December 2022 Recap

ETF Liquidity on IntelligentCross

$1.47 trillion in resting orders daily.1.94 billion traded daily¹

Turn to us for better execution in ETF trading. IntelligentCross is a leading US equities ATS that uses AI to optimize price discovery. It matches orders near-continuously, within microseconds of arrival, to achieve maximum price stability after trades. We operate two matching models: MIDPOINT (midpoint cross) and the ASPEN limit order book with displayed capability.

4.86 million times per day ASPEN ETF orders arrive priced better than the NBBO.²

Symbol	Name	ASPEN MARKOUTS VS MAKER-TAKER VENUES (AVG BPS)
Top ETFs traded on IntelligentCross by volume
VWO	VANGUARD FTSE EMERGING MARKE	0.9
FXI	ISHARES CHINA LARGE-CAP ETF	1.59
HYG	ISHARES IBOXX HIGH YLD CORP	0.43
EFA	ISHARES MSCI EAFE ETF	0.55
XLF	FINANCIAL SELECT SECTOR SPDR	0.91

Symbol	Name	Market Share (BPS)	ASPEN MARKOUTS VS MAKER-TAKER VENUES (AVG BPS)
Top ETFs traded on IntelligentCross by market share
USL	UNITED STATES 12 MONTH OIL	1043	3.85
FLKR	FRANKLIN FTSE SOUTH KOREA	742	5.96
PFI	INVESCO DWA FINANCIAL MOMENTUM	682	3.92
FAN	FIRST TRUST GLOBAL WIND ENERGY	581	5.03
GLDM	SPDR GOLD MINISHARES TRUST	573	1.54

32%

tighter spreads than the NBBO when ASPEN has the best quote.³

148

Average Trade Size⁴

322

Average Order Size⁴

ETF Liquidity on IntelligentCross

$1.47 trillion in resting orders daily.1.94 billion traded daily1

4.86 million times per day ASPEN ETF orders arrive priced better than the NBBO.2

$1.47 trillion in resting orders daily.1.94 billion traded daily¹

4.86 million times per day ASPEN ETF orders arrive priced better than the NBBO.²