Tradeweb Exchange-Traded Funds Update – November 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 57.1 billion in November. The percentage of transactions and notional volume completed via Tradeweb’s Automated Intelligent Execution (AiEX) tool registered at 94% and 33%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: “On our European institutional platform, we’re continuing to see a broader range of clients engage with our RFQ offering, with many increasingly using ETF products to express market views and manage risk in fast-moving markets.”
Volume breakdown
Equities remained the most actively-traded ETF asset class in November, comprising 67% of the overall platform flow. In fixed income-based funds, ‘sells’ exceeded ‘buys’ by six percentage points, whereas equity- and commodity-based products saw net buying by 12 and 16 percentage points, respectively.
North America Equities remained the most heavily-traded ETF category during the month, generating EUR 13.5 billion in monthly volume.
Top ten by traded notional volume
In November, six of the most actively-traded ETFs were equity-based, with the remainder consisting of fixed income- and commodity-based funds. The iShares Core S&P 500 UCITS ETF moved from third in October to place first this month, while the iShares UK Gilts 0-5yr UCITS ETF moved from eighth to second. The iShares Core MSCI World UCITS ETF, which offers exposure to companies from developed countries, came in third.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in November reached USD 75.1 billion.
Adam Gould, Global Head of Equities at Tradeweb, said: “November saw an all-time high percentage of transactions and volume executed via AiEX in the U.S., registering at 54% and 16%, respectively. Client adoption of automation has broadened as firms look to improve execution quality and operate more efficiently across 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.
Top ten by traded notional volume
In a reversal of October’s trend, six of the top ten ETFs by traded notional volume in November were equity-based, with the remainder being fixed income-based. The Vanguard 500 Index Fund ETF, which appeared third last month, came in first. Meanwhile, the iShares iBoxx $ Investment Grade Corporate Bond ETF placed second and the iShares iBoxx $ High Yield Corporate Bond ETF was third.
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