Tradeweb Exchange-Traded Funds Update – September 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 ETF marketplace reached EUR 69 billion in September, the second-highest level recorded for the month. The proportion of transactions and notional volume completed via Tradeweb's Automated Intelligent Execution (AiEX) tool amounted to 96% and 35%, respectively.

Adam Gould, Global Head of Equities at Tradeweb, said: "Following a quieter August, institutional clients re-engaged with European ETFs in September, with platform activity rising 20% month-over-month. Third-quarter volumes reached EUR 203 billion, an increase of 16% compared with the same period last year."

Volume breakdown

All three ETF asset classes saw net buying during the month. Equity products accounted for 72% of overall platform flow in September, three percentage points above the previous 12-month rolling average. Global Equities was the most heavily-traded ETF category, with nearly EUR 17 billion in notional volume and recording the highest buy ratio among the top five categories at 64%. North America Equities followed closely behind, with over EUR 16.4 billion traded during the month.

Top ten by traded notional volume

Six of the ten most actively-traded ETFs in September were equity-based, with two gold ETCs and two short-dated fixed income funds making up the remainder. The iShares Core MSCI World UCITS ETF climbed from seventh place in August to take the top spot, followed by the Invesco Physical Gold ETC and the UBS Core MSCI World UCITS USD Acc ETF. Of the top three, only the first two featured in the monthly top ten throughout the quarter.

U.S.-LISTED ETFs

Total traded volume

Total consolidated U.S. ETF notional value traded in September reached USD 122 billion, up 52% year-over-year. Third-quarter volume totalled USD 308 billion, an increase of 44% compared with the same period last year and the platform's second-largest quarterly volume on record. The proportion of AiEX transactions and notional volume amounted to 55% and 16%, respectively.

Adam Gould, Global Head of Equities at Tradeweb, said: "Bond ETFs are taking a larger share of activity on our U.S. platform, reaching 43% in September, their highest proportion this year. The prominence of municipal and high-yield corporate bond funds in the top ten shows how clients are using ETFs to target specific exposures within their fixed income portfolios."

Volume breakdown

As a percentage of total notional value traded, equities accounted for 53% and fixed income for 43%, with the remainder comprising commodity and specialty ETFs. Fixed income's share of platform activity increased steadily during the quarter, rising from 27% in July to 41% in August and 43% in September.

Top ten by traded notional volume

Six of the ten most actively-traded ETFs in September were fixed income-based, compared with eight in August and four in July. The Vanguard 500 Index Fund ETF retained the top spot for the eleventh consecutive month, while the iShares Core S&P 500 ETF climbed from sixth place to rank second. Treasury funds, which occupied five of the top ten positions in August, dropped out of the rankings entirely in September.

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