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Amundi: ETF Market Flows analysis Europe and World – September 2018

Equity ETFs had a good month in September, benefiting from 37.3 billion euros of inflows globally, while bonds attracted 5.2 billion of inflows….

Philip Philippides, Head of Amundi ETF & Indexing Sales for UK and Ireland


Overall ETF flows reached nearly 43 billion euros, of which 35.8 billion came from the US market and 5.4 billion from the European market.

The global ETF market had a particularly strong September: net flows amounted to €42.9 billion (up from €31 billion in August), driven primarily by equity ETFs (+37.3 billion) and to a lesser extent by bonds (+5.2 billion).

The US market saw 35.8 billion of net subscriptions, ahead of the European market (+€5.4 billion) and the Asian market (+1.7 billion).

 Since the beginning of the year, inflows from around the world into ETFs have totalled more than €308 billion euros.

A marked interest in smart beta equity strategies

In Europe, out of the €5.4 billion net flows, 5.06 billion went into equity ETFs and 1.05 billion into bond ETFs, whilst commodities products were hit by withdrawals of €763 million. Last month, European investors cautiously poured €417 million into European equity ETFs and €171 million into Eurozone equity ETFs. They continued to focus predominantly on

ETFs tracking US equities (+1.9 billion) and also sought exposure to international equity markets (+718 million). Additionally, in September, they showed a marked interest in smart beta strategies, with three strategies proving particularly popular: Quality (+722 million), Momentum (+563 million) and Minimum Volatility (+496 million).

Turnaround for emerging sovereign debt

In the bond markets, European investors preferred government (+1.1 billion) to corporate debt in September (+793 million). Within the sovereign debt universe, the debt segment of emerging countries dominated (+680 million), while among corporate securities, Eurozone high-yield bonds gained the highest volume of subscriptions (+462 million). By contrast, investors reduced their exposure to US inflation-linked bonds (-314 million).

Source: ETFWorld

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