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Rosenblatt's Monthly ETP Review: November 2023

Rosenblatt's Monthly ETP Review: November 2023
  • ETP average daily volume fell 7.98% m/m (-8.46% y/y), to 2.24 bn, as the VIX average daily close dropped 25.47% m/m (-39.93% y/y), to 14.08.
  • Average daily value traded slid 7.66% m/m (-0.94% y/y), to $152.1 bn.
  • ETPs accounted for 21.19% of total equity ADV (-167 bps m/m) and 29.55% of ADVT (-197 bps m/m).
  • The 20-most-active ETPs comprised 45.35% (+362 bps m/m) of total ETP volume and 9.61% (+7 bps m/m) of all equity volume.
  • Off-exchange venues (+38 bps m/m) gained the most market share; Nasdaq (-80 bps m/m) lost the most.
  • Net ETP fund net flows were positive (+$79.625 bn) for a ninth consecutive month, with US equity ($51.79 bn) and US corporate fixed income funds (+$22.57 bn) leading the way. US government fixed income (-$2.62 bn) suffered the largest net outflows.

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