Tradeweb Exchange-Traded Funds Update – May 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 EUR 62 billion in May. The proportion of transactions completed via Tradeweb’s Automated Intelligent Execution (AiEX) reached 93.3%, the second-highest figure on record, while the percentage of notional volume automated was 25.1%.
Adam Gould, Global Head of Equities at Tradeweb, said: “In the aftermath of the April volatility period attributed to ‘Liberation Day’, trading activity on our European ETF marketplace remained strong, increasing by 30.2% year-over-year. This is a testament to our clients’ continued trust in our innovative protocols to deliver consistently and effectively in any market condition.”
Volume breakdown
In May, equities remained the most actively-traded ETF asset class, comprising 70% of the overall platform flow. In a reversal of last month’s trend, all ETF asset classes saw net-buying during the month, with ‘buys’ exceeding ‘sells’ by 10 percentage points for both equity- and fixed income-based ETFs, and by 14 percentage points for commodity-based products.
North America Equities continued to be the most heavily-traded ETF category, with over EUR 14 billion traded in May.
Top ten by traded notional volume
Similar to what was seen in April, eight of the ten most heavily-traded ETFs in May were equity-based. The Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C moved from sixth place in April to occupy this month’s top spot. The iShares Core S&P 500 UCITS ETF moved down from first to second place during the month, while the Xtrackers MSCI AC World Screened UCITS ETF 1C ranked third.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in May reached USD 82 billion.
Adam Gould, Global Head of Equities at Tradeweb, said: “Total traded volume in May grew by 75.3% compared to the same time period last year. Due to their liquidity, transparency, and cost efficiency, market participants continue to turn to ETFs as a way to tailor and reposition their risk profiles when market volatility and macroeconomic uncertainty persists.”
Volume breakdown
As a percentage of total notional value, equities accounted for 59% and fixed income for 36%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
In contrast to April’s trend, equity-based products formed the majority of the most actively-traded ETFs in the U.S., occupying seven places in this month’s top ten. The iShares Core S&P 500 ETF took the top spot, while the Bloomberg 1-3 Month T-Bill ETF moved down from first in April to place second in May. The Vanguard 500 Index Fund ETF was ranked third.
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