Interesting! I stumbled across the following part:

The report states "German investors continue their divestment from the DAX [...] DWS Investment was the biggest domestic seller, followed by BlackRock Asset Management (Deutschland)" and "North American investment continued to grow [...] mainly driven by Vanguard".

If a German citizen sells a BlackRock ETF and switches to Vanguard (e.g. due to lower TER), would that reflect in the report as "German divestment from the DAX"?