The assets under management in the European ETF industry are highly concentrated at the classification level. Even as one would expect that the AUM are concentrated at the classification level since this reflects the asset allocation views of the investors—which are in general rather streamlined than widely diverging—the level of concentration might be surprising. ETFs classified as Equity U.S. held 26.83% of the overall assets under management at the end of December 2024. The second largest classification, Equity Global, held 18.09% of the overall AUM and Equity Emerging Markets Global held 4.26%. Given the fact that Equity U.S. and Equity

The European cement sector has had a strong start to 2025 compared to its US equivalent. As the chart shows, European cement stocks have been outperforming the broader euro area market since January 2023; but this year’s growth has been particularly strong, with the Datastream euro area cement index climbing around 45% since January to reach a new all-time high on 14 March — while its US counterpart has only registered 3% growth in the same period. As a result, the total market value of the US cement index relative to the euro area cement index has shrunk, falling from

In order to examine the European ETF markets in further detail, a review of the Lipper global classifications will lead to more insights on the structure and concentration of assets within the European ETF industry. At the end of December 2024, the European ETF market was split into 168 different peer groups. The highest assets under management at the end of December were held by funds classified as Equity U.S. (€558.4 bn), followed by Equity Global (€376.6 bn), Equity Emerging Markets Global (€88.7 bn), Equity Europe (€85.7 bn), and Equity Eurozone (€64.2 bn). These five peer groups accounted for 56.38%

July 2024 was another successful month for the European ETF industry since ETFs registered for sales in Europe enjoyed strong estimated net inflows (+€20.9 bn) over the course of the month. These flows were way above the rolling 12-month average (€16.2 bn), which might be seen as a sign of strength of the trend toward ETFs in Europe. If the European ETF can maintain the current level of inflows, the overall inflows for the year 2024 will reach a new all-time high with estimated net inflows between €180.0 bn and €210.0 bn. The inflows for July were driven by equity

The European fund industry enjoyed healthy inflows over the first half of 2024. Opposite to mutual funds, ETFs had estimated net inflows in every month so far. These inflows into mutual funds and ETFs occurred in a generally positive market environment. Nevertheless, equity markets looked somewhat vulnerable given the high valuations of the market leaders. With regard to this, it is not surprising that investors are nervous and reacting quite fast on any news that may impact the current market environment negatively. This is not only true for economic news, as the geopolitical tensions in the Middle East, especially the

Over the last few weeks, I read a lot about the possible future success of European Long-Term Investment Funds (ELTIF) under the revised ELTIF 2 regime. In fact, it looks like the European fund industry is really appreciating the changes in the reviewed regulation since these changes give fund managers more flexibility and enable them to sell their ELTIF funds as cross-border products labelled as Alternative Investment Funds (AIF) to retail investors throughout the European Economic Area (EEA). Yes, you read that right—ELTIF 2 products can be sold to retail investors which raises the question of whether this is really

Every market participant in the European ETF industry knows that Europe or even the EU are far away from a single market when it comes to ETF trading. Respectively, many ETF promoters list their ETFs on different exchanges to reach as many investors as possible. What sounds like a very appropriate approach to maximize the opportunities for ETF distribution also has some negative effects. Since the ETF promoters have to pay fees and expenses for any exchange listing, this means that the ETF promoters needs at least some trading volume in a given ETF on the respective exchange to cover

This article is part of the LSEG Lipper European ETF Yearbook 2023 which has been published on April 11, 2024 and can be found here A lot has been written about the success of active ETFs in the U.S. and subsequently about the outlook for active ETFs in Europe. Even as some articles may raise the impression that active ETFs are a new kind of product, they are not since the first active mixed-assets ETF launched in 2008 and the first active bond ETF in 2011. The first active commodities and equity ETFs were launched in 2012, while the first

The recently released IFO survey indicates that Europe’s largest economy, Germany, has continued to weaken after entering a technical recession in the second half of 2023. The headline measure sank in February, with businesses reporting worsening in both current conditions and expectations in relation to future sales. At face value, this implies that the economy has continued to contract throughout the first quarter, albeit at a slower rate than was seen in the second half of 2023. Some of the headwinds the German economy faced last year have abated. Headline inflation dropped from 8.7% in January 2023 to 2.9% in

Since the year-end is the typical point in time at which investors review the performance of their portfolios, we want to shed a light on the Lipper global bond, equity, and mixed-assets classifications with the best and worst average performance. In addition, this report also showcases the performance of the best- and worst-performing funds/ETFs for each asset type and the average performance of the most relevant Lipper global classifications from a euro investor point of view for each asset type.   Methodology In order to calculate the average performance of the funds and ETFs within the Lipper global classifications (LGCs)

The Polish economy escaped with one of the mildest contractions in GDP during the COVID-19 pandemic, and followed that with a strong recovery, but over the past year it has been on a downward trend. Its trajectory was disrupted by the surge in global inflationary pressures, and this turbulence was severely aggravated by the start of the war in Ukraine, an event which affected Poland particularly. The highly inflationary environment (further exacerbated by an influx of 1 million refugees from Ukraine) has eroded households’ purchasing power, while higher input costs have severely constrained the industrial sector, one of the key

On May 8, 2023, Refinitiv Lipper unveiled the results of the Refinitiv Lipper Fund Awards for Europe. Like previous years, the award ceremony was not held as a physical in-person event. Since the last five years were a very challenging period for fund managers globally, the Refinitiv Lipper Fund Awards will get a lot of attention from the asset management industry since only those managers who were able to adapt their portfolios permanently to new market environments will receive a Refinitiv Lipper Fund Award in 2023.  Different methodologies lead to different results Contrary to what a number of market observers would