The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.
EUROPEAN-LISTED ETFsTotal traded volume
Trading activity on the Tradeweb European-listed ETF marketplace reached EUR 77.5 billion in July, an increase of approximately 29% year-over-year. Transactions completed via Tradeweb's Automated Intelligent Execution (AiEX) tool represented a record 96% of tickets and accounted for 32% of notional volume on the platform.
Adam Gould, Global Head of Equities at Tradeweb, said: "Clients are increasingly using a broader range of electronic workflows to execute ETF trades. Alongside continued adoption of AiEX, we are seeing growing use of NAV and Market-on-Close functionality, as institutions look to access liquidity and execute efficiently around benchmark pricing."
Volume breakdown
Equity ETFs captured 75% of the total platform flow in July, six percentage points above the previous 12-month rolling average. Fixed income products accounted for 20% of activity, while commodities comprised the remaining 5%.
All three asset classes saw net buying during the month. 'Buys' exceeded 'sells' by 16 percentage points in both equity and fixed income ETFs, while commodity products saw 'buys' outpace 'sells' by 14 percentage points.
Global Equities was the most heavily-traded category in July, generating EUR 17.5 billion in notional volume and narrowly surpassing North America Equities at EUR 16.9 billion. Emerging Markets Equities, Europe Equities and Government Bonds completed the top five.
Top ten by traded notional volume
Shares-based products dominated July's top ten, with the iShares Core EURO STOXX 50 UCITS ETF holding on to the top spot for the second consecutive month. Ranked sixth, the Invesco Physical Gold ETC was the only non-equity product to feature in the list.
Total traded volume
Total consolidated U.S. ETF notional value traded in July reached USD 90.6 billion, up 45% year-over-year. The proportion of AiEX transactions and notional volume amounted to 58% and 17%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: "ETF trading activity remained strong in July despite the typical summer slowdown, reflecting continued institutional engagement across the market. The breadth of activity across equity and fixed income products demonstrates how ETFs continue to play an important role in portfolio implementation and risk management."
Volume breakdown
As a percentage of total notional value, equities accounted for 66% and fixed income for 27%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
Equity ETFs occupied six of the ten most actively traded positions in July, with the Vanguard 500 Index Fund ETF retaining the top spot for the ninth consecutive month. Fixed income products accounted for the remaining four positions, led by the iShares iBoxx $ Investment Grade Corporate Bond ETF in second place.
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