Macro Summary
Total ETF market volume registered a subdued $208.88 billion, trading at just 73% of the recent 30-day average. The session was characterized by a broad-based slowdown, with nearly every major asset class seeing below-average turnover. The notable exception was Digital Assets, which was the only category to trade with elevated activity, bucking the otherwise quiet market trend.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $133.91B | $194.78B | 69% |
| Fixed Income | $23.36B | $26.66B | 88% |
| Commodities | $5.40B | $6.52B | 83% |
| Digital Asset | $6.53B | $5.00B | 131% |
| Currencies | $99.9M | $113.2M | 88% |
| Alternatives | $521.4M | $839.5M | 62% |
| Non-Traditional | $38.83B | $51.89B | 75% |
| Multi-Asset | $211.6M | $243.2M | 87% |
| Total | $208.88B | $286.03B | 73% |
Equity
Equity ETFs saw significantly muted activity, with turnover of $133.91 billion representing only 69% of the 30-day average. Pockets of interest emerged in Latin America and Infrastructure funds, which traded at 178% and 154% of their respective averages. Individual fund activity was led by several outliers, including Invesco Pharmaceuticals ETF (PJP) at 801% of its norm, iShares Emerging Markets Equity Factor ETF (EMGF) at 710%, and Global X U.S. Infrastructure Development ETF (PAVE) at 539%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 178% | $124.3M | +1.32% |
| Equity: Thematic – Infrastructure | 154% | $990.2M | +0.78% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PJP | Invesco Pharmaceuticals ETF | 801% | $25.6M | -1.47% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 710% | $69.3M | +1.21% |
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 554% | $22.0M | -0.29% |
| IHAK | iShares Cybersecurity & Tech ETF | 547% | $45.2M | +4.22% |
| PAVE | Global X U.S. Infrastructure Development ETF | 539% | $572.2M | +0.85% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 461% | $31.4M | -0.16% |
| IWX | iShares Russell Top 200 Value ETF | 393% | $136.6M | -0.66% |
| JPEF | JPMorgan Equity Focus ETF | 338% | $22.6M | +0.67% |
| FHLC | Fidelity MSCI Health Care Index ETF | 295% | $51.0M | -1.85% |
| FXH | First Trust Health Care AlphaDEX Fund | 294% | $15.6M | -1.45% |
Fixed Income
Fixed Income ETFs experienced a relatively quiet day, trading $23.36 billion for 88% of their 30-day average volume. While no specific categories stood out, several individual funds saw a surge in turnover. Notable activity was seen in JPMorgan Short Duration Core Plus ETF (JSCP) at 392% of its average, PGIM AAA CLO ETF (PAAA) at 251%, and Schwab US TIPS ETF (SCHP) at 239%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JSCP | JPMorgan Short Duration Core Plus ETF | 392% | $45.9M | +0.15% |
| XONE | BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 274% | $11.0M | +0.07% |
| VRIG | Invesco Variable Rate Investment Grade ETF | 261% | $38.2M | +0.00% |
| PAAA | PGIM AAA CLO ETF | 251% | $226.0M | -0.03% |
| SCHP | Schwab US TIPS ETF | 239% | $260.2M | +0.02% |
| CORB | AB Core Bond ETF | 230% | $7.2M | +0.29% |
| TBUX | T. Rowe Price Ultra Short-Term Bond ETF | 200% | $21.4M | +0.04% |
| VGLT | Vanguard Long-Term Treasury ETF | 188% | $177.8M | +0.16% |
| CLOI | VanEck CLO ETF | 188% | $18.0M | +0.08% |
| SCHI | Schwab 5-10 Year Corporate Bond ETF | 187% | $73.2M | +0.25% |
Commodities
Commodity products traded $5.40 billion, or 83% of their recent average, with a clear focus on the energy sector. Energy-focused funds as a group traded at 157% of their norm, driven by heavy volume in United States Oil Fund LP (USO) and United States Brent Oil Fund LP (BNO), which saw 164% and 174% of their average volumes, respectively. The most anomalous activity in the space belonged to abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI), which traded at 427% of its usual pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 157% | $1.38B | +1.68% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 427% | $116.4M | -0.81% |
| PIT | VanEck Commodity Strategy ETF | 181% | $7.0M | +1.75% |
| BNO | United States Brent Oil Fund LP | 174% | $182.5M | +2.91% |
| USO | United States Oil Fund LP | 164% | $1.11B | +2.23% |
| OUNZ | VanEck Merk Gold ETF | 152% | $42.4M | +1.31% |
Digital Asset
Digital Asset ETFs were the session’s standout, trading a robust $6.53 billion, or 131% of their 30-day average. Activity was strong across the board, with Ethereum-focused funds trading at 142% of their norm and Bitcoin products at 131%. The heightened interest was concentrated in the largest funds in the space, including ProShares Bitcoin ETF (BITO) at 169% of its average on $3.56 billion in turnover, and Fidelity Ethereum Fund ETF (FETH) at 172%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 142% | $740.7M | +5.77% |
| Digital Asset: Cryptocurrency – Bitcoin | 131% | $5.70B | +3.49% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FETH | Fidelity Ethereum Fund ETF | 172% | $58.2M | +5.83% |
| BITO | ProShares Bitcoin ETF | 169% | $3.56B | +3.61% |
Currencies
Currency ETFs saw a quiet session with total volume of $99.9 million, representing 88% of the 30-day average. No specific categories or individual funds registered unusually high trading activity.
