Macro Summary
Total ETF market volume was subdued, reaching $228.51B for a session activity level of just 80% against the 30-day average. The session was a tale of two tapes, with broad-based quiet across most asset classes, particularly Equity and Alternatives, while Digital Assets and Multi-Asset funds saw above-average turnover. Pockets of extreme, single-fund activity punctuated the otherwise calm trading day.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $148.61B | $194.60B | 76% |
| Fixed Income | $24.56B | $26.61B | 92% |
| Commodities | $5.16B | $6.56B | 79% |
| Digital Asset | $6.49B | $4.98B | 130% |
| Currencies | $94.4M | $113.0M | 84% |
| Alternatives | $608.7M | $831.9M | 73% |
| Non-Traditional | $42.69B | $51.45B | 83% |
| Multi-Asset | $290.6M | $242.1M | 120% |
| Total | $228.51B | $285.38B | 80% |
Equity
Equity ETFs saw a quiet session overall, trading just $148.61B, or 76% of their recent average. Despite the low headline number, activity was highly concentrated in specific areas, with Specialty – Long | Short funds trading at an anomalous 771% of their norm and Financials sector funds also seeing elevated interest at 138%. The day’s standout was the iShares Flexible Equity Active ETF (BFLX), which traded an incredible 3,251% of its average volume, exchanging $835.4M. Other notable outliers included iShares Currency Hedged MSCI EAFE ETF (HEFA) at 1,051% and iShares U.S. Insurance ETF (IAK) at 728% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Specialty – Long | Short | 771% | $903.4M | -0.09% |
| Equity: Sector – Financials | 138% | $4.90B | +0.62% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BFLX | iShares Flexible Equity Active ETF | 3,251% | $835.4M | +0.13% |
| HEFA | iShares Currency Hedged MSCI EAFE ETF | 1,051% | $223.2M | +0.29% |
| IAK | iShares U.S. Insurance ETF | 728% | $85.0M | -2.74% |
| TURF | T. Rowe Price Natural Resource ETF | 637% | $29.2M | -0.17% |
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 481% | $27.6M | +0.44% |
| GRNJ | Fundstrat Granny Shots US Small- & Mid-Cap ETF | 436% | $29.0M | -0.51% |
| IXN | iShares Global Tech ETF | 380% | $188.0M | +1.10% |
| FEX | First Trust Large Cap Core AlphaDEX Fund | 371% | $10.3M | -0.55% |
| QUS | State Street SPDR MSCI USA StrategicFactors ETF | 346% | $12.6M | -0.17% |
| EWJV | iShares MSCI Japan Value ETF | 293% | $20.9M | +0.01% |
Fixed Income
Fixed Income products traded $24.56B, a slightly below-average session at 92% of the 30-day norm. Interest was focused on Intermediate Government funds, which saw 156% of average volume, along with Single State Municipal and Multisector categories. Individual fund activity was led by a massive volume spike in the Columbia Core Bond ETF (CRUX), which traded 1,981% of its typical volume. Significant activity was also seen in the State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM) at 887% and the Schwab 1-5 Year Corporate Bond ETF (SCHJ) at 872% of their daily averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Intermediate | 156% | $972.3M | +0.21% |
| Fixed Income: Municipal – Single State | 142% | $119.0M | -0.09% |
| Fixed Income: Taxable – Multisector | 137% | $503.2M | +0.16% |
| Fixed Income: Taxable – International USD | 135% | $423.7M | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CRUX | Columbia Core Bond ETF | 1,981% | $110.0M | +0.15% |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 887% | $70.0M | -0.16% |
| SCHJ | Schwab 1-5 Year Corporate Bond ETF | 872% | $54.3M | +0.12% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 721% | $45.5M | +0.13% |
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 704% | $39.0M | -0.08% |
| SCHQ | Schwab Long-Term U.S. Treasury ETF | 580% | $73.2M | +0.21% |
| VCEB | Vanguard ESG U.S. Corporate Bond ETF | 465% | $28.2M | +0.24% |
| CEMB | iShares J.P. Morgan EM Corporate Bond ETF | 407% | $12.8M | +0.17% |
| MLN | VanEck Long Muni ETF | 348% | $10.6M | -0.14% |
| IGOV | iShares International Treasury Bond ETF | 309% | $35.1M | +0.48% |
Commodities
The commodities complex experienced a quiet day, with total volume of $5.16B representing just 79% of the 30-day average. No specific categories saw outsized activity. The few notable exceptions at the fund level were the VanEck Commodity Strategy ETF (PIT) at 245% of its average and the Teucrium Wheat Fund (WEAT), which traded 186% of its norm as it gained +4.31%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PIT | VanEck Commodity Strategy ETF | 245% | $9.9M | +0.57% |
