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FEBRUARY 2022: INDUSTRY FALLS FOR THE SECOND MONTH IN A ROW
A combination of falling global sharemarkets and anaemic flows caused the Australian ETF industry to fall for a second month in a row. Read on for details, including best performers, asset flow categories and more.
Australian ETP Market Cap: July 2001 – February 2022
Source: ASX, Chi-X, BetaShares.
Market cap
- ASX Exchange Traded Product market cap: $130.1B
- Market cap change for month: -1.32%, -$1.7B
- Market cap growth for the last 12 months: 33.7%, + $32.8B
New money
- Net flows for month: +$0.2B – lowest net flows in 5 years
Comment: Australian ETF investors were cautious this month given geopolitical conflict, inflation fears and volatile markets, resulting in net flows of only $212m for the month.
Products
- 287 Exchange Traded Products trading on the ASX and Chi-X.
- 5 new products launched – we launched two new thematic ETFs, Online Retail and E-Commerce (IBUY) and Video Games and Esports (GAME), as well as a yield-enhanced Australian Composite Bond ETF (OZBD). In addition, two Active ETFs were launched, one from Munro and the second a conversion of a global property securities product by Resolution Capital.
Trading value
- ASX ETF trading value remained stable (-1% month-on-month) to reach the third-highest value traded on record ($10.2B).
Performance
- Best performance in February came from gold mining and oil exposures. Our currency-hedged Global Gold Miners ETF (MNRS) topped the table with an 11.8% monthly return.
Comment: Industry growth over the last 12 months has been 34%, for a total of $32.8B net growth.
Top 5 Category inflows (by $) – February 2022
| Category | Inflow Value |
| Australian Equities | $380,963,346 |
| Fixed Income | $126,884,838 |
| Multi-Asset | $103,009,763 |
| Listed Property | $44,145,670 |
| Short | $40,612,500 |
Top 5 Category outflows (by $) – February 2022
| Category | Inflow Value |
| Cash | ($283,619,288) |
| International Equities | ($229,500,009) |
Source: Bloomberg, BetaShares.
Top Sub-Category inflows (by $) – February 2022
| Sub-Category | Inflow Value |
| Australian Equities – Broad | $318,202,334 |
| Multi-Asset | $103,009,763 |
| Australian Bonds | $85,556,044 |
| International Equities – Ethical | $83,191,000 |
| International Equities – Europe | $49,977,618 |
Comment: Net inflows were recorded in Australian Equities products (~$318m), which outperformed International Equities significantly in February. Notably we also saw net inflows in Ethical Global Equities products which remain a very fast growing category in the Australian ETF landscape.
Top Sub-Category outflows (by $) – February 2022
| Sub-Category | Outflow Value |
| International Equities – Developed World | ($294,996,064) |
| Cash | ($283,619,288) |
| International Equities – US | ($98,389,948) |
| International Equities – Sector | ($39,534,715) |
| Australian Equities – Geared | ($9,464,675) |
Comment: For the first time in the industry’s history, we saw the International Equities category in net outflow – this was driven in large part by significant flows out of the Magellan Global Fund (~$700m outflow).