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US Securities Volumes

Monthly ETP Review

February 7, 2019

• Exchange-traded-product ADV fell 30.42% m/m (+23.88% y/y) to 1.68 bn, compared with a 15.95% decline in total equity ADV. The VIX average daily close dropped 21.56% m/m (+76.93% y/y), to 19.57.
• Average daily value traded tumbled 32.63% m/m (+11.95% y/y) to $107.6 bn.
• ETPs accounted for 21.58% of equity ADV (-449 bps m/m) and 30.35% of equity ADVT (-630 bps m/m).
• Off-exchange venues (+349 bps m/m) had the biggest market-share gain; Cboe BZX (-143 bps m/m) and NASDAQ (-140 bps m/m) declined the most.
• ETPs experienced net outflows of $3.13 bn, led by US equity funds (-$23.20 bn) and foreign developed-market funds (-$5.82 bn), despite pockets of strength in emerging-market (+$10.93), corporate fixed-income (+$7.23 bn) and government fixed-income funds (+$5.72 bn).

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