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Monthly ETP Year-In-Review

January 20, 2021

• Our special year-in-review section, starting on page 14, examines the record volumes of 2020.

• Average daily volume fell 19.56% m/m (+4.39% y/y), to 1.28 bn, compared with a 2.69% m/m decline in total equity volume, as the VIX average daily close slid 10.49% m/m (+62.64% y/y), to 22.37.

• Average daily value traded dropped 16.36% m/m (+17.55% y/y), to $94.6 bn.

• ETPs accounted for 11.66% of equity ADV (-245 bps m/m) and 19.06% of ADVT (-297 bps m/m).

• The 20-most-active ETPs accounted for 41.97% of total ETP volume and 4.90% of all equity volume.

• Off-exchange venues (+240 bps m/m) gained the most market share, while Nasdaq (-133 bps m/m) and Cboe BZX (-56 bps m/m) lost the most.

• ETP fund flows were a strong $54.01 bn. Global funds ($18.20 bn) led the way, followed by US equity funds ($12.61 bn). Only commodity funds (-$1.26 bn) suffered net outflows.

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