Total ETF market volume registered $258.7B, a relatively subdued session at 93% of the 30-day average. The day’s defining story was not in the broad market but in a highly specific niche: an extraordinary surge of activity within the Non-Traditional asset class. This was almost entirely driven by the ‘Non-Traditional: Buffer – Equity’ category, which saw volume explode to 565% of its daily average while finishing the day up +0.23%. This anomalous activity in defined-outcome products stood in stark contrast to the quieter trading in major asset classes like Equity (95% of average) and Fixed Income (104% of average).
Asset Class Summary
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$174.7B
$182.9B
95%
Fixed Income
$31.5B
$30.3B
104%
Commodities
$5.5B
$13.6B
40%
Crypto
$6.4B
$8.7B
74%
Currencies
$91.9M
$75.3M
122%
Alternatives
$1.1B
$1.4B
76%
Non-Traditional
$39.4B
$39.9B
99%
Multi-Asset
$146.0M
$177.6M
82%
Equity
Equity markets traded $174.7B, a subdued 95% of the 30-day average. Pockets of high activity were seen in Consumer Discretionary (up +0.89%), which traded at 157% of its average, largely driven by heavy turnover in XRT (closing +1.75%). Financials also saw unusual activity, with KCE (up +0.86%) trading at 944% of its normal volume. Thematic funds were also active, with Health Innovation (down -0.01%) at 184% of average and Sustainability funds (up +3.52%) at 179%.
The Fixed Income asset class saw $31.5B in volume, trading at 104% of its 30-day average. Activity was concentrated in specific areas, notably Taxable Convertible bonds (up +0.92%), which traded at 232% of average, with significant turnover in CWB (closing +1.43%). International USD bonds (down -0.14%) also saw high volume at 193% of average, led by BNDX (closing -0.19%). Within Municipals, Long-Term (down -0.26%) and Intermediate (down -0.39%) categories traded at 207% and 121% of their averages, respectively.
Commodity ETFs saw extremely light trading, with $5.5B in volume, only 40% of the 30-day average. This quiet activity was consistent across the board, with Precious Metals (down +1.29%) and Energy (down -0.83%) trading at 38% and 68% of their averages, respectively. No categories met the high-volume criteria, and there were no significant high-activity ticker outliers in the 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.
Crypto
The Crypto asset class saw $6.4B in volume, trading at 74% of its 30-day average. This below-average activity was seen across the complex, with Bitcoin-focused funds (up +2.62%) trading at 74% of average and Ethereum-focused funds (up +6.48%) at 73% of average. The only area with above-average activity was the small Multicoin category (up +3.60%), which traded at 135% of its average, though this was not enough to offset the broader quiet tone.
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
The Currency asset class was a pocket of relative activity, trading $91.9M, which is 122% of its 30-day average. The category finished the day up +0.05%. No categories met the high-volume criteria, and there were no high-activity 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
Alternative ETFs saw a quiet day, trading $1.1B, or 76% of the 30-day average. The ‘Alternative: Absolute Return – Multi-Strategy’ category (up +0.51%) was the only area of interest, trading at 209% of its average. This was driven by QAI (closing +0.42%), which traded at 495% of its normal volume. Both Long and Short Volatility categories traded well below average.
The Non-Traditional space traded $39.4B, just shy of its average at 99% capacity. This seemingly normal figure masks an enormous concentration of activity in the ‘Non-Traditional: Buffer – Equity’ category, which exploded to 565% of its 30-day average volume while finishing up +0.23%. This anomalous trading was confined to specific tickers, with SIXP (up +0.12%) trading at over 10,000% its average, alongside OCTW (up +0.25%) and GSEP (up +0.25%).
Multi-Asset ETFs saw $146.0M in volume, trading at 82% of the 30-day average. The ‘Asset Allocation: Target Risk – Moderate’ category (up +0.43%) was a lone bright spot, trading at 135% of its average, driven by AOM (closing +0.02%). Other categories within the asset class were quiet.
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