European ETFs: Amundi loses ground to DWS, Vanguard in Q2

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DWS, Vanguard and State Street Global Advisors (SSGA) saw strong ETF inflows in Q2 as demand for core equities remained solid.

According to data from ETFbook, investors piled $59.1 billion into European-listed ETFs in the previous quarter, up from $49.4 billion in Q1, as bullish sentiment for risk assets continued.

BlackRock captured $23.4 billion inflows over the quarter, the most across all ETF issuers, taking its overall assets under management (AUM) to $880 billion.

In particular, the iShares Core S&P 500 UCITS ETF (CSPX) saw $3.8 billion inflows, the most across all European ETFs, while investors poured a combined $4.2 billion into the iShares MSCI USA ESG Enhanced UCITS ETF (EEDS) and the iShares Core MSCI World UCITS ETF (SWDA).

DWS pulled in the second-highest ETF inflows in Q2. The German asset manager’s $7.4 billion inflows drove its AUM to $217 billion, a 10.5% share of the $2 trillion European market.

Ongoing demand for the Xtrackers EUR Overnight Rate Swap UCITS ETF (XEON), which captured $2 billion inflows in Q2, was a key driver of the firm’s strong quarter.

Vanguard ETF Flows Show Strong Demand

It was also another positive three months for Vanguard which pulled in $5.9 billion inflows amid strong demand for its global equity and short-duration U.S. Treasury ETFs, in particular.

Alongside DWS, the U.S. giant has been a standout performer this year as investor demand for core ETF exposures in Europe continues to grow.

SSGA’s decision to slash the fee on its SPDR S&P 500 UCITS ETF (SPY5) to 0.03% last October is the driver behind the asset manager’s strong performance this quarter.

The firm saw $5.5 billion inflows in Q2 as SPY5 pulled in $2.5 billion net new assets, the second highest across European ETFs.

Meanwhile, Amundi continued to struggle versus its rivals following the acquisition of Lyxor. Europe’s largest asset manager saw $4.9 billion inflows in Q2, driving its AUM to $254 billion.

VanEck Growth in Europe

Across the smaller players in the market, VanEck was a standout performer, with $1.1 billion inflows over the quarter.

The U.S. asset manager crossed the $10bn AUM milestone in European ETFs in May, a significant moment for the firm which launched its first ETFs in 2015 before acquiring ThinkETF in January 2018.

At the other end of the spectrum, Legal & General Investment Management (LGIM) continued its torrid start to the year, with $1.2 billion outflows, the most across all European ETF issuers.

The UK asset manager has struggled from waning demand for ESG this year as investors pulled $1.2 billion from its L&G US ESG Exclusions Paris Aligned UCITS ETF (RIUS) over the quarter.

WisdomTree also had a challenging quarter amid waning demand for commodity ETPs. The specialist saw $790 million outflows amid significant outflows from its copper and physical silver ETCs.

This article was first published in etf.com's sister publication ETF Stream.


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