• Exchange-traded-product ADV jumped 19.61% m/m (-12.31% y/y), to 1.47 bn, compared with a 11.14% gain in total equity ADV. The VIX average daily close edged up 1.34% m/m (-28.77% y/y), to 13.94.

• Average daily value traded climbed 22.94% m/m (-8.06% y/y), to $98.9 bn.

• ETPs accounted for 19.30% of equity ADV (+137 bps m/m) and 26.80% of equity ADVT (+110 bps m/m).

• The 20-most-active ETPs accounted for 42.27% of total ETP volume and 8.16% of all equity volume.

• Off-exchange venues (+94 bps m/m) gained the most market share; Nasdaq BX (-48 bps m/m) declined the most.

• ETP fund flows started 2020 on a positive note (+$36.01 b), logging a fifth consecutive month of positive net inflows, with all fund groups gaining assets. US corporate-fixed-income funds ($9.30 bn) led the way, followed by US equity funds ($8.40 bn) and US government-fixed-income funds ($4.54 bn).