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Rosenblatt's Monthly ETP Review: June 2021

January 17, 2020
  • ETP average daily volume fell 26.94% m/m (-36.06% y/y), to 1.28 bn, compared with a 4.48% m/m rise in total equity volume, as the VIX average daily close declined 14.19% m/m (-45.51% y/y), to 16.96.
  • Average daily value traded dropped 22.85% m/m (-12.73% y/y), to $111.4 bn.
  • ETPs accounted for 11.55% of equity ADV (-497 bps m/m), and 20.71% of ADVT (-538 bps m/m).
  • The 20-most-active ETPs accounted for 39.81% (-282 bps m/m) of total ETP volume and 4.60% (-232 bps m/m) of all equity volume.
  • Off-exchange venues (+239 bps m/m) and MEMX (+57 bps m/m) gained the most market share; Cboe BZX (-108 bps m/m) and Cboe EDGX (-50 bps m/m) saw the steepest declines.
  • Net ETP fund flows rose (+$70.04 bn) for a 22nd consecutive month, with all but one fund group seeing net inflows. US equity funds ($+35.77 bn) paved the way once again, followed by global (+$8.10 bn) and US corporate fixed-income (+$8.07 bn)
  • ETPs. Only commodity funds (-$18 mn) suffered net outflows.

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