Last Updated: 21 March 2023
‘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
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