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 May 25 to June 8.
Equity Flows
All continents suffered outflows, with Europe's being the largest
- DAX ETFs saw the largest outflows of equity ETFs over the past two weeks, totalling €290 million
- Japan was the only Asian country to record net inflows, mostly due to the €61 million going into MSCI Japan ETFs
- There were also net inflows of €135 million into MSCI World ETFs, caused by inflows of €137 million into the iShares MSCI World
Top Equity Creations
| Underlying index |
Exposure |
2w Δ px (index) |
Net Inflow in mln.1 |
Prev. Net Inflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| MSCI World |
World |
0.1% |
€135 |
-€25 |
€8,220 |
2% |
| S&P 500 |
USA |
0.4% |
€117 |
€34 |
€11,972 |
1% |
| DJ Euro Stoxx 50 |
EMU |
-0.6% |
€112 |
€103 |
€13,347 |
1% |
| MSCI Japan |
Japan |
-0.7% |
€61 |
-€2 |
€4,032 |
2% |
| DJ Stoxx 600 |
Europe |
0.0% |
€60 |
-€50 |
€1,837 |
3% |
| MSCI EMU |
EMU |
-0.8% |
€47 |
-€28 |
€1,879 |
3% |
| FTSE EPRA/NAREIT Global Prop. Yld. |
World |
1.0% |
€18 |
€19 |
€1,243 |
2% |
| DJ Stoxx 600 Banks |
Europe |
2.8% |
€17 |
€14 |
€898 |
2% |
| MSCI Japan Monthly Eur Hedged |
Japan |
-1.0% |
€14 |
-€1 |
€311 |
5% |
| DJ Stoxx 600 Optimised Healthcare |
Europe |
-0.2% |
€13 |
-€14 |
€110 |
13% |
| Other inflows |
|
|
€259 |
|
|
|
| Total inflows |
|
|
€854 |
|
|
|
Top Equity Redemptions
| Underlying index |
Exposure |
2w Δ px (index) |
Net Outflow in mln.1 |
Prev. Net Outflow in mln.2 |
AUM (Curr.) in mln. |
Inflow (% AUM) |
| DAX |
Germany |
-3.3% |
-€290 |
€515 |
€19,859 |
-1% |
| SMI |
Switzerland |
0.3% |
-€68 |
-€94 |
€3,732 |
-2% |
| MSCI North America |
North America |
0.4% |
-€67 |
€32 |
€1,142 |
-6% |
| Nasdaq 100 |
USA |
1.1% |
-€59 |
-€70 |
€2,030 |
-3% |
| MSCI Emerging Markets |
Em. Mrkts. |
0.6% |
-€52 |
€48 |
€10,246 |
-1% |
| MSCI Emerging Markets Asia |
Asia |
0.2% |
-€44 |
-€54 |
€1,182 |
-4% |
| DJ Stoxx 600 Oil & Gas |
Europe |
-1.0% |
-€28 |
-€9 |
€429 |
-6% |
| Mdax |
Germany |
-0.7% |
-€27 |
€5 |
€770 |
-3% |
| S&P 500 VIX Futures Enhanced Roll |
USA |
-3.4% |
-€27 |
-€21 |
€91 |
-22% |
| DJ Stoxx 600 Food & Beverage |
Europe |
0.0% |
-€24 |
-€22 |
€287 |
-8% |
| Other outflows |
|
|
-€540 |
|
|
|
| Total outflows |
|
|
-€1,226 |
|
|
|
Commodities
Precious metals shine, but lights dim on all other commodity classes
- Gold raked in half a billion in assets over the past two weeks, going some way towards making up for the one billion in outflows during the previous month
- Crude oil lost €147 in assets over the past two weeks, led by outflows of €103 million from the db WTI Crude Oil Booster ETC
- Brent oil ETFs have also been experiencing outflows since April, losing €22 million in the past two weeks
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 |
0.5% |
€515 |
-€172 |
€33,207 |
2% |
| Silver |
Precious Metals |
0.3% |
€29 |
-€1 |
€3,229 |
1% |
| Copper |
Industrial Metals |
-4.2% |
€15 |
€13 |
€453 |
3% |
| Palladium |
Precious Metals |
2.2% |
€10 |
€0 |
€558 |
2% |
| Rhodium |
Precious Metals |
0.0% |
€4 |
€0 |
€23 |
21% |
| Petroleum |
Energy |
-6.3% |
€2 |
€0 |
€28 |
9% |
| Platinum |
Precious Metals |
-1.0% |
€2 |
-€41 |
€1,120 |
0% |
| Energy |
Energy |
-9.1% |
€1 |
-€6 |
€160 |
1% |
| Cotton |
Agriculture |
-1.4% |
€1 |
-€1 |
€26 |
5% |
| Live Cattle |
Other |
0.9% |
€1 |
€0 |
