Macro Summary
Total market dollar volume reached $199.22B against a 30-day ADV of $236.62B, translating to 84% activity and a broadly subdued session. Every major asset class traded below its 30-day norm, with multi-asset the lone exception at 108% activity. Digital assets came closest to typical turnover at 96%, while currencies and alternatives lagged furthest behind at 73%. The tone across the tape was one of below-average engagement, punctuated by isolated but sharp ticker-level outliers in digital assets, non-traditional products, and fixed income rather than any broad category-wide surge.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $127.34B | $153.17B | 83% |
| Fixed Income | $24.10B | $29.60B | 81% |
| Commodities | $6.85B | $8.08B | 85% |
| Digital Asset | $4.31B | $4.46B | 96% |
| Currencies | $72.8M | $99.9M | 73% |
| Alternatives | $487.6M | $666.4M | 73% |
| Non-Traditional | $35.83B | $40.33B | 89% |
| Multi-Asset | $228.3M | $211.1M | 108% |
| Total | $199.22B | $236.62B | 84% |
Equity
Equity volume totaled $127.34B versus a $153.17B ADV, good for 83% activity, with no categories qualifying as high-volume despite a long list of ticker-level standouts. The Northern Trust STOXX Global Broad Infrastructure ETF (NFRA) led all outliers at 574% of ADV, while the iShares MSCI Europe Financials ETF (EUFN) traded $162.0M at 333% amid a -1.20% decline. Smaller funds including the Federated Hermes MDT Small Cap Core ETF (FSCC) and Invesco S&P 500 Equal Weight Industrials ETF (RSPN) also saw activity well above 300%. Overall, the equity complex reflected idiosyncratic, fund-specific flows rather than a coordinated sector rotation.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NFRA | Northern Trust STOXX Global Broad Infrastructure ETF | 574% | $27.2M | +1.01% |
| FSCC | Federated Hermes MDT Small Cap Core ETF | 346% | $15.9M | -0.77% |
| EUFN | iShares MSCI Europe Financials ETF | 333% | $162.0M | -1.20% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 308% | $37.9M | -0.95% |
| PINK | Simplify Health Care ETF | 301% | $8.0M | -1.62% |
| IGE | iShares North American Natural Resources ETF | 267% | $29.6M | +0.50% |
| FNDA | Schwab Fundamental U.S. Small Company ETF | 252% | $77.0M | -0.78% |
| PATN | Pacer Nasdaq International Patent Leaders ETF | 244% | $11.7M | +0.08% |
| IGPT | Invesco AI and Next Gen Software ETF | 238% | $33.1M | +0.82% |
| DIVB | iShares Core Dividend ETF | 235% | $48.3M | -1.57% |
Fixed Income
Fixed income turnover came in at $24.10B versus a $29.60B ADV, an 81% activity rate, though municipal strategies stood out as the session’s clear focal point. Municipal – Short bonds traded at 150% of ADV ($304.5M) and Municipal – Intermediate at 147% ($1.87B), with High Yield and Single State munis also elevated. At the ticker level, the PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) topped outliers at 444% of ADV, alongside the Franklin Ultra Short Bond ETF (FLUD) at 340%. Several short-duration and muni-focused vehicles including Vanguard Short-Term Tax Exempt Bond ETF (VTES) rounded out the elevated names, underscoring a session tilted toward front-end and tax-exempt demand.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Short | 150% | $304.5M | -0.04% |
| Fixed Income: Municipal – Intermediate | 147% | $1.87B | -0.08% |
| Fixed Income: Municipal – High Yield | 132% | $186.6M | -0.08% |
| Fixed Income: Municipal – Single State | 127% | $176.3M | -0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BILZ | PIMCO Ultra Short Government Active Exchange-Traded Fund | 444% | $79.6M | +0.00% |
| FLUD | Franklin Ultra Short Bond ETF | 340% | $9.4M | -0.06% |
| MINO | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 310% | $14.9M | -0.02% |
