- ETP average daily volume fell 13.46% m/m (+43.39% y/y), to 2.13 bn, as the VIX average daily close slid 11.47% m/m (+41.99% y/y), to 25.00.
- Average daily value traded dropped 18.06% m/m (+3.46% y/y), to $137.0 bn.
- ETPs accounted for 19.88% of total equity ADV (+54 bps m/m) and 29.08% of ADVT (-73 bps m/m).
- The 20-most-active ETPs comprised 38.29% (-347 bps m/m) of total ETP volume and 8.39% (+37 bps m/m) of all equity volume.
- Off-exchange venues (+94 bps m/m) gained the most market share; MEMX (-37 bps m/m) and Cboe BZX (-30 bps m/m) lost the most.
- Net ETP fund flows were positive for a third consecutive month (+$32.25 bn). US corporate fixed income (+$13.56 bn) and US government-fixed-income (+$12.15 bn)
- funds led the way. Only commodity (-$6.05 bn) and emerging market (-$529 mn) suffered net outflows.
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