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Rosenblatt's Monthly ETP Review: September 2023

Rosenblatt's Monthly ETP Review: September 2023
  • ETP average daily volume fell 5.59% m/m (-25.94% y/y), to 1.95 bn, as the VIX average daily close declined 3.87% m/m (-44.39% y/y), to 15.24.
  • Average daily value traded fell 4.77% m/m (-16.77% y/y), to $130.4 bn.
  • ETPs accounted for 17.84% of total equity ADV (-73 bps m/m) and 26.46% of ADVT (-131 bps m/m).
  • The 20-most-active ETPs comprised 37.25% (-680 bps m/m) of total ETP volume and 6.65% (-122 bps m/m) of all equity volume.
  • IEX (+19 bps m/m) gained the most market share; Cboe EDGX (-33 bps m/m) lost the most.
  • Net ETP fund net flows were positive (+$25.08 bn), with US equity funds ($23.28 bn) leading the way, followed by US government fixed income funds (+7.56 bn). Corporate fixed income (-$2.99 bn) and emerging market funds (-$2.24 bn) suffered the largest net outflows.

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