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Rosenblatt's Monthly ETP Review: May 2023

Rosenblatt's Monthly ETP Review: May 2023

  • ETP average daily volume increased 2.14% m/m (-34.79% y/y), to 1.98 bn, as the VIX average daily close slid 0.98% m/m (-40.16% y/y), to 17.64.
  • Average daily value traded inched up 0.26% m/m (-42.32% y/y), to $124.3 bn.
  • ETPs accounted for 18.63% of total equity ADV (-16 bps m/m) and 22.21% of ADVT (-248 bps m/m).
  • The 20-most-active ETPs comprised 43.32% (-218 bps m/m) of total ETP volume and 8.07% (-48 bps m/m) of all equity volume.
  • Nasdaq (+66 bps m/m) gained the most market share; Off-exchange venues (-236 bps m/m) lost the most.
  • Net ETP fund flows were positive ($33.64 bn) for a third consecutive month, with US equity funds ($15.93 bn) leading the way, and US government fixed income funds (+6.81 bn) a distant second. Only emerging market (-$1.54 bn) and currency funds (-$299 mn) suffered net outflows.

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