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Monthly ETP Review

October 6, 2020
  • Average daily volume jumped 20.30% m/m (+8.95% y/y), to 1.64 bn, compared with an 8.70% drop m/m across all equities, as the VIX average daily close climbed 20.79% m/m (+77.70% y/y), to 27.65.
  • Average daily value traded leaped 37.66% m/m (+33.87% y/y), to $122.19 bn.
  • ETPs accounted for 16.30% of equity ADV (+157 bps m/m) and 23.98% of ADVT (+327 bps m/m).
  • The 20-most-active ETPs accounted for 48.66% of total ETP volume and 7.93% of all equity volume.
  • Nasdaq (+157 bps m/m), Cboe BZX (+107 bps m/m) and Cboe EDGX (+59 bps m/m) gained the most market share, while off-exchange venues (-309 bps m/m) lost the most.
  • ETP fund flows were positive for a 13th consecutive month, at $27.51 bn. US equity funds ($11.00 bn) led the way, while specialty funds ($-73 mn) was the only group to suffer net outflows.

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