- ETP average daily volume fell 22.49% m/m (+83.47% y/y), to 2.35 bn, as the VIX average daily close slid 4.24% m/m (+66.50% y/y), to 28.23.
- Average daily value traded dropped 26.23% m/m (+42.70% y/y), to $159.0 bn.
- ETPs accounted for 19.33 of total equity ADV (-366 bps m/m) and 29.81% of ADVT (-287 bps m/m).
- The 20-most-active ETPs comprised 41.76% (+113 bps m/m) of total ETP volume and 8.07% (-128 bps m/m) of all equity volume.
- Off-exchange venues (+414 bps m/m) gained the most market share; Nasdaq (-187 bps m/m) and Cboe BZX (-69 bps m/m) lost the most.
- Net ETP fund flows were positive for a second consecutive month (+$30.41 bn). US equity funds (+$24.24 bn) led the way once again, followed by US government-fixed-income (+$14.30 bn). US corporate-fixed-income (-$9.40 bn) and commodity (-$2.42 bn) suffered the greatest net outflows.
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