Outflows for the month fell to €678m from €900m a month earlier, and despite two consecutive months of outflows, the European ETP market has seen total inflows of €20.6bn in 2011, according to Lyxor the ETF provider within Societe Generale.
Since their €243bn peak in July, however, total AUM have fallen to €220bn.
Lyxor said so far this year net asset flows have been dominated by just three specific exposures; European single country ETFs, non-European developed country ETFs and commodities ETPs.
German DAX ETFs have seen close to €13bn invested in them since the start of the, while US equity ETFs have witnessed inflows of €3.5bn.
This helped Germany to hold on to its crown as the single European country with the highest AUM, with €17.6bn representing 49.8% of European country-based assets.
Emerging market single country ETFs covering Latin America and Russia have also had positive flows, while unusually for times of such high volatility, fixed income flows have been relatively flat, Lyxor added.