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Rosenblatt's Monthly ETP Review: August 2021

September 7, 2021
  • ETP average daily volume fell 14.01% m/m (-5.83% y/y), to 1.28 bn, as the VIX average daily close declined 0.74% m/m (-23.66% y/y), to 17.47.
  • Average daily value traded dropped 16.12% m/m (+24.70% y/y), to $110.7 bn.
  • ETPs accounted for 14.22% of total equity ADV (-106 bps m/m) and 23.10% of ADVT (-263 bps m/m).
  • The 20-most-active ETPs comprised 41.52% (+132 bps m/m) of total ETP volume and 5.91% (-23 bps m/m) of all equity volume.
  • MEMX (+57 bps m/m) gained the most market share; Cboe EDGX (-31 bps m/m) saw the steepest decline.
  • Net ETP fund flows were positive (+$64.50 bn) for a 24th consecutive month. US equity funds ($+39.10 bn) paved the way once again, followed by corporate fixed-income (+$9.50 bn) and US government fixed-income (+$8.20 bn). Only currency (-$46 mn) and commodity (-$2.33 bn) ETPs suffered net outflows.


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