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Rosenblatt's Monthly ETP Review: 2023 Year-In-Review

Rosenblatt's Monthly ETP Review: 2023 Year-In-Review
  • Our special year-in-review section starts on page 13.
  • ETP average daily volume increased 2.46% m/m (+3.87% y/y), to 2.29 bn, as the VIX average daily close fell 9.65% m/m (-41.62% y/y), to 12.72.
  • Average daily value traded rose 11.90% m/m (+24.01% y/y), to $170.2 bn.
  • ETPs accounted for 18.51% of total equity ADV (-268 bps m/m) and 29.89% of ADVT (+35 bps m/m).
  • The 20-most-active ETPs comprised 38.30% (-705 bps m/m) of total ETP volume and 15.17% (+556 bps m/m) of all equity volume.
  • Off-exchange venues (+175 bps m/m) gained the most market share; MIAX (-101 bps m/m) lost the most.
  • Net ETP fund net flows were positive for a ninth consecutive month at a record $120.68 bn, with US equity ($87.12 bn) leading the way, and US corporate fixed income funds (+$18.57 bln) distant second. US government fixed income (-$4.81 bn) suffered the largest net outflows.

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