• ETP average daily volume fell 9.24% m/m (+72.46% y/y), to 2.66 bn, as the VIX average daily close increased 11.36% m/m (+11.55% y/y), to 25.81.
• Average daily value traded dropped 14.35% m/m (+73.63% y/y), to $218.8 bn.
• ETPs accounted for 21.89% of total equity ADV (-182 bps m/m) and 30.70% of ADVT (-296 bps m/m).
• The 20-most-active ETPs comprised 40.39% (-53 bps m/m) of total ETP volume and 8.84% (-86 bps m/m) of all equity volume.
• MEMX (+36 bps m/m) gained the most market share; Nasdaq (-34 bps m/m) lost the most.
• Net ETP fund flows were positive (+$23.15 bn) for a 31st consecutive month. US equity funds ($+34.00 bn) led the way, followed by US government fixed income funds (+$6.85 bn). Only foreign developed market funds (-$29.53 bn) saw net outflows.