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US Securities Volumes

Monthly ETP Review

November 7, 2019

• Exchange-traded-product ADV fell 11.00% m/m (-30.45% y/y), to 1.34 bn, compared with a 9.18% decrease in total equity ADV. The VIX average daily close dropped 0.59% m/m (-20.08% y/y), to 15.47.

• Average daily value traded declined 10.04% m/m (-39.65% y/y), to $82.1 bn.

• ETPs accounted for 20.36% of equity ADV (-42 bps m/m) and 27.59% of equity ADVT (-50 bps m/m).

• The 20-most-active ETPs accounted for 44.61% of total ETP volume and 9.08% of all equity volume.

• NYSE Arca (+181 bps m/m) posted the biggest market-share gain; Nasdaq (-102 bps m/m) declined the most.

• ETP net fund flows ($22.21 bn) were positive for a second consecutive month in October. Corporate US fixed income funds ($7.31 bn) led the way upward, followed by US government fixed income ($4.57 bn) and US equity ($3.61 bn) funds. Only currency funds (-$6.00 bn) suffered net outflows.

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