EUROPE - Style or strategic exchange traded funds (ETFs), offering investors short or leveraged positions, now account for a third of total European ETF turnover, data from Deutsche Bank reveals.
Data from Lyxor Asset Management, Société Générale's subsidiary and ETF provider, also showed strategic equity ETFs, as it calls style-based products, grew massively over the course of 2008.
It said the total assets under management (AuM) in strategy ETFs more than doubled from just over €1bn at end of 2007 to €2.2bn at the end of 2008 - a growth rate of 117%.
Lyxor added cash ETFs grew by 326% over the year, from €2bn to €8.6bn, accounting for 9.46% of the total AuM of the European ETF market.
db x-trackers also said the German DAX exchange was the 'dominant country', accounting for 9.9% of all equity ETF volume.
Among equity ETFs, the iShares FTSE100 had the highest daily turnover at €53m.
Over the course of 2008, the total European ETF market grew by 6.49% to more than €91bn (Globalpensions.com; 9 February 2009).
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