Refinitiv : European ETF Market, March 2021

Refinitiv: March 2021 marked the twelfth consecutive month with inflows into ETFs after the outflows caused by the outbreak of the coronavirus pandemic in March 2020.

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By Detlef Glow, Lipper’s head of EMEA research at Refinitiv

These inflows occurred in a positive market environment in which investor sentiment was still impacted by the increasing dynamics of the COVID-19 pandemic in Europe and other parts of the world.

The positive performance of the underlying markets led in combination with the estimated net inflows to increasing assets under management (from €1,034.4 bn as of February 28, 2021, to €1,095.8 bn at the end of March).

The increase of €61.5 bn for March was driven by the estimated net sales (+€16.6 bn), while the performance of the underlying markets contributed €44.8 bn to the increase of the assets under management.

It was not surprising equity funds (€775.2 bn) held the majority of assets, followed by bond funds (€273.4 bn), commodities products (€37.1 bn), alternative UCITS products (€5.6 bn), money market funds (€2.2 bn), mixed-assets funds (€2.2 bn), and “other” funds (€0.1 bn).

Graph 1: Market Share, Assets Under Management in the European ETF Segment by Asset Type, March 31, 2021

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Source: Refinitiv Lipper

Fund Flows by Asset Type

The European ETF industry enjoyed healthy estimated net inflows for March (+€16.6 bn) which were far above the rolling 12-month average (€12.5 bn).

The inflows in the European ETF industry for March were driven by equity ETFs (+€18.7bn), followed by alternative UCITS ETFs (+€0.3 bn), commodities ETFs (+€0.1 bn), and mixed-assets ETFs (+€0.1 bn). Meanwhile, bond ETFs (-€2.5 bn), money market ETFs (+€0.1 bn), and “other” ETFs (-€0.01 bn) showed outflows for the month.

This flow pattern drove the estimated overall net inflows to €16.6 bn for the month and €49.4 bn for the vear 2021 so far.

Graph 2: Estimated Net Sales by Asset Type, March 2021 (Euro Millions)

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Source: Refinitiv Lipper


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