The European ETP market has shown resilience in the face of volatility, growing 10% this year to the end of September.
Net inflows for 2011 stand at €20.6bn, reports Lyxor. July saw assets under management hit a high of €243bn but they have since fallen to €220bn.
This year's flows have been dominated by three exposures: European single country ETFs, with almost €13bn in Dax ETFs; non-European developed country ETFs, €3.5bn went into US equities; and commodities, with €4bn going into gold ETFs and ETPs.
German ETFs now have assets of €17.6bn, representing almost 50% of European country-based assets. It was also the focus for activity in September, accounting for 90% of the inflows.
Country-related ETPs make up the bulk of assets in Europe at 28.9%. Regional and fixed income products have the second and third largest market shares, of 22.2% and 19.7%, respectively.
Fixed income flows have been relatively flat this year, which is unusual in times of market volatility, Lyxor notes.
September saw ETP outflows totalling €678mn, having had outflows of €900mn in August. The majority of those came from regional ETPs (€1. 4bn); fixed income ETPs softened the blow, with inflows of €657mn.
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