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Rosenblatt's Monthly ETP Review: 2019 Year-In-Review

January 17, 2020

• Our special year-in-review section, beginning on page 14, includes analysis of 2019's volumes and volatility.

• Exchange-traded-product ADV fell 0.94% m/m (-48.99% y/y), to 1.23 bn, compared with a 0.09% increase in total equity ADV. The VIX average daily close rose 9.85% m/m (-44.87% y/y), to 13.76.

• Average daily value traded declined 9.60% m/m (-49.62% y/y), to $80.5 bn.

• ETPs accounted for 17.93% of equity ADV (+18 bps m/m) and 25.69% of equity ADVT (+165 bps m/m).

• The 20-most-active ETPs accounted for 44.93% of total ETP volume and 8.06% of all equity volume.

• NYSE Arca (+27 bps m/m) posted the largest gain in market-share; Cboe EDGX (-54 bps m/m) declined the most.

• ETP net fund flows ($57.66 bn) ended the year on a strong note, logging a fourth consecutive month of positive net inflows. US equity funds ($28.15 bn) led the way upward, followed by corporate fixed-income ($10.21 bn) funds. Only commodity (-$409 bn), currency (-$36 bn) and specialty (-$496 mn) products suffered net outflows.

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