- ETP average daily volume fell 29.25% m/m (-25.11% y/y), to 1.94 bn, as the VIX average daily close dropped 17.68% m/m (-26.90% y/y), to 17.82.
- Average daily value traded dropped 29.78% m/m (-37.46% y/y), to $124.0 bn.
- ETPs accounted for 18.79% of total equity ADV (-316 bps m/m) and 26.68% of ADVT (-411 bps m/m).
- The 20-most-active ETPs comprised 45.50% (+66 bps m/m) of total ETP volume and 8.55% (-129 bps m/m) of all equity volume.
- Off-exchange venues (+464 bps m/m) gained the most market share. Nasdaq (-161 bps m/m), NYSE Arca (-104 bps m/m) and Cboe BZX (-70 bps m/m) lost the most.
- Net ETP fund flows were positive ($20.54 bn), with US corporate fixed income ($9.73 bn) and US equity funds (+8.29 bn) leading the pack. Only US government fixed income (-$1.06 bn) and currency funds (-$122 mn) suffered net outflows.
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