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Rosenblatt's Monthly ETP Review: February 2023

Rosenblatt's Monthly ETP Review: February 2023

  • ETP average daily volume surged 19.91% m/m (+1.27% y/y), to 2.74 bn, as the VIX average daily close rose 7.89% m/m (-19.74% y/y), to 21.64.
  • Average daily value traded jumped 19.25% m/m (-14.23% y/y), to $176.6 bn.
  • ETPs accounted for 21.94% of total equity ADV (+189 bps m/m) and 31.80% of ADVT (+365 bps m/m).
  • The 20-most-active ETPs comprised 44.84% (-127 bps m/m) of total ETP volume and 9.84% (+60 bps m/m) of all equity volume.
  • Nasdaq (+139 bps m/m), MIAX (+75 bps m/m) and Cboe BZX (+72 bps m/m) gained the most market share. Off-Exchange venues (-462 bps m/m) lost the most.
  • Net ETP fund flows rebounded with positive net inflows of $14.94 bn. US government fixed income funds ($24.12 bn) led the pack with global funds ($1.66 bn) a distant second. US corporate fixed income (-$4.01 bn) and US equity funds (-$3.51 bn) suffered the largest net outflows.

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