| WEAT | Teucrium Wheat Fund | 186% | $18.0M | +4.31% |
Digital Asset
Digital Asset funds were a clear bright spot in an otherwise muted market, trading $6.49B for an activity level of 130% versus their 30-day average. The activity was concentrated in Bitcoin-focused products, with the category trading at 135% of its norm. The ProShares Bitcoin ETF (BITO) was the primary driver, exchanging $4.37B in shares, which was 203% of its recent daily average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 135% | $5.88B | +0.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 203% | $4.37B | +0.63% |
Currencies
Currency ETFs saw a quiet session with total volume of $94.4M, or 84% of the 30-day average. There were no high-volume categories or significant individual fund outliers to note.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
Alternatives were among the quietest corners of the market, trading just $608.7M, or 73% of their 30-day average. Trading was broadly subdued, with no categories or individual funds registering significant deviations from their typical volume patterns.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs, primarily composed of leveraged, inverse, and options-based strategies, traded $42.69B, a below-average session at 83% of the norm. While no categories stood out, several individual funds saw elevated turnover. Leveraged products T-REX 2X Long SNDK Daily Target ETF (SNDU) and Tradr 2X Long SNDK Daily ETF (SNXX) were notably active at 191% and 167% of their averages, respectively. The Invesco MSCI EAFE Income Advantage ETF (EFAA) also saw unusual interest, trading 255% of its average volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 255% | $13.4M | +0.43% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 196% | $14.5M | -0.19% |
| SNDU | T-REX 2X Long SNDK Daily Target ETF | 191% | $275.5M | -16.90% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 185% | $51.8M | -0.34% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 181% | $17.8M | -0.03% |
| AMDY | YieldMax AMD Option Income Strategy ETF | 178% | $39.5M | -2.83% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 174% | $15.5M | +0.28% |
| FTHI | First Trust BuyWrite Income ETF | 169% | $27.9M | +0.25% |
| SNXX | Tradr 2X Long SNDK Daily ETF | 167% | $2.17B | -16.71% |
| MSFU | Direxion Daily MSFT Bull 2X ETF | 156% | $283.8M | +5.29% |
Multi-Asset
Multi-Asset funds were one of the few asset classes to see above-average turnover, trading $290.6M for an activity level of 120%. The interest was centered in Target Risk – Growth strategies, which traded at 167% of their 30-day average. The Capital Group Core Balanced ETF (CGBL) was the main driver, trading $150.9M, or 194% of its typical daily volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 167% | $164.7M | +0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGBL | Capital Group Core Balanced ETF | 194% | $150.9M | +0.35% |
| RLY | State Street Multi-Asset Real Return ETF | 153% | $11.5M | +0.00% |
Single-Stock Volume
Activity in single stocks was highlighted by several names trading at multiples of their average volume. PayPal Holdings, Inc. (PYPL) was the day’s standout, trading an exceptional 714% of its 30-day average on $4.67B in volume following a +16.91% gain. Other significant outliers included Aehr Test Systems (AEHR) at 662% of its ADV and Celcuity Inc. (CELC) at 500%. Among widely-held names, International Business Machines Corporation (IBM), a constituent in 425 ETFs, traded 201% of its average on $5.89B of volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| PYPL | PayPal Holdings, Inc. | 714% | $4.67B | +16.91% | 352 |
| AEHR | Aehr Test Systems | 662% | $1.10B | +21.28% | 54 |
| CELC | Celcuity Inc. | 500% | $784.3M | -17.61% | 52 |
| PNR | Pentair plc | 453% | $711.5M | -15.33% | 232 |
| NU | Nu Holdings Ltd. Class A | 291% | $2.46B | -0.32% | 136 |
| PENG | Penguin Solutions Incorporation | 253% | $685.0M | -6.49% | 95 |
| PATH | UiPath, Inc. Class A | 245% | $1.50B | +0.04% | 134 |
| EA | Electronic Arts Inc. | 211% | $792.3M | +0.29% | 350 |
| ELV | Elevance Health, Inc. | 206% | $1.33B | -8.54% | 336 |
| CTAS | Cintas Corporation | 205% | $746.3M | +4.37% | 338 |
| XYZ | Block, Inc. Class A | 202% | $814.3M | +2.19% | 282 |
| IBM | International Business Machines Corporation | 201% | $5.89B | -2.51% | 425 |
| ASML | ASML Holding NV Sponsored ADR | 200% | $7.28B | +2.03% | 177 |
| OPEN | Opendoor Technologies Inc | 196% | $535.7M | +3.85% | 62 |
| BLK | BlackRock, Inc. | 196% | $1.54B | +5.95% | 300 |
