ETF insights

Shining a light on opening auctions when trading ETFs

July 05, 2023

A table shows buy and sell orders in an ETF open auction with various numbers of buy and sell orders. The table shows that open auctions which don’t have any imbalances means that the number of buy orders are equal to the number of sell orders.
A table shows an ETF open auction with an opening imbalance. The table shows that when faced with such an imbalance, an exchange is forced to dip into limit orders on either the buy or the sell side.


David Sharp
Patrick Hooper
Vanguard Information and Insights

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