The ETF market started the week on a quiet note, with total dollar volume reaching $220.57 billion, just 86% of the recent 30-day average. The subdued tone was evident across most asset classes, with equities, fixed income, and commodities all trading below their typical daily turnover. However, the session was not without its pockets of concentrated activity. Specific categories, including Information Technology equities and High Yield Municipal bonds, saw significant volume surges, suggesting targeted investor positioning amidst the broader market calm. Alternatives was the only asset class to trade above its recent average, albeit slightly.
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$149.94B
$174.27B
86%
Fixed Income
$23.62B
$25.60B
92%
Commodities
$3.83B
$5.84B
66%
Digital Asset
$2.78B
$4.94B
56%
Currencies
$80.8M
$100.2M
81%
Alternatives
$766.3M
$719.9M
106%
Non-Traditional
$39.38B
$44.95B
88%
Multi-Asset
$179.2M
$236.6M
76%
Total
$220.57B
$256.66B
86%
Equity
Equity ETFs saw a relatively slow day, trading $149.94 billion, or 86% of their 30-day average volume. Despite the overall quiet, the Information Technology sector was a hub of activity, with funds in the category trading at 162% of their norm. Thematic Sustainability funds also saw elevated interest at 132% of average. Outliers on the individual fund level included Federated Hermes U.S. Strategic Dividend ETF (FDV) at 510% of its average, SEI Select International Equity ETF (SEIE) at 405%, and Invesco S&P 500 Equal Weight Industrials ETF (RSPN) at 402%, though their dollar volumes were modest.
Fixed Income products traded $23.62 billion, a respectable 92% of their recent average. The session’s focus was clearly on the municipal bond space, where High Yield Municipal funds saw volume spike to 234% of their 30-day average. Long-Term Taxable bond ETFs were also in demand, trading at 159% of their norm. Notable fund-level activity was led by BNY Mellon Core Bond ETF (BKAG) with a 597% surge, while iShares 10+ Year Investment Grade Corporate Bond ETF (IGLB) and ProShares GENIUS Money Market ETF (IQMM) saw heavy turnover at 449% and 433% of average, respectively.
Commodity ETFs experienced a very quiet session, with total volume of $3.83 billion representing just 66% of the 30-day average. The lone bright spot for activity was in Energy-focused products, which traded at 154% of their typical volume. This was almost entirely driven by the United States Oil Fund LP (USO), which traded $1.13 billion (161% of its average) as the fund dropped -8.91% on the day.
Activity in the Digital Asset space was muted, with turnover of $2.78 billion coming in at only 56% of the 30-day average. The session’s interest was narrowly focused on Ethereum-linked products, which traded at 139% of their norm while the broader category was quiet. This was primarily due to the iShares Ethereum Trust ETF (ETHA), which saw 152% of its typical volume as it gained +4.49%.
Currency ETFs saw a slow day with just $80.8 million in total volume, or 81% of the recent daily average. No specific categories stood out for elevated activity. The only notable outlier was the Invesco Currencyshares Japanese Yen Trust (FXY), which traded at 202% of its 30-day average on volume of $19.7 million.
High-Volume Categories
No items met the inclusion criteria for this session.
Alternatives was the only asset class to post above-average volume, though only slightly, with $766.3 million changing hands for 106% of its 30-day average. The primary driver was the Short Volatility category, which saw turnover at 130% of its norm. Among individual funds, the Simplify Volatility Premium ETF (SVOL) and the KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) were most active, trading at 177% and 162% of their respective averages.
KraneShares Mount Lucas Managed Futures Index Strategy ETF
162%
$10.9M
-1.00%
Non-Traditional
Non-Traditional ETFs, a category that includes leveraged, inverse, and option-based strategies, saw turnover of $39.38 billion, or 88% of their 30-day average. While no specific category saw outsized volume, several individual funds experienced massive activity spikes. The JPMorgan Equity Premium Yield ETF (ROCY) was a significant outlier, trading an incredible 1,910% of its average volume. Also notable was the UBS AG ETRACS Silver Shares Covered Call ETN (SLVO), which saw 465% of its typical daily turnover.
High-Volume Categories
No items met the inclusion criteria for this session.
Multi-Asset ETFs saw a quiet day of trading, with total volume of $179.2 million amounting to just 76% of the 30-day average. There were no high-volume categories to report. The only fund with notably elevated activity was the iShares Core 60/40 Balanced Allocation ETF (AOR), which traded at 172% of its recent norm.
High-Volume Categories
No items met the inclusion criteria for this session.
Several single stocks experienced extraordinary trading volumes. T3 Defense Inc. (DFNS) saw an astronomical surge, trading 13,968% of its 30-day average on $1.08 billion in volume. Forte Biosciences Inc. (FBRX) also saw a massive spike, trading 4,804% of its average on $1.30 billion. Among more widely-held names, F5, Inc. (FFIV), a constituent in 307 ETFs, traded 228% of its average volume, while RTX Corporation (RTX), held by 377 ETFs, saw activity reach 150% of its norm.
Share Issuer League Tables Note on Flow Volatility: Daily flow outliers may be driven by specialized portfolio rebalancing. With the continued growth of actively managed […]
Share Issuer League Tables Note on Flow Volatility: Daily flow outliers may be driven by specialized portfolio rebalancing. With the continued growth of actively managed […]
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