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Monthly ETP Review

August 10, 2018

Some highlights:

  • Exchange-traded-product ADV fell 10.78% m/m (+9.42% y/y), to 1.13 bn, compared with a 16.54% decrease in total equity ADV.
  • Average daily value traded inched up 0.30% m/m (+22.91% y/y), to $74.3 bn.
  • ETPs accounted for 18.67% of equity ADV (+121 bps m/m) and 24.40% of equity ADVT (+323 bps m/m), as the VIX average daily close declined 3.88% m/m (+28.09% y/y), to 13.15.
  • NASDAQ (+54 bps) saw the highest m/m market-share gain; Off-Exchange venues (-64 bps) suffered the biggest loss.
  • ETPs fund flows turned positive, with net inflows of $25.5bn in July. US equity focused funds outpaced all other groups, with net inflows of $18.9bn. Corporate-fixed-income products were a distant second, with $6.3bn.
  • Foreign-developed-market (-$3.8bn), commodity (-$960mn) and currency (-$72) funds were the only groups to experience net outflows.

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