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Monthly ETP Review

December 6, 2019
  • Exchange-traded-product ADV fell 9.85% m/m (-26.30% y/y), to 1.22 bn, compared with a 4.61% increase in total equity ADV. The VIX average daily close dropped 19.03% m/m (-35.41% y/y), to 12.52.
  • Average daily value traded declined 10.58% m/m (-30.57% y/y), to $73.4 bn.
  • ETPs accounted for 17.75% of equity ADV (-285 bps m/m) and 24.05% of equity ADVT (-354 bps m/m).
  • The 20-most-active ETPs accounted for 48.91% of total ETP volume and 8.68% of all equity volume.
  • Off-exchange venues (+352 bps m/m) posted a significant gain in market-share; Nasdaq (-157 bps m/m). NYSE Arca (-75 bps m/m) and Cboe BZX (-63 bps m/m) declined the most.
  • ETP net fund flows ($45.63 bn) were positive for a third consecutive month. US equity funds ($24.21 bn) led the way upward, followed by foreign developed-market ($6.76 bn) and US corporate fixed-income ($6.00 bn) funds. Only commodity (-$1.17 bn) and currency (-$107 mn) products suffered net outflows.

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