Deutsche Bank Markets Research: Corporate Bond ETFs Dominate Inflows

European ETP Monthly Highlights (Assets & Flows) – Assets: European ETPs assets reached $523bn (€459bn) at the end of Mar’16, up by 2.5% (MoM in € terms)….

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Data in this report is as of 31st March 2016

Flows: European-domiciled ETPs experienced net inflows of +€5.2bn in March (+€2bn of inflows in Feb’16). Fixed income ETFs and Commodity ETPs have been favored by European Investors with inflows of +€6.1bn and +€1.1bn while Equity ETFs witnessed outflows for the second consecutive month (-€1.9bn).

New Product Launches Source listed 3 Smart Beta Products during March focusing on US, UK and Developed European Equity Income Indices.

Investment Themes for the Month

– Fixed Income dominated with inflows of over +€6bn, primarily into Corporate bond ETFs.

– Gold ETPs continued to attract investment where there was a net inflow of +€0.8bn.

– Despite outflows elsewhere in Europe, UK focused ETFs drew significant inflows (+€0.4bn) for the second consecutive month.

– Emerging Market Equity ETFs attracted large inflows (+€1.4bn). –

– Smart Beta and Dividend ETFs accumulated healthy inflows (+€0.9bn & +€0.4bn respectively).

Turnover: MoM turnover activity down by 10%

European ETPs had a turnover of €73.9bn during March, 10.5% down from previous month’s total. On MoM basis, turnover in Fixed Income ETFs up by 16% while Equity ETFs and Commodity ETPs saw turnover activity down by 17% and 20% respectively.

Price premium/discount to NAV monitor

The maximum premium/discount to NAV in March were observed in the following categories:

– Equities: Deepest discount in Size ETFs (-0.28%) while highest premium in Country ETFs (0.23%).

– Fixed Income: Deepest discount in Credit (CDS) ETFs (-0.56%) while highest premium in Corporate ETFs (1.58%).

US Market: European exposure ETFs recorded outflows

European equity exposure ETFs listed in US which had gained significant momentum throughout 2015 (+$34bn total flows in 2015) remained weak so far this year with net outflows of -$6bn (-$3bn in Mar’16).


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