Tradeweb Exchange-Traded Funds Update – June 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 60.4 billion in June. There was an all-time high percentage of notional volume automated via Tradeweb’s Automated Intelligent Execution (AiEX) at 29.5%, while the proportion of automated transactions reached 93%.
Adam Gould, Global Head of Equities at Tradeweb, said: “June wrapped up a record-breaking second quarter for European ETF trading on our platform, with notional volumes surpassing EUR 220 billion, marking a 42.2% increase compared to the same period last year. Investor engagement remained strong throughout the month, with total traded volume up 16.7% year-over-year, continuing the momentum seen throughout 2025.”
Volume breakdown
In June, equities remained the most actively-traded ETF asset class, comprising 68% of the overall platform flow. In a continuation of last month’s trend, all ETF asset classes saw net buying during the month, with ‘buys’ exceeding ‘sells’ for equity-, fixed income- and commodity-based ETFs by eight, 10 and 18 percentage points, respectively.
North America Equities continued to be the most heavily-traded ETF category, with nearly EUR 15 billion traded in June. It was also the only shares-based category to be mostly sold.
Top ten by traded notional volume
June was a mixed month, with a combination of equity-, fixed income- and commodity-based products comprising the top ten most heavily-traded ETFs. The iShares JPM EM Local Government Bond UCITS ETF, which last appeared in the top three in February 2019, occupied the first place. Meanwhile, the iShares Core S&P 500 UCITS ETF remained in second place from May, and the Invesco S&P 500 UCITS ranked third.
U.S.-LISTED ETFs
Total traded volume
Total consolidated U.S. ETF notional value traded in June reached USD 58.5 billion.
Adam Gould, Global Head of Equities at Tradeweb, said: “Similar to Europe, trading activity on our U.S. ETF marketplace broke records in the second quarter of 2025, amounting to USD 258.5 billion. June notional volumes saw a 16.7% year-over-year increase, reflecting continued momentum in client activity in ETFs. Notably, 38% of transactions were executed via AiEX, our highest level of automation since March 2021. This is testament to the growing appeal and efficiency of automated ETF trading on our platform, enabling clients to capitalise on strategic opportunities and increase reactivity to evolving market conditions.”
Volume breakdown
As a percentage of total notional value, equities accounted for 57% and fixed income for 36%, with the remainder comprising commodity and specialty ETFs.
Top ten by traded notional volume
In a reversal of May’s trend, fixed income-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 Vanguard Total Bond Market Index Fund ETF, which last appeared in the top three in March 2024, took the top spot. The iShares Core MSCI EAFE ETF and Vanguard Tax-Exempt Bond Index Fund ETF took the second and third places, respectively.
Related Content