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), to 41.45.

Average daily value traded tumbled 41.77% m/m (+85.59% y/y), to $144.6 bn.

ETPs accounted for 22.19% of equity ADV (-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 bps m/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 way once 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.