Tradeweb Exchange-Traded Funds Update – July 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 60.1 billion in July. It was a record month for both the percentage of transactions and percentage of notional volume automated via Tradeweb’s Automated Intelligent Execution (AiEX), amounting to an all-time high 94% and 30%, respectively.
Adam Gould, Global Head of Equities at Tradeweb, said: “It was another strong month for European ETF trading on our platform, with notional volumes increasing by 21% year-over-year. Once again, the level of automation reached new heights in Europe, with clients no longer relying on automation solely for smaller, more routine trades, but continuing to leverage it to identify and capture new trading opportunities.”
Volume breakdown
In July, equities remained the most actively-traded ETF asset class, comprising 65% of the overall platform flow. In a continuation of the trend seen in May and June, all ETF asset classes saw net buying during the month, with ‘buys’ exceeding ‘sells’ for equity-, fixed income- and commodity-based ETFs by 10%, 12% and 18%, respectively.
North America Equities continued to be the most heavily-traded ETF category, with nearly EUR 15 billion traded during the month.
Top ten by traded notional volume
In July, five of the top ten most heavily-traded ETFs were fixed income-based, and the other five were equity-based. The iShares Core EURO STOXX 50 UCITS ETF moved from tenth in June to place first this month, while the iShares Core S&P 500 UCITS ETF remained in second. The Xtrackers II EUR Corporate Bond UCITS ETF 1C, which offers exposure to EUR-denominated corporate bonds, occupied the third spot.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in July reached USD 64.1 billion.
Adam Gould, Global Head of Equities at Tradeweb, said: “Clients in the U.S. are continuing to expand their automated trading strategies to enhance their reactivity to shifting market dynamics, and the percentage of transactions executed via AiEX in July reached 46%, the highest level of automation since December 2020. Trading activity continues to rise as well, with a 11% growth year-over-year in notional volumes on our platform.”
Volume breakdown
As a percentage of total notional value, equities accounted for 57% and fixed income for 35%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
In July, six of the top ten most actively-traded ETFs in the U.S. were fixed income-based products, with the remainder being equity-based. The Vanguard Intermediate-Term Corporate Bond Index Fund ETF, which last appeared in first place in March 2024, took the top spot. Meanwhile, the Vanguard Tax-Exempt Bond Index Fund ETF placed second, and the iShares Core MSCI EAFE ETF moved from second in June to third this month.
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Tradeweb Exchange-Traded Funds Update – June 2025