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Monthly ETP Review

January 15, 2019

• Our special year-in-review section, beginning on page 13, includes analysis of 2018's strong volumes.
• Exchange-traded-product ADV jumped 45.83% m/m (+109.06% y/y), to a record-high 2.41 bn, compared with a 19.66% increase in total equity ADV.
• Average daily value traded soared 51.03% m/m (+101.80% y/y) to $159.7 bn, also the highest level in our eight-year data set.
• ETPs accounted for 26.07% of equity ADV (+468 bps m/m) and 36.66% of equity ADVT (+778 bps m/m), the highest levels in our records for both measures, as the VIX average daily close climbed 28.70% m/m (+143.10% y/y), to 24.95.
• Off exchange venues (+94 bps m/m) had the biggest market-share gain; NYSE Arca (-91 bps m/m) and Cboe BYX (-58 bps m/m) declined the most.
• Fund flows were strong (+$51.33 bn) for a second consecutive month. All sectors experienced positive net inflows with US equity funds (+$19.4 bn) leading the way once again, followed by US government fixed-income funds (+$14.5 bn) and global funds (+$9.8 bn), with currency (+$28 mn) and specialty funds (+$164 mn) seeing the least gains.

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