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US Securities Volumes

Monthly ETP Review

May 8, 2020
  • Average daily volume dropped 33.88%m/m (+123.96% y/y), to 2.74 bn, compared with a 21.09% decline m/m across all equities, as the VIX average daily close fell 28.20% m/m (+220.13% y/y), to41.45.
  • Average daily value traded tumbled41.77% m/m (+85.59% y/y), to $144.6 bn.
  • ETPs accounted for 22.19% of equityADV (-429 bps m/m) and 31.08% of ADVT (-684 bps m/m).
  • The 20-most-active ETPs accounted for 63.18% of total ETP volume and 14.02% of all equity volume.
  • Off-exchange venues (+457 bps m/m)gained the most market share, while Nasdaq (-220 bps m/m), NYSE Arca (-189 bpsm/m) and Cboe BZX (-90 bps m/m) lost the most.
  • ETP fund flows were positive for an eighth consecutive month, at $24.26 bn. US equity funds ($16.69 bn) led the wayonce again, followed by US corporate fixed-income funds ($13.59 bn) and US government fixed income funds ($4.46 bn). Foreign developed market funds(-$7.38 bn) and emerging market funds (-$4.44 bn) suffered the greatest outflows.
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