Most Popular Articles

News



Print this article


Equity ETFs see strong creations, commodities quiet

Written by IU.eu Staff

  
July 25, 2013 00:00 (CET)

‘This is an excerpt from Virtu’s bi-weekly European exchange-traded product (ETP) asset flows report. A full copy is available from
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. Data in this report cover the two week period to July 19 from July 5.

 

Equity Flows
Equity ETFs enjoy net creations of €1.1bn as investors sell emerging markets and broad Euro exposure to buy US, Japanese and German exposure

  • ETFs tracking the S&P 500, MSCI Japan Eur Hedged and DAX lead the way raising €400m, €214m, and €178m respectively
  • Redemptions primarily concentrated to EuroStoxx 50, MSCI Emering Markets and CAC 40
  • On a relative basis, there are large inflows into MSCI World Monthly Eur Hedged (representing 23% of AUM)

Top Equity Creations

Top Equity Creations

Underlying Exposure 2w Net Inflow Prev. Net Inflow AUM (curr.) Inflow (% AUM)
S&P 500 USA 4.6% €400 €893 €19,777 2%
MSCI Japan Monthly Eur Hedged Japan 4.3% €214 €146 €2,079 12%
DAX Germany 4.3% €178 €185 €25,351 1%
FTSE 250 UK 3.6% €101 €37 €1,304 9%
MSCI Japan Japan 3.9% €96 €46 €7,552 1%
MSCI Far East Ex-Japan Asia 3.6% €83 -€60 €1,706 5%
MSCI World Monthly Eur Hedged World 4.0% €79 €25 €443 23%
FTSE 100 UK 3.3% €79 €253 €7,214 1%
MSCI USA USA 4.6% €69 -€150 €8,388 1%
S&P US Dividend Aristocrats USA 0.0% €61 €20 €1,036 6%
Other inflows €1,264
Total inflows €2,624


Top Equity Redemptions

Underlying Exposure 2w Net Outflow Prev. Net Outflow AUM (curr.) Outflow (% AUM)
Euro Stoxx 50 EMU 2.8% -€303 €386 €18,083 -2%
MSCI Emerging Markets Em. Mrkts. 4.0% -€223 -€501 €8,991 -2%
CAC 40 France 3.1% -€156 €38 €4,338 -4%
MSCI Asia Ex-Japan Asia 3.7% -€79 €2 €640 -11%
MSCI Emerging Markets Asia Asia 3.9% -€73 -€105 €1,007 -7%
MSCI UK UK 3.4% -€55 €0 €306 -16%
FTSE EPRA/NAREIT European Property Yield Europe Ex-UK 2.5% -€54 -€31 €729 -7%
Stoxx 600 Banks Europe 3.5% -€44 -€50 €1,324 -3%
Stoxx Select Dividend 30 Europe 2.7% -€37 €0 €199 -16%
MSCI Germany Germany 4.3% -€37 €0 €90 -31%
Other outflows -€477
Total outflows -€1,537


Commodities
Commodity ETPs are quiet as investors remain on the sidelines

  • Small redemptions in copper and gold are largely offset by creations in industrial metals and silver
  • On exchange volumes are substantially below their six month ADVs
  • Relative to fund size, zinc and aluminium see the largest inflows while corn and petroleum see the largest outflows


Top Commodity Creations

Underlying Exposure 2w Net Inflow Prev. Net Inflow AUM (curr.) Inflow (% AUM)
Industrial Metals Industrial Metals 2.8% €32 -€13 €346 10%
Silver Precious Metals 0.5% €22 -€98 €2,228 1%
Precious Metals Precious Metals 5.9% €9 -€7 €216 4%
Natural Gas Energy 4.7% €5 -€2 €210 2%
Coffee Agriculture 1.2% €5 €0 €58 8%
Zinc Industrial Metals 0.9% €4 €0 €30 15%
Aluminium Industrial Metals 2.9% €4 -€2 €43 10%
Commodities Broad 3.3% €4 -€111 €5,207 0%
Platinum Precious Metals 7.2% €3 -€27 €1,191 0%
Energy Energy 4.1% €2 -€5 €200 1%
Other Creations €7
Total Creations €96