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
Activity in the Alternatives space was deeply subdued, with total volume reaching just $521.4 million, or 62% of the recent 30-day average. Trading was unremarkable across the category, with no notable outliers in volume.
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 posted volume of $38.83 billion, a below-average 75% of their 30-day norm. Elevated interest was seen in Equity Buffer products, which traded at 163% of their average. The session’s most extreme outlier was Innovator U.S. Equity 10 Buffer ETF – Quarterly (ZALT), which saw an incredible 1,697% of its normal volume. Tying into the day’s crypto theme, 2x Ether ETF (ETHU) also saw heavy trading at 152% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 163% | $740.7M | +0.25% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 133% | $186.4M | -0.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 1,697% | $57.5M | +0.18% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 394% | $31.1M | +0.18% |
| XDTE | Roundhill S&P 500 0DTE Covered Call Strategy ETF | 215% | $15.1M | +0.50% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 200% | $221.0M | +1.75% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 190% | $31.0M | +0.47% |
| FAS | Direxion Daily Financial Bull 3X ETF | 173% | $153.6M | +0.67% |
| ETHU | 2x Ether ETF | 152% | $134.1M | +11.46% |
Multi-Asset
Multi-Asset ETFs recorded a quiet day, with total volume of $211.6 million amounting to 87% of the 30-day average. Trading activity was balanced and in line with recent trends, with no significant outliers to note.
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. NextCure, Inc. (NXTC) saw an astonishing 183,677% of its average daily volume, trading over $650.4 million. Separately, International Business Machines Corporation (IBM), a name held by 426 ETFs, traded nearly $14 billion in shares, or 546% of its 30-day average. Other notable high-volume names included Lucid Group, Inc. (LCID) at 840% of its average and Cleanspark, Inc. (CLSK) at 331%.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| NXTC | NextCure, Inc. | 183,677% | $650.4M | +175.37% | 5 |
| VEEE | Twin Vee PowerCats Co. | 1,368% | $840.5M | +53.86% | 1 |
| LCID | Lucid Group, Inc. | 840% | $643.2M | -19.27% | 74 |
| IBM | International Business Machines Corporation | 546% | $13.94B | -24.93% | 426 |
| CLSK | Cleanspark, Inc. | 331% | $982.7M | +9.10% | 110 |
| BIIB | Biogen Inc. | 271% | $635.2M | -7.87% | 310 |
| TSEM | Tower Semiconductor Ltd | 268% | $1.15B | +12.69% | 45 |
| NU | Nu Holdings Ltd. Class A | 252% | $2.03B | +1.83% | 138 |
| FAST | Fastenal Company | 242% | $795.8M | -1.65% | 343 |
| HCA | HCA Healthcare Inc | 233% | $1.41B | -6.97% | 295 |
| WFC | Wells Fargo & Company | 216% | $2.53B | -2.82% | 350 |
| C | Citigroup Inc. | 198% | $3.43B | -5.21% | 378 |
| ISRG | Intuitive Surgical, Inc. | 198% | $1.92B | -6.72% | 408 |
| GEHC | GE Healthcare Technologies Inc. | 196% | $552.0M | -5.59% | 295 |
| FIG | Figma, Inc. Class A | 188% | $747.1M | +0.95% | 55 |
