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Rosenblatt's Monthly ETP Review: October 2022

Rosenblatt's Monthly ETP Review: October 2022

  • ETP average daily volume rose 5.13% m/m (+69.56% y/y), to 2.62 bn, as the VIX average daily close jumped 9.49% m/m (+67.90% y/y), to 30.01.
  • Average daily value traded slipped 0.12% m/m (+19.50% y/y), to $156.5 bn.
  • ETPs accounted for 22.80% of total equity ADV (+955 bps m/m) and 30.94% of ADVT (+25 bps m/m).
  • The 20-most-active ETPs comprised 44.56% (+1,152 bps m/m) of total ETP volume and 10.16% (+294 bps m/m) of all equity volume.
  • Off-exchange venues (+125 bps m/m) gained the most market share; Cboe BZX (-59 bps m/m) and Nasdaq (-56 bps m/m) lost the most.
  • Net ETP fund flows were positive for a sixth consecutive month (+$80.84 bn). US equity funds (+$51.76 bn) led the way, with US government fixed income funds (+$11.86 bn) a distant second. Only commodity (-$2.56 bn) and specialty/alternative funds (-$151mn) funds suffered net outflows.

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