Macro Summary
Total ETF market volume registered a quiet $188.50 billion, just 77% of the recent 30-day average daily volume. The session was broadly subdued across most asset classes, with equities and digital assets seeing particularly low turnover relative to recent norms. Commodities were the only major category to trade above their average, though the day’s most significant activity was highly concentrated in a handful of specific equity and fixed income products rather than any widespread market theme.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $118.53B | $162.68B | 73% |
| Fixed Income | $24.18B | $27.47B | 88% |
| Commodities | $6.64B | $6.21B | 107% |
| Digital Asset | $3.15B | $4.24B | 74% |
| Currencies | $50.7M | $109.8M | 46% |
| Alternatives | $615.3M | $732.3M | 84% |
| Non-Traditional | $35.16B | $44.13B | 80% |
| Multi-Asset | $179.4M | $222.4M | 81% |
| Total | $188.50B | $245.79B | 77% |
Equity
Equity ETFs traded a muted $118.53 billion, only 73% of their 30-day average. The standout activity was in Thematic – Infrastructure funds, which traded at 163% of their typical volume. This was almost entirely driven by a massive volume spike in the iShares U.S. Infrastructure ETF (IFRA), which saw turnover of $291.9 million, a staggering 1,492% of its daily average. Other notable outliers included the iShares MSCI Canada ETF (EWC) at 431% of its norm and the iShares Core MSCI International Developed Markets ETF (IDEV) at 329% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Infrastructure | 163% | $897.3M | +0.10% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IFRA | iShares U.S. Infrastructure ETF | 1,492% | $291.9M | +0.44% |
| CVLC | Calvert US Large-Cap Core Responsible Index ETF | 615% | $21.1M | -0.43% |
| ICOP | iShares Copper and Metals Mining ETF | 463% | $17.8M | +1.97% |
| QLTY | GMO US Quality ETF | 446% | $65.5M | -0.98% |
| EWC | iShares MSCI Canada ETF | 431% | $372.9M | +2.48% |
| TDVG | T. Rowe Price Dividend Growth ETF | 353% | $9.7M | -0.56% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 329% | $393.0M | -0.20% |
| FXH | First Trust Health Care AlphaDEX Fund | 287% | $20.4M | -0.10% |
| FEOE | First Eagle Overseas Equity ETF | 286% | $40.9M | -0.37% |
| TVAL | T. Rowe Price Value ETF | 278% | $8.8M | -0.76% |
Fixed Income
Fixed Income ETFs saw turnover of $24.18 billion, representing 88% of their recent average. The Municipal – Single State category was the only group to see elevated interest, trading at 135% of its norm. Activity was concentrated in specific target-date treasury funds, with the iShares iBonds Dec 2026 Term Treasury ETF (IBTG) and iShares iBonds Dec 2027 Term Treasury ETF (IBTH) trading at 581% and 546% of their respective averages. The State Street SPDR Portfolio Short Term Corporate Bond ETF (SPSB) also saw heavy trading at 311% of its average on $344.7 million in volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Single State | 135% | $144.5M | -0.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | 581% | $61.2M | +0.02% |
| SECU | iShares Securitized Income Active ETF | 573% | $28.4M | -0.01% |
| IBTH | iShares iBonds Dec 2027 Term Treasury ETF | 546% | $51.2M | +0.00% |
| JFLX | JPMorgan Flexible Debt ETF | 440% | $28.8M | -0.06% |
| SMTH | ALPS/SMITH Core Plus Bond ETF | 363% | $35.5M | -0.26% |
| RAVI | FlexShares Ultra-Short Income Fund | 317% | $17.4M | +0.01% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 311% | $344.7M | +0.02% |
| FPEI | First Trust Institutional Preferred Securities & Income ETF | 275% | $16.6M | -0.18% |
| FTSM | First Trust Enhanced Short Maturity ETF | 244% | $90.4M | -0.02% |
| SYFI | AB Short Duration High Yield ETF | 240% | $7.9M | +0.01% |
Commodities
Commodities were the only major asset class to trade above average, exchanging $6.64 billion for 107% of the 30-day norm. The heightened activity was centered in precious metals funds. The iShares Gold Trust Micro ETF of Benef Interest (IAUM) traded at 197% of its average, while the abrdn Physical Silver Shares ETF (SIVR) saw turnover at 154% of its norm. The broad-based VanEck Commodity Strategy ETF (PIT) also experienced elevated interest at 152% of its typical 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 |