| ULST | State Street Ultra Short Term Bond ETF | 308% | $8.8M | +0.00% |
| FTCB | First Trust Core Investment Grade ETF | 278% | $33.3M | +0.02% |
| JPIB | JPMorgan International Bond Opportunities Fund | 274% | $26.4M | -0.05% |
| XONE | BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 251% | $14.4M | +0.01% |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | 249% | $19.3M | -0.04% |
| VCRM | Vanguard Core Tax-Exempt Bond ETF | 241% | $45.6M | -0.03% |
| VTES | Vanguard Short-Term Tax Exempt Bond ETF | 235% | $69.4M | -0.05% |
Commodities
Commodities volume reached $6.85B against an $8.08B ADV, or 85% activity, with the Commodity: Focused – Energy category running hot at 137% ($1.20B) on a +1.92% return. The United States Copper Index Fund (CPER) led ticker outliers at 295% of ADV with a +1.45% gain, while the United States Brent Oil Fund LP (BNO) traded $163.5M at 193% amid a strong +3.18% move. The iShares S&P GSCI Commodity Indexed Trust (GSG) and Invesco DB Base Metals Fund (DBB) also saw double-digit percentage gains alongside elevated turnover, pointing to a broad-based commodity rally driving the session’s above-average energy and metals activity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 137% | $1.20B | +1.92% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 295% | $56.2M | +1.45% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 275% | $14.0M | +0.61% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 228% | $62.3M | +1.56% |
| DBB | Invesco DB Base Metals Fund | 211% | $9.1M | +1.26% |
| BNO | United States Brent Oil Fund LP | 193% | $163.5M | +3.18% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 158% | $13.0M | +1.64% |
Digital Asset
Digital asset volume was $4.31B versus a $4.46B ADV, near-normal at 96% activity, though the Cryptocurrency – Altcoin category ran hot at 179% ($273.6M, +3.50%). The standout of the entire session was the Zcash ETF (ZCSH), which traded at an extraordinary 947% of its 30-day ADV ($99.9M) alongside a +10.16% surge, marking by far the largest anomaly across all asset classes today. This single-name event drove the altcoin category’s outsized activity and stands out as the session’s defining data point.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 179% | $273.6M | +3.50% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZCSH | Zcash ETF | 947% | $99.9M | +10.16% |
Currencies
Currency-linked ETF volume totaled just $72.8M against a $99.9M ADV, a 73% activity rate, with no categories or individual tickers qualifying as outliers. The asset class saw an unremarkable, low-turnover session consistent with the broadly muted tone across the market.
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 volume reached $487.6M versus a $666.4M ADV, or 73% activity, with no categories qualifying as high-volume. At the ticker level, the Franklin Systematic Style Premia ETF (FLSP) traded at 211% of ADV and the Simplify Managed Futures Strategy ETF (CTA) at 205%, both modest in absolute dollar terms but notable relative to their own norms. Overall the alternatives space remained the quietest corner of the market on a relative basis.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLSP | Franklin Systematic Style Premia ETF | 211% | $5.4M | -1.43% |
| CTA | Simplify Managed Futures Strategy ETF | 205% | $28.2M | +1.96% |
Non-Traditional
