Tradeweb Exchange-Traded Funds Update – March 2025
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 amounted to an all-time record of EUR 82 billion in March. The platform also saw a record proportion of transactions and notional volume completed via Tradeweb’s Automated Intelligent Execution (AiEX), reaching 93.1% and 29.4%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: “As the global trade tariffs announcement approached, March was an extremely active trading month for almost all of our clients. ETFs tend to see a spike in utilisation during periods of market volatility, as investors look to express short-term tactical positions, and March was no exception. Total traded volume on our European ETF marketplace reached the highest level on record since its launch in October 2012, with a 47% increase year-over-year. March 2020 was the only other month, which saw trading activity surpass EUR 80 billion.”
Volume breakdown
In March, equities remained the most actively-traded ETF asset class, comprising 69% of overall platform flow, with ‘buys’ mirroring ‘sells’. In contrast, fixed income and commodity products saw net-selling by two and eight percentage points, respectively.
North America Equities continued to be the most heavily-traded ETF category, with over EUR 23 billion traded in March. In second place, European Equities was the only shares-based category to see net-buying during the month.
Top ten by traded notional volume
Equity products accounted for six of the ten most heavily-traded ETFs in March. The iShares Core S&P 500 UCITS ETF occupied the top spot, while the Xtrackers MSCI USA ESG UCITS ETF, which last appeared in the top three in February 2022, placed second. The iShares MSCI USA ESG Enhanced UCITS ETF ranked third during the month.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in February reached USD 89 billion, the platform’s best-performing month on record.
Adam Gould, Global Head of Equities at Tradeweb, said: “Investors are increasingly turning to RFQ platforms not only for improved pricing, but also efficient, flexible workflow solutions. We saw a record level of trading activity this month on our U.S. ETF marketplace and an increase of 48% year-over-year.”
Volume breakdown
As a percentage of total notional value, equities accounted for 57% and fixed income for 38%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
In a reversal of February’s trend where equity-based products formed the majority of the most heavily-traded ETFs in the U.S., fixed income ETFs occupied seven of the table’s top ten in March. The iShares Core S&P 500 ETF went up one place to be ranked first during the month, while the iShares Core MSCI EAFE ETF moved from eighth to second. The Vanguard Short-Term Treasury Index Fund ETF took the third spot.
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