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Rosenblatt's Monthly ETP Review: September 2021

October 6, 2021
  • ETP average daily volume rose 28.70% m/m (+0.75% y/y), to 1.65 bn, as the VIX average daily close climbed 13.46% m/m (-28.29% y/y), to 19.82.
  • Average daily value traded jumped 31.88% m/m (+18.46% y/y), to $146.0 bn.
  • ETPs accounted for 15.57% of total equity ADV (+135 bps m/m) and 26.80% of ADVT (+371 bps m/m).
  • The 20-most-active ETPs comprised 43.47% (+195 bps m/m) of total ETP volume and 6.77% (+86 bps m/m) of all equity volume.
  • MEMX (+61 bps m/m) gained the most market share; Off-exchange venues (-201 bps m/m) saw the steepest decline.
  • Net ETP fund flows were positive (+$37.62 bn) for a 25th consecutive month. US equity funds ($+20.58 bn) paved the way once again, followed by corporate fixed-income (+$5.21 bn) and US government fixed-income (+$4.83 bn). Only currency (-$24 mn) and commodity (-$1.17 bn) ETPs suffered net outflows.


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