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Monthly ETP Review

July 14, 2020

• Average daily volume rose 9.54% m/m (+46.28% y/y), to 2.01 bn, compared with a 17.46% rise m/m across all equities, as the VIX average daily close increased 0.72% m/m (+96.51% y/y), to 31.12.

• Average daily value traded climbed 11.65% m/m (+44.52% y/y), to $127.69 bn.

• ETPs accounted for 15.10% of equity ADV (-109 bps m/m) and 25.25% of ADVT (-37 bps m/m).

• The 20-most-active ETPs accounted for 43.70% of total ETP volume and 6.60% of all equity volume.

• Cboe BZX (+36 bps m/m) gained the most market share, while Cboe EDGX (-52 bps m/m) lost the most.

• ETP fund flows were positive for a tenth consecutive month, at $45.93 bn. US corporate fixed-income funds ($25.72 bn) led the way once again, followed by US equity funds ($11.01 bn). Foreign developed market funds (-$530 mn) and currency funds (-$433 mn) were the only two groups to suffer net outflows.

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