Macro Summary
Total ETF market volume was exceptionally light, reaching just $134.78 billion, a mere 56% of the recent 30-day average. The subdued tone was pervasive across the market, with every major asset class trading well below its typical daily volume. This broad-based slowdown in activity suggests a quiet conclusion to the month as traders appeared to step back ahead of the long weekend.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $82.48B | $157.29B | 52% |
| Fixed Income | $21.13B | $28.38B | 74% |
| Commodities | $5.10B | $7.28B | 70% |
| Digital Asset | $2.73B | $4.58B | 60% |
| Currencies | $36.1M | $97.4M | 37% |
| Alternatives | $531.5M | $712.6M | 75% |
| Non-Traditional | $22.65B | $41.84B | 54% |
| Multi-Asset | $117.6M | $216.8M | 54% |
| Total | $134.78B | $240.40B | 56% |
Equity
Equity ETFs saw one of the session’s sharpest drop-offs in activity, with trading volume of $82.48 billion representing only 52% of the 30-day average. Despite the overall quiet, funds focused on the Asia-Pacific ex-Japan region were a notable exception, trading at 231% of their norm. This was driven by outsized interest in specific funds, including MFS Active Value ETF (MFSV) at 918% of its average, iShares Core MSCI Pacific ETF (IPAC) at 771%, and iShares Asia 50 ETF (AIA) at 505% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Ex-Japan | 231% | $310.9M | -0.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MFSV | MFS Active Value ETF | 918% | $27.0M | +0.29% |
| IPAC | iShares Core MSCI Pacific ETF | 771% | $43.5M | -0.05% |
| GSID | Marketbeta INTL Equity ETF | 738% | $20.2M | -0.56% |
| FYX | First Trust Small Cap Core Alphadex Fund | 548% | $22.4M | -0.81% |
| AIA | iShares Asia 50 ETF | 505% | $287.8M | -0.56% |
| APUE | ActivePassive U.S. Equity ETF | 466% | $18.9M | -0.37% |
| SAMT | Strategas Macro Thematic Opportunities ETF | 393% | $15.6M | -0.94% |
| FSCC | Federated Hermes MDT Small Cap Core ETF | 364% | $9.6M | -1.11% |
| OAKM | Oakmark U.S. Large Cap ETF | 325% | $16.8M | +0.70% |
| FNDA | Schwab Fundamental U.S. Small Company ETF | 311% | $61.3M | -0.78% |
Fixed Income
Fixed Income ETFs, while still below average, were comparatively more active, turning over $21.13 billion for 74% of their 30-day norm. Pockets of heightened activity emerged in Emerging Markets debt (173% of ADV), Short-Term Government bonds (155%), and Inflation-Protected securities (127%). Individual fund standouts included Fidelity Limited Term Bond ETF (FLTB) at 636% of its average, while Schwab US TIPS ETF (SCHP) saw significant volume of $370.7 million at 307% of its norm, and VanEck J. P. Morgan EM Local Currency Bond ETF (EMLC) traded at 217% of its usual pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 173% | $110.7M | -0.47% |
| Fixed Income: Taxable – Government Short | 155% | $1.22B | -0.19% |
| Fixed Income: Taxable – Inflation Protected | 127% | $739.9M | -0.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLTB | Fidelity Limited Term Bond ETF | 636% | $18.1M | -0.63% |
| GTO | Invesco Total Return Bond ETF | 332% | $30.8M | -0.37% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 332% | $29.7M | -0.11% |
| SCHP | Schwab US TIPS ETF | 307% | $370.7M | -0.42% |
| BSCW | Invesco BulletShares 2032 Corporate Bond ETF | 278% | $18.7M | -0.49% |
| BSCT | Invesco BulletShares 2029 Corporate Bond ETF | 244% | $21.8M | -0.27% |
| PULS | PGIM Ultra Short Bond ETF | 218% | $270.2M | +0.01% |
| EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF | 217% | $102.6M | -0.76% |
| STPZ | PIMCO 1-5 Year US TIPS Index Exchange-Traded Fund | 212% | $7.7M | -0.36% |
| FTRB | Federated Hermes Total Return Bond ETF | 209% | $8.0M | -0.32% |
Commodities
Commodities ETFs registered $5.10 billion in volume, or 70% of their recent average, with no single category showing unusual strength. However, several precious metals funds experienced a surge in trading. VanEck Commodity Strategy ETF (PIT) led all funds at 433% of its average. Significant activity was also seen in iShares Gold Trust Micro ETF of Benef Interest (IAUM) at 406% of its norm and abrdn Physical Palladium Shares ETF (PALL) at 401% of its average.