Top Commodity Redemptions

Underlying Exposure 2w Net Outflow Prev. Net Outflow AUM (curr.) Outflow (% AUM)
Copper Industrial Metals 2.4% -€50 -€74 €375 -12%
Gold Precious Metals 6.8% -€49 -€1,673 €23,865 0%
Crude Oil Energy 4.7% -€19 €3 €663 -3%
Corn Agriculture 3.5% -€8 -€5 €22 -26%
Palladium Precious Metals 11.1% -€6 -€7 €675 -1%
Agriculture Agriculture 2.2% -€3 -€12 €557 0%
Rhodium Precious Metals 0.0% -€2 €0 €37 -6%
Petroleum Energy 3.8% -€2 €0 €7 -22%
Grains Agriculture 2.9% -€1 -€5 €49 -3%
Uranium Energy -3.3% -€1 €0 €5 -10%
Other Redemptions €0
Total Redemptions -€140


Fixed Income/Cash
Investors redeem €100m across Fixed Income ETFs as they sell money market funds to buy inflation linked and broad exposures

  • Investors reduce their holdings in money market ETFs by €245m, primarily impacting db x-trackers Eonia and Lyxor Euro Cash EuroMTS Eonia
  • Net new assets in inflation linked and broad fixed income ETPs of €69m and €68m respectively
  • Investors sell iShares GBP Corp Bond and iShares USD Corp Bond to buy iShares Markit iBoxx HY Eur


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 Markit iBoxx HY Eur IHYG LN €88 -€131 €1,858 5% 86% 1.7%
iShares Euro Gov. Bond 1-3 IBGS LN €56 -€92 €800 8% 81% 0.5%
iShares USD Tips ITPS LN €53 €20 €505 12% 142% -0.4%
iShares Markit iBoxx Corp.s 1-5 GBP IS15 LN €52 €12 €452 13% 130% 1.3%
Amundi EONIA CE3 FP €39 -€42 €93 72% 35% 0.0%
db x-trackers iBoxx Sov. Eurozone 5-7 X57E GR €38 €0 €220 21% 108% 0.5%
db x-trackers iBoxx Sov. Eurozone XGLE GR €27 €27 €609 5% 106% 0.4%
db x-trackers iBoxx Euro Liq. Corp. 100 XBLC GR €25 -€20 €197 14% 70% 0.5%
iShares FTSE Gilts UK 0-5 Y IGLS LN €24 €28 €1,002 2% 143% 0.3%
iShares Euro Infl. Linked Bond IBCI LN €19 €2 €586 3% 32% 0.3%
Other inflows €306
Total inflows €726


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
db x-trackers Eonia XEON GR -€196 -€31 €843 -19% 30% 0.0%
iShares GBP Corp. Bond SLXX LN -€90 -€72 €1,176 -7% 155% 2.1%
Lyxor Euro Cash EuroMTS Eonia Inv. CSH FP -€48 €31 €688 -7% 26% 0.0%
iShares USD Corp. Bond LQDE LN -€43 -€5 €1,061 -4% 129% 0.8%
Amundi Euro Corp.s CC4 FP -€43 €0 €270 -14% 130% 0.5%
iShares eb.rexx Money Market (DE) EBMMEX GR -€38 -€73 €340 -10% 16% 0.0%
iShares iBoxx Euro Liq. Sov. Capped 1.5-10.5 IB83EX GR -€25 €2 €99 -20% 4% 0.6%
CS Euro Gov. Bond 1-3 CSBGE3 SW -€23 €24 €127 -15% 41% 0.2%
Source PIMCO US $ Enh. Short Mat. MINT LN -€22 €31 €968 -2% 10% 0.1%
Lyxor EuroMTS 5-7 Y MTC FP -€20 -€31 €227 -8% 62% 0.5%
Other outflows -€278
Total outflows -€825

Source data: Bloomberg, Virtu Financial Research

Whilst every effort has been taken to ensure that the information contained in this newsletter 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:



blog comments powered by Disqus

 




Submit

 

[yasr_overall_rating size="large"]
error: Alert: Content is protected !!