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Rosenblatt's Monthly ETP Review: November 2018

December 10, 2018

• Exchange-traded-product ADV fell 13.94% m/m (+52.51% y/y), to 1.65 bn, compared with a 9.30% decrease in total equity ADV.
• Average daily value traded dropped 22.28% m/m (+52.55% y/y) to $105.8 bn, its highest level ever.
• ETPs accounted for 21.39% of equity ADV (-115 bps m/m) and 28.88% of equity ADVT (-319 bps m/m), as the VIX average daily close inched up 0.19% m/m (+83.95% y/y), to 19.39.
• Among exchanges, NYSE (+84 bps m/m) had the biggest market-share gain; Cboe EDGX (-57 bps m/m) declined the most.
• Fund flows came back strong in November, with net inflows of $41.99 bn. US equity funds (+$18.8 bn) led the way, with US government fixed-income funds (+$9.8 bn) and emerging-market funds (+$8.3 bn) a distant second and third, respectively. Only foreign developed-market funds (-$494 mn), commodity funds (-$35 mn) and currency funds (-$10 mn) experienced net outflows.

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