- ETP average daily volume jumped 40.50% m/m (+65.84% y/y), to 2.93 bn, as the VIX average daily close increased 8.55% m/m (-6.94% y/y), to 23.18.
- Average daily value traded surged 42.20% m/m (+99.04% y/y), to $255.5 bn.
- ETPs accounted for 23.72% of total equity ADV (+446 bps m/m) and 33.66% of ADVT (+467 bps m/m).
- The 20-most-active ETPs comprised 40.92% (-69 bps m/m) of total ETP volume and 9.70% (+169 bps m/m) of all equity volume.
- Nasdaq (+37 bps m/m), Cboe BZX (+103 bps m/m) and Cboe EDGA (+58 bps m/m) gained the most market share; Off-Exchange venues (-211 bps m/m) lost the most.
- Net ETP fund flows were positive (+$14.71 bn) for a 30th consecutive month. Global funds ($+11.12 bn) led the way, followed by foreign developed market funds (+$6.73 bn). Corporate US fixed income (-$8.70 bn) and US equity funds (-$4.31 bn) suffered the steepest net outflows.