• ETP average daily volume rose 12.81% m/m (+13.02% y/y), to 2.59 bn, as the VIX average daily close fell 19.24% m/m (14.52% y/y), to 16.12.
• Average daily value traded climbed 12.69% m/m (-0.33% y/y), to $152.9 bn.
• ETPs accounted for 17.72% of total equity ADV (-194 bps m/m) and 22.55% of ADVT (-192 bps m/m).
• The 20-most-active ETPs comprised 39.44% (-1 bp m/m) of total ETP volume and 6.99% (-77 bps m/m) of all equity volume.
• Off-exchange venues (+201 bps m/m) and Cboe EDGA (+84 bps m/m) gained the most market share, while NYSE Arca (-122 bps m/m), MIAX (-72 bps m/m) and Cboe EDGX (-60 bps m/m) lost the most.
• Net ETP flows were positive for an 11th consecutive month at $132.41 bn, the highest ever in our data set, which dates to October 2015. US equity funds ($107.25 bn) were responsible for the lion’s share of inflows, with US corporate fixed income (+$16.98 bn) and distant second.
