The Australian exchange traded fund (ETFs) industry has hit a new record high, driven by a rise in asset values in both Australian and international markets, according to BetaShares.
The BetaShares July 2016 Australian ETF Review showed funds under management (FUM) stood at $23.4 billion, with new money coming into the industry accounting for 25 per cent of the month’s growth ($225 million).
BetaShares managing director, Alex Vynokur, said that safe-havens such as cash received the highest levels of inflows, suggesting investors were remaining cautious despite the global share market rally.
“Additionally, the outflows from ETF exposures in local shares signals investors took profits in July, at the height of the rally,” he added.
The BetaShares Australian High Interest Cash ETF received the largest inflows of the industry at $75 million, with broad Australian equities exposures recording the largest outflows.
According to BetaShares, the top performing exchange traded products in July were Palladium (17.6 per cent), followed by BetaShares Geared Australian Equity Fund (GEAR) (13 per cent).
Additionally, four new products were launched in July from BetaShares, Magellan and ANZ.
