Tradeweb Exchange-Traded Funds Update – May 2026
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-listed ETF marketplace reached EUR 72.7 billion in May. The proportion of transactions and notional volume completed via Tradeweb’s Automated Intelligent Execution (AiEX) tool amounted to 95% and 35%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: “While overall European ETF trading volumes moderated from March and April’s elevated levels, institutional investors remained highly engaged in May. The continued adoption of our AiEX solution, which accounted for a record 35% of notional volume, highlights how clients are increasingly turning to automation to efficiently manage ETF trading workflows across a range of market conditions.”
Volume breakdown
Equity ETFs represented 73% of total European ETF flow in May, beating the previous 12-month rolling average by five percentage points. Fixed income products captured 21% of activity, while commodities contributed 6%. All three asset classes saw net buying, particularly fixed income ETFs, where ‘sells’ lagged ‘buys’ by 18 percentage points.
Global Equities was the most actively traded category during the month, narrowly ahead of North America Equities, while Government Bond ETFs was the only fixed income category in May’s top five.
Top ten by traded notional volume
Equity products dominated May’s top ten list, occupying the first six positions and reflecting continued investor demand for broad market exposure. The iShares Core S&P 500 UCITS ETF moved up three places from April to be ranked first, followed by the iShares Core EURO STOXX 50 UCITS ETF, which previously held the top spot. Fixed income ETFs with short-duration strategies from PIMCO and iShares also saw significant trading activity, while the iShares Physical Gold ETC was the sole commodity product in the top ten.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in May reached USD 101.7 billion, while AiEX transactions represented 61% of all U.S. ETF tickets on the platform.
Adam Gould, Global Head of Equities at Tradeweb, said: “U.S. ETF trading activity remained robust in May, surpassing USD 100 billion in notional volume, the platform’s third-best performance on record. Automation continued to play an important role in client workflows, with AiEX responsible for more than 60% of tickets as investors increasingly leverage electronic trading tools to scale execution and access liquidity in ETF markets.”
Volume breakdown
As a percentage of total notional value, equities accounted for 61% and fixed income for 32%, with the remainder comprising commodity and specialty ETFs. The data highlights sustained investor demand for equity market exposure alongside continued use of bond ETFs for portfolio positioning and liquidity management.
Top ten by traded notional volume
The Vanguard 500 Index Fund ETF retained its position as the most heavily traded U.S.-listed ETF on Tradeweb in May, followed by the iShares Core S&P 500 ETF. Fixed income products accounted for half of the top ten funds in May, spanning corporate credit, Treasury and broad-market bond exposures. Meanwhile, the iShares Bitcoin Trust ETF was the only commodity-based product in the list, demonstrating investor interest in digital asset exposure through the ETF wrapper.
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