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Monthly ETP Review

March 7, 2019

• Exchange-traded-product ADV fell 21.06% m/m (-32.83% y/y), to 1.32 bn, compared with a 6.97% decline in total equity ADV. The VIX average daily close slid 22.16% m/m (-32.18% y/y), to 15.23.
• Average daily value traded dropped 20.91% m/m (-39.02% y/y), to $85.1 bn.
• ETPs accounted for 18.31% of equity ADV (-327 bps m/m) and 26.29% of equity ADVT (-406 bps m/m).
• Cboe EDGA (+63 bps m/m) and NYSE (+53 bps m/m) had the biggest market-share gains; NASDAQ (-53 bps m/m) declined the most.
• ETP fund flows rebounded (+$21.09 bn) in February, following January’s net outflows (-$3.13 bn). US equity funds (+$14.99 bn) led the way, followed by emerging-market (+$6.39 bn) and US corporate fixed-income funds (+$5.46). Foreign developed-market funds (-$2.34 bn) suffered the strongest net outflows.

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