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Global ETF assets up 2.1 per cent in November

Global exchange-traded fund industry assets increased by 2.1 per cent in November and closed the month at USD1.62trn (YTD +24.6 per cent) while the European ETF industry ended the month at EUR245.8bn (YTD +18.5 per cent), according to Deutsche Bank.

Cash flow activity was on the rise with monthly flows of USD23bn in November as compared to a modest USD10.7bn in October. However, the cash flow levels still lag behind the September flows which were close to USD40bn.

US domiciled ETFs collected over USD19.7bn in monthly cash flows which is a healthy improvement over the USD1.4bn received in October.

Equities came back strongly, registering monthly cash flows of USD14.3bn as compared to outflows of USD4.2bn registered over October.

Fixed income ETFs retained their popularity and registered cash inflows of USD5.4bn while commodity ETVs managed a modest USD0.8bn over the same period.

As of the end of November, equity ETFs increased their lead over fixed income products with YTD cash flows of USD88.7bn and USD56.5bn respectively.

Asia domiciled ETFs registered USD1.9bn in monthly cash flows with equities picking up the lion’s share. This takes the YTD flows for Asian ETFs to USD31.8bn pushing the YoY asset growth to 36.4 per cent. Although Asia ETF assets are 2.5x smaller than European ETFs, their YTD cash flows are almost 1.5x (in USD terms) that of their European counterparts.

A large portion (59 per cent) of the cash flows received by Asian ETFs in 2012 is on account of new product adoption, with the rest received by existing ETFs.

In contrast to October, which was the strongest cash flow month in 2012, November cash flows totalled a modest EUR1bn.

While cash flows into European ETFs lacked strength, the positive direction persisted, made evident from the positive flows received by the major asset classes: equity (EUR283m), fixed income (EUR470m) and commodities (EUR292m).

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