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LSEG Lipper Fund Awards Austria 2025 On April 10, 2025, LSEG Lipper unveiled the results of the LSEG Lipper Fund Awards for Austria in conjunction with our long-term media partner Geld ... Find Out More
S&P 500 2025 Q1 Earnings Preview: A Clearing Event or More Uncertainty? Earnings season kicks off this week and we preview the S&P 500 2025 Q1 earnings season in granular detail, providing both aggregate and ... Find Out More
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No Atheists in Foxholes, no Patriots in Capital Markets US investors go large on domestic equities while the rest of the world backpedals   Sentiment is fickle, particularly so regarding US ... Find Out More
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Monday Morning Memo: What Happened to ETF Share Classes?

When the patent of Vanguard on ETF share classes expired on May 16, 2023, market observers and participants expected a significant number of new ETFs which are actual share classes of existing mutual funds since the promoters of active managed mutual funds may want to attract investors who are only using ETFs in their portfolios. Opposite to this expectation, the promoters of mutual funds in Europe have been rather shy in using this new feature to enhance their fund distribution strategies. Nevertheless, the use cases and advantages for ETF share classes are still valid and a further increase of the
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Apr 7, 2025
posted by Detlef Glow

Monday Morning Memo: Review of Market Concentration in the European ETF Industry at the Classification Level

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
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Mar 31, 2025
posted by Detlef Glow

Monday Morning Memo: Global ETF Industry Review, February 2025

February 2025 was another month with strong inflows for the global ETF industry. These inflows occurred in a volatile market environment in which investors around the globe acted nervous over any political and economic news. Investor sentiment was impacted by the discussions around tariffs imposed by the U.S. president and potential tit-for-tat reactions from the markets which are the targets of the new tariffs. That said, the tariffs are seen as a kind of trade war between the U.S. and the rest of the world by some market observers. When it comes to this, investors were concerned about a political
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ETFsETFsGlobalLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Mar 24, 2025
posted by Detlef Glow

Monday Morning Memo: U.S. ETF Industry Review, February 2025

February 2025 was another month with strong inflows for the U.S. ETF industry. These inflows occurred in a volatile market environment in which investors around the globe acted nervous over any political and economic news. Investor sentiment was impacted by the discussions around tariffs by the U.S. president and potential tit-for-tat reactions from the markets which are the targets of the new tariffs. That said, the tariffs are seen as a kind of trade war between the U.S. and the rest of the world by some market observers. When it comes to this, investors were concerned about a political shift
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ETFsETFsFund FlowsLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegionUSA
Mar 17, 2025
posted by Detlef Glow

Monday Morning Memo: A Brief Review of the Replication Methodologies Used in the European ETF Industry

Before the financial crisis occurred in 2008, the market share of the main replication methods used by ETF promoters in Europe was nearly evenly split between physical (full/optimized) and synthetic replication. That said, one needs to bear in mind that the vast majority of assets in the European ETF industry was invested in equity ETFs at this point in time. This changed in the aftermath of the financial crisis as European investors realized that a swap or other derivatives used for synthetic replication have a counterparty risk and, therefore, avoided ETFs which were using synthetic replication where possible. As a
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Mar 10, 2025
posted by Detlef Glow

Monday Morning Memo: Global ETF Industry Review, January 2025

The global ETF industry enjoyed general inflows over the course of January 2025. These inflows occurred in a mainly positive but volatile market environment. The markets were driven by the effects around the inauguration of Donald Trump as the next U.S. president. On one hand, investors appreciated the expected positive impacts on the U.S. economy from the new administration. Meanwhile, they feared the impacts from possible tariffs, which may cause a global trade war as an unwanted side-effect and higher government spending on inflation and, therefore, on the resulting policies of the U.S. Federal Reserve. That said, the high valuations
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ETFsETFsFund FlowsGlobalLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Feb 24, 2025
posted by Detlef Glow

Analysis of the ETF Flows in 2024 by SFDR Article

Despite the fact that media coverage around sustainability in general has gone further down over the course of 2024, it is important to have a look at the estimated net flows in the European ETF industry by SFDR article to determine if investors have returned to sustainable investment strategies or if they still prefer ETFs without any sustainability related screening criteria. As for the year 2023, ETFs classified as article 6 products (+€214.1 bn) enjoyed the highest inflows over the course of 2024, followed by ETFs classified under article 8 of the SFDR (+€43.3 bn). Conversely, ETFs classified under article
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Uncategorized
Feb 17, 2025
posted by Detlef Glow

Monday Morning Memo: European ETF Industry Review, 2024

2024 was another year with strong inflows for the European ETF industry. In fact, the inflows marked a new all-time high for monthly inflows into ETFs in Europe. These inflows occurred in a mainly positive market environment. While most equity markets were on the rise despite the high valuations of the market leaders over the course of the month, some bond segments faced the impacts from rising rates as yield curves have somewhat started to normalize. This might also be the reason why investors are somewhat nervous and reacting quickly on any news that may impact the current market environment
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Feb 10, 2025
posted by Detlef Glow

Monday Morning Memo: European ETF Flow Insights – 2024

The European ETF industry enjoyed record inflows (+€256.4 bn) over the course of 2024. These inflows were way above the inflows of the former record year 2021, when ETFs enjoyed estimated year-to-date net flows of €161.4 bn. Equities (+€198.5 bn) were the best-selling asset type for the year. The inflows into equity ETFs must be seen in comparison to the outflows from actively managed mutual funds (-€62.2 bn). This means that European investors seem to prefer ETFs over mutual funds when it comes to equity investments. Bonds (+€295.9 bn) were the best-selling asset type in the European fund industry. As
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightRegion
Feb 3, 2025
posted by Detlef Glow

Monday Morning Memo: Did Actively Managed ETFs Meet the Expectations in Europe Over the Course of 2024?

A lot has been written about actively managed ETFs. Indeed, one could say that these products made headlines all year round as market observers expected that active ETFs will become the next big thing in the European ETF industry. For me this means one should take a look at the fund flows and assets under management to see if the growth of these products could keep up with the high expectations raised by all the headlines. First of all, it needs to be made clear that the segment of active ETFs is quite small since these products held only €56.2
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ETFsETFsEuropeLipperLSEG LipperMarket & Industry InsightMonday Morning MemoRegion
Jan 27, 2025
posted by Detlef Glow

Monday Morning Memo: The Hidden Fund Flow Trends Underneath the Headline Numbers

The European fund industry enjoyed inflows of €620.2 bn over the course of 2024. That said, there are two main trends visible in the fund flows numbers which may be because most of the asset managers in Europe are not happy with their inflows over the course of the year. Firstly, there was a clear trend in the direction of ETFs, as European investors invested €256.4 bn in these products over the course of the year. Secondly, European investors bought further into money market funds (+€253.0 bn). This trend was driven by the still inverted yield curves in the major
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EuropeFund FlowsLipperLSEG LipperMonday Morning MemoRegion
Jan 20, 2025
posted by Detlef Glow

Monday Morning Memo: Performance Review – Relative Performance of Equity Funds as of December 31, 2024

A view of the market movements between January 1, 2024, and December 31, 2024, shows that it is fair to say that this period was a period in which active fund managers could have shown their asset selection and timing skills since the equity markets were driven by a number of different factors. Each of these factors could have caused a major market downturn on their own. There were a lot of geopolitical tensions around the globe beside the war in Ukraine, which showed that democratic states are more vulnerable than one may think. With regard to this, the political
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Fund PerformanceGlobalLipperLSEG LipperMonday Morning MemoRegion
Jan 13, 2025
posted by Detlef Glow
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