- ETP average daily volume fell 21.62% m/m (-9.20% y/y), to 4.52 bn, as the VIX average daily close dropped 22.60% m/m (-38.02% y/y), to 19.81.
- Average daily value plummeted 28.33% m/m (-11.68% y/y) to $274.2 bn.
ETPs accounted for 25.37% of total equity ADV (-280 bps m/m) and 29.43% of ADVT (-529 bps m/m). - Active ETPs (transparent and semi-transparent) accounted for 11.49% (-8 bps m/m) of total AUM, 26.22% (+322 bps m/m) of total ADV and 8.78% (+234 bps m/m) of total ADVT.
- The 20-most-active ETPs comprised 34.77% (+264 bp m/m) of total ETP volume and 8.82% (-23 bps m/m) of all equity volume.
- Off-exchange venues (+491 bps m/m) gained the most market share, as IEX (+13 bps m/m) and 24x (+18 bps) set new records of 4.62% and 0.58% of consolidated ETP volume, respectively. NYSE Arca (-175 bps m/m), Nasdaq (-170 bps m/m) and Cboe BZX (118 bps m/m) lost the most market share.
- Net ETP inflows were $166.75 bn. US equity funds ($106.15 bn) again led the pack, with US corporate fixed income ($22.44 bn) a distant second. Only commodity (-$767 mn) experienced net outflows.
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