Non-traditional products traded $35.83B against a $40.33B ADV, translating to 89% activity, with Synthetic Income – Fixed Income running at 135% ($106.1M). Leveraged and single-stock-linked products dominated the outliers, led by the Direxion Daily FTSE China Bull 3X ETF (YINN) at 301% amid a sharp -6.96% decline, and the GraniteShares 2x Long INTC Daily ETF (INTW) at 191% following a striking +17.99% gain. The Direxion Daily TSM Bull 2X ETF (TSMX) and ProShares UltraPro Dow30 (UDOW) also traded well above norm, reflecting elevated leveraged-product engagement tied to underlying single-stock and index volatility.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Fixed Income | 135% | $106.1M | -0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| YINN | Direxion Daily FTSE China Bull 3X ETF | 301% | $91.1M | -6.96% |
| AIPI | REX AI Equity Premium Income ETF | 294% | $16.1M | -0.23% |
| FYEE | Fidelity Yield Enhanced Equity ETF | 281% | $9.5M | -0.13% |
| INTW | GraniteShares 2x Long INTC Daily ETF | 191% | $168.3M | +17.99% |
| TSMX | Direxion Daily TSM Bull 2X ETF | 190% | $75.3M | +4.24% |
| PLTY | YieldMax PLTR Option Income Strategy ETF | 165% | $15.1M | -1.86% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 161% | $11.7M | +0.41% |
| UDOW | ProShares UltraPro Dow30 | 160% | $177.8M | -3.57% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 158% | $8.6M | -0.27% |
| TDAQ | TappAlpha Innovation 100 Growth & Daily Income ETF | 157% | $13.4M | -0.26% |
Multi-Asset
Multi-asset was the only class to exceed its ADV, trading $228.3M versus $211.1M, or 108% activity, led by the Asset Allocation: Target Risk – Growth category at 148% ($103.9M). The iShares Core 60/40 Balanced Allocation ETF (AOR) traded at 233% of ADV ($50.2M) and the Return Stacked U.S. Stocks & Managed Futures ETF (RSST) at 227%, marking multi-asset as the session’s lone standout category on a relative basis despite modest absolute dollar volumes.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 148% | $103.9M | -0.26% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOR | iShares Core 60/40 Balanced Allocation ETF | 233% | $50.2M | -0.36% |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 227% | $8.7M | -0.39% |
Single-Stock Volume
Single-stock activity was notably elevated across several large-cap names. Novartis AG Sponsored ADR (NVS) traded at 526% of its 30-day ADV ($1.38B) amid a sharp -13.78% drop, while Howmet Aerospace Inc. (HWM) saw $2.37B trade at 330% activity following a -12.16% decline, with the stock held across 354 ETFs. QUALCOMM Incorporated (QCOM) and Amgen Inc. (AMGN) also traded at more than double their norms, both widely held (526 and 467 ETFs, respectively), suggesting broad ETF-level flow-through from single-name volatility. Bloom Energy Corporation Class A (BE) posted $7.18B in volume at 222% of ADV on a +9.40% rally, while CoreWeave, Inc. Class A (CRWV) traded $4.83B at 195% activity, gaining +12.21% and held by 231 ETFs, underscoring how outsized single-stock moves rippled into passive vehicle turnover.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| NVS | Novartis AG Sponsored ADR | 526% | $1.38B | -13.78% | 46 |
| ROIV | Roivant Sciences Ltd. | 386% | $943.4M | +18.83% | 156 |
| HWM | Howmet Aerospace Inc. | 330% | $2.37B | -12.16% | 354 |
| LNG | Cheniere Energy, Inc. | 262% | $1.22B | -5.67% | 263 |
| ACGL | Arch Capital Group Ltd. | 241% | $502.9M | -2.46% | 283 |
| QCOM | QUALCOMM Incorporated | 230% | $4.02B | +3.43% | 526 |
| BE | Bloom Energy Corporation Class A | 222% | $7.18B | +9.40% | 239 |
| BIDU | Baidu, Inc. Sponsored ADR Class A | 216% | $612.0M | -7.21% | 36 |
| RGTI | Rigetti Computing, Inc. | 205% | $612.5M | +3.93% | 63 |
| AMGN | Amgen Inc. | 200% | $2.12B | -10.07% | 467 |
| CASY | Casey's General Stores, Inc. | 199% | $515.6M | -3.28% | 269 |
| CRWV | CoreWeave, Inc. Class A | 195% | $4.83B | +12.21% | 231 |
| LULU | lululemon athletica inc. | 194% | $1.08B | +2.29% | 222 |
| SMTC | Semtech Corporation | 193% | $730.6M | +9.79% | 144 |
| SYK | Stryker Corporation | 189% | $1.47B | -8.77% | 341 |
