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DB Research-Europe-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review
December 9, 2017--Value Factor ETFs assets soar
Data in this report is as of 30th November 2016.
European ETP Monthly Highlights (Assets & Flows):
Assets: European ETPs AUM increased by €11bn on MoM basis and
ended the month at €523bn.
Flows: European domiciled ETPs registered strong inflows of +€4.3bn.
Equity ETFs were dominant where there were inflows of +€7.8bn while
Fixed Income ETFs and Commodity ETPs witnessed outflows of -€3.1bn
and -€0.4bn respectively.
New Product Launches-14 new products
European ETP market witnessed 14 new product launches in November including
11 ETFs and 3 ETCs.
Investment Themes for the Month
US (+€2.6bn) and broad European (+€1.6bn) equities gained material inflows. Further, Japan, Switzerland and Germany ETFs also had healthy inflows in November.
Value factor ETFs assets soared in November, increasing 70% MoM (+ €0.7bn inflows). Healthcare (+€0.8bn) and US Small Caps (+€0.5bn) also had notable gains. Real Estate ETFs saw redemptions of -€321mn.
Global EM equities and EM Sovereign bonds suffered outflows of -€0.8bn and -€1.8bn respectively. Interestingly equities in EM Europe countries saw net inflows, in particular Russia.
Gold ETPs recorded outflows of -€0.7bn (+€9bn YTD flows).
Turnover: MoM turnover activity up by 51%
The total turnover activity into European ETPs was up by 51% (€89bn) from the
previous month's total (€59bn).
Price premium/discount to NAV monitor
Within Equity, deepest discount in Size (-0.26%) and highest premium (0.29%)
occurred within Sector ETFs while in Fixed Income, deepest discount (-0.47%)
and highest premium (0.22%) were in Broad ETFs.
US Market: Outflows continues from European focused ETFs
European exposed ETFs listed in US had another weak month with outflows of-
$0.7bn (-$1.3bn in Oct'16) during November. European exposure ETFs remained
weak so far this year with net outflows of -$23.1bn in US listed ETFs.
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Source: Source: Deutsche Bank Research-Europe-Synthetic Equity & Index Strategy
More British hedge funds say may have to move after Brexit-Preqin
December 9, 2016--Over thirty percent of British hedge funds say they are uncertain about remaining in the UK following Britain's vote to leave the European Union according to an industry survey, a larger proportion than immediately after the referendum.
Of 276 hedge fund managers surveyed by industry tracker Preqin in November, 24 percent said they were now uncertain about staying in the UK, up from 17 percent in July.
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Source: Reuters
Two new BNP Paribas precious metal ETCs launched on Xetra
December 9, 2016--ETCs provide access to performance of gold and palladium
Two new exchange traded commodities (ETCs) issued by BNP Paribas Arbitrage Issuance B.V. have been tradable on Xetra and Börse Frankfurt since Friday.
The BNPP Gold ETC enables investors to participate in the performance of the precious metal gold, and the BNPP Palladium ETC tracks the performance of the precious metal palladium.
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Source: Deutsche Börse Cash Market
IMF Working paper-The Impact of Workforce Aging on European Productivity
December 8, 2016--Summary:
The age-distribution of Europe's workforce has shifted towards older workers over the past few decades, a process expected to accelerate in the years ahead.This paper studies the effect of the aging of the workforce on labor productivity, identifies the main transmission channels, and examines what policies might mitigate the effects of aging.
We find that workforce aging reduces growth in labor productivity, mainly through its negative effect on TFP growth. Projected workforce aging could reduce TFP growth by an average of 0.2 percentage points every year over the next two decades. A variety of policies could ameliorate this effect.
view the IMF working paper-The Impact of Workforce Aging on European Productivity
Source: IMF
db x-trackers II iBoxx $ Treasuries UCITS ETF (DR) launched on Xetra
December 8, 2016--ETF provides access to US Treasuries with currency hedging.
A new db x-trackers bond index ETF from Deutsche Asset Management's product offering has been tradable via Xetra and Börse Frankfurt since Thursday.
Name: db x-rackers II iBoxx $ Treasuries UCITS ETF (DR)
Asset class: bond index ETF
ISIN: LU1399300455
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Source: Deutsche Börse Cash Market
How to hedge Sterling equity exposures
December 7, 2106--The recent sharp moves in Sterling-predominantly the weakness that we've seen since Brexit-has been beneficial for UK investors holding overseas assets.
The declines have been particularly sharp against the USD, and, at its lowest point in mid-October it had fallen 18.5%, while its decline versus the Euro was more muted reflecting the weakness of the Euro. Still, even against a weakening Euro, Sterling fell 16.1%. Against the Yen-a currency that has seen reasonable strength-Sterling's decline was even more pronounced at 20.5%.
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Source: Nizam Hamid, ETF Strategist, WisdomTree Europe
Vanguard launches USD emerging markets government bond ETF
December 7, 2016-Vanguard has expanded its range of European-listed UCITS exchange-traded funds with the launch of the Vanguard USD Emerging Markets Government Bond UCITS ETF (LON: VDET).
The fund offers regional exposure to US dollar-denominated debt issued by governments in emerging markets.
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Source: etfstrategy.co.uk
IMF-Finland: Financial System Stability Assessment
December 7, 2016--Summary:
Notwithstanding the three-year recession, Finland's banking system remains well capitalized and profitable.
While low interest rates have squeezed net interest income, banks have increased income from trading and insurance, and reduced cost-income ratios, helping to maintain profitability. Nonperforming loans have remained low and capitalization ratios are well above requirements, though buffers may be exaggerated by the aggressive use of risk weights. The Net Stable Funding Ratio suggests that vulnerabilities from maturity mismatches are limited in aggregate.
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Source: IMF
Digital distribution: How ETFs can unlock more growth in Europe
December 6, 2016--Innovation remains the domain of exchange-traded fund design, not ETF distribution-that needs to change.
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Source: Financial News
Italy votes no in referendum; managers raise concerns over markets and banking sector
December 5, 2016--A vote to reject constitutional reforms in Italy could lead to a period of market volatility, as the euro fell early Monday and money management executives raised concerns over the Italian banking sector.
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Source: pionline.com
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