Close to one in six European ETFs are on Lipper’s so-called death list—defined as ETFs with over three years’ existence and less than €100 million in assets, according to Reuters, which reported on the Lipper study.

The report found that fewer than 50 of the funds account for nearly 50 percent of European industry’s assets, the Reuters article said.

The top three ETF sponsors in Europe account for 66.5 percent of the assets under management, leaving the remaining 34 providers with less than 6 percent of the market share, each, the article said, quoting data from ETF Global Insights.

Besides the recent issues in the European market stemming from the troubles of Greek and Spanish banks, the ETF industry in Europe is in need of consolidation, the article said.

Similar to the U.S. ETF market, the influx of newly created funds during the past few years has made it difficult for new funds to prosper. But with fewer retail investors in the European market, cost cuts won’t be as effective at attracting new investors, Reuters said.

To read more, head over to Reuters.com.