Macro Summary
Total ETF market volume registered a subdued $204.33 billion, trading at just 85% of its recent 30-day average. The session was characterized by a significant divergence in activity, with most major asset classes like Equity and Fixed Income seeing below-average turnover. However, this broader quiet was punctuated by intense, concentrated trading in Digital Assets, which saw volume spike to 160% of its daily average, alongside elevated activity in Currencies and Commodities.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $125.64B | $155.08B | 81% |
| Fixed Income | $25.71B | $29.95B | 86% |
| Commodities | $8.18B | $7.95B | 103% |
| Digital Asset | $6.89B | $4.31B | 160% |
| Currencies | $124.3M | $97.8M | 127% |
| Alternatives | $552.1M | $694.6M | 79% |
| Non-Traditional | $37.01B | $40.84B | 91% |
| Multi-Asset | $214.3M | $214.4M | 100% |
| Total | $204.33B | $239.14B | 85% |
Equity
Equity ETFs experienced a quiet day, with total volume reaching $125.64 billion, or 81% of the 30-day average. Despite the low aggregate volume, several specific categories showed life, including Thematic funds focused on Multi-Sector (161%) and FinTech (145%). Individual fund activity was highly concentrated in a few names, led by the iShares Currency Hedged MSCI Japan ETF (HEWJ) at an exceptional 3,106% of its average. Other standouts included the Invesco S&P 500 Equal Weight Industrials ETF (RSPN) at 2,880% and the iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 1,111% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Multi-Sector | 161% | $826.5M | +1.37% |
| Equity: Thematic – FinTech | 145% | $113.9M | +6.15% |
| Equity: Region – Asia-Pacific Ex-Japan | 139% | $193.9M | +0.57% |
| Equity: Global Ex-U.S. Large Cap – Growth | 131% | $281.6M | +0.90% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HEWJ | iShares Currency Hedged MSCI Japan ETF | 3,106% | $98.5M | -0.15% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 2,880% | $185.9M | +0.94% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 1,121% | $79.5M | +1.09% |
| IEO | iShares U.S. Oil & Gas Exploration & Production ETF | 1,111% | $122.9M | -0.40% |
| XLG | Invesco S&P 500 Top 50 ETF | 801% | $446.5M | +1.20% |
| DXJ | WisdomTree Japan Hedged Equity Fund | 672% | $303.4M | -0.06% |
| IYJ | iShares U.S. Industrials ETF | 638% | $105.2M | +0.79% |
| NULG | Nuveen ESG Large-Cap Growth ETF | 632% | $86.2M | +0.33% |
| FSCC | Federated Hermes MDT Small Cap Core ETF | 547% | $21.3M | +0.35% |
| GSID | Marketbeta INTL Equity ETF | 544% | $23.9M | +1.28% |
Fixed Income
Fixed Income ETFs saw turnover of $25.71 billion, trading at a below-average 86% of recent norms. Pockets of elevated activity were notable in Municipal bond funds, particularly Single State (152%) and Intermediate duration (138%) strategies. Short-Term taxable bond funds also saw heavy trading at 151% of average. The session’s volume leader was the State Street SPDR Portfolio Short Term Corporate Bond ETF (SPSB), which traded a massive $748.1 million, representing 588% of its 30-day average volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Single State | 152% | $206.4M | -0.12% |
| Fixed Income: Taxable – Short-Term | 151% | $1.54B | +0.09% |
| Fixed Income: Taxable – Convertible | 143% | $172.5M | +0.98% |
| Fixed Income: Municipal – Intermediate | 138% | $1.79B | -0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 588% | $748.1M | +0.07% |
| JMTG | JPMorgan Mortgage-Backed Securities ETF | 536% | $129.4M | +0.24% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 513% | $28.8M | +0.27% |
| FLDR | Fidelity Low Duration Bond Factor ETF | 395% | $53.9M | +0.03% |
| MLN | VanEck Long Muni ETF | 367% | $11.5M | -0.21% |
| GBIL | ACCESS TREASURY 0-1 YEAR ETF | 342% | $185.2M | +0.03% |
| SPBO | State Street SPDR Portfolio Corporate Bond ETF | 286% | $34.8M | +0.19% |
| ITM | VanEck Intermediate Muni ETF | 281% | $43.9M | -0.15% |
| TAFI | AB Tax-Aware Short Duration Municipal ETF | 253% | $28.1M | +0.02% |
| ULST | State Street Ultra Short Term Bond ETF | 252% | $7.2M | +0.03% |
Commodities
Commodities ETFs posted a slightly elevated $8.18 billion in volume, tracking at 103% of their 30-day average. While no specific category stood out, several individual funds saw significant interest. The iShares S&P GSCI Commodity Indexed Trust (GSG) was a clear outlier, trading $98.6 million on 423% of its average volume. The United States Natural Gas Fund LP (UNG) was also active at 229% of its norm, alongside the abrdn Physical Palladium Shares ETF (PALL) at 208%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 423% | $98.6M | +0.17% |
| UNG | United States Natural Gas Fund LP | 229% | $230.0M | -2.65% |
| PALL | abrdn Physical Palladium Shares ETF | 208% | $44.1M | +5.00% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 177% | $221.8M | +1.83% |
Digital Asset
Digital Asset ETFs were the session’s main event, with volume exploding to $6.89 billion, a full 160% of the 30-day average. The rally was broad-based across the space, with Altcoin funds leading at 194% of average, followed by Bitcoin (164%) and Ethereum (138%) products. The Zcash ETF (ZCSH) saw the most anomalous activity at 734% of its norm, while the iShares Bitcoin Trust ETF (IBIT) dominated dollar volume, trading $3.72 billion at 189% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 194% | $275.5M | +7.62% |
