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Rosenblatt's Monthly ETP Review: April 2022

May 9, 2022


  • ETP average daily volume fell 4.34% m/m (+70.95% y/y), to 2.59 bn, as the VIX average daily close dropped 9.62% m/m (+39.95% y/y), to 24.37.
  • Average daily value traded declined 3.71% m/m (+58.34% y/y), to $198.3 bn.
  • ETPs accounted for 22.04% of total equity ADV (+259 bps m/m) and 32.09% of ADVT (+213 bps m/m).
  • The 20-most-active ETPs comprised 39.17% (+80 bps m/m) of total ETP volume and 8.63% (+116 bps m/m) of all equity volume.
  • Off-exchange venues (+187 bps m/m) gained the most market share; MEMX (-78 bps m/m) and Nasdaq (-61 bps m/m) lost the most.
  • Net ETP fund flows turned negative (-$17.52 bn) after 32 consecutive months of net inflows. US equity funds (-$30.60 bn) drove the decline, with US corporate-fixed-income-funds (-$3,329) a distant second. US government-
  • fixed-income funds (+$9.45 bn) and global funds (+$2.96 bn) saw the largest net inflows.

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