Tradeweb Exchange-Traded Funds Update – July 2024
The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.
EUROPEAN-LISTED ETFs
Total traded volume
Trading activity on the Tradeweb European ETF marketplace reached EUR 49.8 billion in July. The percentage of transactions processed via Tradeweb’s Automated Intelligent Execution (AiEX) tool amounted to 88.2%, the second-highest figure on record, while the proportion of volume was a platform record of 26.8%.
Adam Gould, Global Head of Equities at Tradeweb, said: “European ETF institutional volumes were up by 18.5% compared to July last year. We have had another month of records for trading via our automated rules-based trading protocol, as we continue to see clients looking to boost their competitive position in a fast-evolving and volatile trading landscape.”
Volume breakdown
In July, trading activity in equity-based ETFs registered at 61% of the overall platform flow, while fixed income and commodities were at 29% and 10%, respectively. ‘Buys’ exceeded ‘sells’ for just fixed income-based products this month, while equities saw net selling and ‘buys’ equalled ‘sells’ in commodities. North American Equities was yet again the most heavily-traded ETF category, with EUR 12.4 billion in total notional volume.
Top ten by traded notional volume
Half of the top ten ETFs by traded notional volume were equity-based products. The iShares $ Corporate Bond UCITS ETF, which ranked seventh the month prior, topped the table in July. The month’s second placed product, the iShares JPMorgan $ EM Bond UCITS ETF, last appeared in the top three in August 2023.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in July reached USD 56.5 billion.
Adam Gould, Global Head of Equities at Tradeweb, said: “Market volumes picked up towards the end of the month, as developments from the Federal Reserve and the U.S. election came into focus. On Tradeweb, U.S. ETF institutional volumes were strong, growing by 3.6% year-over-year.”
Volume breakdown
As a percentage of total notional value, equities accounted for 59% and fixed income for 35%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
More than half of the top places in July’s ETF list were occupied by fixed income products, with the iShares Broad USD High Yield Corporate Bond ETF taking the month’s prime spot. The SPDR S&P 500 ETF Trust moved up four places from June to take second place, while the iShares Core US Aggregate Bond ETF followed in third.
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