|---|---|---|---|---|
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 197% | $163.3M | +0.94% |
| SIVR | abrdn Physical Silver Shares ETF | 154% | $89.8M | +1.84% |
| PIT | VanEck Commodity Strategy ETF | 152% | $4.4M | +1.73% |
Digital Asset
Digital Asset ETFs saw a quiet session, trading $3.15 billion, or 74% of their 30-day average. Despite the overall lull, several spot bitcoin ETFs saw notable turnover relative to their own recent history. The VanEck Bitcoin ETF (HODL) led the group at 211% of its average, followed by the ARK 21Shares Bitcoin ETF (ARKB) at 165% and the Grayscale Bitcoin Trust ETF (GBTC) at 151%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 211% | $37.4M | +2.14% |
| ARKB | ARK 21Shares Bitcoin ETF | 165% | $54.2M | +2.21% |
| GBTC | Grayscale Bitcoin Trust ETF | 151% | $112.7M | +2.18% |
Currencies
Currency ETF trading was exceptionally light, with just $50.7 million in volume representing only 46% of the 30-day average. The only fund to register notable activity was the Invesco CurrencyShares Swiss Franc Trust (FXF), which traded at 189% of its average on a small base of $5.6 million.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 189% | $5.6M | +0.28% |
Alternatives
The alternatives space saw a quiet session, with total volume of $615.3 million coming in at 84% of the 30-day average. No specific categories or individual tickers traded at a significant premium to their recent norms, reflecting the broader market’s subdued tone.
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 products traded $35.16 billion, or 80% of their recent average volume. Within this space, Leverage and Inverse Fixed Income funds saw some pockets of interest, trading at 138% of their category norm. Individual standouts included the Tradr 2X Long AAOI Daily ETF (AAOX) at 182% of its average and the ProShares UltraPro Short S&P500 (SPXU) at 175% of its norm on nearly $485 million traded.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 138% | $251.4M | +0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AAOX | Tradr 2X Long AAOI Daily ETF | 182% | $247.9M | +6.19% |
| SPXU | ProShares UltraPro Short S&P500 | 175% | $484.9M | +1.55% |
| IAUI | NEOS Gold High Income ETF | 168% | $16.6M | +0.56% |
| IWMI | NEOS Russell 2000 High Income ETF | 167% | $32.0M | -0.16% |
| SPCH | Leverage Shares 2X Long SPCX Daily ETF | 155% | $397.6M | +8.80% |
Multi-Asset
Multi-Asset ETFs experienced a quiet trading day, with volume of $179.4 million registering at just 81% of the 30-day average. No specific categories or funds recorded anomalous trading activity during the session.
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.
Single-Stock Volume
Single-stock activity was marked by several extreme outliers. IP Strategy Holdings, Inc. (IPST) and Wetour Robotics Limited (WETO) saw astronomical volume at 565,197% and 3,427% of their respective averages. Among more widely-held names, Cerebras Systems, Inc. (CBRS), a constituent in 81 ETFs, traded $3.63 billion, or 292% of its average. NIKE, Inc. (NKE), held by 302 ETFs, saw turnover at 248% of its norm on $2.08 billion in volume, while Reddit, Inc. (RDDT), held by 202 ETFs, also saw elevated trading at 189% of its average.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| IPST | IP Strategy Holdings, Inc. | 565,197% | $691.3M | +213.80% | 1 |
| WETO | Wetour Robotics Limited | 3,427% | $783.6M | +230.64% | — |
| CBRS | Cerebras Systems, Inc. Class A | 292% | $3.63B | +15.08% | 81 |
| ARGX | argenx SE Sponsored ADR | 258% | $649.9M | +16.16% | 60 |
| NKE | NIKE, Inc. Class B | 248% | $2.08B | -4.05% | 302 |
| AXTI | AXT, Inc. | 194% | $1.34B | +18.19% | 70 |
| RDDT | Reddit, Inc. Class A | 189% | $1.89B | -7.73% | 202 |
| SMTC | Semtech Corporation | 180% | $527.9M | +10.00% | 141 |
| FN | Fabrinet | 172% | $658.1M | +5.31% | 170 |
| LHX | L3Harris Technologies Inc | 167% | $678.4M | -4.46% | 301 |
