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Tradeweb Exchange-Traded Funds Update – March 2023

| Equities

The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms.


Total traded volume

Trading activity on the Tradeweb European ETF marketplace reached EUR 59.2 billion in March, while the proportion of transactions processed via Tradeweb’s Automated Intelligent Execution (AiEX) tool was 82.7%.

Adam Gould, head of equities at Tradeweb, said: “March was a strong month for European ETF trading activity on Tradeweb, despite declining overall market volumes. It also capped the platform’s third best-performing quarter since its launch in October 2012, with over EUR 168 billion in total traded volume.”

Volume breakdown

Fixed income and commodity-based ETFs saw net buying in March, with ‘buys’ surpassing ‘sells’ by 10 and six percentage points, respectively. Conversely, equity ETFs were mostly sold, while activity in the asset class accounted for 55% of the overall platform flow, lagging the previous 12-month rolling average by three percentage points.

North America Equities proved to be the most heavily-traded ETF category for another month, with over EUR 10.9 billion in total traded volume.

ETF update EU chart

Top ten by traded notional volume

There were three products offering investor exposure to Global Equities among the ten most actively-traded ETFs in March. However, the iShares $ Corporate Bond UCITS ETF was ranked first after last holding the top spot in December 2022.

ETF update EU table


Total traded volume

Total consolidated U.S. ETF notional value traded in March amounted to a record USD 67.3 billion, up USD 2.6 billion from the platform’s previous best performance in January 2023.

Volume breakdown

As a percentage of total notional value, equities accounted for 54% and fixed income for 40%, with the remainder comprising commodity and specialty ETFs.

ETF update US chart for fixed income vs equity

Adam Gould, head of equities at Tradeweb, said: “A record-breaking month and quarter for our U.S. ETF marketplace showcase the robust adoption of request-for-quote (RFQ) trading for institutional investors of ETFs. Total notional value of USD 186.3 in Q1 2023 was up by nearly USD 15 billion from Q4 2022, our previous record quarter.”

Top ten by traded notional volume

Even though fixed income products dominated March’s top ten by traded notional volume, the equity-based iShares MSCI USA Quality Factor ETF was ranked first, after last featuring in the list in April 2020.

ETF update US table

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Tags: Equities, Blog , Equities , ETF