Tradeweb Exchange-Traded Funds Update – January 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 amounted to EUR 86.3 billion in January, the platform’s second-best performance since its launch in October 2012. The proportion of transactions and notional volume completed via Tradeweb’s Automated Intelligent Execution (AiEX) tool registered at 95% and 31%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: “Adoption of our automated, rules-based RFQ solution continued to accelerate in the new year, with AiEX powering a record 95% of all monthly European ETF transactions on our platform. We expect this protocol to continue to evolve as we further enhance our automated trading capabilities.”
Volume breakdown
Both equity and fixed income ETFs saw net buying during the month. In contrast, ‘sells’ in commodity-based products surpassed ‘buys’ by 30 percentage points. Notional volume executed in the asset class increased to 13% of the entire platform flow, up by five percentage points from December 2025.”
North America Equities was the most heavily-traded ETF category in January, with total traded volume exceeding EUR 17 billion. Precious metals ETFs were ranked in fourth place and were mostly sold.
Top ten by traded notional volume
There were four commodity-based products among January’s ten most actively-traded ETFs, with the iShares Physical Gold ETC ranked first. The fund, which seeks to track the day-to-day movement of the price of gold, last occupied the top spot exactly three years ago.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in January reached USD 95.4 billion. AiEX transactions represented approximately 54% of all U.S. ETF tickets on the platform.
Adam Gould, Global Head of Equities at Tradeweb, said: “January was a very busy month for Tradeweb’s equities business, with clients trading at a strong pace from the start of the year and momentum continuing throughout the month. U.S.-listed ETF volumes increased meaningfully year over year, driven by new client onboarding and expanded use of additional trading protocols.”
Volume breakdown
As a percentage of total notional value, equities accounted for 60% and fixed income for 33%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
Fixed income ETFs made a comeback in January, featuring twice as many funds in the top ten by traded notional volume from December. However, the stocks-based Vanguard 500 Index Fund ETF held on to the first place for the third consecutive month, followed by the Vanguard Short-Term Inflation-Protected Securities Index ETF, which last entered the list in August 2024.
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