€9 |
9% |
| Other Creations |
|
|
€2 |
|
|
|
| Total Creations |
|
|
€582 |
|
|
|
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) |
| Crude Oil |
Energy |
-7.2% |
-€147 |
-€23 |
€641 |
-18% |
| Commodities |
Broad |
-2.7% |
-€70 |
-€175 |
€5,147 |
-1% |
| Brent |
Energy |
-6.4% |
-€22 |
-€20 |
€271 |
-7% |
| Industrial Metals |
Industrial Metals |
-2.5% |
-€18 |
-€47 |
€347 |
-5% |
| Wheat |
Agriculture |
-4.9% |
-€18 |
-€30 |
€124 |
-12% |
| Agriculture |
Agriculture |
0.5% |
-€17 |
-€7 |
€658 |
-3% |
| Ex-Energy |
Other |
0.0% |
-€8 |
-€3 |
€420 |
-2% |
| Precious Metals |
Precious Metals |
1.8% |
-€6 |
-€7 |
€376 |
-2% |
| Soybeans |
Agriculture |
3.6% |
-€3 |
-€1 |
€28 |
-9% |
| Grains |
Agriculture |
1.2% |
-€2 |
€4 |
€83 |
-3% |
| Other Redemptions |
|
|
-€6 |
|
|
|
| Total Redemptions |
|
|
-€315 |
|
|
|
Fixed Income/Cash
Momentum continues to build, with inflows for the period totalling €565 million
- Fixed income ETFs have attracted almost €1.5 billion in new assets over the past six weeks
- Investors continue to favour government bond ETFs over corporate bond ETFs, for the third consecutive month
- Amundi's EuroMTS Broad 10-15 ETF lost a whopping 67 percent of its total AUM after suffering outflows of €45 million
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 Δ px |
| Lyxor Euro Cash EuroMTS Eonia Inv. |
CSH FP |
€203 |
€70 |
€1,378 |
17% |
182% |
0.0% |
| db x-trackers Eonia |
XEON GR |
€147 |
€64 |
€1,443 |
11% |
93% |
0.0% |
| iShares Global Gov. Bond |
SGLO LN |
€57 |
€11 |
€404 |
16% |
101% |
1.8% |
| Lyxor EuroMTS AAA Gov. Bond |
MAA FP |
€44 |
€0 |
€422 |
12% |
153% |
0.1% |
| iShares USD Tips |
ITPS LN |
€40 |
€8 |
€431 |
10% |
133% |
2.4% |
| iShares JPM USD Em. Mrkts. Bond |
EEMB LN |
€39 |
€29 |
€1,689 |
2% |
285% |
1.5% |
| iShares eb.rexx Money Market (DE) |
EBMMEX GR |
€37 |
-€2 |
€511 |
8% |
2% |
0.0% |
| iShares Barcl. Euro Corp. Bond ex-Fin. |
IEXF LN |
€30 |
€55 |
€1,470 |
2% |
86% |
-0.1% |
| Comstage ETF Bond Future |
5X60 GR |
€29 |
€0 |
€67 |
76% |
0% |
0.2% |
| Lyxor AAA Gov. Bonds 3-5y |
MA35 FP |
€26 |
€0 |
€34 |
333% |
628% |
-0.1% |
| Other inflows |
|
€358 |
|
|
|
|
|
| Total inflows |
|
€1,009 |
|
|
|
|
|
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 Δ px |
| iShares Markit iBoxx High Yield Eur |
IHYG LN |
-€66 |
€0 |
€1,036 |
-6% |
132% |
-0.1% |
| iShares Euro Gov. Bond 3-5 |
IBGX LN |
-€61 |
-€3 |
€378 |
-14% |
78% |
1.0% |
| Amundi EuroMTS Broad 10-15 |
C10 FP |
-€45 |
€59 |
€22 |
-67% |
639% |
0.2% |
| db x-trackers iBoxx Eur Liq. Corp. 100 Fin. |
XB4F GR |
-€25 |
€0 |
€8 |
-76% |
0% |
0.2% |
| db x-trackers iTraxx Crossover 5 |
XTXC GR |
-€24 |
€0 |
€202 |
-11% |
2% |
0.9% |
| iShares eb.rexx Gov. Germany 10.5+ (DE) |
RXPXEX GR |
-€24 |
-€10 |
€88 |
-21% |
76% |
0.7% |
| iShares eb.rexx Gov. Germany (DE) |
RXRGEX GR |
-€20 |
€62 |
€725 |
-3% |
131% |
0.0% |
| iShares Euro Corp. Bond |
IEAC LN |
-€20 |
-€15 |
€1,610 |
-1% |
49% |
0.3% |
| db x-trackers iBoxx Germany 3-5 |
XGN5 GR |
-€19 |
€0 |
€6 |
-77% |
0% |
0.0% |
| iShares iBoxx Euro Liq. Sov. Cap. 1.5-2.5 |
IB85EX GR |
-€16 |
-€7 |
€73 |
-18% |
22% |
0.1% |
| Other outflows |
|
-€124 |
|
|
|
|
|
| Total outflows |
|
-€444 |
|
|
|
|
|
1) Net inflows from May 25 to June 8
2) Previous net inflow is from May 11 to May 25
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: |
