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European fixed income ETF turnover was €135m over the same period, with money market ETFs continuing to be the main focus. Total exchange-based, European ETF turnover is currently €1.14bn, Deutsche Bank said.

There were 30 new ETFs launched during the last two weeks. Commerzbank launched its new range of ETFs on Deutsche Borse, while db x-trackers launched a new DJ Euro Stoxx 50 ETF, and ETFlab Investments launched three new products all on Deutsche Borse.

The report found that European country ETFs remained the leading product area, with total turnover of €272m accounting for almost 32 per cent of total ETF turnover.

The DAX ETFs remained the dominant country products, with total average daily volume of €128m across the five listed products, accounting for approximately 15 per cent of all equity ETF volume, the report said.

Deutsche Bank said that, similar to trends in the US, style ETFs led by short and leveraged products have grown and are now the third-largest segment in the European ETF market, with 22 per cent of total turnover.