2025 Year-In-Review
- Retail activity and an array of industry wide trends drove ETP trading and fund flows to all-time highs.
- ETP ADV increased 46.91% to a record 3.44 billion shares.
- ETPs accounted for 19.57% (+31 bps y/y) of total equity ADV.
- ETP ADVT increased 43.76% to a record $224.16 billion.
- ETP AUM ended the year at a record $14.17 trillion.
- Fund flows were a record $1.26 trillion.
- Off-Exchange market share reached a record 47.76% (+270 bps y/y).
December 2025
- ETP average daily volume fell 15.66% m/m (+27.16% y/y), to 3.59 bn, as the VIX average daily close dropped 21.88% m/m (-2.00% y/y), to 15.55.
- Average daily value traded decreased 15.70% m/m (+43.81% y/y) to $241.1 bn.
- ETPs accounted for 22.64% of total equity ADV (-4 bps m/m) and 28.18% of ADVT (-82bps m/m).
- Active ETPs (transparent and semi-transparent) accounted for 10.68% (+17 bps m/m) of total AUM, 23.71% (-339 bps m/m) of total ADV and 7.59% (-35 bps m/m) of total ADVT.
- The 20-most-active ETPs comprised 35.73% (-57 bp m/m) of total ETP volume and 8.09% (-14 bps m/m) of all equity volume.
- Off-exchange venues (+194 bps m/m) and NYSE Arca (+71 bps m/m) gained the most market share, while Nasdaq (-84 bps m/m) and Cboe EDGX (-77 bps m/m) lost the most.
- Net ETP flows were positive once again at $226.50 bn, the highest ever. US equity funds ($130.61 bn) led the pack, with global ($27.63 bn) and US corporate fixed income funds ($21.33 bn) a distant second and third. Only currency funds (-$527 mn) saw net outflows.
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