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European country ETFs remain the leading product area, delivering nearly 30 per cent of total turnover at €281m (£223.6m), while exchange-based European ETF turnover came to €1.22bn.

European, fixed-income ETF turnover fell by 9.4 per cent to €122m, while the total monthly daily average turnover of European equity ETFs amounted to almost €1bn, an 11.9 per cent week-on-week rise.

With regard to country products, DAX ETFs retains its superior position.

In terms of style, the report said there was growth in both short and leveraged-style ETFs. These now form the third-largest segment in the European ETF market, reflecting trends in the US.

The ETF market share is currently dominated by the Deutsche Borse XTF platform, which accounts for a third - 32.7 per cent - of turnover. The Euronext NextTrack and the London Stock Exchange's combined Italian and London exchanges come second and third, respectively.

The report also announced the launch of two new funds from PowerShares - the PowerShares Dynamic Japan fund and the PowerShares Global Agriculture NASDAQ OMX fund.