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US Securities Volumes

Monthly ETP Review

June 16, 2020


  • Average daily volume dropped 33.12% m/m (+24.09% y/y), to 1.83 bn, compared with a 8.34% decline m/m across all equities, as the VIX average daily close fell 25.47% m/m (+84.77% y/y), to 30.90.
  • Average daily value traded dropped 20.93% m/m (+18.29% y/y), to $114.46 bn.
  • ETPs accounted for 16.19% of equity ADV (-600 bps m/m) and 25.62% of ADVT (-546 bps m/m).
  • The 20-most-active ETPs accounted for 43.08% of total ETP volume and 6.97% of all equity volume.
  • Cboe BZX (+148 bps m/m) and Nasdaq (+97 bps m/m) gained the most market share, while off-exchange venues (-431 bps m/m) lost the most.
  • ETP fund flows were positive for a ninth consecutive month, at $26.79 bn. US corporate fixed-income funds ($23.94 bn) led the way, followed by commodity funds ($6.14 bn). Emerging market funds (-$6.10 bn) and foreign developed market funds (-$4.95 bn) suffered the greatest outflows.

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