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US Securities Volumes

Monthly ETP Review

March 9, 2021

• Average daily volume fell 12.73% m/m (-23.74% y/y), to 1.54 bn, compared with a 1.86% m/m dip in total equity volume, as the VIX average daily close declined 7.10% m/m (+17.89% y/y), to 24.91.

• Average daily value traded slipped 1.82% m/m (-10.62% y/y), to $126.0 bn.

• ETPs accounted for 10.10% of equity ADV (-126 bps m/m) the lowest level in our data set back through 2011, and 21.10% of ADVT (+42 bps m/m).

• The 20-most-active ETPs accounted for 50.28% (+841 bps m/m) of total ETP volume and 5.08% (+32 bps m/m) of all equity volume.

• NYSE National (+48 bps m/m) gained the most market share, while off-exchange venues (-86 bps m/m) and Cboe EDGA (-50 bps m/m) lost the most.

• Net ETP fund flows rose (+$82.80 bn) for an 18th consecutive month. US equity funds ($+57.84 bn) paved the way, with globally focused funds ($+13.62 bn) a distant second. Only commodity funds (-$2.72 bn) suffered net outflows.

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