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Monthly ETP Review

May 18, 2021


  • ETP average daily volume fell 21.07% m/m (-44.71% y/y), to 1.51 bn, compared with a -25.84% m/m drop in total equity volume, as the VIX average daily close fell 20.27% m/m (-57.99% y/y), to 17.42.
  • Average daily value traded dropped 20.58% m/m (-13.42% y/y), to $125.2 bn.
  • ETPs accounted for 15.30% of equity ADV (+92 bps m/m), and 24.39% of ADVT (+36 bps m/m).
  • The 20-most-active ETPs accounted for 41.28% (-339 bps m/m) of total ETP volume and 6.31% (-11 bps m/m) of all equity volume.
  • Off-exchange venues (+296 bps m/m), and Cboe EDGA (+121 bps m/m) and MEMX (+94 bps m/m) gained the most market share; NYSE National (-182 bps m/m), Cboe BZX (-115 bps m/m) and Nasdaq (-106 bps m/m) saw the steepest declines.
  • Net ETP fund flows rose (+$62.24 bn) for a 20th consecutive month. US equity funds ($+26.91 bn) paved the way once again, followed by US corporate fixed income funds (+$15.92 bn). Only commodity (-$1.18 bn) and currency funds (-$138 mn) suffered net outflows.

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