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Monthly ETP Review

February 5, 2021

• Average daily volume jumped 37.80% m/m (+20.27% y/y), to 1.77 bn, compared with a 41.52% m/m surge in total equity volume, as the VIX average daily close rose 11.33% m/m (+78.6% y/y), to 24.91.

• Average daily value traded climbed 35.71% m/m (+29.76% y/y), to $128.4 bn.

• ETPs accounted for 11.36% of equity ADV (-31 bps m/m) and 20.68% of ADVT (+161 bps m/m).

• The 20-most-active ETPs accounted for 41.87% (-10 bps m/m) of total ETP volume and 4.76% (-24 bps m/m) of all equity volume.

• Off-exchange venues (+87 bps m/m) gained the most market share, while NYSE Arca (-40 bps m/m) lost the most.

• Net ETP fund flows rose (+$43.31 bn) for a 17th consecutive month. Global funds ($+21.84 bn) led the way, with emerging-market funds ($+7.21 bn) a distant second. Only US equity funds (-$963 mn) suffered net outflows.

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