European-domiciled exchange-traded products garnered over €1.9bn in the week ending 4 March, according to Deutsche Bank.
Inflows for that week were the strongest of any so far in 2011, as all major asset classes posted positive cash flows.
The figures were primarily fuelled by a resurgence in developed market European equity ETFs, which gained €1.1bn, almost half of which went to Dax benchmarked ETFs.
However, Deutsche Bank's analysts point out this behaviour is typical in the run-up to the dividend season and has historically been followed by the unwinding of these positions once the tax benefits have been realized.
Whether this interest in the Dax proves to be the result of short-term tax optimisation trades or a sign of longer term fundamental based allocations, year-to-date flows in equity ETPs now total over €5.6bn.
Meanwhile, fixed income ETPs attracted €410m, pulling up year-to-date net cash flows to negative €138m. Deutsche Bank says turbulence in the Middle East encouraged investments in traditional safe haven assets, with almost all inflows heading to money market ETFs.
Continued turmoil has also fuelled sustained flows to gold ETPs, which received their third consecutive week of positive inflows, at €145m. Gold ETPs now have year-to-date net outflows of just €302m.
Despite gold's revival, Deutsche Bank's figures uncover an increasingly democratised commodities space. Of last week's €442m flows to the asset class, most went into broad basket ETCs, while energy and agriculture have performed consistently well this year.
The report reveals that flows into non-gold commodity ETP in 2011 now total €1.6bn, already over half the equivalent figure for the whole of 2010.
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