Assets invested in Europe listed ETFs/ETPs were down from record highs according to preliminary data from ETFGI’s November 2016 global ETF and ETP industry insights report.

Globally listed ETFs reached record levels of assets under management at the end of November for ETFs/ETPs: $3.4 trillion globally, $2.4 trillion in the US and $83.4 billion in Canada according to ETFGI.

Assets invested in ETFs/ETPs listed in Europe however, were $556 billion; down from the record high of $567 billion at the end of the third quarter of 2016.

ETFs are typically open-ended, index-based funds that can be bought and sold like ordinary shares on a stock exchange. They offer broad exposure across developed, emerging and frontier markets, equities, fixed income and commodities. Exchange-traded products do not use an open-end fund structure.

“The US market had a good month in November, with the S&P 500 up 3.7 per cent and the DJIA increased by 5.9 per cent. The strong dollar caused currency headwinds for international markets,” said Deborah Fuhr, co-founder and managing partner at ETFGI.

“In Europe, S&P Europe 350 gained 1.24% in November, with almost all the gains attributable to the UK pound rising faster than the British stock market fell. During November the VIX declined dramatically by 21.9%,” she added.

The European ETF/ETP industry had 2,228 ETFs/ETPs, with 7,023 listings, assets of $556 billion, from 56 providers listed on 25 exchanges in 21 countries. The ETFs and ETPs listed in Europe gathered net inflows of $3.59 billion.

Net flows gathered by ETFs/ETPs in November were $3.59 billion of net new assets, marking the 27th consecutive month of net inflows.

In November, equity ETFs/ETPs gathered net inflows of $7.81 billion, fixed income ETFs/ETPs experienced net outflows of $3.82 billion, and commodity ETFs/ETPs saw net outflows of $398 million.

BNP Paribas Easy gathered the largest net ETF/ETP inflows at $1.54 billion, followed by Vanguard with $883 million and Source with $718 million.

iShares gathered the largest net ETF/ETP inflows in the year-to-date with $28.53 billion, followed by ETF Securities with $5.22 billion and SPDR ETFs with $4.61 billion.

ETFGI is a London-headquartered investments research and consultancy firm whose regular reports track the developments in these investment vehicles.