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US Securities Volumes

Monthly ETP Review

April 7, 2021
  • ETP average daily volume rose 24.31% m/m (-53.68% y/y), to 1.92 bn, compared with a 12.65% m/m drop in total equity volume, as the VIX average daily close fell 5.61% m/m (-62.17% y/y), to 21.84.
  • Average daily value traded dropped 25.11% m/m (-36.52% y/y), to $157.7 bn.
  • ETPs accounted for 14.37% of equity ADV (+427 bps m/m), and 24.03% of ADVT (+294 bps m/m).
  • The 20-most-active ETPs accounted for 44.67% (-561 bps m/m) of total ETP volume and 6.42% (+134 bps m/m) of all equity volume.
  • Nasdaq (+88 bps m/m) and Cboe BZX (+66 bps m/m) gained the most market share; Off-exchange venues (-395 bps m/m) saw the steepest decline.
  • NYSE National reached 3.77% of consolidated ETP ADV (+48 bps m/m), its highest level since resuming operations in 2018.
  • Net ETP fund flows rose (+$89.22 bn) for an 19th consecutive month. US equity funds ($+61.63 bn) paved the way once again, with globally focused funds (+$10.92 bn) a distant second. Commodity (-$4.71 bn), specialty (-$323 mn) and currency funds (-$81 mn) suffered net outflows.


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