity ETFs had outflows for the third consecutive period, totalling €366 million
Top Commodity Creations
| Underlying |
Exposure |
2w Δ px |
Net Inflow in mln.1 |
Prev. Net Inflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| Gold |
Precious Metals |
-2.5% |
€505 |
€515 |
€33,468 |
2% |
| Crude Oil |
Energy |
-6.2% |
€22 |
-€147 |
€629 |
3% |
| Ultra Light Energy |
Energy |
-1.6% |
€15 |
€0 |
€68 |
28% |
| Natural Gas |
Energy |
13.7% |
€11 |
-€1 |
€267 |
5% |
| Energy |
Energy |
-0.4% |
€4 |
€1 |
€161 |
2% |
| Platinum |
Precious Metals |
-2.1% |
€4 |
€2 |
€1,129 |
0% |
| Cotton |
Agriculture |
-0.2% |
€1 |
€1 |
€27 |
3% |
| Softs |
Agriculture |
0.0% |
€1 |
€1 |
€14 |
4% |
| Light Energy |
Energy |
-2.7% |
€0 |
-€2 |
€23 |
1% |
| Carbon |
Energy |
24.2% |
€0 |
€0 |
€1 |
22% |
| Other Creations |
|
|
€0 |
|
|
|
| Total Creations |
|
|
€562 |
|
|
|
Top Commodity Redemptions
| Underlying |
Exposure |
2w Δ px |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| Commodities |
Broad |
-0.8% |
-€121 |
-€70 |
€4,923 |
-2% |
| Silver |
Precious Metals |
-8.4% |
-€80 |
€29 |
€3,083 |
-2% |
| Copper |
Industrial Metals |
-1.9% |
-€27 |
€15 |
€427 |
-6% |
| Agriculture |
Agriculture |
2.0% |
-€19 |
-€17 |
€649 |
-3% |
| Brent |
Energy |
-8.2% |
-€18 |
-€22 |
€252 |
-7% |
| Grains |
Agriculture |
3.3% |
-€9 |
-€2 |
€75 |
-11% |
| Petroleum |
Energy |
-6.5% |
-€6 |
€2 |
€20 |
-22% |
| Precious Metals |
Precious Metals |
-2.5% |
-€6 |
-€6 |
€366 |
-2% |
| Corn |
Agriculture |
2.8% |
-€6 |
€0 |
€46 |
-11% |
| Soybeans |
Agriculture |
3.0% |
-€3 |
-€3 |
€25 |
-11% |
| Other Redemptions |
|
|
-€13 |
|
|
|
| Total Redemptions |
|
|
-€308 |
|
|
|
Fixed Income/Cash
Inflows for Fixed Income ETFs halted after good run
- Government bond ETFs saw outflows of €548 million, the first fortnightly redemptions since March
- Corporates had a small outflow of €49 million, reversing a trend of monthly inflows that began in November
- EMU bond ETFs were redeemed in size, losing €551 million after an inflow of €309 million 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 2w/6m |
2w |
| iShares eb.rexx Money Market (DE) |
EBMMEX GR |
€93 |
€37 |
€604 |
18% |
27% |
-0.0% |
| iShares USD Treas. Bond 1-3 |
IBTS LN |
€43 |
€23 |
€858 |
5% |
131% |
-1.0% |
| iShares FTSE UK Gilt All-Stocks |
IGLT LN |
€37 |
€15 |
€1,159 |
3% |
157% |
-0.2% |
| iShares Markit iBoxx $ HY Cap. Bond |
IHYU LN |
€20 |
€4 |
€390 |
6% |
191% |
2.1% |
| iShares Barcl. Euro Corp. Bond ex-Fin. |
IEXF LN |
€19 |
€30 |
€1,488 |
1% |
56% |
-2.4% |
| iShares Barclays Euro Gov. Bond 5-7 |
IEGY LN |
€19 |
€8 |
€102 |
22% |
5% |
-1.4% |
| iShares FTSE Gilts UK 0-5 Y |
IGLS LN |
€16 |
-€7 |
€875 |
2% |
93% |
-0.4% |
| Lyxor SGI Daily Double Short Bund |
DSB FP |
€16 |
€23 |
€467 |
4% |
104% |
3.7% |
| Lyxor EuroMTS AAA Gov. Bond |
MAA FP |
€15 |
€44 |
€432 |
4% |
178% |
-1.2% |
| Lyxor iBoxx Liq. High Yield 30 |
YIEL FP |
€14 |
€0 |
€82 |
21% |
273% |
1.0% |
| Other inflows |
|
€147 |
|
|
|
|
|
| Total inflows |
|
€438 |
|
|
|
|
|
Top Fixed Income/Cash Redemptions
| Tracker |
Ticker |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
Outflow (% AUM) |
ADV ratio 2w/6m |
2w |
| Lyxor EuroMTS 3-5 Y |
MTB FP |
-€79 |
-€1 |
€372 |
-18% |
91% |
-0.2% |
| Lyxor |
CSH FP |
-€75 |
€203 |
€1,303 |
-5% |
158% |
0.0% |
| Lyxor EuroMTS 1-3 Y |
MTA FP |
-€71 |
€0 |
€320 |
-18% |
262% |
-0.0% |
| Comstage Eonia |
CBEONIA GR |
-€54 |
€0 |
€260 |
-17% |
92% |
0.0% |
| db x-trackers Eonia |
XEON GR |
-€49 |
€147 |
€1,394 |
-3% |
27% |
-0.0% |
| Comstage Iboxx Liq. Sov. 1-3 |
CBOXES1 GR |
-€49 |
€0 |
€244 |
-17% |
0% |
-0.0% |
| iShares Euro Corp. Bond |
IEAC LN |
-€47 |
-€20 |
€1,558 |
-3% |
106% |
-1.6% |
| iShares USD Treas. Bond 7-10 |
IBTM LN |
-€43 |
€8 |
€663 |
-6% |
85% |
-1.3% |
| Comstage Iboxx Liq. Sov. 3-5 |
CBOXES3 GR |
-€42 |
€0 |
€27 |
-61% |
0% |
-0.4% |
| Lyxor ETF Corp. Bond |
CRP FP |
-€37 |
€9 |
€503 |
-7% |
128% |
-0.5% |
| Other outflows |
|
-€505 |
|
|
|
|
|
| Total outflows |
|
-€1,051 |
|
|
|
|
|
1) Net Inflows from the 8th of June to the 22th of June
2) Previous Net Inflow is from the 25th of May to the 8th of June
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.
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