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European-domiciled ETF inflows rebounded in April after enduring a challenging month in March, as flows reached $15.8 billion, up from $4.2 billion the previous month. Equity ETFs captured $11.3 billion of net cash flows, substantially higher than in March ($2.1 billion), while fixed income products garnered $4.3 billion in assets, also up on those recorded the previous month ($2.5 billion). Commodity flows were broadly flat in April, at -$14 million, having registered outflows of -$0.4 billion in March.
Within equities, core exposures led the inflows in April, taking in $8.1 billion. The majority of flows went into global exposures ($4.8 billion), followed by world ($1.5 billion) and European ($0.9 billion) products; eurozone ETF exposures suffered outflows of -$0.9 billion. Sustainable ETFs experienced inflows of$1.1 billion, with world ($0.4 billion), US ($0.3 billion), Japan ($0.2 billion) and emerging market ($0.2 billion) the most popular with investors in April. Inflows into thematic ETFs ($1.1 billion) were mainly driven by the popularity of global thematic products ($1 billion).
In fixed income, government, corporate, and aggregate ETFs were the largest contributors to total inflows of $4.3 billion, contributing $1.8 billion, $0.9 billion and $0.5 billion of flows respectively. Government bond ETF inflows into US ($2.9 billion) and eurozone ($0.4 billion) products were in part offset by outflows from China government bond ETFs (-$2.1 billion). Inflows into corporate bond ETFs were led by US ($1.4 billion) and UK ($0.3 billion) exposures, while eurozone corporate bond ETFs suffered outflows (-$0.7 billion). Aggregate bond ETF flows went mainly into global ($0.2 billion) and eurozone ($0.2 billion) exposures, while US aggregate fixed income ETFs saw outflows (-$67 million).
Commodity ETFs lost $14 million of assets in April, as inflows into broad commodity ETFs excluding agriculture ($0.2 billion) were offset by outflows from broad exposures (-$0.1 billion) and precious metals ETFs (-$65 million).
In April, the Vanguard UCITS ETF range captured net inflows of approximately $1.6 billion, spread across the equity ($1.0 billion), fixed income ($0.5 billion) and multi-asset ($30 million) ranges. In equity, the Vanguard S&P 500 UCITS ETF ($0.4 billion), the Vanguard FTSE All-World High Dividend Yield UCITS ETF ($0.3 billion) and the Vanguard FTSE All-World UCITS ETF ($0.2 billion) saw the largest inflows.
The Vanguard fixed income UCITS ETF range experienced inflows of $0.5 billion in April, primarily driven by inflows into the Vanguard USD Corporate 1-3 Bond UCITS ETF ($0.2 billion), the Vanguard USD Corporate Bond UCITS ETF ($0.1 billion) and the Vanguard USD Treasury Bond UCITS ETF ($0.1 billion).
The Vanguard LifeStrategy UCITS ETF range continued to see significant investor interest, attracting $30 million of inflows.
1 Source: Vanguard, ETFbook, as at 29 April 2022. Data extracted on 3 May 2022.
2 Source: Vanguard, ETFbook, as at 28 April 2022. Data extracted on 3 May 2022.
Investment risk information
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall.
Investments in smaller companies may be more volatile than investments in well-established blue chip companies.
ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid- offer spread which should be considered fully before investing.
Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds.
The Funds may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments.
For further information on risks please see the “Risk Factors” section of the prospectus on our website at https://global.vanguard.com.
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