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US Securities Volumes

Monthly ETP Review

March 3, 2020
  • Exchange-traded-product ADV jumped 37.65% m/m (52.90% y/y), to 2.02 bn, compared with a 21.42% gain in total equity ADV. The VIX average daily close soared 40.80% m/m (28.84% y/y), to 19.63.
  • Average daily value traded surged 42.53% m/m (65.68% y/y), to $141.0 bn.
  • ETPs accounted for 21.87% of equity ADV (+258 bps m/m) and 29.96% of equity ADVT (+316 bps m/m).
  • The 20-most-active ETPs accounted for 43.16% of total ETP volume and 9.44% of all equity volume.
  • Nasdaq (+171 bps m/m), Cboe BZX (+132 bps m/m) and NYSE Arca (+116 bps m/m) gained the most market share, while off-exchange venues lost 476 bps.
  • ETP fund flows were positive for a sixth consecutive month, at $10.85 bn. US government-fixed-income funds ($8.57 bn) led the way, followed by global equity funds ($4.52 bn) and commodity funds ($2.47 bn). Emerging market funds (-$3.43 bn) and US equity funds (-$3.14 bn) suffered the greatest outflows.
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