| Digital Asset: Cryptocurrency – Bitcoin | 164% | $5.52B | +5.47% |
| Digital Asset: Cryptocurrency – Ethereum | 138% | $1.09B | +5.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZCSH | Zcash ETF | 734% | $48.9M | +19.39% |
| XRPZ | Franklin XRP ETF | 316% | $19.3M | +9.52% |
| BTCO | Invesco Galaxy Bitcoin ETF | 238% | $8.4M | +5.79% |
| XRP | Bitwise XRP ETF | 216% | $43.3M | +9.63% |
| FETH | Fidelity Ethereum Fund ETF | 207% | $81.9M | +5.03% |
| GBTC | Grayscale Bitcoin Trust ETF | 206% | $217.9M | +5.48% |
| EZBC | Franklin Bitcoin ETF | 199% | $11.0M | +5.73% |
| IBIT | iShares Bitcoin Trust ETF | 189% | $3.72B | +5.52% |
| ETHE | Grayscale Ethereum Staking ETF | 180% | $68.7M | +4.88% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 178% | $100.9M | +5.38% |
Currencies
Currency ETFs saw heightened interest, trading $124.3 million for a collective 127% of their 30-day average volume. The primary driver of this activity was the Invesco Currencyshares Japanese Yen Trust (FXY), which traded at 170% of its typical daily turnover as it gained +1.97%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 127% | $124.3M | +0.30% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 170% | $34.3M | +1.97% |
Alternatives
Alternatives ETFs had a subdued session, with total volume of $552.1 million amounting to just 79% of the 30-day average. Trading was balanced across the asset class, with no specific categories or individual funds registering significant deviations from their typical activity levels.
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 saw trading volume of $37.01 billion, or a slightly below-average 91% of their recent norm. The standout category was Leverage and Inverse Crypto, which surged to 190% of its average volume, echoing the intense activity in the broader digital asset space. This was led by products like the Defiance Daily Target 2x Long MSTR ETF (MSTX) at 237% of average and the Volatility Shares 2x Bitcoin ETF (BITX) at 219% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 190% | $1.07B | +9.33% |
| Non-Traditional: Synthetic Income – Single Stock | 126% | $238.5M | +2.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 277% | $12.5M | +0.25% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 237% | $213.7M | +33.43% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 232% | $137.2M | +27.89% |
| XQQI | NEOS Boosted Nasdaq-100 High Income ETF | 229% | $28.8M | +1.63% |
| BITX | Volatility Shares 2x Bitcoin ETF | 219% | $345.6M | +11.14% |
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | 208% | $18.9M | +0.60% |
| ETHU | 2x Ether ETF | 205% | $265.5M | +10.27% |
| ACYS | FT Vest Laddered Autocallable Barrier & Resilient Income ETF | 192% | $15.1M | +0.05% |
| ETHT | ProShares Ultra Ether ETF | 188% | $47.6M | +10.10% |
| CONY | YieldMax COIN Option Income Strategy ETF | 187% | $14.8M | +6.80% |
Multi-Asset
Multi-Asset ETFs experienced a perfectly average session, with turnover of $214.3 million matching its 30-day average at 100%. Activity was broadly distributed, with only minor outliers such as the Return Stacked U.S. Stocks & Managed Futures ETF (RSST), which traded at 188% of its typical volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 188% | $6.8M | +1.12% |
Single-Stock Volume
Single-stock activity was marked by several high-profile names trading on massive volume, often tied to earnings or corporate news. Snowflake, Inc. (SNOW) was a standout, trading $7.42 billion (510% of ADV) and surging +16.77%; the stock is a component in 308 ETFs. Similarly, Robinhood Markets, Inc. Class A (HOOD) traded $6.09 billion (324% of ADV) and gained +16.53%. On the downside, Campbell’s Company (CPB) fell -7.28% on volume that was 636% of its average. Other heavily traded tech names included Dell Technologies, Inc. Class C (DELL) and Broadcom Inc. (AVGO), which traded $9.67 billion and $19.92 billion, respectively.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| CPB | Campbell's Company | 636% | $804.7M | -7.28% | 128 |
| SNOW | Snowflake, Inc. | 510% | $7.42B | +16.77% | 308 |
| HPE | Hewlett Packard Enterprise Co. | 409% | $3.69B | +4.06% | 358 |
| VSXY | Victoria's Secret & Company | 395% | $550.1M | -13.18% | 129 |
| ACGL | Arch Capital Group Ltd. | 367% | $703.2M | +1.90% | 283 |
| HOOD | Robinhood Markets, Inc. Class A | 324% | $6.09B | +16.53% | 315 |
| SU | Suncor Energy Inc. | 313% | $835.5M | -0.13% | 4 |
| DELL | Dell Technologies, Inc. Class C | 312% | $9.67B | +4.48% | 415 |
| CIEN | Ciena Corporation | 284% | $2.27B | -10.85% | 373 |
| IOT | Samsara, Inc. Class A | 264% | $521.9M | +14.88% | 162 |
| AVGO | Broadcom Inc. | 259% | $19.92B | -2.70% | 738 |
| ZS | Zscaler, Inc. | 240% | $900.1M | +8.06% | 207 |
| NTAP | NetApp, Inc. | 239% | $1.05B | +2.01% | 396 |
| FIVE | Five Below, Inc. | 231% | $549.6M | -2.48% | 171 |
| MSTR | Strategy Inc Class A | 227% | $5.52B | +16.82% | 181 |