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 | 433% | $11.8M | -0.16% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 406% | $433.2M | -3.27% |
| PALL | abrdn Physical Palladium Shares ETF | 401% | $71.5M | +4.90% |
| SGOL | abrdn Physical Gold Shares ETF | 325% | $274.7M | -3.26% |
| OUNZ | VanEck Merk Gold ETF | 248% | $60.3M | -3.25% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 248% | $7.8M | +1.01% |
| PPLT | abrdn Physical Platinum Shares ETF | 243% | $91.2M | -1.73% |
| WEAT | Teucrium Wheat Fund | 234% | $35.5M | +2.81% |
| BAR | GraniteShares Gold Shares | 198% | $17.8M | -3.37% |
| IAU | iShares Gold Trust | 176% | $783.7M | -3.24% |
Digital Asset
Digital Asset ETFs traded $2.73 billion, representing 60% of their 30-day average volume. The standout category was Ethereum-focused funds, which collectively traded at 148% of their recent norm. This was reflected in ticker-level activity, with Bitwise Ethereum ETF (ETHW) trading at 227% of its average. Bitcoin funds also saw elevated interest, led by VanEck Bitcoin ETF (HODL) at 239% and Grayscale Bitcoin Mini Trust ETF (BTC) at 230% of their typical volumes.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 148% | $1.11B | -2.58% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 239% | $55.4M | -3.03% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 230% | $117.8M | -3.04% |
| ETHW | Bitwise Ethereum ETF | 227% | $32.1M | -2.63% |
| ETHB | iShares Staked Ethereum Trust ETF | 208% | $20.6M | -2.52% |
| ZCSH | Zcash ETF | 176% | $7.6M | -2.74% |
| GBTC | Grayscale Bitcoin Trust ETF | 166% | $169.3M | -3.09% |
| ETHA | iShares Ethereum Trust ETF | 166% | $973.5M | -2.63% |
Currencies
Currency ETF activity was extremely light, with just $36.1 million traded, amounting to only 37% of the 30-day average. No categories or individual tickers experienced notable volume, making for an unremarkable session in the asset class.
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
The Alternatives space saw a quiet session, with total volume of $531.5 million reaching 75% of its 30-day average. Trading was balanced across the category, with no specific strategies or funds attracting unusual investor interest.
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 recorded $22.65 billion in volume, or 54% of their recent average. The primary driver of activity was the Leveraged and Inverse Commodity category, which traded at 201% of its norm. This was heavily influenced by precious metals products, as ProShares Ultra Gold (UGL) and ProShares Ultra Silver (AGQ) saw volumes surge to 350% and 340% of their respective averages. Similarly, Direxion Daily Junior Gold Miners Index Bull 2X ETF (JNUG) traded at 284% of its typical pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 201% | $1.63B | -0.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UGL | ProShares Ultra Gold | 350% | $424.5M | -6.59% |
| AGQ | ProShares Ultra Silver | 340% | $555.6M | -8.89% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X ETF | 284% | $123.0M | -9.11% |
| MSTY | YieldMax MSTR Option Income Strategy ETF | 245% | $51.2M | -6.29% |
| GDXY | YieldMax Gold Miners Option Income Strategy ETF | 198% | $15.1M | -2.53% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 188% | $154.2M | -14.55% |
| CONY | YieldMax COIN Option Income Strategy ETF | 185% | $13.6M | -5.20% |
| ETHU | 2x Ether ETF | 172% | $209.9M | -5.18% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 157% | $8.0M | -0.15% |
Multi-Asset
Multi-Asset ETFs experienced a muted session, with trading volume of $117.6 million coming in at 54% of the 30-day average. Activity was broadly distributed, and no individual funds stood out with significant volume deviations.
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
Despite the quiet ETF market, several single stocks saw exceptionally high trading volumes. Affirm Holdings, Inc. Class A (AFRM) was the most active, trading $1.72 billion, a stunning 686% of its 30-day average. Sunbelt Rentals Holdings Inc (SUNB) also saw a massive spike in interest, trading at 550% of its norm. Other notable movers included Rubrik, Inc. Class A (RBRK) at 311% of its average. Widely-held Marvell Technology, Inc. (MRVL), a constituent in 434 ETFs, traded nearly $10 billion in shares, or 193% of its typical volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| AFRM | Affirm Holdings, Inc. Class A | 686% | $1.72B | -0.14% | 157 |
| SUNB | Sunbelt Rentals Holdings Inc | 550% | $869.1M | -0.45% | 80 |
| RBRK | Rubrik, Inc. Class A | 311% | $837.4M | -13.15% | 127 |
| MRVL | Marvell Technology, Inc. | 193% | $9.83B | -10.49% | 434 |
| PCG | PG&E Corporation | 178% | $762.8M | -7.94% | 256 |
| ADSK | Autodesk, Inc. | 154% | $753.8M | -4.00% | 402 |
| NOW | ServiceNow, Inc. | 153% | $3.84B | +4.37% | 416 |
| TTWO | Take-Two Interactive Software, Inc. | 152% | $785.7M | +0.62% | 310 |
