Macro Summary
Total market activity finished the day at $286.6B, trading at 104% of its 30-day average. The day’s most significant story was a surge in the Equity: Global Ex-U.S. Small | Mid Cap category, which traded at an exceptional 282% of its normal volume, finishing the day down -0.55%. This activity was driven by significant turnover in specific funds like SCZ (which closed -2.58%) and DFIS (closing -0.49%). Fixed Income also saw a very active session, trading at 126% of its average.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $193.9B | $182.8B | 106% |
| Fixed Income | $36.6B | $29.0B | 126% |
| Commodities | $7.9B | $13.7B | 57% |
| Crypto | $6.3B | $8.3B | 76% |
| Currencies | $62.4M | $74.4M | 84% |
| Alternatives | $1.2B | $1.4B | 88% |
| Non-Traditional | $40.5B | $39.1B | 103% |
| Multi-Asset | $158.8M | $172.9M | 92% |
Equity
Equity markets saw $193.9B in volume, trading at 106% of the 30-day average. Activity was notably high in the Global Ex-U.S. Small | Mid Cap category (finishing the day down -0.55%) and the Materials sector (which fell -0.34%). This was largely driven by heavy turnover in JGLO (closing -0.10%) from the Global Large Cap category, and JAVA (which gained +0.40%) from the U.S. Large Cap Value space.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Small | Mid Cap | 282% | $821.7M | -0.55% |
| Equity: Global Large Cap – Blend | 145% | $1.4B | +0.20% |
| Equity: Sector – Materials | 138% | $771.5M | -0.34% |
| Equity: Thematic – Disruptive Tech | 134% | $1.0B | +1.19% |
| Equity: Specialty – Hedged | 130% | $61.1M | +0.20% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EWN | iShares MSCI Netherlands ETF | 2431% | $61.6M | -1.19% |
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 2292% | $343.1M | -0.10% |
| GNR | SPDR S&P Global Natural Resources ETF | 1689% | $206.0M | -0.25% |
| JAVA | JPMorgan Active Value ETF | 944% | $153.8M | +0.40% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 931% | $27.9M | -0.22% |
| IDEQ | Lazard International Dynamic Equity ETF | 691% | $22.1M | -0.58% |
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | 660% | $35.9M | +1.52% |
| EWD | iShares MSCI Sweden ETF | 818% | $21.0M | -1.04% |
| XCEM | Columbia EM Core ex-China ETF | 497% | $21.0M | +0.26% |
| KXI | iShares Global Consumer Staples ETF | 481% | $21.4M | -0.43% |
Fixed Income
The Fixed Income asset class was exceptionally active, trading $36.6B, or 126% of its 30-day average. This was dominated by heavy trading in Taxable Corporate bonds (which fell -0.19%) and Taxable Ultrashort funds (down -0.03%). The activity was highlighted by massive turnover in LEMB (closing -0.02%) from the Emerging Markets category, and significant volume in DMBS (finishing -0.01%) from the Securitized space.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 198% | $172.2M | +0.20% |
| Fixed Income: Taxable – Core Enhanced | 188% | $939.2M | -0.05% |
| Fixed Income: Taxable – International USD | 187% | $495.0M | +0.12% |
| Fixed Income: Taxable – Corporate | 157% | $7.7B | -0.19% |
| Fixed Income: Taxable – Ultrashort | 147% | $2.0B | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 4159% | $113.8M | -0.02% |
| DMBS | DoubleLine Mortgage ETF | 593% | $17.5M | -0.01% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 543% | $59.0M | +0.06% |
| IAGG | iShares Core International Aggregate Bond ETF | 479% | $308.5M | +0.09% |
| SCHQ | Schwab Long-Term U.S. Treasury ETF | 465% | $57.4M | -0.22% |
| IUSB | iShares Core Total USD Bond Market ETF | 405% | $542.7M | -0.09% |
| SCHP | Schwab US TIPS ETF | 375% | $317.4M | +0.15% |
| IBDQ | iShares iBonds Dec 2025 Term Corporate ETF | 247% | $34.9M | +0.08% |
| SPTI | SPDR Portfolio Intermediate Term Treasury ETF | 243% | $127.3M | +0.02% |
| JPST | JPMorgan Ultra-Short Income ETF | 242% | $684.3M | +0.05% |
Commodities
Commodities saw a quiet day, trading $7.9B, which was only 57% of the 30-day average. The only category with above-average volume was Energy (finishing +0.85%). The Broad Market Multi-Sector category also saw some interest (up +0.30%), driven by activity in GSG (which gained +0.65%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 122% | $757.7M | +0.85% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 278% | $38.5M | +0.65% |
| DBC | Invesco DB Commodity Index Tracking Fund | 163% | $14.0M | +0.66% |
Crypto
Digital Asset ETFs saw a subdued session with $6.3B in volume, trading at 76% of their 30-day average. Activity was slow across the board, with no categories trading above their average. There were no high-activity ticker outliers to report for this asset class.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Currencies
Currency ETFs traded $62.4M, representing 84% of their 30-day average. It was a quiet session with no categories meeting the high-volume criteria and no individual ticker outliers.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Alternatives
Alternatives funds traded $1.2B, a quiet day at 88% of the 30-day average. No categories met the high-volume threshold. The only notable activity was in CTA (down -0.11%) from the Managed Futures category, which traded at 210% of its average volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 210% | $23.1M | -0.11% |
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | 180% | $4.6M | +0.07% |
Non-Traditional
Non-Traditional funds traded $40.5B, just over average at 103%. The primary driver of high-volume activity was the Equity Buffer category (which ended the day +0.09%) and the Buffer – Synthetic Income category (down -0.03%). This was almost entirely due to astronomical volume in PNOV (closing -0.01%), which traded at 6112% of its average. Other notable activity came from single-stock leveraged funds like METU (down -5.13%) and AMZU (up +19.56%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Synthetic Income | 228% | $11.8M | -0.03% |
| Non-Traditional: Buffer – Equity | 171% | $618.3M | +0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PNOV | Innovator U.S. Equity Power Buffer ETF – November | 6112% | $168.2M | -0.01% |
| QJUN | FT Vest Nasdaq-100 Buffer ETF – June | 548% | $14.2M | -0.07% |
| POCT | Innovator U.S. Equity Power Buffer ETF – October | 472% | $74.8M | +0.17% |
| METU | Direxion Daily META Bull 2X Shares | 439% | $563.5M | -5.13% |
| AMZU | Direxion Daily AMZN Bull 2X Shares | 385% | $478.8M | +19.56% |
| FBL | GraniteShares 2x Long META Daily ETF | 356% | $244.9M | -5.04% |
| AMZY | YieldMax AMZN Option Income Strategy ETF | 225% | $19.5M | +6.50% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 220% | $131.8M | +3.88% |
| SSO | ProShares Ultra S&P 500 | 182% | $523.3M | +0.56% |
| PLTW | Roundhill PLTR WeeklyPay ETF | 178% | $27.0M | +3.08% |
Multi-Asset
The Multi-Asset class saw $158.8M in volume, trading at 92% of its 30-day average. The only category to see above-average volume was Target Risk – Conservative (finishing +0.08%). This was led by mild outlier activity in AOK (down -0.01%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOK | iShares Core 30/70 Conservative Allocation ETF | 163% | $6.6M | -0.01% |
| YYY | Amplify CEF High Income ETF | 151% | $6.1M | +0.26% |
