Tradeweb Exchange-Traded Funds Update – December 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 60.3 billion in December. The percentage of transactions and notional volume completed via Tradeweb's Automated Intelligent Execution (AiEX) tool registered at 93% and 30%, respectively.

Adam Gould, Global Head of Equities at Tradeweb, said: "We saw strong trading activity on our European institutional platform last quarter, totalling EUR 190.2 billion, while total traded volume in 2025 reached a platform record, growing by 20.9% compared to the year prior. This reflects the growingrole of ETFs as a flexible tool for institutional clients seeking liquidity and efficient risk management."

Volume breakdown

Equities remained the most actively-traded ETF asset class in December, comprising 66% of the overall platform flow. All ETF asset classes saw net-buying, with 'buys' exceeding 'sells' in equity-, fixed income-, and commodity-based funds by 18, 8 and 12 percentage points, respectively.

North America Equities remained the most heavily-traded ETF category during the month, generating nearly EUR 13.3 billion in monthly volume.

Top ten by traded notional volume

In December, seven of the most actively-traded ETFs were equity-based, with the remainder consisting of one-commodity and two fixed income- based funds. The Xtrackers II EUR Overnight Rate Swap UCITS 1C ETF, which last ranked first in May 2025, occupied the top spot. The iShares Core MSCI World UCITS ETF moved from third in November to second this month, while the iShares Core S&P 500 UCITS ETF moved from first to third.

U.S.-LISTED ETFs

Total traded volume

Total consolidated U.S. ETF notional value traded in December reached USD 73.8 billion.

Adam Gould, Global Head of Equities at Tradeweb, said: "In the U.S., it was the second best-performing quarter on record, with ETF notional volume traded surpassing USD 240 billion in Q4 2025, an increase of 28.5% year-over-year. In December, trading activity grew by 15.4% year-over-year, reflecting continued strong growth on our platform."

Volume breakdown

As a percentage of total notional value, equities accounted for 66% and fixed income for 28%, with the remainder comprising commodity and specialty ETFs.

Top ten by traded notional volume

In a continuation of November's trend, seven of the top ten ETFs by traded notional volume in December were equity-based, with the remainder being fixed income-based. The Vanguard 500 Index Fund ETF and iShares iBoxx $ High Yield Corporate Bond ETF remained in first and third place, respectively, while the iShares Core MSCI EAFE ETF ranked second.

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