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Rosenblatt's Monthly ETP Review: February 2024

Rosenblatt's Monthly ETP Review: February 2024
  • ETP average daily volume increased 1.53% m/m (-1.49% y/y), to 2.25 bn, as the VIX average daily close rose 4.10% m/m (-30.50% y/y), to 13.94.
  • Average daily value traded fell 2.05% m/m (+7.05% y/y), to $158.6 bn.
  • ETPs accounted for 19.19% of total equity ADV (-1 bp m/m) and 25.10% of ADVT (-256 bps m/m).
  • The 20-most-active ETPs comprised 40.98% (-63 bps m/m) of total ETP volume and 7.87% (-12 bps m/m) of all equity volume.
  • Off-exchange venues (+77 bps m/m) gained the most market share; Nasdaq (-44 bps m/m) lost the most.
  • Net ETP fund net flows were positive for an eleventh consecutive month at $43.84 bn, with US equity funds ($25.91 bn) leading the way and currency funds (+$6.06 bln) a distant second. Commodity funds (-$2.41 bn) were the only group to experience net outflows.

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